2018 2017

Cash Flow from operating activites 260,740,657 235,854,020

Capital expenditure -7,699,194 -10,681,751
95,089 94,269
FCFF 253,136,552.00 225,266,538.00

Growth Rate of the cash flow 0.1237201683 -6.5905300074

12.3720168328 -659.0530007365

Average cash flow last 3 years 146,036,260.67

Cash Flow Growth rate

2018 146036260.666667
2019 163560611.946667 12%
2020 183187885.380267 12%
2021 205170431.625899 12%
2022 229790883.421007 12%
2023 257365789.431527 12%
2024 277955052.58605 8%
2025 300191456.792934 8%
2026 324206773.336368 8%
2027 350143315.203278 8%
2028 378154780.41954 8%
Terminal Value 7941250388.81034 5.0%

NPV of future cash Flows

Debt -1,231,049,700 0.00

Cash 1,046,704,730 0.00
Debt -Cash -184,344,970.00

Value of Firm 4,404,817,893.342430000 (check the multiplier in cr or lakhs)

4,404,817,893,342.430000000
Number of shares 2,595,090,267 (number of Shares from annual report)
Price of share as per DCF Primer 1697.3659642424
STDEV (30%) 509.2097892727
Range of share price 2206.5757535151 1188.1561749697

Stdev (20%) 339.4731928485

Range 2036.8391570908 1357.8927713939
Stdev (10%) 169.7365964242
Range 1867.1025606666 1527.6293678181
 2016 2015
-32,246,693 -158,622,704
-8,159,133 -7,356,260
111,518 329,189
-40,294,308.00 -165,649,775.00

-0.7567499986
-75.6749998604

Discount rate 10%

146036260.666667 2018
148691465.406061 1 2019
151394946.595262 2 2020
154147581.987903 3 2021
156950265.296774 4 2022
159803906.483988 5 2023
156898380.911552 6 2024
154045683.076796 7 2025
151244852.4754 8 2026
148494946.066756 9 2027
145795037.956452 10 2028
3061695797.08548 10 Terminal Valu

4,589,162,863

(long term and short term debt from balance sheet) Debt
(Cash and cash equivalents from balance sheet) Cash
Debt -Cash

plier in cr or lakhs) Value of Firm

es from annual report) Number of sh

Price of shar
STDEV (30%)
Range of shar

Stdev (20%)
Range
Stdev (10%)
Range
Cash Flow Growth rate Discount rate 10%
146036260.666667 146036261
150417348.486667 3% 136743044 1
154929868.941267 3% 128041214 2
159577765.009505 3% 119893137 3
164365097.95979 3% 112263573 4
169296050.898583 3% 105119528 5
174374932.425541 3% 98430103.41 6
179606180.398307 3% 92166369.56 7
184994365.810256 3% 86301236.95 8
190544196.784564 3% 80809340.05 9
196260522.688101 3% 75666927.5 10
2502321664.27329 2.0% 964753326 10

NPV of future ###

-1,231,049,700.00 0.00
1,046,704,730.00 0.00
-184,344,970.00

1,815,842,829.358520000
1,815,842,829,358.520000000
2,595,090,267
699.7224152275
209.9167245682
909.6391397957 489.805691

139.9444830455
839.666898273 559.777932
 69.9722415227
769.6946567502 629.750174
 2018 2017
Cash Flow from operating activites 172,143,764 172,815,931
Capital expenditure -8,477,746 -11,577,570
99,204 100,768
FCFF 163,765,222.00 161,339,129.00

Growth Rate of the cash flow 0.0150372263 -1.4570394804

1.5037226338 -145.7039480388

Average cash flow last 3 years 162,552,175.50

Cash Flow Growth rate

2018 162552175.5
2019 167428740.765 3%
2020 172451602.98795 3%
2021 177625151.077589 3%
2022 182953905.609916 3%
2023 188442522.778214 3%
2024 194095798.46156 3%
2025 199918672.415407 3%
2026 205916232.587869 3%
2027 212093719.565505 3%
2028 218456531.15247 3%
Terminal Value 3214431815.52921 3.0%

NPV of future cash Flows

Debt -1,564,420,848 0.00

Cash 1,046,882,074 0.00
Debt -Cash -517,538,774.00

Value of Firm 1,874,300,379.785710000 (check the multiplier in cr or lakhs)

1,874,300,379,785.710000000
Number of shares 2,595,090,267 (number of Shares from annual report)
Price of share as per DCF Primer 722.2486260381
STDEV (30%) 216.6745878114
Range of share price 938.9232138496 505.5740382267

Stdev (20%) 144.4497252076

Range 866.6983512458 577.7989008305
Stdev (10%) 72.2248626038
Range 794.473488642 650.0237634343
 2016 2015
-344,353,663
-8,771,635
116,125
-353,009,173.00 0.00

#DIV/0!
#DIV/0!

Discount rate 10%

162552175.5 2018
152207946.15 1 2019
142521985.940455 2 2020
133452405.016971 3 2021
124959979.243164 4 2022
117007980.564053 5 2023
109562018.164523 6 2024
102589889.735871 7 2025
96061442.2072249 8 2026
89948441.3394924 9 2027
84224449.6178883 10 2028
1239302615.80607 10 Terminal Valu

2,391,839,154

(long term and short term debt from balance sheet) Debt
(Cash and cash equivalents from balance sheet) Cash
Debt -Cash

plier in cr or lakhs) Value of Firm

es from annual report) Number of sh

Price of shar
STDEV (30%)
Range of shar

Stdev (20%)
Range
Stdev (10%)
Range
Cash Flow Growth rate Discount rate 10%
162552175.5 162552175.5
167428740.765 3% 152207946.15 1
172451602.98795 3% 142521985.940455 2
177625151.077589 3% 133452405.016971 3
182953905.609916 3% 124959979.243164 4
188442522.778214 3% 117007980.564053 5
194095798.46156 3% 109562018.164523 6
199918672.415407 3% 102589889.735871 7
205916232.587869 3% 96061442.2072249 8
212093719.565505 3% 89948441.3394924 9
218456531.15247 3% 84224449.6178883 10
2785320772.194 2.0% 1073861732.62808 10

NPV of future 2,226,398,271

-1,564,420,848.00 0.00
1,046,882,074.00 0.00
-517,538,774.00

1,708,859,496.607720000
1,708,859,496,607.720000000
2,595,090,267
658.4971314247
197.5491394274
856.0462708521 460.947992

131.6994262849
790.1965577097 526.797705
 65.8497131425
724.3468445672 592.647418