Dish TV India Ltd.

Opinion BUY Date:

CMP 38.0 Sector
Target 101.7 Ticker
- BSE
Potential Upside / (Downside) 167.8% - NSE
Returns: Market Cap (Rs. Crs.)
3M 5.6% EV (Rs. Crs.)
6M -2.6% Free Float (%)
12M -21.6% TTM returns (%)
Institutional Holding (%)

Financial Summary
(Rs million) FY2006 FY2007 FY2008E FY2009E FY2010E FY2011E
Net Sales 314.6 1,909.4 3,757.4 5,626.4 8,649.7 12,754.8
EBITDA (829.8) (1,817.7) (1,796.5) (934.5) 1,140.6 4,498.9
EBITDA margin % -263.7% -95.2% -47.8% -16.6% 13.2% 35.3%
Net Profit (2,078.6) (2,513.3) (3,563.5) (2,604.1) (692.8) 1,894.1
EPS (1.29) (1.56) (2.21) (1.36) (0.36) 0.99
EPS growth YoY (%) nm nm nm nm nm
PE (x) - - - - - 38.4
EV / EBITDA (x) - -
Shares O/s (mn) 1,610 1,610 1,610 1,910 1,911 1,912

Investment rationale
28-May-10
Media

532839
DISH
6,118.0
6,539.0
56.9%
-22%
-

FY2012E
19,690.1
10,741.9
54.6%
6,217.0
3.25
228.1%
11.7

1,913
 (Rs. Million) Mar-06 Mar-07 Mar-08 Mar-09
Income from DTH subscribers:
1 Subscriptions 195.30 1,219.01 2,673.54 4,097.91

2 Lease Rentals 2.40 218.07 409.06 677.71

3 Other DTH Revenue 7.74 1.27 25.00 35.00

Income from Content Providers:

4 Placement & Active services - 359.21 526.27 649.24

5 Royalty 2.50 - - -

6 Teleport services 49.27 104.89 123.52 166.49

7 Sales (net of returns) 57.42 6.92 - -

314.63 1,909.37 3,757.39 5,626.36

Metrics
1. Subscriber Revenue
YE subscribers - million 0.9 1.6 2.5 3.5

Monthly gross adds 125,000 90,000 120,000 140,000

Gross adds - Annual - million 1.08 1.44 1.68

Churned out subs 0.4 0.5 0.7

Churn % - monthly 3.7% 2.9% 2.3%

Net Sub adds 0.68 0.89 1.00

ARPU
Average subs 1.24 2.03 2.97

Arpu INR / month 81.9 110.0 115.0

Annual Arpu - Net - INR 982.91 1,320.00 1,380.00

2. Lease Rentals
Lease rentals - INR mn 2.40 218.07 409.06 677.71
 LR per sub - INR 2.67 137.98 165.58 195.39

Per Sub growth - % YoY n.a. 20.0% 18.0%

3. Other DTH revenues

Other DTH Revenues 7.74 1.27 25.0 35.0

4. Placement and active services

Placement & active services - 359.2 526.27 649.24

New subs 0.68 0.89 1.00

Service revenue / new sub INR 527.9 591.30 650.43

Growth % yoy - - 12.0% 10.0%

5. Teleport Services

Teleport revenue - INR mn 49.27 104.89 123.52 166.49

Service revenue per sub - INR 54.74 66.37 50.00 48.00

Mar-10 Mar-11 Mar-12 Notes & Remarks

6,548.61 10,036.96 16,325.80

1,037.22 1,469.44 1,970.41

50.00 75.00 95.00

806.11 910.60 999.90

- - -

207.73 262.76 298.95

- - -

8,649.66 12,754.75 19,690.07

4.6 5.8 7.1

165,000 185,000 200,000

1.98 2.22 2.40

0.8 1.0 1.1

2.0% 1.8% 1.6%

1.15 1.22 1.28

4.04 5.23 6.48

135.0 160.0 210.0

1,620.00 1,920.00 2,520.00

1,037.22 1,469.44 1,970.41

224.69 251.66 276.82

15.0% 12.0% 10.0%

50.0 75.0 95.0 Random guesstimate

806.11 910.60 999.90

1.15 1.22 1.28

702.46 744.61 781.84

8.0% 6.0% 5.0%

207.73 262.76 298.95

45.00 45.00 42.00

PVR Ltd.
INR millions Mar-06 % growth Mar-07 % growth

Net Income from operations 314.63 1,909.4 506.9%

Other Income - 34.0

Total Revenues 314.6 1,943.3 517.7%

Purchases 56.4 5.4 -90.4%

Operating costs 725.1 2,242.6 209.3%
Personnel costs 21.5 148.7 592.2%
Admin & other expenses 18.8 339.3 1701.3%
Selling & Dist. Expenses 322.6 1,025.0 217.8%

