APOLLO TYRES LIMITED FY15 FY16 FY17

CRORES

Consolidated P&L FY15 FY16 FY17

Revenue from operations 12,815.43 11,848.56 13,180.04

Cost of Material Consumed 6,418.85 5,354.22 6,044.96

Purchase of Stock in Trade 593.21 605.75 1,080.74
Changes in Inventories 63.36 (5.18) (235.64)
Excise Duty on sales - - -
Employee Benefit Expense 1,610.62 1,570.79 1,926.97
Other operating expense 2,198.79 2,279.62 2,514.28
Total operating expenses (ex depreciation) 10,884.83 9,805.20 11,331.31

EBITDA 1,930.60 2,043.36 1,848.73

Less:Depreciation and amortisation expense 388.29 426.79 461.81

EBIT 1,542.31 1,616.57 1,386.92

Less: Finance costs 182.79 92.60 102.88

Add: Other income 53.80 67.98 151.81
Less: Exceptional loss/(gain) 82.49 (47.77) -

PBT 1,330.83 1,639.72 1,435.85

Less: Tax expense 353.22 467.69 336.55

Current tax 353.50 431.88 276.39
MAT Credit - -
Deferred tax (0.28) 35.81 60.16

Profit for the year 977.61 1,172.03 1,099.30

Share of Profit / (Loss) in Associates - (3.17) (0.30)
Less: Share of Minority - -
Total Profit for the year 977.61 1,168.86 1,099.00

Add:Other Comprehensive Income - 192.78 (289.98)

Total Comprehensive Income for the year 977.61 1,361.64 809.02

Schedules - Other operating expense FY15 FY16 FY17

Consumption of Stores and Spare Parts 115.58 111.89 129.95

Power and Fuel 351.35 329.00 326.72
Conversion Charges 105.33 110.30 129.23
Repairs and Maintenance 145.04 139.91 202.19
Rent 30.31 134.87 190.41
Lease Rent - Factory 117.95 50.44
Insurance 18.43 19.90 21.24
Rates and Taxes 19.71 21.43 21.84
Directors Sitting Fees 0.76 0.80 0.75
Commission to non-executive directors 5.00 5.00 6.00
Loss on sale of Property, Plant and Equipment 2.38 2.39 3.52
Provision for impairment of investment & loan in joint venture - 18.60
Diminution in value of investment
Travelling, conveyance and vehicle expenses 137.67 141.77 156.52
Postage, telephone and stationery 23.13 26.35 30.13
Conference 30.20 10.45 14.32
Royalty Paid -
Freight and forwarding 435.58 419.17 519.64
Commission on sales 6.08 3.64 4.10
Sales promotion 106.90 76.49 129.08
Advertisement and publicity 203.46 282.45 277.23
Corporate Social Responsibility 5.74 12.96 18.50
Research and Development 174.64 223.98 -
Bank Charges 6.10 8.44 14.74
Statutory Auditors Remuneration 5.71 5.42 5.81
Provision for doubtful debts / advances 4.02 8.68 -
Legal and Professional 88.94 73.12 62.73
Provision for Contingencies - - 36.50
Miscellaneous 55.48 111.21 144.09
Share of joint ventures - jointly controlled entities 3.30 - -

Total 2,198.79 2,279.62 2,514.28

Schedules - Other Income FY15 FY16 FY17

Interest Income 11.56 20.00 38.99
Dividend Income 2.63 7.97 8.46
Unclaimed credit balances / provisions no longer 2.00 0.32 6.77
Profit on Sale of Investments 0.03
Technical Aid Fees 0.93
Royalty Income -
Profit on sale of property, plant and equipment
Gain on foreign cureency transactions and transla 11.10 21.40 68.08
Gain on fair value change in investments 0.07
Miscellaneous receipts 25.58 18.19 29.51

Total 53.80 67.98 151.81

Schedules - Finance Cost FY15 FY16 FY17

Interest Expense
Interest on Fixed Term Loans 52.47 27.52 15.18
Interest on debentures 53.67 13.87 18.24
Interest on current loans - 22.90
Others 71.13 50.70 39.89

Other Borrowing Costs 5.52 0.51 6.67

Total 182.79 92.60 102.88

FY18 FY19 FY20E FY21E FY22E FY23E

FY18 FY19 FY20E FY21E FY22E FY23E

14,840.52 17,500.85 18,930.47 20,625.39 22,646.61 24,936.20

7,188.97 8,614.30 9,273.54 10,209.70 11,304.09 12,525.70

1,353.98 1,982.56 1,683.93 1,732.91 1,790.97 1,972.04
(147.45) (470.39) - - - -
- - - - - -
2,156.65 2,456.21 2,680.71 2,920.72 3,206.94 3,531.17
2,637.10 3,007.52 3,319.29 3,616.48 3,970.88 4,372.34
13,189.25 15,590.20 16,957.47 18,479.80 20,272.89 22,401.25

1,651.27 1,910.65 1,973.01 2,145.59 2,373.73 2,534.95

592.55 812.67 855.68 945.56 1,006.18 1,062.62

1,058.72 1,097.98 1,117.33 1,200.02 1,367.55 1,472.34

162.92 181.07 364.58 367.05 356.09 342.82

116.54 171.10 186.95 205.72 228.11 253.64
200.00 - - - -

1,012.34 888.01 939.69 1,038.69 1,239.57 1,383.15

288.45 208.29 231.07 253.18 298.05 330.12

238.92 187.11 209.89 232.00 276.87 308.94
-
49.53 21.18 21.18 21.18 21.18 21.18

723.89 679.72 708.63 785.51 941.52 1,053.03

- 0.12 - - - -

723.89 679.84 708.63 785.51 941.52 1,053.03

462.23 (209.80) - - - -

1,186.12 470.04 708.63 785.51 941.52 1,053.03

FY18 FY19 FY20E FY21E FY22E FY23E

138.25 139.58
379.16 482.31
144.51 80.83
245.58 285.01
196.32 222.65
60.01 63.33
27.46 33.60
18.31 20.39
1.27 1.03
6.00 6.00
- -
-
-
166.60 188.65
29.48 29.78
9.27 11.37
- -
570.79 713.00
3.40 5.05
45.95 75.91
288.90 378.66
21.57 21.38
- -
14.44 17.56
7.11 6.81
16.01 5.21
75.00 76.71
-
171.71 142.70
- -

