Discounted Cash Flow

Particulars
FY06
1QFY07
2QFY07
Consolidated revenues (Rs mn)
5084
1,428
1,852
4,267
1,008
1,183
83.9%
70.6%
63.9%
815
419
668
9,513
14,980
24,106
5,467
9,126
Segmentwise Revenue Break up (Unconsolidated)

Network Integration
Revenues (Rs Mn)
% growth
% of Gross Revenues
Corporate network/Data services/ Enterprise Data services (EDS)
Revenues (Rs Mn)
% growth
% of Gross Revenues
Number of Connects
Incremental Connects
% growth
57%
61%
No of Clients
296
339
Average Connect per customer

Average Reveue Per Connect (ARPC in Rs '000)
86
51
71
137
137
% change
Number of cities covered
540
550
1,965
1,965
5,083
1,427
1,851
POPs
Average POPs per city
Capacity (Kbps)
Type of customers' bandwidth Useage (Rs Mn)
Installation charges
% growth
% of Corporate network/Data services Revenues
ARPC's (Rs '000)
% change
Recurring charges from old clients
% growth
ARPC's (Rs '000)
% change
Recurring charges from new clients
% growth
ARPC's (Rs '000)
% change
Total revenues from Corporate network/Data services
Unallocable
Revenues (Rs Mn)
Gross Revenues
Segmentwise EBIT Break up
Network Integration
EBIT (Rs mn)
% growth
EBIT margins
EBIT (Rs mn)
% growth
EBIT margins
Corporate network/Data services
Unallocable
EBIT (Rs mn)
643
167
243
EBIT (Rs mn)
643
167
243
% growth
EBIT margins
12.6%
11.7%
13.1%
% growth
EBIT margins
Total
3QFY07
4QFY07
FY07
1QFY08
2QFY08
3QFY08
4QFY08
FY08
1QFY09
2,220
2,926
8426
2,144
2,585
3,331
4,147
12190
3,325
1,393
1,669
1,072
1,257
1,487
1,774
5,589
1,106
62.7%
57.0%
827
1,241
5,253
23.1%
6.4%
6.3%
6.7%
6.3%
6.4%
3.2%
62.3%
50.3%
47.5%
43.5%
42.2%
45.1%
33.0%
3,155
1,056
1,327
1,844
2,348
6,575
2,219
287.2%
151.9%
98.6%
123.0%
89.2%
108.4%
110.1%
37.4%
49.6%
50.1%
54.0%
55.9%
53.0%
66.3%
35,014
51,376
51,376
62,011
75,837
93,810
117,176
117,176
132,278
10,908
16,362
41,863
10,635
13,826
17,973
23,366
65,800
15,102
45%
47%
440%
21%
22%
24%
25%
128%
13%
406
536
536
563
647
744
855
855
984
86
96
96
110
117
126
137
137
112
115
104
75
77
87
89
78
134
71
21%
-46%
-44%
-22%
-23%
-25%
-4%
650
800
800
800
1,000
1,100
1,200
1,200
1,250
2,381
2,731
2,731
2,731
2,956
3,081
3,206
3,206
3,281
3.4
3.4
3.0
2.8
2.7
2.7
2.6
16,779,264
16,779,264
18,161,664
18,929,664
18,929,664
18,929,664
18,929,664
1,796
449
583
758
986
2,777
637
34.96
31.67
33.86
35.77
37.39
924
552
644
974
17.99
38.97
37.36
45.93
46.13
40.19
44.04
1,217
32.95
3,387
20.44
1,373
437
55
100
112
145
412
208
8.51
3.88
5.80
5.26
5.50
4.88
6.68
3,158
1,056
1,327
1,844
2,348
6,575
2,219
21
24
64
84
81
230
21
2,222
2,931
8,431
2,129
2,649
3,415
4,203
12,395
3,346
1,181
358
472
647
791
2,269
571
337
404
337
404
1,181
358
472
647
791
2,269
571
15.2%
13.8%
14.0%
16.8%
17.8%
19.0%
18.8%
18.3%
17.1%
2QFY09
3QFY09
4QFY09
FY09
1QFY10
FY10
3,846
4,418
4,677
16144
4,429
19724
1,156
1,007
1,130
4,643
-8.0%
-32.3%
-36.3%
-16.9%
-32.9%
742
-15%
3947
31.0%
24.2%
21.8%
28.3%
16.7%
19.7%
2,629
3,350
3,486
3,687
16123
98.1%
81.7%
48.5%
74.0%
66.2%
40.9%
70.5%
80.6%
67.1%
69.6%
82.7%
80.3%
0.66163483
11,440
152,364
175,463
200,640
200,640
218,763
270864
20,086
23,099
25,177
83,464
18,123
70,224
15%
1,132
15%
1,200
14%
1,366
71%
1,366
9%
35%
1,571
135
146
147
147
74
82
74
72
139
70
68
-4%
-6%
-17%
-8%
-1%
-5%
1,300
1,370
1,415
1,415
1,415
3,446
3,711
3,923
3,923
4,035
2.7
2.7
2.8
2.8
2.9
21,172,224
22,800,384
24,102,912
24,102,912
24,791,040
848
975
1,046
3,505
761
23.82
23.78
1,495
1,899
22.24
2,075
42.01
46.35
44.14
287
232
365
8.06
5.65
7.76
2,629
(55)
3,730
3,106
(201)
4,156
22.06
6,843
43.06
1,092
6.87
14.52
2,759
52.62
167
3.19
3,486
11,440
3,687
579
344
27
5,195
16,427
4,456
0
20,070
664
617
1,433
3,285
1,005
664
617
1,433
3,285
1,005
17.8%
14.8%
27.6%
20.0%
22.5%
FY11
FY12
FY13
FY14
26055
32325
37572
42924
4144
4351
4569
4797
5%
5%
5%
5%
15.6%
13.2%
12.0%
11.0%
22368
28542
33663
38880
38.7%
27.6%
17.9%
15.5%
84.4%
86.8%
88.0%
89.0%
352123
404942
445436
489979
81259
52818
40494
44544
30%
15%
10%
10%
72
75
79
83
5%
5%
5%
5%
0
26,512
32,893
38,231
43,677
FY04
FY05
FY06
Revenue Model (Rs in Mn)

Sales
2,747
% growth
3,422
5,084
24.6%
48.6%
Cost Model
Cost of Goods Sold
2,520
Change in COGS
3,088
4,209
22.5%
36.3%
As % of Total Operating Expenditure
95.5%
95.8%
95.2%
As % of Total Revenue
91.8%
90.2%
82.8%
Employee Costs
54
Change in Employee Costs
65
99
20.6%
53.0%
2.0%
2.0%
2.2%
1.9%
1.9%
1.9%
Selling & Distribution Expenses
Change in Selling & Distribution Expenses
10
28
47.9%
168.9%
0.3%
0.3%
0.6%
0.3%
0.3%
0.5%
Administrative Expenses
58
Change in Administrative Expenses
59
84
2.2%
41.1%
2.2%
1.8%
1.9%
2.1%
1.7%
1.7%
Total Operating Expenses
2,639
Change in Total Operating Expenses

EBITDA
96.1%
108
Change in EBIDTA
EBIDTA margin
3.9%
Change in Depreciation & Amortisation

Rate of Depreciation on GFA
As % of Total Operating Revenue
Finance Expenses
4,420
22.1%
37.2%
94.2%
86.9%
199
85.5%
Change in EBIDTA margin