Total Opex 1,144.4 3,761.1 228.6%

EBITDA (830) (1,818) 119.1%

margins % -263.7% -93.5%

Interest 16.7 117.8 603.9%

Depreciation and Amortization 28.3 575.3 1929.6%

Profit before taxes (874.9) (2,510.8) 187.0%

Extra-ordinary items 1,203.4

Income taxes (including deferred and other

tax adjustments) (0.3) (2.5) 662.9%
Tax rate - effective % 0.0% -0.1%

Net profit - (PAT) (2,078.6) (2,513.3)

No of shares outstansding 1,610.00 1,610.00

EPS: INR (1.29) (1.56)

EPS growth YoY nm
CMP
PE (x) 38.0

Cost Workings

Cost of goods sold 56.4 5.4

- Number of average subs 1.2

Cost of goods per average sub - INR 4.4

Operating costs 725.1 2,242.6

As a % of total revenue 230% 115%
Personnel expenses 21.5 148.7
as a % of operating revenue 6.8% 7.7%

Selling & Admin 322.6 1,025.0

Sub acquisition cost

- Gross sub addition 1.5 1.08
- per sub acquisition cost 75.0 450.0
Annual cost 112.5 486.0

Other expenses 210.1 539.0

- as a % of revenue 66.8% 27.7%

Interest expenses, net 16.7 117.8

Average net borrowings in INR 215.5 1100
rate expended, net % 7.77% 10.71%

Net borrowings - current year 265 1935

Net borrowings - previous year 166 265

Depreciation and amortization 28.3 575.3

Fixed block - average 360 3192.5

rate of depreciation 7.9% 18.0%

opening fixed block 135 585.0

Closing fixed block 585.0 5,800.0
 Mar-08 % growth Mar-09 % growth Mar-10 % growth Mar-11 % growth Mar-12 % growth

3,757.4 96.8% 5,626.4 49.7% 8,649.7 53.7% 12,754.8 47.5% 19,690.1 54.4%
65.0 - - - -

3,822.4 96.7% 5,626.4 47.2% 8,649.7 53.7% 12,754.8 47.5% 19,690.1 54.4%

121.5 2147.2% 133.6 10.0% 141.5 5.9% 156.8 10.8% 162.0 3.3%
3,134.4 39.8% 3,938.4 25.7% 4,757.3 20.8% 5,357.0 12.6% 5,907.0 10.3%
338.2 127.4% 379.8 12.3% 432.5 13.9% 510.2 18.0% 590.7 15.8%
300.0 -11.6% 5.0 -98.3% 6.0 20.0% 7.0 16.7% 8.0 14.3%
1,724.8 68.3% 2,104.0 22.0% 2,171.8 3.2% 2,224.8 2.4% 2,280.5 2.5%

5,618.9 49.4% 6,560.8 16.8% 7,509.0 14.5% 8,255.8 9.9% 8,948.2 8.4%

(1,796) -1.2% (934.5) -48.0% 1,140.6 -222.1% 4,498.9 294.4% 10,741.9 138.8%
-47.0% -16.6% 13.2% 35.3% 54.6%

412.0 249.6% 165.1 -59.9% 77.4 -53.1% 8.0 -89.7% 8.0 0.0%

1,355.0 135.5% 1,504.5 11.0% 1,756.0 16.7% 1,785.0 1.7% 1,852.5 3.8%

(3,563.5) 41.9% (2,604.1) -26.9% (692.8) -73.4% 2,705.9 -490.6% 8,881.4 228.2%

- - - (811.8) (2664.4)
30.0% 30.0% 30.0% 30.0% 30.0%

(3,563.5) (2,604.1) (692.8) 1,894.1 6,217.0

1,610.00 1,910.00 1,911.00 1,912.00 1,913.00

(2.21) (1.36) (0.36) 0.99 3.25

41.8% -38.4% -73.4% -373.3% 228.1%

(152.71) (247.91) (932.38) 341.19 104.00

121.5 133.6 141.5 156.8 162.0

2.0 3.0 4.0 5.2 6.5

60.0 45.0 35.0 30.0 25.0

3,134.4 3,938.4 4,757.3 5,357.0 5,907.0

82.0% 70.0% 55.0% 42.0% 30.0%
 338.2 379.8 432.5 510.2 590.7
9.0% 6.8% 5.0% 4.0% 3.0%