2,637.10 3,007.52 3,319.29 3,616.48 3,970.88 4,372.34

FY18 FY19 FY20E FY21E FY22E FY23E

 33.38 23.41
4.59 5.08
2.33 47.98

0.81 1.60
45.92 56.45
14.07 0.01
15.44 36.57

116.54 171.10 186.95 205.72 228.11 253.64

FY18 FY19 FY20E FY21E FY22E FY23E

31.21 44.27 132.88 135.36 130.09 135.90

53.86 51.66 215.39 215.39 209.70 190.62
31.50 31.61 14.46 14.46 14.46 14.46
40.83 51.68 - - - -
- - - -
5.52 1.85 1.85 1.85 1.85 1.85

162.92 181.07 364.58 367.05 356.09 342.82

FY24E

FY24E

27,534.55

13,890.67
2,177.53
-
-
3,899.11
4,827.94
24,795.25

2,739.31

1,116.96

1,622.35

323.75
282.78
-

1,581.38

374.39
353.21

21.18

1,206.99
-

1,206.99

1,206.99
FY24E

4,827.94

FY24E
 282.78

FY24E

135.59
171.85
14.46
-
-
1.85

323.75
APOLLO TYRES LIMITED FY15 FY16 FY17
CRORES

Consolidated Balance Sheet FY15 FY16 FY17

Equity attributable to the owners 5,042.30 6,604.61 7,289.95

Equity share capital 50.91 50.90 50.90
Other equity 4,991.39 6,553.71 7,239.05

Liabilities 3,587.18 5,049.22 8,006.17

Non-current liabilities 987.89 1,601.90 3,548.98
Financial liabilities 333.94 701.41 2,215.90
Borrowings 333.94 649.28 2,155.90
Trade Payables - -
Other financial liabilities - 52.13 60.00
Provisions 125.78 36.44 67.82
Deferred Tax Liabilities(Net) 520.90 701.18 743.54
Other non current liabilities 7.27 162.87 521.72

Current liabilities 2,599.29 3,447.32 4,457.19

Financial liabilities (Borrowings) 466.64 739.90 1,088.63
Trade payables 893.37 1,543.17 1,731.76
Other financial liabilities 305.65 422.43 903.28
Current Maturities of long term debt 305.65 157.50 192.02
Others - 264.93 711.26
Provisions 546.57 329.17 370.82
Other current liabilities 387.06 265.79 255.32
Current tax liabilities(net) - 146.86 107.38

Total Equity and Liabilities 8,629.48 11,653.83 15,296.12

Assets

Non current assets 4,857.43 7,051.69 10,277.92

Property, plant and equipment 4,155.89 4,555.94 6,038.16
Other Intangible assets 109.64 459.42 475.98
Capital work-in-progress 218.21 969.41 2,872.34
Intangible assets under development - 24.23 42.75
Goodwill on Consolidation 116.51 198.24 177.36
 Financial assets
Invesment in associate / joint venture 0.72 2.97 -
Other Investments - 1.21 1.75
Loans - 2.15 2.41
Other financial assets - 142.18 106.89
Deferred tax asset (net) 29.70 60.21 62.93
Other non current assets 36.02 635.73 497.35
Loans and Advances 190.74 - -

Current Assets 3,772.05 4,554.55 5,018.20

Inventories 1,778.21 1,939.09 2,645.53
Investments 100.00 501.77 394.44
Trade receivables 958.94 1,084.35 1,127.50
Cash and cash equivalents 594.59 589.99 330.89
Other bank balances 4.21 6.02
Loans 253.46 3.69 3.89
Other financial assets 81.05 49.79
Current Tax Assets (net) - -
Other current assets 86.85 350.40 460.14

Assets held for sale - 47.59 -

Total Assets 8,629.48 11,653.83 15,296.12

Schedules - Tangible and Intangible Assets FY15 FY16 FY17

Gross Block/Gross Fixed Assets 9,062.13 10,854.39 12,450.90

Less: Accumulated Depreciation 4,796.60 5,839.03 5,936.76
Net Block/Net Fixed Assets 4,265.53 5,015.36 6,514.14

Property,Plant & Equipment (Tangible Assets)

Cost 8,756.79 9,986.16 11,557.77

Freehold Land 160.38 241.92 218.99
Leasehold Land 17.22 18.96 18.96
Buildings 1,235.82 1,254.05 1,457.81
Plant and Equipment 6,928.57 7,921.06 9,239.25
Electrical Installations 146.89 154.58 198.06
Furniture and Fixtures 173.15 222.45 248.06
Vehicles 75.67 88.00 87.84
 Office Equipment 16.70 85.14 88.80
Share of Joint Ventures 2.39 - -

Accumulated Depreciation 4,600.90 5,430.22 5,519.61

Freehold Land - - -
Leasehold Land 1.43 1.63 1.84
Buildings 398.36 451.19 468.58
Plant and Equipment 3,982.39 4,654.56 4,693.35
Electrical Installations 65.51 80.64 96.74
Furniture and Fixtures 106.56 134.54 146.82
Vehicles 4.05 50.18 52.68
Office Equipment 41.63 57.48 59.60
Share of Joint Ventures 0.97

Net carrying value (Net Block at the end of year) 4,155.89 4,555.94 6,038.16
Freehold Land 160.38 241.92 218.99
Leasehold Land 15.79 17.33 17.12
Building 837.46 802.86 989.23
Plant and Equipment 2,946.18 3,266.50 4,545.90
Electrical Installations 81.38 73.94 101.32
Furniture and Fixtures 66.59 87.91 101.24
Vehicles 71.62 37.82 35.16
Office Equipment (24.93) 27.66 29.20
Share of Joint Ventures 1.42 - -

Intangible Assets

Cost 305.34 868.23 893.13

Computer Software 100.28 280.33 284.01
Trademarks 5.14 201.88 185.45
Capitalised Development 199.92 353.46 393.79
Other Intangibles - 32.56 29.88

Accumulated Depreciation 195.70 408.81 417.15

Computer Software 80.10 192.56 200.77
Trademarks 4.62 4.38 4.11
Capitalised Development 110.98 211.87 212.27
Other Intangibles - - -

Net carrying value (Net Block at the end of year) 109.64 459.42 475.98
Computer Software 20.18 87.77 83.24
Trademarks 0.52 197.50 181.34
 Capitalised Development 88.94 141.59 181.52
Other Intangibles - 32.56 29.88