Depreciation & Amortisation
3,223
0.3%
21
Change in Finance Expenses
665
233.1%
5.8%
13.1%
48.9%
124.2%
10
43
40.2%
328.0%
4.4%
5.4%
0.3%
0.8%
35
64
64.6%
79.9%
1.0%
1.2%
As % of Total Debt
As % of Total Operating Revenue
Other Income
0.8%
2
Change in Other income

Profit / (Loss) before tax
0.1%
81
Change in PBT
PBT Margin
Change in Tax
12
86.2%
0.2%
0.2%
160
98.9%
2.9%
Change in PBT margin

Provision for Tax
6
260.9%
13
570
255.1%
4.7%
11.2%
59.7%
139.0%
27
103.4%
80
200.6%
Effective Tax Rate (on PBT)
16.2%
Change in Effective Tax Rate

Profit after Tax
68
Change in Profit
Profit margin
14.0%
2.3%
-15.3%
134
98.0%
2.5%
Change in Profit margin

Prior Period Items
(1)
Net Profit/(Loss) after Tax
66
Change in Net Profit

Net profit margin
16.5%
3.9%
9.6%
59.0%
146.3%
5
139
110.4%
2.4%
Change in Net profit margin
490
265.9%
(5)
485
248.4%
4.1%
9.5%
68.8%
134.5%
FCCB interest
Adjusted Net Profit
66
Change in Net Profit

Net profit margin
2.4%
Change in Net profit margin
Equity Capital (Rs mn)
139
110.4%
120.0
485
248.4%
4.1%
9.5%
68.8%
134.5%
120.0
290.0
Number of shares (mn, basic)
12.0
12.0
Number of shares (mn, diluted)
12.0
12.0
29.0
Face value
10.0
10.0
10.0
Basic EPS
5.5
11.6
Diluted EPS
2.3
4.8
Change in EPS
29.0
16.7
16.7
248.4%
FY07
8,426
65.7%
FY08
12,190
FY09
16,144
FY10
19,724
FY11
26,055
FY12
32,325
FY13
37,572
FY14
42,924
FY15
47,216
44.7%
32.4%
22.2%
32.1%
24.1%
16.2%
14.2%
10.0%
6,572
9,006
11,559
13,807
18,108
21,658
24,422
27,901
31,635
56.1%
37.0%
28.4%
19.4%
31.2%
19.6%
12.8%
14.2%
13.4%
92.6%
92.5%
90.5%
90.6%
89.7%
88.6%
88.0%
87.8%
87.8%
78.0%
73.9%
71.6%
70.0%
69.5%
67.0%
65.0%
65.0%
67.0%
307
396
712
888
1,433
1,940
2,254
2,575
2,833
210.7%
29.2%
79.6%
24.6%
61.5%
35.3%
16.2%
14.2%
10.0%
4.3%
4.1%
5.6%
5.8%
7.1%
7.9%
8.1%
8.1%
7.9%
3.6%
3.3%
4.4%
4.5%
5.5%
6.0%
6.0%
6.0%
6.0%
40
42
59
52
81
113
150
165
27.9%
36
12.1%
5.4%
41.0%
-11.9%
55.1%
39.5%
33.3%
10.0%
0.5%
0.4%
0.3%
0.4%
0.3%
0.3%
0.4%
0.5%
0.5%
0.4%
0.3%
0.3%
0.3%
0.2%
0.25%
0.30%
0.35%
0.4%
291
464
493
586
776
958
1,159
1,416
118.7%
184
58.5%
59.3%
6.4%
18.9%
32.3%
23.5%
21.0%
22.2%
2.6%
3.0%
3.6%
3.2%
2.9%
3.2%
3.5%
3.6%
3.9%
2.2%
2.4%
2.9%
2.5%
2.3%
2.4%
2.6%
2.7%
3.0%
7,097
9,733
60.6%
37.1%
12,777
31.3%
15,246
19.3%
20,180
32.4%
24,454
21.2%
27,747
13.5%
31,785
14.6%
13.4%
84.2%
79.8%
79.1%
77.3%
77.5%
75.7%
73.9%
74.1%
76.4%
1,328
2,456
3,367
4,477
5,875
7,871
9,825
99.9%
84.9%
37.1%
33.0%
31.2%
34.0%
24.8%
13.4%
0.3%
15.8%
20.2%
20.9%
22.7%
22.6%
24.4%
26.2%
26.0%
23.7%
20.6%
27.8%
3.5%
8.8%
-0.7%
8.0%
7.4%
-0.8%
-8.9%
11,139
36,050
11,167
159
418
414
1,420
1,633
1,909
1,888
1,930
1,973
267.9%
163.8%
-0.9%
242.7%
15.0%
16.9%
-1.1%
2.3%
2.2%
5.8%
9.4%
4.4%
8.5%
8.5%
9.0%
8.5%
8.5%
8.5%
1.9%
3.4%
2.6%
7.2%
6.3%
5.9%
5.0%
4.5%
4.2%
1,113
131
258
462
707
803
972
1,067
1,067
105.7%
97.6%
78.9%
53.0%
13.6%
21.0%
9.8%
0.0%
4.3%
15.0%
11.0%
10.0%
11.0%
11.5%
11.5%
12.0%
2.9%
3.6%
3.1%
3.0%
2.8%
2.5%
2.4%
1.6%
2.1%
24
230
344
592
664
824
958
1,095
1,204
100.0%
879.1%
49.5%
71.8%
12.3%
24.1%
16.2%
14.2%
10.0%
0.3%
1.9%
2.1%
3.0%
2.6%
2.6%
2.6%
2.6%
2.6%
1,063
2,010
2,835
4,104
5,815
7,828
9,236
86.5%
89.2%
41.0%
2,942
3.8%
39.5%
41.7%
34.6%
18.0%
0.5%
12.6%
16.5%
17.6%
14.9%
15.8%
18.0%
20.8%
21.5%
19.7%
12.6%
30.8%
6.5%
-15.1%
5.6%
14.2%
15.8%
3.3%
-8.6%
1,018
1,566
2,078
2,321
93
138
330
368
616
16.4%
48.4%
139.5%
11.5%
67.4%
9,285
8.7%
6.8%
11.6%
12.5%
15.0%
17.5%
20.0%
22.5%
25.0%
-37.6%
-21.5%
69.8%
7.5%
20.0%
16.7%
14.3%
12.5%
11.1%
6,963
970
1,873
2,505
3,488
4,797
6,263
7,158
97.9%
93.1%
33.8%
2.7%
35.5%
37.5%
30.6%
14.3%
-2.7%
11.5%
15.4%
15.5%
13.1%
13.4%
14.8%
16.7%
16.7%
14.7%
19.4%
33.5%
1.0%
-15.9%
2.6%
10.8%
12.3%
0.0%
-11.6%
27
(2)
(8)
997
2,574
2,574
6,963
1,871
2,498
3,488
4,797
6,263
7,158
105.7%
87.6%
33.5%
3.1%
35.5%
37.5%
30.6%
14.3%
-2.7%
11.8%
15.4%
15.5%
13.1%
13.4%
14.8%
16.7%
16.7%
14.7%
24.2%
29.7%
0.8%
-15.6%
2.6%
10.8%
12.3%
0.0%
-11.6%
346
339
335
140
997
6,963
1,871
2,498
2,228
3,149
4,462
6,123
7,158
105.7%
87.6%
33.5%
-10.8%
41.4%
41.7%
37.2%
16.9%
-2.7%
11.8%
15.4%
15.5%
11.3%
12.1%
13.8%
16.3%
16.7%
14.7%
24.2%
29.7%
0.8%
-27.0%
7.0%
14.2%
18.1%
2.3%
-11.6%
290.0
290.0
290.0
290.0
290.0
290.0
290.0
290.0
290.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
34.4
34.4
105.7%
64.5
86.1
88.8
120.3
165.4
216.0
246.8
240.1
64.5
86.1
76.8
108.6
153.9
211.1
246.8
240.1
87.6%
33.5%
-10.8%
41.4%
41.7%
37.2%
16.9%
-2.7%
FY16
50,994
FY17
53,543
FY18
56,221
FY19
59,032
8.0%
5.0%
5.0%
5.0%
35,186
37,480
39,354
41,322
11.2%
6.5%
5.0%
5.0%
88.1%
88.2%
88.2%
88.2%
69.0%
70.0%
70.0%
70.0%
3,060
3,213
3,373
3,542
8.0%
5.0%
5.0%
5.0%
7.7%
7.6%
7.6%
7.6%
6.0%
6.0%
6.0%
6.0%
178
187
197
207
8.0%
5.0%
5.0%
5.0%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
1,530
1,606
1,687
1,771
8.0%
5.0%
5.0%
5.0%
3.8%
3.8%
3.8%
3.8%
3.0%
3.0%
3.0%
3.0%
39,954
42,487
44,611
46,842
10.8%
6.3%
5.0%
5.0%
78.4%
79.4%
79.4%
79.4%
11,040
11,057
11,610
12,190
-1.1%
0.2%
5.0%
5.0%
21.7%
20.7%
20.7%
20.7%
-8.5%
-4.6%
0.0%
0.0%
2,015
2,058
2,100
2,143
2.2%
2.1%
2.1%
2.0%
8.5%
8.5%
8.5%
8.5%
4.0%
3.8%
3.7%
3.6%
1,160
1,113
1,067
1,021
4.2%
-4.0%
-4.2%
-4.3%
12.5%
12.0%
11.5%
11.0%
2.3%
2.1%
1.9%
1.7%
1,300
1,365
1,434
1,505
8.0%
5.0%
5.0%
5.0%
2.6%
2.6%
2.6%
2.6%
9,165
9,251
9,876
10,532
-1.3%
0.9%
6.8%
6.6%
18.0%
17.3%
17.6%
17.8%
-8.6%
-3.9%
1.7%
1.6%
2,520
2,775
3,052
3,254
27.5%
30.0%
30.9%
30.9%
10.0%
9.1%
3.0%
0.0%
6,645
6,476
-4.6%
-2.5%
6,824
5.4%
7,278
6.6%
13.0%
12.1%
12.1%
12.3%
-11.6%
-7.2%
0.4%
1.6%
6,645
6,476
6,824
7,278
-4.6%
-2.5%
5.4%
6.6%
13.0%
12.1%
12.1%
12.3%
-11.6%
-7.2%
0.4%
1.6%
6,645
6,476
6,824
7,278
-4.6%
-2.5%
5.4%
6.6%
13.0%
12.1%
12.1%
12.3%
-11.6%
-7.2%
0.4%
1.6%
290.0
290.0
290.0
290.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
10.0
10.0
10.0
10.0
229.1
223.3
229.1
223.3
-4.6%
-2.5%
235.3
235.3
5.4%
251.0
251.0
6.6%
Tulip Telecom Ltd