1,724.8 2,104.0 2,171.8 2,224.8 2,280.5

1.44 1.68 1.98 2.22 2.4

720.0 750.0 660.0 600.0 540.0
1,036.8 1,260.0 1,306.8 1,332.0 1,296.0

688.0 844.0 865.0 892.8 984.5

18.0% 15.0% 10.0% 7.0% 5.0%

412.0 165.1 77.4 8.0 8.0

3169 1834.5 967.25 100 100
13.0% 9.0% 8.0% 8.0% 8.0%

4403 500 100 100 100

1935 4403 500 100 100

1,355.0 1,504.5 1,756.0 1,785.0 1,852.5

6775 8850 10975 12750 14250

20.0% 17.0% 16.0% 14.0% 13.0%

5,800.0 7,750.0 9,950.0 12,000.0 13,500.0

7,750.0 9,950.0 12,000.0 13,500.0 15,000.0
Life time value analysis
INR per sub Remarks

Offer to new hook up 3,990 Probably amongst the lowest offer, cannot reduce further

Average cost of service package per month 180

Total content cost per annum 2,160
Other variable expenses per annum 360
Cost of Customer premise equipment (CPE) 3,000
Cost of Installation 300

Total annual cost per sub 6,000

Subscriber acquisition cost per sub (2,010)

Average annual churn rate % 30% Over a longer term will come down to around 20%

Months Or in terms Years

Life cycle of a typical sub in months 40 3.33

Average ARPU per sub 250 Lots depends on the ARPU which could go up as a
result of better subscriber quality wanting to hook up
Average revenue per sub (Lifetime) 10,000 to maxi package - ARPU of around INR 375 (incl
of taxes).
- Life time content cost 7200
- Installation cost 300
- Variable expenses 1,200

Total sub expenses 8700

Pretax profit per sub 1,300

Annual pretax profit per sub 390.00

Break-even ARPU 217.5

Current APRU 150.0

not reduce further
Chart 1

INR (Mn) Sales, EBITDA & margins

25,000.0 100.00%

20,000.0
80.00%

15,000.0
60.00%
10,000.0
40.00%
5,000.0

20.00%
-
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
E E E E E
(5,000.0) 0.00%
Net Sales EBITDA Net Margins

Chart 2
 Cost of equity 17.1%
Beta 1.75
Rf 7.5%
Rm 13.0%
Cost of debt 10.0%
Tax rate % 30.0%
Debt / Equity 30:70

WACC 14.1%
Terminal growth 2.5%

FY2008E FY2009E FY2010E FY2011E FY2012E FY2013E

EBIT (1-t) (2,206.0) (1,707.3) (430.8) 1,899.7 6,222.6 12,445.1
Add Depreciation 1,355.0 1,504.5 1,756.0 1,785.0 1,852.5 2,737.9
Less Capex (6,500.0) (5,000.0) (3,500.0) (2,500.0) (1,000.0) (750.0)
WC changes (20.0) (22.4) (25.1) (28.1) (31.5) (35.2)
FCFF (7,371.0) (5,225.2) (2,199.9) 1,156.6 7,043.6 14,397.8

PV factor 1.00 1.14 1.30 1.48 1.69 1.93

PV of FCFF (7,371.04) (4,579.96) (1,690.12) 778.90 4,157.60 7,449.14
Sum of FCFF (PV) 48,525
TV 119,492
Firm Value 168,017
Less: net Debt 4,200
Equity Value 163,817

Shares O/s 1,610.00

Value per share 101.7

EBIT growth (%) -22.6% -74.8% -541.0% 227.5% 100.0%

Depreciation % of EBIT -61.4% -88.1% -407.6% 94.0% 29.8% 22.0%
FY2014E FY2015E FY2016E FY2017E TV Notes
19,912.2 26,881.5 33,601.9 38,642.1
3,584.2 4,569.9 5,376.3 5,796.3
(500.0) (250.0) (250.0) (150.0)
(39.5) (44.2) (49.5) (55.5)
22,956.9 31,157.1 38,678.6 44,233.0 391,273.6

2.21 2.52 2.87 3.27

10,410.84 12,384.86 13,476.18 13,508.40 119,491.77

60.0% 35.0% 25.0% 15.0%

18.0% 17.0% 16.0% 15.0%
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Income Statement
Revenues 0 0 0 0 0 0 0 0 315 1,909 3,757 5,626 8,650 12,755 19,690
Other Operating Revenues 0 0 0 0 0 0 0 0 0 34 34 34 34 34 34
Cost of Goods Sold 0 0 0 0 0 0 0 0 (19) (339) 0 0 0 0 0
Selling, Gen & Admin Expenses 0 0 0 0 0 0 0 0 (323) (1,025) 0 0 0 0 0
Depreciation Expense 0 0 0 0 0 0 0 0 (28) (575) (143) (176) (221) (281) (339)
Other Oper Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported EBITA 0 0 0 0 0 0 0 0 (55) 4 3,649 5,484 8,462 12,507 19,385