Schedules - Borrowings FY15 FY16 FY17

Long term
Debentures 100.00 100.00 625.00

Term Loans
From Banks
ECB 114.76 55.21 171.30
Rupee term Loans - - -
Foreign Currency Non-Resident Term Loans - - -
Euro Term Loans - 286.26 986.80

From Others:
International Finance Corporation (IFC) - Loa 67.71 66.26 32.42
International Finance Corporation - Loan B 39.91 29.45 -
Magyar Import-Export Bank ZRT 94.22 328.03

Finance Lease - Deferred Payment Liabilities 11.56 17.88 12.35

Total 333.94 649.28 2,155.90

Long term - current maturities

Debentures 141.67 - 100.00

Term Loans
From Banks
ECB 115.84 83.53 54.04
Rupee term Loans - - -
Foreign Currency Non-Resident Term Loans - - -
Euro Term Loans - 0.84 0.97

From Others:
International Finance Corporation (IFC) - Loa 22.57 33.13 32.43
International Finance Corporation - Loan B 19.96 29.45 -
Magyar Import-Export Bank ZRT - - -

Finance Lease - Deferred Payment Liabilities 5.61 10.55 4.58

Total 305.65 157.50 192.02

Short term borrowings

Secured
From Banks
Cash Credit 0.12 0.26 7.16
Packing Credit 36.24 31.95 23.91
Short Term Loan from Banks 3.98 4.02 -
Working Capital demand Loan - - -
Bank Overdrafts - 362.16 304.62

Unsecured
From Banks - - -
Packing Credit 426.30 341.51 302.94
Working Capital demand Loan - - -

From Others
Commercial Paper - - 450.00

Total 466.64 739.90 1,088.63

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

9,776.68 10,039.82 10,526.43 11,065.84 11,712.38 12,435.50 13,264.34

57.21 57.21 57.21 57.21 57.21 57.21 57.21
9,719.47 9,982.61 10,469.22 11,008.63 11,655.17 12,378.29 13,207.13

10,376.57 10,003.91 12,300.38 12,723.15 12,899.38 13,278.56 13,568.88

5,414.57 5,787.03 7,372.14 6,645.71 6,768.76 6,841.45 7,362.63
3,769.12 4,167.86 5,731.79 4,984.18 5,086.05 5,137.56 5,637.56
3,700.22 4,166.33 5,730.26 4,982.65 5,084.52 5,136.03 5,636.03
- - - - -
68.90 1.53 1.53 1.53 1.53 1.53 1.53
76.47 147.06 147.06 147.06 147.06 147.06 147.06
838.86 823.19 844.37 865.55 886.73 907.91 929.09
730.12 648.92 648.92 648.92 648.92 648.92 648.92

4,962.00 4,216.88 4,928.24 6,077.44 6,130.62 6,437.10 6,206.24

745.45 374.35 374.35 374.35 374.35 374.35 374.35
2,447.08 2,248.27 2,626.56 2,861.73 3,142.17 3,459.85 3,820.36
886.43 824.39 1,128.78 2,002.34 1,726.82 1,660.97 1,007.56
215.48 389.76 436.07 1,247.61 898.13 748.49 -
670.95 434.63 692.71 754.74 828.70 912.48 1,007.56
338.13 251.72 251.72 251.72 251.72 251.72 251.72
437.94 423.29 451.97 492.43 540.69 595.36 657.39
106.97 94.86 94.86 94.86 94.86 94.86 94.86

20,153.25 20,043.73 22,826.81 23,788.99 24,611.76 25,714.06 26,833.21

13,254.29 14,314.81 16,259.13 16,813.57 17,207.39 17,444.78 17,627.81

9,528.68 10,883.88 12,828.20 13,382.64 13,776.46 14,013.85 14,196.88
668.33 670.81 670.81 670.81 670.81 670.81 670.81
2,268.22 1,520.07 1,520.07 1,520.07 1,520.07 1,520.07 1,520.07
35.85 19.24 19.24 19.24 19.24 19.24 19.24
206.07 199.32 199.32 199.32 199.32 199.32 199.32
 2.25 4.62 4.62 4.62 4.62 4.62 4.62
1.20 1.40 1.40 1.40 1.40 1.40 1.40
1.99 - - - - - -
142.04 131.16 131.16 131.16 131.16 131.16 131.16
95.57 52.51 52.51 52.51 52.51 52.51 52.51
304.09 831.80 831.80 831.80 831.80 831.80 831.80
- - - - - - -

6,898.96 5,728.92 6,567.68 6,975.42 7,404.37 8,269.28 9,205.40

2,945.35 3,484.09 3,762.89 4,099.79 4,501.56 4,956.67 5,473.15
1,339.05 - - - - - -
1,435.03 1,154.68 1,539.76 1,677.62 1,842.02 2,028.25 2,239.60
593.12 555.47 577.48 449.54 239.68 380.96 495.87
6.07 7.19 7.19 7.19 7.19 7.19 7.19
1.71 - - - - - -
74.04 42.76 70.74 77.07 84.62 93.18 102.89
- - - - - -
504.59 484.73 609.63 664.21 729.30 803.03 886.71

- - - - - - -

20,153.25 20,043.73 22,826.81 23,788.99 24,611.76 25,714.06 26,833.21

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

17,219.58 19,068.14 21,868.14 23,368.14 24,768.14 26,068.14 27,368.14

7,022.57 7,513.45 8,369.13 9,314.69 10,320.87 11,383.48 12,500.45
10,197.01 11,554.69 13,499.01 14,053.45 14,447.27 14,684.66 14,867.69

16,018.37 17,800.06 17,800.06 17,800.06 17,800.06 17,800.06 17,800.06

260.91 257.47 257.47 257.47 257.47 257.47 257.47
18.96 19.61 19.61 19.61 19.61 19.61 19.61
2,418.15 2,710.57 2,710.57 2,710.57 2,710.57 2,710.57 2,710.57
12,359.83 13,746.98 13,746.98 13,746.98 13,746.98 13,746.98 13,746.98
407.65 477.18 477.18 477.18 477.18 477.18 477.18
306.89 335.33 335.33 335.33 335.33 335.33 335.33
102.71 115.21 115.21 115.21 115.21 115.21 115.21
 143.27 137.71 137.71 137.71 137.71 137.71 137.71
- - - - - - -