Consolidated
Common Data
FV
10.00
CMP
Assumptions
959
Profit and Loss Account (Rs Mn)

Particulars
Gross Sales
Mar'04
2,747
Mar'05
3,422
Mar'06
5,084
Mar'07
8,426
Mar'08
12,190
12,189.80
Excise
Net Sales
2,746.67
3,422.06
5,084.43
8,425.62
Other income
1.75
6.32
11.77
23.53
230.43
Total Income
2,748.42
3,428.38
5,096.20
8,449.15
12,420.24
Total Expenditure
2,639.15
2,520.44
3,222.60
3,088.25
4,419.92
4,209.47
7,097.35
6,571.52
9,733.37
9,006.08
53.51
64.53
98.73
306.72
396.42
65.20
69.82
111.72
219.12
330.86
EBIDTA (Excl. Other Income)
107.52
199.46
664.50
1,328.27
2,456.43
EBIDTA (Incl. Other Income)
2,686.87
Raw Material
Employee Expenses
Power, Oil & Fuel
Selling & Administrative Expenses
Provisions & Write Offs
Other Expenses
109.27
205.78
676.27
1,351.81
Interest
21.45
35.32
63.55
130.76
258.32
Gross Profit
87.82
7.18
170.46
10.07
612.72
43.08
1,221.05
158.51
2,428.55
418.14
80.64
(1.48)
160.40
5.21
569.64
(5.26)
1,062.54
27.39
2,010.40
(1.54)
Tax
79.16
13.03
165.61
26.51
564.38
79.70
1,089.93
92.74
2,008.87
137.67
Net Profit
66.13
139.10
484.69
997.19
1,871.19
66.13
139.10
484.69
997.19
1,871.19
Depreciation
Profit Before Tax & EO Items
Extra Ordinary (Exps)/Income
Profit Before Tax
Minority Interest
Net Profit
Dividends:
- Equity
0.00
0.00
29.00
58.00
58.00
- Preference
Tax on Dividend
Additions to Reserves
66.13
139.10
4.07
9.86
9.86
451.62
929.33
1,803.34
Balance Sheet (Rs Mn)

Particulars
Mar'04
Mar'05
Mar'06
Mar'07
Mar'08
Sources of Funds
Equity Capital
120.00
260.00
290
290
290
Preference Capital
Share Premium
Other Reserves (excl Share Premium & Rev Res)
Net Worth
0.00
978.05
978.0
831.3
67.04
206.14
466.14
600.12
1,868.17
1,529.4
2,797.4
3,332.5
4,453.8
237.61
755.84
1,416.0
1,942.7
237.61
755.84
0.0
1,416.0
6,995.5
8,938.2
187.04
Revaluation reserve
Secured Loans
122.81
Unsecured Loans
Loan Funds
Deferred Tax Liability (Net of Deffered Tax Assets)
Total Capital Employed
Applications of Funds
122.81
5.89
315.74
9.95
1.91
8.0
9.2
713.69
2,625.92
4,221.4
13,401.2
Goodwill
0.1
0.1
0.1
82.20
226.69
800.21
2,726.4
4,446.6
20.88
30.53
196.16
72.99
727.23
229.1
2,497.3
647.1
3,799.5
0.21
0.21
20.11
0.1
Inventories
184.30
205.63
262.54
205.2
701.9
Sundry Debtors
393.73
601.61
1,458.43
1,398.8
2,005.9
Cash and Bank Balance
30.43
17.85
88.14
11.81
468.17
Loans and Advances
103.90
365.9
310.4
5,938.0
167.6
12.03
919.23
39.84
2,332.88
56.0
2,336.3
119.0
8,932.3
369.97
380.28
340.11
520.8
589.2
10.79
380.76
22.46
402.74
114.99
455.10
92.2
613.0
139.9
729.1
253.34
516.49
1,877.78
1,723.3
8,203.3
315.7
0.83
713.7
0.73
2,625.9
0.6
4,221.4
0.6
13,401.2
(0.00)
0.00
Gross Block
Less: Accumulated Depreciation
Net Block
61.32
Capital Work in Progress
1,397.5
Investments
0.2
Current Assets, Loans & Advances
Other Current Assets
7.78
sub total
634.09
Less : Current Liabilities & Provisions