Amortization of Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangibles Amort. (Excl. Goodwill) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported EBIT 0 0 0 0 0 0 0 0 (55) 4 3,649 5,484 8,462 12,507 19,385

Non-Oper Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0 0 (17) (118) 0 0 0 0 0
Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Special Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings Before Taxes 0 0 0 0 0 0 0 0 (72) (114) 3,649 5,484 8,462 12,507 19,385

Income Taxes 0 0 0 0 0 0 0 0 (0) (3) 0 0 0 0 0

Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Before Extraordinary Items 0 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385

Extraordinary Items (After Tax) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Income 0 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385

Preference dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings for common shareholders 0 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385

Common dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained profit 0 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385

Earnings per share (INR) 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! (0.04) (0.07) 137.69 206.95 319.34 471.97 731.50
Earnings per share - fully diluted (INR) 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! #DIV/0! (0.04) (0.07) 137.69 206.95 319.34 471.97 731.50

Statement of changes in equity

Opening balance 0 0 0 0 0 210 311 533 769 950 4,599 10,083 18,546 31,053
Retained profit 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385
Foreign Exchange Rate Changes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Issue of New Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill Written Off 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Adjustments to Equity 0 0 0 0 0 101 222 1,112 2,694 0 0 0 0 0
Closing balance 0 0 0 0 0 210 311 533 769 950 4,599 10,083 18,546 31,053 50,438
Check: Changes in Equity 1.0 0 0 0 0 0 0 0 803 2,397 0 0 0 0 0

54018215.xls Page 1
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Balance Sheet
Operating Cash 0 0 0 0 0 97 26 95 183 200 0 0 0 0 0
Excess Marketable Securities 0 0 0 0 0 0 0 0 0 0 6,817 11,859 19,677 31,446 50,185
Accounts Receivable 0 0 0 0 0 5 26 25 39 50 0 0 0 0 0
Inventories 0 0 0 0 0 4 3 7 7 7 0 0 0 0 0
Other Current Assets 0 0 0 0 0 98 178 206 246 300 0 0 0 0 0
Total Current Assets 0 0 0 0 0 203 233 333 475 557 6,817 11,859 19,677 31,446 50,185

Net Property Plant and Equipment 0 0 0 0 0 243 369 671 658 950 1,258 1,701 2,345 3,084 3,729

Goodwill 0 0 0 0 0 106 85 138 531 310 310 310 310 310 310
Other Intangible Assets 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3
Other Operating Assets 0 0 0 0 0 35 43 43 97 110 110 110 110 110 110
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred tax asset 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-operating Assets 0 0 0 0 0 6 5 12 27 50 50 50 50 50 50
Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 0 0 0 0 0 592 738 1,199 1,791 1,980 8,549 14,033 22,495 35,003 54,387

Short term debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Accounts Payable 0 0 0 0 0 0 0 146 209 240 0 0 0 0 0
Tax payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0 112 90 11 32 40 0 0 0 0 0
Total Current Liabilities 0 0 0 0 0 112 90 156 241 280 0 0 0 0 0

Balancing Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long Term Debt 0 0 0 0 0 245 302 468 736 700 700 700 700 700 700
Deferred Income Taxes 0 0 0 0 0 26 34 42 45 50 50 50 50 50 50
Other Operating Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
On-going operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-term operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Common Equity 0 0 0 0 0 210 311 533 769 950 4,599 10,083 18,546 31,053 50,438

Total Liabs and Equity 0 0 0 0 0 592 738 1,199 1,791 1,980 5,349 10,833 19,296 31,803 51,188

Check: Assets = Liabilites 1.0 0 0 0 0 0 0 0 0 0 0 (3,200) (3,200) (3,200) (3,200) (3,200)

54018215.xls Page 2
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Traditional Cash flow

Reported EBITA 0 0 0 0 0 0 0 (55) 4 3,649 5,484 8,462 12,507 19,385
Depreciation 0 0 0 0 0 0 0 28 575 143 176 221 281 339
EBITDA 0 0 0 0 0 0 0 (27) 579 3,791 5,660 8,684 12,789 19,724

Less investment in working capital 0 0 0 0 0 (52) (33) (58) (43) 277 0 0 0 0

Foreign exchange translation effects 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating cashflow 0 0 0 0 0 (52) (33) (84) 536 4,068 5,660 8,684 12,789 19,724