6,489.69 6,916.18 7,771.86 8,717.42 9,723.60 10,786.21 11,903.18

- - - - - - -
2.05 2.27 2.27 2.27 2.27 2.27 2.27
554.78 615.83 1,471.51 2,417.07 3,423.25 4,485.86 5,602.83
5,504.41 5,806.08 5,806.08 5,806.08 5,806.08 5,806.08 5,806.08
119.61 149.29 149.29 149.29 149.29 149.29 149.29
178.07 198.32 198.32 198.32 198.32 198.32 198.32
59.26 64.71 64.71 64.71 64.71 64.71 64.71
71.51 79.68 79.68 79.68 79.68 79.68 79.68

9,528.68 10,883.88 10,028.20 9,082.64 8,076.46 7,013.85 5,896.88

260.91 257.47 257.47 257.47 257.47 257.47 257.47
16.91 17.34 17.34 17.34 17.34 17.34 17.34
1,863.37 2,094.74 1,239.06 293.50 (712.68) (1,775.29) (2,892.26)
6,855.42 7,940.90 7,940.90 7,940.90 7,940.90 7,940.90 7,940.90
288.04 327.89 327.89 327.89 327.89 327.89 327.89
128.82 137.01 137.01 137.01 137.01 137.01 137.01
43.45 50.50 50.50 50.50 50.50 50.50 50.50
71.76 58.03 58.03 58.03 58.03 58.03 58.03
- - - - - - -

1,201.21 1,268.08 1,268.08 1,268.08 1,268.08 1,268.08 1,268.08

388.88 393.19 393.19 393.19 393.19 393.19 393.19
215.13 208.30 208.30 208.30 208.30 208.30 208.30
562.48 633.01 633.01 633.01 633.01 633.01 633.01
34.72 33.58 33.58 33.58 33.58 33.58 33.58

532.88 597.27 597.27 597.27 597.27 597.27 597.27

258.08 288.22 288.22 288.22 288.22 288.22 288.22
4.50 4.44 4.44 4.44 4.44 4.44 4.44
270.30 303.37 303.37 303.37 303.37 303.37 303.37
- 1.24 1.24 1.24 1.24 1.24 1.24

668.33 670.81 670.81 670.81 670.81 670.81 670.81

130.80 104.97 104.97 104.97 104.97 104.97 104.97
210.63 203.86 203.86 203.86 203.86 203.86 203.86
 292.18 329.64 329.64 329.64 329.64 329.64 329.64
34.72 32.34 32.34 32.34 32.34 32.34 32.34

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

1,073.78 1,074.03 2,574.03 2,469.03 2,214.35 1,974.68 1,974.68

613.64 996.74 1,496.74 1,652.46 2,434.97 3,017.49 3,517.49

- 199.56 199.56 149.56 143.93 136.43 136.43
172.17 169.37 108.47 47.58 - - -
1,381.47 1,380.69 1,105.30 515.28 239.94 5.03 5.03

- - - - - - -
- - - - - - -
451.34 339.55 242.54 145.52 48.51 - -

7.82 6.39 3.64 3.23 2.82 2.41 2.41

3,700.22 4,166.33 5,730.26 4,982.65 5,084.52 5,136.03 5,636.03

- - - 105.00 254.68 239.68 -

- - - 344.27 217.49 217.49 -

- - - 50.00 5.63 7.50 -
- 13.32 60.90 60.90 47.58 - -
126.41 275.87 275.39 590.01 275.34 234.91 -

32.59 - - - - - -
- - - - - - -
50.15 97.01 97.01 97.01 97.01 48.51 -

6.33 3.56 2.76 0.41 0.41 0.41 -

215.48 389.76 436.07 1,247.61 898.13 748.49 -

14.34 12.32 12.32 12.32 12.32 12.32 12.32

- - - - - - -
- - - - - - -
100.00 90.00 90.00 90.00 90.00 90.00 90.00
98.02 81.84 81.84 81.84 81.84 81.84 81.84

- - - - - - -
303.09 190.19 190.19 190.19 190.19 190.19 190.19
230.00 - - - - - -

- - - - - - -

745.45 374.35 374.35 374.35 374.35 374.35 374.35

APOLLO TYRES LIMITED FY15
CRORES

Consolidated Cash Flow Statement FY15

Operating Activities

Profit before tax 1,330.83

Adjustments to reconcile profit before tax to net cash flows: 657.74

Depreciation and Amortisation 388.29
(Profit)/loss on sale of property, plant and equipment (net) 2.39
Exceptional items 82.49
(Profit) on sale of Investments
Dividend from non-current and current investments (2.63)
Provision for doubtful debts / advances 4.02
Provision for impairment of investment and loan in joint venture
Provision for constructive liability 0.75
Provision for compensated absences 3.78
Provision for superannuation
Gain on fair value change in investments
Liabilities / provisions no longer required written back (2.00)
Unwinding of deferred income
Unwinding of state aid subsidy
Provision for jubilee benefits
Inter corporate deposits written off
Share of (profit)/ loss in associate and joint venture
Finance cost 182.79
Interest Income (11.56)
Provision for contingencies
Provision for estimated loss on derivatives 8.26
Unrealised (gain)/loss on foreign exchange fluctuations 1.15
Post Retirement Medical Obligation 0.01

Working capital adjustments: (218.19)

Inventories 169.77
Trade receivables 89.23
Loan and advances given (current and non current) 57.95
Other financial assets (current and non current)
Other current assets 10.42
Long term loans (26.06)
 Other non current assets (14.60)
Trade payables (411.44)
Other financial liabilities
Other liabilities (current and non current) (96.26)
Provisions 2.80

Cash generated from operations 1,770.38

Direct taxes paid (net of refunds) (295.42)

Add / Less: Exceptional Item (63.00)

Net cash flow from/(used in) operating activities 1,411.96

Investing Activities

Purchase of property, plant and equipment (637.27)

Proceeds from sale of property, plant and equipment 6.79
Proceeds from sale of assets held for sale
Investment on acquisition of subsidiary
Investments in mutual funds
Investment in non-current investment (79.62)
Proceeds from sale of long-term investment
Fixed term deposits with banks matured 1.59
Investments in inter corporate deposits, net
Payment for Trademarks (55.71)
Dividends received (current and non current investments) 2.63
State aid subsidy received
Interest received 11.57