Current Liabilities
Provisions
sub total
Net Current Assets
Misc Expenses
Total Assets
Cash-Flow Statement (Rs mn)
0.87
Mar'04
Mar'05
(0.00)
Mar'06
0.00
Mar'07
Mar'08
(A) Cash from Operating activities
80.64
160.40
569.64
1062.54
2010.40
PBT
80.64
160.40
569.64
1062.54
2010.40
7.18
10.07
43.08
158.51
418.14
87.82
170.46
612.72
1221.05
2428.55
227.42
1033.62
105.66
1024.01
21.98
52.36
157.94
116.04
-205.44
-981.26
52.27
-907.97
-34.98
-368.54
1273.32
1520.57
Change in fixed assets
144.49
573.52
1926.21
3117.74
Change in investments
0.00
19.90
-20.00
0.13
-144.49
-553.62
-1946.21
-3117.61
Change in share capital
140.00
1008.05
0.00
-146.77
Change in debt
114.80
518.23
660.12
7522.23
Depreciation as per P&L

Operating cash flow
Working capital changes:
Change in Current assets
Change in Current liabilities
Cash used in working capital
Cash from Operating activities
(B) Cash from Investing activities
Cash from Investing activities

(C) Cash from Financing activities
Cash from Financing activities
254.80
1526.28
660.12
7375.46
0.00
33.07
67.86
67.86
Income Tax
26.51
79.70
92.74
137.67
Net cash generated
48.82
491.36
-173.37
5572.90
Dividend and dividend tax
Opening cash balance (as per cash flow)
18
60.41
109.23
600.59
427.22
Closing cash balance (as per cash flow)
60
109.23
600.59
427.22
6000.11
Opening cash balance (as per B/S)
18
30.43
88.14
468.17
365.93
Closing cash balance (as per B/S)
30
88.14
468.17
365.93
5937.96
21.09
132.42
61.29
62.15
Irreconcilable difference in cash (a-b)

Important Ratios
Particulars
29.98
Mar'04
Mar'05
Mar'06
Mar'07
Mar'08
(A) Measures of Performance (%)

Contribution Margin
EBIDTA Margin (excl. O.I.)
3.91
5.83
13.07
15.8
20.2
EBIDTA Margin (incl. O.I.)
3.98
6.01
13.30
16.0
22.0
Interest / Sales
0.78
1.03
1.25
1.6
2.1
Gross Profit Margin
3.20
4.98
12.05
14.5
19.9
16.46
16.01
14.12
8.5
6.9
2.41
4.06
9.53
11.8
15.4
Tax/PBT
Net Profit Margin
(B) As Percentage of Net Sales
Raw Material
91.76
90.25
82.79
78.0
73.9
Employee Expenses
1.95
1.89
1.94
3.6
3.3
Power, Oil & Fuel
0.00
0.00
0.00
0.0
0.0
Selling & Administrative Expenses
2.37
2.04
2.20
2.6
2.7
Provisions & Write Offs
0.00
0.00
0.00
0.0
0.0
Other Expenses
0.00
0.00
0.00
0.0
0.0
Debt / Equity (x)
0.66
0.51
0.40
0.5
2.0
Interest Coverage (x)
5.09
5.83
10.64
10.3
10.4
Debtors Period (days)
52.32
64.17
104.70
60.6
60.1
Closing stock (days)
24.49
21.93
18.85
8.9
21.0
Inventory Turnover Ratio (x)
14.90
16.64
19.37
41.1
17.4
Fixed Assets Turnover (x)
33.41
15.10
6.35
3.1
2.7
(C) Measures of Financial Status
Average Cost Of Debt (%)
Working Capital Turnover (x)
10.84
6.63
2.71
4.9
1.5
222.91
428.35
1,409.61
1,357.3
2,265.3
EPS (Rs.) (excl EO)
5.39
5.55
16.53
35.3
64.5
EPS (Rs.)
5.51
5.35
16.71
34.4
64.5
CEPS (Rs.)
6.11
5.74
18.20
39.9
78.9
1.00
2.00
2.00
Non Cash Working Capital (Rs Mn)

(D) Measures of Investment
DPS (Rs.)
Dividend Payout (%)
Profit Ploughback (%)
Book Value (Rs.)
0.00
0.00
5.98
5.8
3.1
100.00
100.00
94.02
94.2
96.9
15.59
17.93
64.42
96.5
153.6
RoANW (%)
35.35
42.59
41.53
42.7
51.6
RoACE (%)
32.33
38.02
37.92
34.9
25.7
RoAIC (%) (Excl Cash & Invest.)
35.78
42.97
45.50
39.7
40.1
(E) Valuation Ratios

CMP (Rs.)
P/E (x)
Market Cap. (Rs. Mn.)
MCap/ Sales (x)
EV (Rs. Mn.)
EV/Sales (x)
EV/EBDITA (x)
P/BV (x)
Dividend Yield (%)
959.2
959.2
959.2
959.2
959.2
174.06
179.28
57.39
27.9
14.9
11,509.80
24,937.90
27,815.35
27,815.4
27,815.4
4.19
7.29
5.47
3.3
2.3
11,602.18
25,087.37
28,103.01
28,865.4
30,815.6
4.22
7.33
5.53
3.4
2.5
107.91
125.77
42.29
21.7
12.5
61.54
53.50
14.89
9.9
6.2
0.00
0.00
0.10
0.2
0.2
Growth Rates (%)

Sales
#REF!
24.59
48.58
65.71
44.68
Operating Profit (excl OI)
#REF!
85.52
233.15
99.89
84.93
Gross Profit
#REF!
94.12
259.44
99.28
98.89
PBT
#REF!
98.92
255.14
86.53
89.21
Net Profit
#REF!
110.36
248.45
105.74
87.65
0.35
2.04
3.68
1.37
4.26
5.31
5.73
9.40
13.47
11.11
6.69
6.18
4.83
369.97
380.28
340.11
520.81
589.15
Loans and Advances (% of sales)

Depreciation ( % of Fixed Assets)
Current liabilities (% of Total expenditure)
0.65
#REF!
Current Liability Schedule

Accounts Payable
Other Liab. (Current Liab.-Accounts Payable)
RM Consumed (Avg)
Accounts Payable Days
2,520.44
54
2,804.34
49
3,648.86
34
5,390.49
35
7,788.80
28
Gross Block Schedule