Less tax paid 0 0 0 0 0 9 8 2 3 0 0 0 0 0

Capital investments
Less capex 0 0 0 0 0 0 0 0 0 (451) (619) (865) (1,020) (985)
Less investment 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less goodwill & intangibles acquired 0 0 0 0 0 18 (53) (393) 221 0 0 0 0 0
On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less other operating assets/liabilities 0 0 0 0 0 (134) (302) (69) (880) 0 0 0 0 0
Total capital investments 0 0 0 0 0 (116) (355) (462) (660) (451) (619) (865) (1,020) (985)

Finance
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Expense 0 0 0 0 0 0 0 (17) (118) 0 0 0 0 0
Debt raised/repaid 0 0 0 0 0 58 166 268 (36) 0 0 0 0 0
Total finance payments 0 0 0 0 0 58 166 251 (154) 0 0 0 0 0

Plus non-operating income &expense

Non-Oper Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Special items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investment in non-operating assets 0 0 0 0 0 1 (7) (15) (23) 0 0 0 0 0
Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total non-operating items 0 0 0 0 0 1 (7) (15) (23) 0 0 0 0 0

Less payments from reserves and to minorities

Restructuring charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total payments to reserves/minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Equity
Less pref dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Prefs issued/(redeemed) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less dividends paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity raised/repaid 0 0 0 0 0 101 222 1,112 2,694 0 0 0 0 0
Total equity cash payments 0 0 0 0 0 101 222 1,112 2,694 0 0 0 0 0

54018215.xls Page 3
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Net Cashflow 0 0 0 0 0 (0) 0 803 2,397 3,617 5,041 7,819 11,768 18,740

Cash/overdraft
Opening balance 0 0 0 0 0 0 (0) 0 803 3,200 6,817 11,859 19,677 31,446
Increase/ (Decrease) 0 0 0 0 0 (0) 0 803 2,397 3,617 5,041 7,819 11,768 18,740
Closing balance 0 0 0 0 0 0 (0) 0 803 3,200 6,817 11,859 19,677 31,446 50,185
Check: Cash calc = Cash balance 1.0 0 0 0 0 0 0 (0) (803) (3,200) 0 0 0 0 0

Excess cash 0 0 0 0 0 0 0 803 3,200 6,817 11,859 19,677 31,446 50,185

Balancing debt 0 0 0 0 0 (0) 0 0 0 0 0 0 0 0

54018215.xls Page 4
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

NOPLAT
Reported EBITA 0 0 0 0 0 0 0 (55) 4 3,649 5,484 8,462 12,507 19,385
Adj for Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adj for Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Increase in Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted EBITA 0 0 0 0 0 0 0 (55) 4 3,649 5,484 8,462 12,507 19,385

Taxes on EBITA 0 0 0 0 0 0 0 (6) (44) 0 0 0 0 0

Change in Deferred Taxes 0 0 0 0 0 9 8 2 5 0 0 0 0 0
NOPLAT 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385

Taxes on EBIT
Prov for Inc Taxes 0 0 0 0 0 0 0 0 3 0 0 0 0 0
Tax Shield on Interest Exp 0 0 0 0 0 0 0 6 41 0 0 0 0 0
Tax Shield on Operating Lease Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax Shield on Interest associated with Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax on Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax on Non-operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes on EBIT 0 0 0 0 0 0 0 6 44 0 0 0 0 0

Reconciliation to Net Income

Net Income 0 0 0 0 0 0 0 (72) (117) 3,649 5,484 8,462 12,507 19,385
Add: Increase in Deferred Taxes 0 0 0 0 0 9 8 2 5 0 0 0 0 0
Add: Increase in Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Goodwill Amortization 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Extraordinary Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Special Items After Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Net Income 0 0 0 0 0 9 8 (70) (111) 3,649 5,484 8,462 12,507 19,385

Add: Interest Exp. After Tax 0 0 0 0 0 0 0 11 77 0 0 0 0 0

Add: Interest Exp. On Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Exp. on Op. Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Add: Interest Exp. on Non-operating component of pension expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Available to Investors 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385

Add: Restructuring Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less: Interest Income After-Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Less: Non-operating Income After Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NOPLAT 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385

Check: NOPLAT OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

54018215.xls Page 5
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Invested Capital
Operating Working Capital 0 0 0 0 0 91 143 176 234 277 0 0 0 0 0
Net Property Plant and Equipment 0 0 0 0 0 243 369 671 658 950 1,258 1,701 2,345 3,084 3,729
Other Assets Net of Other Liabs 0 0 0 0 0 35 43 43 97 110 110 110 110 110 110
Less: On-going operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Op. Invested Capital (excl.Goodwill) 0 0 0 0 0 369 555 891 989 1,337 1,368 1,811 2,455 3,194 3,839