Net cash flow from/(used in) investing activities (750.02)

Financing Activities

Proceeds from issue of shares (net) 32.33

Proceeds from non-current borrowings 4.59
Repayment of non-current borrowings (765.26)
Capital Subsidy received 2.25
ETP Subsidy received 0.30
Current borrowings (net) 278.12
Payment of dividend (including dividend tax) (44.67)
Finance charges paid (191.24)
Net cash flow from/(used in) financing activities (683.58)
EFFECT OF FOREIGN CURRENCY FLUCTUATION
ARISING OUT OF CONSOLIDATION (35.93)

Net (decrease)/increase in cash and cash equivalents (57.57)

Cash and cash equivalents at the beginning of the year 643.81

Add: Cash and cash equivalent acquired on amalgamation as at April 01, 2016 -
Cash and cash equivalents at the end of the year 586.24

Reconciliation
Cash and Cash equivalents in balance sheet 594.59
Cash credits/bank overdrafts as at the end of the year 7.69
586.90
(Gain) / loss on reinstatement of foreign currency cash & cash equivalents (0.66)
Difference (0.00)
FY16 FY17 FY18 FY19 FY20E FY21E FY22E

FY16 FY17 FY18 FY19 FY20E FY21E FY22E

1,590.65 1,435.55 1,012.33 888.13 939.69 1,038.69 1,239.57

436.51 516.13 638.44 952.28 1,220.26 1,312.61 1,362.27

426.79 461.81 592.55 812.67 855.68 945.56 1,006.18
2.39 3.52 (0.81) (1.59) - - -
(47.77) - - -
(0.03) - (0.05) - - -
(7.97) (8.46) (4.58) (5.08) - - -
8.68 16.01 5.21 - - -
- 18.60 - - -
(0.78) 2.83 9.57 3.45 - - -
4.70 3.39 0.18 1.42 - - -
- 2.25 0.25 - - -
- (14.07) (0.01) - - -
(0.32) (6.77) (2.33) (47.98) - - -
(23.44) (32.99) (78.81) (143.84) - - -
(0.19) (4.19) (13.04) - - -
3.45 0.83 0.01 0.99 - - -
200.00 - - -
3.18 0.31 - (0.12) - - -
92.60 102.88 162.92 181.07 364.58 367.05 356.09
(19.99) (38.99) (33.39) (23.42) - - -
36.50 - - - -
(3.44) 0.71 (4.08) (9.13) - - -
(1.54) (27.85) (2.74) (8.57) - - -
- - -

320.65 (723.00) 315.38 (549.36) (151.69) (198.03) (236.15)

(16.38) (782.79) (149.61) (579.35) (278.80) (336.91) (401.77)
(25.65) (111.41) (183.47) 229.23 (385.08) (137.86) (164.40)
(2.22) (0.69) - - - -
(0.27) (2.67) (30.87) 8.05 (27.98) (6.33) (7.55)
(30.21) (117.68) (19.70) 16.06 (124.90) (54.58) (65.09)
(0.65) - - - - - -
 37.09 - - - - - -
382.07 274.32 560.61 (148.98) 378.29 235.17 280.44
16.18 1.75 19.73 (5.88) 258.08 62.02 73.96
(60.96) (21.82) 167.11 (14.24) 28.68 40.47 48.26
21.65 37.99 (48.42) (54.25) - - -

2,347.81 1,228.68 1,966.15 1,291.05 2,008.26 2,153.28 2,365.69

(225.31) (326.41) (246.48) (219.93) (209.89) (232.00) (276.87)

- - - - - - -

2,122.50 902.27 1,719.67 1,071.12 1,798.37 1,921.28 2,088.82

(1,621.29) (3,318.99) (3,101.72) (2,293.17) (2,800.00) (1,500.00) (1,400.00)

5.52 7.75 34.53 19.22 - - -
- 47.59 - - -
(289.34) - - -
(13.46) (222.26) (4.94) 364.05 - - -
(0.20) (0.55) (2.25) (2.45) - - -
0.08 - - -
3.99 0.73 0.73 - - -
(380.00) 330.00 (925.00) 775.00 - - -
- - -
7.97 7.85 4.58 5.08 - - -
- 155.32 122.30 85.68 - - -
3.96 40.43 8.95 50.66 - - -

(2,282.77) (2,952.13) (3,862.82) (995.93) (2,800.00) (1,500.00) (1,400.00)

- 1,476.15 - - - -
58.23 1,756.90 1,503.79 883.66 - - -
(133.90) (169.62) (202.69) 1,610.23 63.93 (247.61)
- - - - - - -
- - - - - - -
(88.04) 461.14 (173.35) (354.43) - - -
(130.16) (123.68) (183.79) (206.89) (222.01) (246.10) (294.98)
(94.69) (65.83) (132.30) (181.86) (364.58) (367.05) (356.09)
(254.66) 1,894.63 2,320.88 (62.21) 1,023.64 (549.22) (898.68)

5.99 (53.60) 283.70 (31.39) 0 0 0

(408.94) (208.83) 461.43 (18.41) 22.01 (127.94) (209.86)

586.13 228.02 19.19 480.62 462.21 484.22 356.28

50.83 - - - -
228.02 19.19 480.62 462.21 484.22 356.28 146.42

589.99 330.89 593.12 555.47 577.48 449.54 239.68

362.41 311.78 112.36 94.60 94.60 94.60 94.60
227.58 19.11 480.76 460.87 482.88 354.94 145.08
0.44 0.07 (0.14) 0.90 - - -
0.01 0.01 0.00 0.44 1.34 1.34 1.34
FY23E FY24E

FY23E FY24E

1,383.15 1,581.38

1,405.44 1,440.71
1,062.62 1,116.96
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
342.82 323.75
- -
- -
- -
- -
- -

(267.51) (303.58)
(455.11) (516.48)
(186.23) (211.34)
- -
(8.56) (9.71)
(73.73) (83.68)
- -
 - -
317.68 360.52
83.78 95.08
54.66 62.04
- -

2,521.09 2,718.51

(308.94) (353.21)

- -

2,212.15 2,365.30

(1,300.00) (1,300.00)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

(1,300.00) (1,300.00)

- -
- -
(98.13) (248.49)
- -
- -
- -
(329.92) (378.15)
(342.82) (323.75)
(770.87) (950.39)