- to be included in Gross Block
- to be included in WIP
Invested Capital
285.31
625.55
2,157.75
3,855.49
7,463.23
Assumptions
Formula Driven
Mar'09
16,144
Mar'10E
19,724
Mar'11E
26,055
Mar'12E
32,325
Mar'13E
37,572
Mar'14E
42,924
Mar'15E
47,216
Mar'16E
50,994
Mar'17E
53,543
16,144.03
19,723.69
26,055.10
32,325.47
37,571.86
42,924.06
47,216.47
50,993.78
53,543.47
344.49
591.71
664.41
824.30
958.08
1,094.56
1,204.02
1,300.34
1,365.36
16,488.52
20,315.40
26,719.51
33,149.77
38,529.94
44,018.62
48,420.49
52,294.12
54,908.83
12,777.09
11,559.44
15,246.42
13,806.59
20,179.68
18,108.30
24,454.22
21,658.06
27,746.82
24,421.71
31,785.27
27,900.64
36,049.77
31,635.03
39,953.63
35,185.71
42,486.75
37,480.43
712.15
887.57
1,433.03
1,939.53
2,254.31
2,575.44
2,832.99
3,059.63
3,212.61
505.50
552.26
638.35
856.62
1,070.80
1,309.18
1,581.75
1,708.29
1,793.71
3,366.94
4,477.28
5,875.43
7,871.25
9,825.04
11,138.79
11,166.69
11,040.15
11,056.73
3,711.43
5,068.99
6,539.83
8,695.55
10,783.12
12,233.36
12,370.71
12,340.50
12,422.09
462.14
1,053.01
1,142.20
1,307.30
1,206.73
1,067.04
1,113.43
1,159.82
1,113.43
3,249.30
414.40
4,015.98
1,420.25
5,397.63
1,632.75
7,388.25
1,908.80
9,576.39
1,887.75
11,166.32
1,930.25
11,257.28
1,972.75
11,180.67
2,015.25
11,308.66
2,057.75
2,834.90
(7.52)
2,595.73
-
3,764.88
-
5,479.45
-
7,688.64
-
9,236.07
-
9,284.53
-
9,165.42
-
9,250.90
-
2,827.37
329.71
2,595.73
367.72
3,764.88
615.56
5,479.45
1,017.57
7,688.64
1,565.67
9,236.07
2,078.12
9,284.53
2,321.13
9,165.42
2,520.49
9,250.90
2,775.27
2,497.67
2,228.00
3,149.31
4,461.88
6,122.98
7,157.95
6,963.40
6,644.93
6,475.63
2,497.67
2,228.00
3,149.31
4,461.88
6,122.98
7,157.95
6,963.40
6,644.93
6,475.63
116.00
116.00
130.50
130.50
145.00
145.00
159.50
159.50
174.00
19.71
17.50
29.37
29.37
29.37
29.37
29.37
29.37
29.37
2,361.95
2,094.50
2,989.44
4,302.01
5,948.60
6,983.58
6,774.53
6,456.06
6,272.26
Mar'09
290
Mar'10E
290.0
Mar'11E
290.0
Mar'12E
290.0
Mar'13E
290.0
Mar'14E
290.0
Mar'15E
290.0
Mar'16E
290.0
Mar'17E
290.0
831.3
831.3
831.3
831.3
831.3
831.3
831.3
831.3
831.3
5,698.0
6,819.3
7,792.5
8,913.8
10,782.0
11,903.3
15,084.0
16,205.3
21,032.6
22,153.9
28,016.2
29,137.4
34,790.7
35,912.0
41,246.8
42,368.0
47,519.0
48,640.3
5,141.4
6,427
6,083.1
11,224.5
4,704
11,130.7
8,033
8,837
9,279
9,279
9,279
9,279
9,279
4,606
12,639.4
4,557
13,393.7
0
9,278.6
0
9,278.6
0
9,278.6
0
9,278.6
0
9,278.6
9.2
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
18,053.0
20,049.7
24,547.8
29,604.1
31,437.6
38,421.1
45,195.7
51,651.7
57,924.0
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
9,436.7
16,708.8
19,208.8
21,208.8
22,208.8
22,708.8
23,208.8
23,708.8
24,208.8
1,061.0
8,375.8
2,481.2
14,227.6
4,114.0
15,094.9
6,022.8
15,186.1
7,910.5
14,298.3
9,840.8
12,868.1
11,813.5
11,395.3
13,828.8
9,880.1
15,886.5
8,322.3
3,772.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
916.4
1,080.8
1,427.7
1,771.3
2,058.7
2,352.0
2,587.2
2,794.2
2,933.9
3,242.5
3,242.3
4,283.0
5,756.6
6,690.9
8,232.0
9,055.2
9,779.6
10,268.6
3,469.9
464.3
2,974.0
464.3
6,017.8
464.3
10,253.4
696.4
12,877.6
696.4
20,525.3
696.4
28,614.0
696.4
36,501.9
696.4
44,493.0
696.4
629.0
8,722.1
629.0
8,390.3
629.0
12,821.8
629.0
629.0
629.0
629.0
629.0
629.0
19,106.7
22,952.6
32,434.8
41,581.8
50,401.2
59,020.9
2,479.5
2,084.9
2,623.1
3,540.8
4,103.0
4,658.8
5,301.1
5,949.8
6,470.3
342.0
2,821.4
483.7
2,568.6
746.1
3,369.2
1,148.1
4,688.9
1,710.7
5,813.7
2,223.1
6,882.0
2,480.6
7,781.8
2,680.0
8,629.8
2,949.3
9,419.5
5,900.7
5,821.7
9,452.6
14,417.8
17,139.0
25,552.8
33,800.1
41,771.4
49,601.4
4.1
18,053.0
20,049.7
24,547.8
29,604.1
31,437.6
38,421.1
45,195.7
51,651.7
57,924.0
Mar'09
Mar'10E
Mar'11E
Mar'12E
Mar'13E
Mar'14E
Mar'15E
Mar'16E
Mar'17E
2834.90
2595.73
3764.88
5479.45
7688.64
9236.07
9284.53
9165.42
9250.90
2834.90
2595.73
3764.88
5479.45
7688.64
9236.07
9284.53
9165.42
9250.90
414.40
1420.25
1632.75
1908.80
1887.75
1930.25
1972.75
2015.25
2057.75
3249.30
4015.98
5397.63
7388.25
9576.39
11166.32
11257.28
11180.67
11308.66
2257.85
164.09
1387.71
2049.29
1221.76
1834.40
1058.40
931.39
628.69
2092.34
-252.81
800.60
1319.71
1124.75
1068.29
899.80
848.03
789.76
-165.51
-416.90
-587.11
-729.57
-97.02
-766.11
-158.60
-83.36
161.07
3083.79
3599.07
4810.52
6658.68
9479.38
10400.21
11098.68
11097.31
11469.73
7364.68
3500.00
2500.00
2000.00
1000.00
500.00
500.00
500.00
500.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-7364.67
-3500.00
-2500.00
-2000.00
-1000.00
-500.00
-500.00
-500.00
-500.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2286.27
-93.73
1508.68
754.34
-4115.16
0.00
0.00
0.00
0.00
2286.27
-93.73
1508.68
135.71
133.50
159.87
159.87
174.37
174.37
188.87
188.87
203.37
329.71
367.72
615.56
1017.57
1565.67
2078.12
2321.13
2520.49
2775.27
-2460.03
-495.88
3043.77
4235.57
2624.17
7647.72
8088.68
7887.94
7991.08
6000.11
3469.86
2973.98
6017.74
10253.31
12877.48
20525.21
28613.88
36501.83
3540.09
2973.98
6017.74
10253.31
12877.48
20525.21
28613.88
36501.83
44492.91
5937.96
3469.86
2973.98
6017.74
10253.31
12877.48
20525.21
28613.88
36501.83
3469.86
2973.98
6017.74
10253.31
12877.48
20525.21
28613.88
36501.83
44492.91
70.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Mar'09
Mar'10E
Mar'11E
754.34
Mar'12E
-4115.16
Mar'13E
0.00
Mar'14E
0.00
Mar'15E
0.00
Mar'16E
0.00
Mar'17E
20.9
22.7
22.6
24.4
26.2
26.0
23.7
21.7
20.7
23.0
25.7
25.1
26.9
28.7
28.5
26.2
24.2
23.2
2.9
5.3
4.4
4.0
3.2
2.5
2.4
2.3
2.1
20.1
20.4
20.7
22.9
25.5
26.0
23.8
21.9
21.1
11.7
14.2
16.4
18.6
20.4
22.5
25.0
27.5
30.0
15.5
11.3
12.1
13.8
16.3
16.7
14.7
13.0
12.1
71.6
70.0
69.5
67.0
65.0
65.0
67.0
69.0
70.0
4.4
4.5
5.5
6.0
6.0
6.0
6.0
6.0
6.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5.0
2.8
2.5
2.7
2.9
3.1
3.4
3.4
3.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
15.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.6
1.2
1.1
0.8
0.4
0.3
0.3
0.2
0.2
8.0
4.8
5.7
6.7
8.9
11.5
11.1
10.6
11.2
4.6
9.4
9.6
10.0
10.6
11.5
12.0
12.5
12.0
73.3
60.0
60.0
65.0
65.0
70.0
70.0
70.0
70.0
20.7
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
17.6
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.3
1.7
1.2
1.4
1.5
1.7
1.9
2.0
2.2
2.2
2.7
3.4
2.8
2.2
2.2
1.7
1.4
1.2
1.1
2,430.8
2,847.7
3,434.8
4,164.4
4,261.4
5,027.5
5,186.1
5,269.5
5,108.4
85.9
76.8
108.6
153.9
211.1
246.8
240.1
229.1
223.3
86.1
76.8
108.6
153.9
211.1
246.8
240.1
229.1
223.3
100.4
125.8
164.9
219.7
276.2
313.4
308.1
298.6
294.3
4.00
4.00
4.50
4.5
5.00
5.50
5.50
6.00
4.6
5.2
4.1
2.9
2.4
2.0
2.3
2.4
2.7
95.4
94.8
95.9
97.1
97.6
98.0
97.7
97.6
97.3
235.1
307.4
410.5
558.8
763.9
1,004.7
1,238.3
1,461.0
1,677.3
44.3
28.3
30.3
31.7
31.9
27.9
21.4
17.0
14.2
21.0
19.2
22.0
25.1
29.1
29.5
24.9
21.3
18.9
29.9
23.1
27.6
35.8
46.9
56.5
60.3
65.1
72.5
959.2
959.2
959.2
959.2
959.2
959.2
959.2
959.2
959.2
11.1
12.5
8.8
6.2
4.5
3.9
4.0
4.2
4.3
27,815.4
27,815.4
27,815.4
27,815.4
27,815.4
27,815.4
27,815.4
27,815.4
27,815.4
1.7
1.4
1.1
0.9
0.7
0.6
0.6
0.5
35,569.9
35,972.1
34,436.9
30,955.7
24,216.4
16,568.7
8,480.0
592.0
(7,399.0)
0.5
2.2
1.8
1.3
1.0
0.6
0.4
0.2
0.0
(0.1)
10.6
8.0
5.9
3.9
2.5
1.5
0.8
0.1
(0.7)
4.1
3.1
2.3
1.7
1.3
1.0
0.8
0.7
0.6
0.4
0.4
0.5
0.5
0.5
0.5
0.6
0.6
0.6
32.44
22.17
32.10
24.07
16.23
14.25
10.00
8.00
5.00
37.07
32.98
31.23
33.97
24.82
13.37
0.25
(1.13)
0.15
33.80
23.60
34.40
36.88
29.62
16.60
0.81
(0.68)
1.14
41.01
(8.44)
45.04
45.54
40.32
20.13
0.52
(1.28)
0.93
33.48
(10.80)
41.35
41.68
37.23
16.90
(2.72)
(4.57)
(2.55)
2.88
2.35
1.78
2.15
1.85
1.62
1.47
1.37
1.30
4.39
8.50
8.50
9.00
8.50
8.50
8.50
8.50
8.50
15.36
10.57
10.07
10.95
10.92
10.85
11.23
11.67
12.08
2,084.88
2,623.14
3,540.84
4,102.99
4,658.84
5,301.12
5,949.79
6,470.27
12,683.01
15,957.44
19,883.18
23,039.88
26,161.17
29,767.84
33,410.37
36,333.07
2479.46
10,282.76
88
14,583.14
60
60
65
65
65
65
65
65
3500
2500
2000
1000
500
500
500
500
17,075.68
18,529.96
19,350.74
18,560.01
17,895.87
16,581.71
15,149.83
13,431.01
Mar'18E
56,221
Mar'19E
59,032
56,220.65
59,031.68
1,433.63
1,505.31
57,654.27
60,536.99
44,611.08
39,354.45
46,841.64
41,322.17
3,373.24
3,541.90
1,883.39
1,977.56
11,609.56
12,190.04
13,043.19
13,695.35
1,067.04
1,020.64
11,976.15
2,100.25
12,674.71
2,142.75
9,875.90
-
10,531.95
-
9,875.90
3,051.65
10,531.95
3,254.37
6,824.25
7,277.58
6,824.25
7,277.58
174.00
188.50
29.37
29.37
6,620.87
7,059.71
Mar'18E
290.0
Mar'19E
290.0
831.3
831.3
54,139.9
55,261.2
61,199.6
62,320.9
9,279
9,279
0
9,278.6
0
9,278.6
5.1
5.1
64,544.9
71,604.6
0.1
0.1
24,708.8
25,208.8
17,986.8
6,722.1
20,129.5
5,079.3
0.0
0.0
0.3
0.3
3,080.6
3,234.6
10,782.0
11,321.1
52,701.6
696.4
61,270.2
696.4
629.0
629.0
67,889.6
77,151.4
6,841.5
7,183.5
3,225.7
10,067.1
3,442.9
10,626.4
57,822.5
66,525.0
64,544.9
71,604.6
Mar'18E
Mar'19E
9875.90
10531.95
9875.90
10531.95
2100.25
2142.75
11976.15
12674.71
660.13
693.13
647.57
559.29
-12.55
-133.84
11963.60
12540.87
500.00
500.00
0.00
0.00
-500.00
-500.00
0.00
0.00
0.00
0.00
0.00
0.00
203.37
217.87
3051.65
3254.37
8208.57
8568.62
44492.91
52701.48
52701.48
61270.10
44492.91
52701.48
52701.48
61270.10
0.00
0.00
Mar'18E
Mar'19E
20.7
20.7
23.2
23.2
1.9
1.7
21.3
21.5
30.9
30.9
12.1
12.3
70.0
70.0
6.0
6.0
0.0
0.0
3.4
3.4
0.0
0.0
0.0
0.0
0.2
0.1
12.2
13.4
11.5
11.0
70.0
70.0
20.0
20.0
18.3
18.3
2.3
2.3
1.0
0.9
5,121.0
5,254.8
235.3
251.0
235.3
251.0
307.7
324.8
6.00
6.50
2.5
2.6
97.5
97.4
1,905.6
2,149.0
13.1
12.4
17.9
17.0
86.6
104.2
959.2
959.2
4.1
3.8
27,815.4
27,815.4
0.5
0.5
(15,607.6)
(24,176.2)
(0.3)
(0.4)
(1.3)
(2.0)
0.5
0.4
0.6
0.7
5.00
5.00
5.00
5.00
5.90
5.83
6.76
6.64
5.38
6.64
1.24
1.18
8.50
8.50
12.17
12.17
6,841.46
7,183.54
38,417.44
40,338.31
65
65
500
500
11,843.31
10,334.39
8993.4
2663.9
3.376028
1.355506
35.6%
Y/ E March (Rs Mn)