Goodwill & Intangibles 0 0 0 0 0 106 87 140 533 313 313 313 313 313 313
Cumulative Written Off & Amortized 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Op. Invested Capital (incl.Goodwill) 0 0 0 0 0 474 642 1,031 1,522 1,650 1,681 2,124 2,768 3,507 4,152

Excess Marketable Securities 0 0 0 0 0 0 0 0 0 0 6,817 11,859 19,677 31,446 50,185

Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-operating Assets 0 0 0 0 0 6 5 12 27 50 50 50 50 50 50
Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Investor Funds 0 0 0 0 0 480 647 1,043 1,550 1,700 8,549 14,033 22,495 35,003 54,387

Total Common Equity & Pref. Stock 0 0 0 0 0 210 311 533 769 950 4,599 10,083 18,546 31,053 50,438
Cum Goodwill Written Off & Amortized 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Income Taxes 0 0 0 0 0 26 34 42 45 50 50 50 50 50 50
Dividends Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income smoothing Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Equity 0 0 0 0 0 236 345 575 814 1,000 4,649 10,133 18,596 31,103 50,488

Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-term operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement-Related Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Bearing Debt 0 0 0 0 0 245 302 468 736 700 700 700 700 700 700
Value of Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Investor Funds 0 0 0 0 0 480 647 1,043 1,550 1,700 5,349 10,833 19,296 31,803 51,188

Check: Investor Funds 1.0 0 0 0 0 0 (0) (0) (0) 0 (0) 3,200 3,200 3,200 3,200 3,200

54018215.xls Page 6
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Free Cash Flow
NOPLAT 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385
Depreciation 0 0 0 0 0 0 0 28 575 143 176 221 281 339
Gross Cash Flow 0 0 0 0 0 9 8 (31) 541 3,791 5,660 8,684 12,789 19,724

Increase in Working Capital 0 0 0 0 0 (52) (33) (58) (43) 277 0 0 0 0

Capital Expenditures 0 0 0 0 0 0 0 0 0 (451) (619) (865) (1,020) (985)
Incr in other operating assets/liabilities 0 0 0 0 0 (134) (302) (69) (880) 0 0 0 0 0
Incr in Ongoing operating Provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Inv in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Investment 0 0 0 0 0 (187) (335) (127) (923) (174) (619) (865) (1,020) (985)

Free Cash Flow Excl. Goodwill 0 0 0 0 0 (178) (328) (158) (383) 3,617 5,041 7,819 11,768 18,740

Investment in Goodwill and Intangibles 0 0 0 0 0 18 (53) (393) 221 0 0 0 0 0

Free Cash Flow Incl. Goodwill 0 0 0 0 0 (160) (381) (550) (162) 3,617 5,041 7,819 11,768 18,740

AT Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Incr)/Decr Excess Mkt Sec 0 0 0 0 0 0 (0) (803) (2,397) (3,617) (5,041) (7,819) (11,768) (18,740)
Foreign Exchange Translation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(Incr)/Decr Retirement Related Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-operating Cash Flow 0 0 0 0 0 1 (7) (15) (23) 0 0 0 0 0
Restructuring Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow Available to Investors 0 0 0 0 0 (159) (388) (1,369) (2,582) 0 0 0 0 0

Financing Flow
AT Interest Expense 0 0 0 0 0 0 0 11 77 0 0 0 0 0
Interest on Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on Nonoperating Component of Pension Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Debt 0 0 0 0 0 (58) (166) (268) 36 0 0 0 0 0
Decr/(Incr) in Operating Leases 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Retirement Rel. Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Long-term Operating Provision 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Payments to Minorities 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decr/(Incr) in Share Capital 0 0 0 0 0 (101) (222) (1,112) (2,694) 0 0 0 0 0
Total Financing Flow 0 0 0 0 0 (159) (388) (1,369) (2,582) 0 0 0 0 0

Check: Investors CF = Financing CF OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0

54018215.xls Page 7
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Economic Profit
Before Goodwill
Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 2.3% 1.4% -6.6% -3.5% 272.9% 400.8% 467.3% 509.5% 606.9%
WACC 0.0% 0.0% 0.0% 0.0% 0.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
Spread 0.0% 0.0% 0.0% 0.0% 0.0% -9.7% -10.6% -18.6% -15.5% 260.9% 388.8% 455.3% 497.5% 594.9%
Invested Capital (Beg of Year) 0 0 0 0 0 369 555 891 989 1,337 1,368 1,811 2,455 3,194
Economic Profit (before Goodwill) 0 0 0 0 0 (36) (59) (166) (153) 3,488 5,320 8,245 12,213 19,002