- -

141.28 114.90

146.42 287.70
- -
287.70 402.61

380.96 495.87
94.60 94.60
286.36 401.27
- -
1.34 1.34
APOLLO TYRES LIMITED FY15 FY16 FY17

CRORES

Revenue Model FY15 FY16 FY17

Revenue Details Rs Lacs

-7.15% 10.28%
From Sales 13,724.70 12,742.86 14,052.89
Others
Investment promotion subsidy from Government o 52.10 53.62 46.45
Unwinding of deferred income 23.44 32.99
Sale of raw material scrap 30.18 27.40 29.34
Early payment discount received from raw material 7.45 4.21 8.29
Total 13,814.43 12,851.53 14,169.96

Excise duty on Sales 999.00 1,002.97 989.92

Total 12,815.43 11,848.56 13,180.04

Operational Details

Revenue Model FY15 FY16 FY17

Overall 13,724.70 12,742.86 14,052.89
Growth -7.15% 10.28%
Replacement 75.69% 74.87% 76.90%
Replacement (Value) 10,388.63 9,540.32 10,806.67
PV 3,594.47 3,320.03 4,311.86
Growth -7.63% 29.87%
TRUCK-BUS 4,924.21 4,512.57 4,582.03
Growth -8.36% 1.54%
OFF- HIGHWAY 986.92 868.17 1,059.05
Growth -12.03% 21.99%
LIGHT TRUCK 706.43 658.28 648.40
Growth -6.82% -1.50%
OTHERS 176.61 181.27 205.33
Growth 2.64% 13.27%

OEM 24.31% 25.13% 23.10%

OEM (Value) 3,336.07 3,202.54 3,246.22
PV 1,154.28 1,114.48 1,295.24
Growth -3.45% 16.22%
TRUCK-BUS 1,581.30 1,514.80 1,376.40
Growth -4.21% -9.14%
OFF- HIGHWAY 316.93 291.43 318.13
Growth -8.04% 9.16%
LIGHT TRUCK 226.85 220.97 194.77
Growth -2.59% -11.86%
OTHERS 56.71 60.85 61.68
Growth 7.29% 1.36%

INDIA 9,877.27 9,651.48 9,806.62

Replacement 74.40% 72.90% 75.56%
Replacement (Value) 7,349.16 7,036.31 7,409.66
PV 1,406.03 1,686.91 1,824.96

Growth 19.98% 8.18%

TRUCK-BUS 4,549.82 4,044.07 4,202.30

Growth -11.12% 3.91%

OFF- HIGHWAY 615.97 578.67 642.14

Growth -6.05% 10.97%

LIGHT TRUCK 659.46 594.55 602.10
Growth -9.84% 1.27%
OTHERS 117.89 132.11 138.16

Growth 12.06% 4.58%

OEM 2,528.11 2,615.17 2,396.96

PV 483.67 626.97 590.36

Growth 29.63% -5.84%

TRUCK-BUS 1,565.14 1,503.05 1,359.41

Growth -3.97% -9.56%

OFF- HIGHWAY 211.89 215.07 207.73
 Growth 1.50% -3.42%
LIGHT TRUCK 226.85 220.97 194.77

Growth -2.59% -11.86%

OTHERS 40.55 49.10 44.69

Growth 21.08% -8.98%

EUROPE 3,847.43 3,091.38 4,246.27

Replacement 79.00% 81.00% 80.00%
Replacement (Amount) 3,039.47 2,504.02 3,397.01
PASSENGER CAR 2,522.76 2,078.33 2,819.52

Growth -17.62% 35.66%

AGRICULTURE 395.13 325.52 441.61

Growth -17.62% 35.66%

CV 60.79 50.08 67.94

Growth -17.62% 35.66%

OTHERS 60.79 50.08 67.94

Growth -17.62% 35.66%

OEM 21.00% 19.00% 20.00%

OEM (Amount) 807.96 587.36 849.25
PASSENGER CAR 670.61 487.51 704.88

Growth -27.30% 44.59%

AGRICULTURE 105.03 76.36 110.40

Growth -27.30% 44.59%

CV 16.16 11.75 16.99
 Growth -27.30% 44.59%
OTHERS 16.16 11.75 16.99

Growth -27.30% 44.59%

OTHER INCOME 53.80 67.98 151.81

Growth 0.39% 0.53% 1.08%

Cost Model FY15 FY16 FY17

Operating Expenses excluding depreciation

Cost of Material Consumed 6,418.85 5,354.22 6,044.96
India
Raw Material Consumed (Tonnes) 750,051.00 694,582.00
NATURAL RUBBER 155,410.57 139,124.77
SYNTHETIC RUBBER 60,454.11 56,122.23
CARBON BLACK 91,656.23 110,994.20
OTHER 442,530.09 388,340.80

Raw Material Consumed (Value) 5,430.23 4,641.13 5,313.23

FABRIC 674.33 578.78 696.75
RUBBER 2,792.63 2,433.61 2,799.60
CHEMICALS 505.27 462.62 547.00
CARBON BLACK 803.79 554.65 591.47
OTHERS 654.22 611.48 678.41

Raw Material Cost (Rs. Per kg)

RUBBER 112.74 143.39
CARBON BLACK 60.51 53.29
OTHERS 37.35 49.50

Europe 61,273.00 73,588.00

Raw Material Consumed (Tonnes)
NATURAL RUBBER 22,352.39 22,871.15
SYNTHETIC RUBBER 14,858.70 10,971.97
CARBON BLACK 12,064.65 14,084.74
OTHER 11,997.25 25,660.14
Basis: 46.77% 42.02% 43.02%
132.56 113.06 135.49
85.46 47.30 48.54

Purchase of Stock in Trade 588.03 370.11 933.29

Basis: 4.28% 2.90% 6.64%

Employee Benefit Expense 11.66% 12.22% 13.60%

Other operating expense 15.92% 17.74% 17.74%
Basis:

Depreciation and amortisation expense

Depreciation expense 388.29 426.79 461.81

Average gross block - 9,958.26 11,652.65
Basis: - 4.29% 3.96%

Finance Cost
Finance Cost - Term Loans 123.60 78.22 55.07
Closing Debt 380.75 678.35 1,605.99
Average Debt Outstanding - 529.55 1,142.17
Interest % - 14.77% 4.82%
Basis:

Finance Cost - Current Loans - - 22.90

Closing Debt 466.64 739.90 1,088.63
Average Debt Outstanding 603.27 914.27
Interest % 2.50%

Tax Expense
Current Tax
Basis: % of PBT 26.56% 26.34% 19.25%
Deferred Tax
FY18 FY19 FY20E FY21E FY22E FY23E FY24E

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

6.23% 15.70% 8.17% 8.95% 9.80% 10.11% 10.42%

14,928.95 17,273.39 18,684.43 20,357.32 22,352.27 24,612.11 27,176.69

39.33 23.59 25.52 27.80 30.53 33.61 37.11

78.81 143.84 155.59 169.52 186.13 204.95 226.31
38.87 53.22 57.57 62.72 68.87 75.83 83.73
9.45 6.81 7.37 8.03 8.81 9.70 10.71
15,095.41 17,500.85 18,930.47 20,625.39 22,646.61 24,936.20 27,534.55

254.89 - - - - - -

14,840.52 17,500.85 18,930.47 20,625.39 22,646.61 24,936.20 27,534.55

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

14,928.95 17,273.39 18,684.43 20,357.32 22,352.27 24,612.11 27,176.69
6.23% 15.70% 8% 8.95% 9.80% 10.11% 10.42%
74.50% 73.00% 72.74% 72.45% 72.09% 71.78% 71.52%
11,122.07 12,609.57 13,590.85 14,747.95 16,113.45 17,666.86 19,437.76
4,348.73 4,678.15 5,883.79 6,415.13 7,046.35 7,753.16 8,545.63
0.85% 7.58% 26% 9.03% 9.84% 10.03% 10.22%
4,660.15 5,674.31 5,307.36 5,740.10 6,239.37 6,816.38 7,484.81
1.70% 21.76% -6% 8.15% 8.70% 9.25% 9.81%
1,145.57 1,273.57 1,433.44 1,543.53 1,674.49 1,822.44 1,989.51
8.17% 11.17% 13% 7.68% 8.48% 8.84% 9.17%
756.30 718.75 646.84 681.04 723.87 769.38 817.76
16.64% -4.97% -10% 5.29% 6.29% 6.29% 6.29%
200.20 264.80 319.42 368.15 429.38 505.49 600.04
-2.50% 32.27% 20.63% 15.26% 16.63% 17.73% 18.70%

25.50% 27.00% 27.26% 27.55% 27.91% 28.22% 28.48%

 3,806.88 4,663.82 5,093.58 5,609.37 6,238.82 6,945.25 7,738.93
1,488.49 1,730.28 1,927.73 2,159.59 2,443.41 2,767.28 3,137.15
14.92% 16.24% 11% 12.03% 13.14% 13.25% 13.37%
1,595.08 2,098.72 2,257.45 2,450.98 2,685.86 2,943.81 3,227.19
15.89% 31.57% 8% 8.57% 9.58% 9.60% 9.63%
392.11 471.05 518.16 575.18 644.22 721.56 808.18
23.25% 20.13% 10% 11.00% 12.00% 12.00% 12.00%
258.87 265.84 277.24 291.90 310.25 329.76 350.49
32.91% 2.69% 4% 5.29% 6.29% 6.29% 6.29%
68.52 97.94 113.01 131.72 155.08 182.84 215.91
11.10% 42.93% 15% 16.56% 17.73% 17.90% 18.08%

10,388.13 12,089.58 13,051.98 14,176.46 15,501.30 17,009.15 18,727.81

72.13% 70.00% 7.96% 8.62% 9.35% 9.73% 10.10%
7,493.22 8,462.53 9,078.08 9,788.42 10,607.99 11,547.77 12,627.20
1,925.25 2,077.68 2,252.07 2,452.36 2,682.72 2,948.13 3,254.54

5.50% 7.92% 8.39% 8.89% 9.39% 9.89% 10.39%

4,081.72 4,848.28 5,217.13 5,640.14 6,125.63 6,683.55 7,325.70

-2.87% 18.78% 7.61% 8.11% 8.61% 9.11% 9.61%

685.84 760.38 795.71 836.66 883.91 938.24 1,000.60

6.81% 10.87% 4.65% 5.15% 5.65% 6.15% 6.65%

670.06 620.24 646.84 681.04 723.87 769.38 817.76
11.29% -7.43% 4.29% 5.29% 6.29% 6.29% 6.29%
130.35 155.94 166.32 178.22 191.87 208.47 228.60

-5.65% 19.63% 6.66% 7.16% 7.66% 8.66% 9.66%

2,894.91 3,627.05 3,973.91 4,388.03 4,893.31 5,461.38 6,100.61

743.80 890.50 1,027.42 1,185.39 1,379.50 1,605.40 1,868.28

25.99% 19.72% 15.38% 15.38% 16.38% 16.38% 16.38%

1,576.92 2,077.98 2,235.14 2,426.53 2,658.58 2,912.81 3,191.36

16.00% 31.77% 7.56% 8.56% 9.56% 9.56% 9.56%

264.97 325.90 359.01 399.07 447.59 502.02 563.06
 27.56% 23.00% 10.16% 11.16% 12.16% 12.16% 12.16%
258.87 265.84 277.24 291.90 310.25 329.76 350.49

32.91% 2.69% 4.29% 5.29% 6.29% 6.29% 6.29%

50.36 66.84 75.11 85.15 97.39 111.39 127.40

12.68% 32.72% 12.37% 13.37% 14.37% 14.37% 14.37%

4,540.82 5,183.81 5,632.45 6,180.86 6,850.97 7,602.95 8,448.88

80.00% 80.00% 8.65% 9.74% 10.84% 10.98% 11.13%
3,632.66 4,147.05 4,512.77 4,959.52 5,505.46 6,119.09 6,810.55
2,978.78 3,359.11 3,631.72 3,962.77 4,363.63 4,805.03 5,291.09

5.65% 12.77% 8.12% 9.12% 10.12% 10.12% 10.12%

508.57 580.59 637.73 706.87 790.58 884.20 988.91

15.16% 14.16% 9.84% 10.84% 11.84% 11.84% 11.84%

72.65 82.94 90.23 99.96 113.74 132.83 159.11

6.94% 14.16% 8.79% 10.79% 13.79% 16.79% 19.79%

72.65 124.41 153.10 189.92 237.51 297.02 371.44

6.94% 71.24% 23.06% 24.06% 25.06% 25.06% 25.06%

20.00% 20.00%
908.16 1,036.76 1,119.68 1,221.34 1,345.51 1,483.87 1,638.32
744.70 839.78 900.31 974.21 1,063.91 1,161.88 1,268.87