EBIT
% growth
Add: Depreciation
EBITDA
Less: Tax Expense
Operating Cash Flows
Add: Changes in working capital
Pre-capex Free Cash Flows
Less: Capex
Free Cash Flows (FCF)
% growth
Discounting Multiple
Present Value of FCF
(A) Present Value (PV) of FCF till FY2019E (Rs Mn)
(B) Terminal Value Calculation
WACC
Terminal Growth Rate
FCF in FY2019E (Rs Mn)
Terminal Value (TV, Rs Mn)
PV of TV (Rs cr)
(C) Enterprise Value (EV)
Total EV ((A) + (B), Rs Mn)
Less: Net Debt (Rs Mn)
Total Equity Value (Rs Mn)
Total Equity Value (US$ mn)
Number of shares (Mn)
Value per share (Rs)
WACC Calculation
Debt (Rs Mn)
Cost of Debt
Equity (Rs Mn)
Cost of Equity
Risk-free rate
Market risk premium
Beta
WACC
FY09
2,952.5
FY10E
FY11E
FY12E
FY13E
3,057.0
4,242.7
5,962.5
7,937.3
3.5%
38.8%
40.5%
33.1%
418.1
414.4
1,420.3
1,632.8
1,908.8
3,370.7
3,471.4
5,662.9
7,595.2
9,846.1
137.7
329.7
367.7
615.6
1,017.6
3,233.0
3,141.7
5,295.2
6,979.6
8,828.5
(165.5)
(416.9)
(587.1)
(729.6)
(97.0)
3,067.5
2,724.8
4,708.1
6,250.1
8,731.5
7364.68
3500.00
2500.00
2000.00
1000.00
-4297.17
-775.18
2208.09
4250.07
7731.49
0
-4297
1
-684
2
1720
3
2921
4
4689
28517
13.3%
3%
8462
84497
24208
52725
2056
50670
1056
29
1747
3,782
12.5%
2,765
14.4%
7.50%
10.50%
0.660
13.3%
FY14E
FY15E
FY16E
FY17E
FY18E
9,208.5
9,193.9
9,024.9
8,999.0
9,509.3
16.0%
-0.2%
-1.8%
-0.3%
5.7%
FY19E
10,047.3
5.7%
1,887.8
1,930.3
1,972.8
2,015.3
2,057.8
2,100.3
11,096.3
11,124.2
10,997.7
11,014.2
11,567.1
12,147.5
1,565.7
2,078.1
2,321.1
2,520.5
2,775.3
3,051.7
9,530.6
9,046.1
8,676.5
8,493.7
8,791.8
9,095.9
(766.1)
8,764.5
(158.6)
8,887.5
(83.4)
8,593.2
161.1
8,654.8
(12.6)
8,779.2
(133.8)
8,962.1
500.00
500.00
500.00
500.00
500.00
500.00
8264.52
8387.48
8093.16
8154.81
8279.24
8462.05
5
4424
6
3962
7
3374
8
3000
9
2688
10
2424
Particulars
Date of Issue
Maturity Date
ZCCB
ZCCB's bought back and cancelled
ZCCB;s o/s as on 31st March 2009
ZCCB's bought back and cancelled
ZCCB's o/s as on 30st June 2009
26th August 2007 26th August 2012