NOPLAT 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385

Capital Charge 0 0 0 0 0 (44) (67) (107) (119) (160) (164) (217) (295) (383)
Economic Profit (before Goodwill) 0 0 0 0 0 (36) (59) (166) (153) 3,488 5,320 8,245 12,213 19,002

After Goodwill
Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 1.8% 1.2% -5.7% -2.3% 221.2% 326.2% 398.4% 451.9% 552.8%
WACC 0.0% 0.0% 0.0% 0.0% 0.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
Spread 0.0% 0.0% 0.0% 0.0% 0.0% -10.2% -10.8% -17.7% -14.3% 209.2% 314.2% 386.4% 439.9% 540.8%
Invested Capital (Beg of Year) 0 0 0 0 0 474 642 1,031 1,522 1,650 1,681 2,124 2,768 3,507
Economic Profit (after Goodwill) 0 0 0 0 0 (48) (69) (183) (217) 3,451 5,282 8,208 12,175 18,964

NOPLAT 0 0 0 0 0 9 8 (59) (35) 3,649 5,484 8,462 12,507 19,385

Capital Charge 0 0 0 0 0 (57) (77) (124) (183) (198) (202) (255) (332) (421)
Economic Profit (after Goodwill) 0 0 0 0 0 (48) (69) (183) (217) 3,451 5,282 8,208 12,175 18,964

54018215.xls Page 8
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
DCF Valuation Calculations

CV period 0 0 0 0 0
FCF period Sum Sum 1 1 1 1 1

Free Cash Flow 51,137 3,617 5,041 7,819 11,768 18,740

Discount Factor 1.00 0.89 0.80 0.71 0.64 0.57
PV of FCF 33,030 33,030 3,230 4,019 5,565 7,479 10,633
Continuing value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PV of Continuing value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating value #DIV/0!

Economic profit 47,582 3,451 5,282 8,208 12,175 18,964

Discount Factor 1.00 0.89 0.80 0.71 0.64 0.57
PV of EP 31,380 31,380 3,081 4,211 5,842 7,738 10,761
Continuing value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
PV of Continuing value #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Invested capital at start of forecast 1,650 1,650
Operating value #DIV/0!

Check: EV=FCF ###

Minorities
Profits attributable to minorities 0 0 0 0 0
Perpetuity based on final year detailed forecast 0 0 0 0 0
Discount factor 1.00 0.89 0.80 0.71 0.64 0.57
Present Value 0 0 0 0 0 0

Non-operating assets
Non-operating income 0 0 0 0 0
Perpetuity based on final year detailed forecast 0 0 0 0 0
Discount factor 1.00 0.89 0.80 0.71 0.64 0.57
Present Value 0 0 0 0 0 0

Restructuring costs
Restructuring costs paid 0 0 0 0 0
Discount factor 1.00 0.89 0.80 0.71 0.64 0.57
Present Value 0 0 0 0 0 0

54018215.xls Page 9
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------

Ratios
Adjusted EBITA / Revenues
Cost of Goods Sold / Revenues NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 6.0% 17.8% 0.0% 0.0% 0.0% 0.0% 0.0%
SGA costs / Revenue NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 102.5% 53.7% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA / Revenue NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! -8.5% 28.5% 100.0% 100.0% 100.0% 100.0% 100.0%
Depreciation / Revenues NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 9.0% 30.1% 3.8% 3.1% 2.6% 2.2% 1.7%
Reported EBITA / Revenues NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! -17.5% 0.2% 97.1% 97.5% 97.8% 98.1% 98.4%
Adjustments to EBITA / Revenues NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adjusted EBITA / Revenues NA NA NA NA #DIV/0! #DIV/0! #DIV/0! -17.5% 0.2% 97.1% 97.5% 97.8% 98.1% 98.4%

Return on Invested Capital (BY)

Net PPE / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 213.2% 34.4% 25.3% 22.4% 19.7% 18.4% 15.7%
Working Capital / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 56.1% 12.3% 7.4% 0.0% 0.0% 0.0% 0.0%
Net Other Assets / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 13.7% 5.1% 2.9% 2.0% 1.3% 0.9% 0.6%
Rev. / Inv. Capital (pre-Goodwill) NA NA NA NA NA 0.0 0.0 0.4 1.9 2.8 4.1 4.8 5.2 6.2
Pre-Tax ROIC NA NA NA NA NA #DIV/0! #DIV/0! -6.2% 0.4% 272.9% 400.8% 467.3% 509.5% 606.9%
Cash Tax Rate NA NA NA NA NA #DIV/0! #DIV/0! -7.1% 1037.2% 0.0% 0.0% 0.0% 0.0% 0.0%
After-Tax ROIC (pre-Goodwill) NA NA NA NA NA 2.3% 1.4% -6.6% -3.5% 272.9% 400.8% 467.3% 509.5% 606.9%
Rev. / Inv. Capital (incl. Goodwill) NA NA NA NA NA 0.0 0.0 0.3 1.3 2.3 3.3 4.1 4.6 5.6
After-Tax ROIC (incl. Goodwill) NA NA NA NA NA 1.8% 1.2% -5.7% -2.3% 221.2% 326.2% 398.4% 451.9% 552.8%

