All amount in million Rs

Year to March FY20E FY21E FY 22E

Net revenues 867464 928186 993160
N/W, interconnect costs 403264 407828 436376
Other operating expenses 154460 128881 137903
Total expenditure 557724 536710 574280
EBITDA 309739 331421 354621
Depreciation 276976 145620 155814
EBIT 32763 46019 49240
Interest 30246 191639 205054
Other income 692 118338 126622
Profit before tax 3209 51996 55635
Provision for taxes 92135 16432 17582
Minority interest 2148 68427 73217
Reported net profit -91074 42254 45212

Revenue in 2019 810714

EBITDA in 2019 261101
Interest in 2019 29083
Tax rate charged 25.17%

Expected growth rate if telecom industry 7%

present EBITDA Margin 32.2% 32.2%
EBITDA margin expected growth ( in basis points) 3.5%
Future EBITDA margins 35.7%
Cost of Capital
Amount mentioned in Rs million

Cost of debt 8.25%

Total outstanding debt 1080000
tax rate 35.00%
interest expense 110134
cost of debt 6.628%

total invested capital 1796000

equity share capital 694235
Beta 0.94
Risk free rate, Rf 6.50%
markter return 16.09%
Cost of Equity 15.515%

weightage of equity 0.386545

weightage of debt 0.601336

WACC 9.983%
Particulars FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Expected Cash Flow 42254 45212 48377 51763 55387
Present value 42254 41108 37377 33984 30899
Cost of Capital 9.983%

GP series
a (first term) 42254
common ratio 0.972877526
Sum 1557896.254

Present valuation of firm 155,789.60

(in crores)