During FY09
FV (US$) Issued
Qty USD MN
150
33
117
19
98
Conversion Price
1,137.22
Amt in INR Mn Conv rate

6,141.00
40.94
1,137.22
4,774.01
40.94
1,137.22
4,012.12
40.94
Description
Foreign (Promoter & Group)
Indian (Promoter & Group)
Total of Promoter
Non Promoter (Institution)
Non Promoter (Non-Institution)
Total Non Promoter
Total Promoter & Non Promoter
Custodians(Against Depository Receipts)
Grand Total
Description as on
No of Shares % of Holding
As on 30th June 2009
0
0
19999700
68.96
19999700
68.96
7791248
26.87
1209052
4.17
9000300
31.04
29000000
100
0
0
29000000
100
No of Shares % of Holding
30/06/2009
30/06/2009
ABN Amro Bank NV London Branch
312174
1.08
Cedar Infonet Pvt Ltd
7118364
24.55
Citigroup Global Markets Mauritius Pvt Ltd
895018
3.09
Deepinder Singh Bedi
2400
0.01
Encore Technologies Pvt Ltd
742243
2.56
H S Bedi
9272250
31.97
I P S Grover
300
0
Lehman Brothers Investment Management Company Ltd 862371
2.97
Maninder Bedi
1140600
3.93
Merrill Lynch Capital Markets ESPANA SA SV
1603000
5.53
SBI MF - Magnum Global Fund
336367
1.16
Shinsei UTI India Fund (Mauritius) Ltd
365251
1.26
Sukhmani Bedi
2400
0.01
Sukhmani Technologies Pvt Ltd
1721143
5.93
Swiss Finance Corporation Mauritius Ltd
1754650
6.05
Name of subsidiary
Tulip IT Services Singapore pte Ltd.
Tulip SWAN IT services Ltd
Country of
% held by Tulip
Incorporation Telecom ltd.
Singapore
100%
India
100%
Tulip Telecom Ltd.
USA
100%
Principal Activity
To carry out the business of marketing RIM services to US based clients.
Market segment
FY09
810.3
IPLC
1054.3
DLC
ATM/Fram
133.6
e Relay
IP
VPN/MPL
2633.9
S
1330.5
Internet
641.8
VSAT
6604.4
Total
Year
FY08
FY09
FY10E
FY11E
FY12E
Net Sales
12,189.8
16,144.0
19,723.7
26,055.1
32,325.5
% growth
44.7
32.4
22.2
32.1
24.1
FY10
956.6
1106.3
FY11
1119.2
1153.8
FY12
1299.5
1196.7
FY13
1500.3
1224.1
CAGR
16.60%
3.80%
127.1
119.9
112.1
103.5
-6.20%
3838.9 5259.6 6971.6