Return on Invested Cap (Avg)

Net PPE / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 211.1% 42.1% 29.4% 26.3% 23.4% 21.3% 17.3%
Working Capital / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 65.2% 13.4% 3.7% 0.0% 0.0% 0.0% 0.0%
Net Other Assets / Revenues NA NA NA NA NA #DIV/0! #DIV/0! 22.3% 5.4% 2.9% 2.0% 1.3% 0.9% 0.6%
Rev. / Inv. Capital (pre-Goodwill) NA NA NA NA NA 0.0 0.0 0.3 1.6 2.8 3.5 4.1 4.5 5.6
Pre-Tax ROIC NA NA NA NA NA #DIV/0! #DIV/0! -5.9% 0.3% 269.8% 345.0% 396.7% 442.8% 551.2%
After-Tax ROIC (pre-Goodwill) NA NA NA NA NA 1.8% 1.1% -6.3% -3.0% 269.8% 345.0% 396.7% 442.8% 551.2%
After-Tax ROIC (incl. Goodwill) NA NA NA NA NA 1.5% 0.9% -4.6% -2.2% 219.1% 288.3% 346.0% 398.7% 506.2%
Average ROE NA NA NA NA NA 0.0% 0.0% -11.1% -13.6% 131.5% 74.7% 59.1% 50.4% 47.6%

Growth Rates
Revenue Growth Rate NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 506.9% 96.8% 49.7% 53.7% 47.5% 54.4%
Adjusted EBITA Growth Rate NA NA NA NA NA NA NA NA -106.7% 98670.6% 50.3% 54.3% 47.8% 55.0%
NOPLAT Growth Rate NA NA NA NA NA NA -8.1% -854.6% -41.4% -10639.1% 50.3% 54.3% 47.8% 55.0%
Invested Capital Growth Rate NA NA NA NA NA 35.4% 60.5% 47.7% 8.4% 1.9% 26.3% 30.3% 26.7% 18.4%
Net Income Growth Rate NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 61.5% -3228.4% 50.3% 54.3% 47.8% 55.0%

Investment Rates (excl. Goodwill)

Gross Investment Rate NA NA NA NA NA 2191.7% 4287.2% -413.3% 170.8% 4.6% 10.9% 10.0% 8.0% 5.0%
Net Investment / NOPLAT NA NA NA NA NA 2191.7% 4287.2% -166.8% -1004.9% 0.9% 8.1% 7.6% 5.9% 3.3%

Financing
EBIT/Interest Payable NA NA NA NA N/A N/A N/A (3.3) 0.0 NA NA NA NA NA
Adjusted EBITA/Interest payable NA NA NA NA N/A N/A N/A (3.3) 0.0 NA NA NA NA NA
Cash Coverage (Gross CF / Interest) NA NA NA NA NA N/A N/A (1.8) 4.6 NA NA NA NA NA
Debt / Total Cap (Book) NA NA NA NA NA 53.8% 49.3% 46.8% 48.9% 42.4% 13.2% 6.5% 3.6% 2.2% 1.4%
54018215.xls Page 10
8/12/2021 16:40
#DIV/0!
PVR Ltd - Base ### Historical Detailed Forecast Ke
INR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
----------------- ----------------- ----------------- ----------------- ----------------- -------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Debt / Total Cap (Market) NA NA NA NA NA 100.0% 100.0% 100.0% 100.0% 100.0%

Valuation indicators
Mkt Val Op Inv Cap/ BV Op Inv Cap NA NA NA NA 0.4 0.4 0.4 0.2 0.3
Market / Book (incl. Cum Goodwill) NA NA NA NA 0.5 0.5 0.4 0.5 0.4
Mkt val Op Inv Cap / Adj EBITA NA NA NA NA NA NA NA (3.2) 91.2
Enterprise value / EBITA NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! (13.3) 189.5
Price Earnings Ratio NA NA NA NA NA #DIV/0! #DIV/0! #DIV/0! 0.0 0.0

54018215.xls Page 11