1628.5 1940.4
2271
720.9
804.8
888.6
8378.3 10397.7 12739.5
8993.4
2633.9
967.7
15422.9
35.90%
18.60%
10.80%
23.60%
EBITDA
2,456.4
3,366.9
4,477.3
5,875.4
7,871.3
OPM%
20.2
20.9
22.7
22.6
24.4
PAT
1,871.2
2,497.7
2,228.0
3,149.3
4,461.9
% growth
87.6
33.5
-10.8
41.4
41.7
EPS(Rs.)
64.5
86.1
76.8
108.6
153.9
% growth PER(x)
87.6
33.5
-10.8
41.4
41.7
14.9
11.1
12.5
8.8
6.2
Year
Net Sales % growth EBITDA OPM% PAT
% growth EPS(Rs.) % growth
PER(x)
FY08
12189.8
44.7
2456.4
20.2 1871.2
87.6
64.5
87.6
14.9
FY09
16144.0
32.4
3366.9
20.9 2497.7
33.5
86.1
33.5
11.1
FY10E
19723.7
22.2
4477.3
22.7 2228.0
-10.8
76.8
-10.8
12.5
FY11E
26055.1
32.1
5875.4
22.6 3149.3
41.4
108.6
41.4
8.8
FY12E
32325.5
24.1
7871.3
24.4 4461.9
41.7
153.9
41.7
6.2
ROANW(%)
51.6
44.3
28.3
30.3
31.7
ROACE(%)
25.7
21.0
19.2
22.0
25.1
ROANW(%) ROACE(%)
51.6
25.7
44.3
21.0
28.3
19.2
30.3
22.0
31.7
25.1
Particulars
FY06
Sales
FY07
5,084
8,426
FY08
FY09
12,190
FY10E
16,144
FY11E
19,724
26,055
Revenue mix
FY06
FY07
FY08
FY09
FY10E
Network Integration
Enterprise ata Services
4,267
5253
5589
4643
3947
4144
815
3155
6575
11440
16123
22368
EBIDTA Margins (%)
13.07
15.76
20.15
20.86
22.70
22.55
PAT Margins (%)
9.53
11.84
15.35
15.47
11.30
12.09
ROANW (%)
41.53
42.75
51.61
44.31
28.32
30.26
ROACE (%)
37.92
34.85
25.75
20.96
19.15
22.01
EBIDTA Margins (%)
13.1
15.8
20.2
20.9
22.7
22.6
9.5
11.8
15.4
15.5
11.3
12.1
FY06
FY07
FY08
FY09
FY10E
FY11E
9.5
11.8
15.4
15.5
11.3
12.1
PAT Margins (%)

PAT Margins (%)
FY11E
FY06
FY07
FY08
FY09
FY10E
FY11E
ROANW (%)
41.5
42.7
51.6
44.3
28.3
30.3
ROACE (%)
37.9
34.9
25.7
21.0
19.2
22.0
FY06
FY07
FY08
FY09
FY10E
FY11E
37.9
34.9
25.7
21.0
19.2
22.0
FY06
FY07
FY08
FY09
FY10E
FY11E
ROACE (%)
No of Connects
9,513
FY06
Average Revenue Per Connect (Rs

'000)
Free cash Flow

Capex
51,376
FY07
86
117,176
FY08
104
200,640
FY09
78
FY10E
72
FY11E
FY12E
FY13E
FY14E
2208
2500
4250
2000
7731
1000
8265
500
9000
Healthy Free Cash Flow position
8000
Rs in Million
7000
6000
5000
`
4000
3000
2000
Free cash Flow
1000
Capex
0
FY11E
FY12E
FY13E
270864
FY14E
352123
FY11E
68
72
30.00
25,000
25.00
20,000
20.00
15,000
15.00
10,000
10.00
5,000
5.00
Percentage
Rs in Million
Revenue and Margin analysis over the years

30,000
0.00
FY06
Network Integration
FY07
FY08
FY09
FY10E
FY11E
EBIDTA Margins (%)
FY12E
PAT Margins (%)
Revenue mix
Network Integration
EBIDTA Margins (%)
PAT Margins (%)
ROANW (%)
ROACE (%)
FY06
FY07
FY08
FY09
FY10E
FY11E
4266.8
5252.6
5589.4
4643.0
3946.6
4143.9
814.9
3155.3
6575.1
2219.0
16123.2
22368.4
6000.00% 7000.00%
20.15%
20.86%
22.70%
22.55%
9.53%
11.84%
15.35%
15.47%
11.30%
12.09%
41.53%
42.75%
51.61%
44.31%
28.32%
30.26%
37.92%
34.85%
25.75%
20.96%
19.15%
22%
FY12E
32,325
FY12E
Sales
35,000
4351
28542
30,000
24.35
25,000
Rs in Millions
13.80
31.75
25.07
24.4
13.8
20,000
15,000
10,000
FY12E
13.8
5,000
-
FY12E
FY06
31.7
FY07
FY08
FY09
25.1
FY10E
FY11E
FY12E
Year
FY12E
25.1
30,000
FY12E
Revenue Mix
25,000
Rs in Million
404942
FY12E
75
20,000
15,000
10,000
5,000
0
FY06
FY07
FY08
FY09
Period
Network Integration
FY10E
FY11E
FY12E
Margin Analysis
30.0
25.0
20.0
15.0
10.0
5.0
0.0
9.53
11.84
15.35
15.47
EBIDTA Margins (%)
Return Ratios
11.30
12.09
PAT Margins (%)
13.80
Return Ratios
60.0
Percentage
50.0
40.0
30.0
20.0
10.0
0.0
FY06
FY07
FY08
FY09
FY10E
ROANW (%)
FY11E
ROACE (%)
No of Connects
450,000
No. of Connects
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
FY06
FY07
FY08
FY09
FY10E
FY11E
FY12E
FY11E
FY12E
Average Revenue Per Connect (Rs '000)

120
Rs in '000
100
80
60
40
20
0
FY06
FY07
FY08
FY09
FY10E
FY12E
FY12E
4351.1
28541.6
24.35%
13.80%
31.75%
25.07%
FY12E
FY12E
13.80
FY12E

Discounted Cash Flow

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Particulars

Consolidated revenues (Rs mn)

Segmentwise Revenue Break up (Unconsolidated)

Average Connect per customer

EBIT (Rs mn)

EBIT (Rs mn)

Corporate network/Data services

EBIT (Rs mn)

Revenue Model (Rs in Mn)

As % of Total Operating Expenditure

Change in Employee Costs

As % of Total Operating Expenditure

Selling & Distribution Expenses

Change in Selling & Distribution Expenses

As % of Total Operating Expenditure

Change in Administrative Expenses

As % of Total Operating Expenditure

Total Operating Expenses

Change in Total Operating Expenses

Change in Depreciation & Amortisation

Change in EBIDTA margin

Change in Finance Expenses

Change in Other income

Change in PBT margin

Effective Tax Rate (on PBT)

Change in Effective Tax Rate

Change in Profit margin

Net Profit/(Loss) after Tax

Change in Net Profit

Change in Net profit margin

Change in Net Profit

Change in Net profit margin

Equity Capital (Rs mn)

Number of shares (mn, basic)

Number of shares (mn, diluted)

Tulip Telecom Ltd

Profit and Loss Account (Rs Mn)

EBIDTA (Excl. Other Income)

EBIDTA (Incl. Other Income)

Balance Sheet (Rs Mn)

Cash and Bank Balance

Loans and Advances

Capital Work in Progress

Current Assets, Loans & Advances

Other Current Assets

Less : Current Liabilities & Provisions

Cash-Flow Statement (Rs mn)

(A) Cash from Operating activities

Change in fixed assets

Change in share capital

Depreciation as per P&L

Cash from Investing activities

Cash from Financing activities

Net cash generated

Dividend and dividend tax

Opening cash balance (as per cash flow)

Closing cash balance (as per cash flow)

Opening cash balance (as per B/S)

Closing cash balance (as per B/S)

Irreconcilable difference in cash (a-b)

(A) Measures of Performance (%)

EBIDTA Margin (incl. O.I.)