5.65% 12.77% 7.21% 8.21% 9.21% 9.21% 9.21%

127.14 145.15 159.16 176.11 196.63 219.54 245.12

15.16% 14.16% 9.65% 10.65% 11.65% 11.65% 11.65%

18.16 20.74 22.31 24.45 27.29 31.00 35.83
 6.94% 14.16% 7.60% 9.60% 11.60% 13.60% 15.60%
18.16 31.10 37.90 46.57 57.68 71.45 88.50

6.94% 71.24% 21.87% 22.87% 23.87% 23.87% 23.87%

116.54 171.10 186.95 205.72 228.11 253.64 282.78

0.78% 0.99% 1.00% 1.01% 1.02% 1.03% 1.04%

FY18 FY19 FY19E FY20E FY21E FY22E FY23E

7,188.97 8,614.30 9,273.54 10,209.70 11,304.09 12,525.70 13,890.67

778,306.00 886,773.00
166,557.48 200,942.76
59,384.75 77,681.31
120,014.79 135,055.53
432,426.81 473,093.40

6,281.15 7,583.84
706.49 1,016.37
3,328.42 3,720.60
691.14 955.85
785.85 1,221.03
769.26 670.00

147.31 133.53
65.48 90.41
50.11 55.85

70,165.00 80,836.00

13,857.59 16,312.70
14,924.10 15,164.83
11,928.05 14,097.80
29,448.25 35,260.66
 48.15% 49.87% 49.63% 50.15% 50.57% 50.89% 51.11%
129.80 125.95 150.00 132.56 113.06 135.49 129.80
57.53 70.15 69.62 68.54 68.80 70.10 70.10

883.59 1,982.56 1,683.93 1,732.91 1,790.97 1,972.04 2,177.53

5.92% 11.48% 9.01% 8.51% 8.01% 8.01% 8.01%

14.29% 14.03% 14.16% 14.16% 14.16% 14.16% 14.16%

17.47% 17.18% 17.53% 17.53% 17.53% 17.53% 17.53%

592.55 812.67 855.68 945.56 1,006.18 1,062.62 1,116.96

14,835.24 18,143.86 20,468.14 22,618.14 24,068.14 25,418.14 26,718.14
3.99% 4.48% 4.18% 4.18% 4.18% 4.18% 4.18%

72.04 95.95 132.88 135.36 130.09 135.90 135.59

2,827.77 3,472.11 3,585.90 3,652.60 3,510.40 3,667.36 3,658.95
2,216.88 3,149.94 3,529.00 3,619.25 3,581.50 3,588.88 3,663.15
3.25% 3.05% 3.71% 3.71% 3.71% 3.71% 3.71%

31.50 31.61 14.46 14.46 14.46 14.46 14.46

745.45 374.35 374.35 374.35 374.35 374.35 374.35
917.04 559.90 374.35 374.35 374.35 374.35 374.35
3.43% 5.65% 3.86% 3.86% 3.86% 3.86% 3.86%

23.60% 21.07% 22.34% 22.34% 22.34% 22.34% 22.34%

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by .5% throughout for the revival of the economy
and increasing replacement market

Average of Last 3 year and increasing 1% in the current year and 0.5% thereafter
since Apollo has the Market Leadership in the Truck-Bas segment, so it wont be
affected much
.
Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by .5% throughout for the revival of the economy
and increasing replacement market

Assuming the growth in similar line with the OEM market

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by .5% in the next 2 years and 1% thereafter for 2
wheeler being the untapped market

Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the 3rd year because of reviving economy.

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 1% in the next 2 years for Truck-Bus since apollo
is the Market Leader
Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the next year because of reviving economy and then increasing
1% to bring itr back to the average rate

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 1% in the next 2 years for Light truck being the
untapped market

Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the next year because of reviving economy and then increasing
1% to bring itr back to the average rate

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 1% in the next 2 years for the growing
replacement market

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 1% in the next 2 years for the growing
replacement market

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 2% in the next year and 3% thereafter as CV is
untapped market in europe

Average of last 4 year and a reduction of 1% for the slowdown in the overall
economy and then increasing by 1% in the next 2 years for the growing
replacement market

Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the next year because of reviving economy and then increasing
1% to bring itr back to the average rate

Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the next year because of reviving economy and then increasing
1% to bring itr back to the average rate
Average of last year growth rate, reducing 2% for global downturn, then
increasing 2% for the next 4 year because CV being the untapped market, their
will be high growth considering the leadership of Apollo in the CV

Average of last 4 year growth rate, reducing 2% for global downturn, then
increasing 1% for the next year because of reviving economy and then increasing
1% to bring itr back to the average rate

Since it is unrelated to operations of the firm, increasing 1% every year in

addition to previour year for the next year because of reviving economy
APOLLO TYRES LIMITED FY15 FY16 FY17

CRORES

BS Model FY15 FY16 FY17

Equity and Liabilities

Equity Share Capital

Same as FY 2018 since no information on share issue, buyback etc.

Other equity
Opening Balance + TCI fo the year - Dividend incl Tax + Other Adjustments
Dividend including tax (Rs Crores) 20.73 20.73 31.09
101.81 101.81 152.71
Dividend payout ratio 12.53% 10.45% 16.72%
1,002.14 802.75
Non Current Liabilities
Borrowings 12.23% 22.90%
From debt schedule

Provisions and other non-current liabilities

Since the amount is not material we can assume it same as last year

Current Liabilities
% of revenue from operations (average of 15-18)
Trade payables 6.97% 13.02% 13.14%
Others (part of other payables) 0.00% 2.24% 5.40%
Other Current Liabilities 3.02% 2.24% 1.94%
In the year 2018, there is sudden increase in other current liabilities on account of creditors for capital expenditure

Short term provisions

Same as last year

ASSETS
PPE and Intangible Assets
Increase in Gross Block
Freehold Land 81.54 (22.93)
Leasehold Land 1.74 -
Buildings 18.23 203.76
Plant and Equipment 992.49 1,318.19
Electrical Installations 7.69 43.48
Furniture and Fixtures 49.30 25.61
Vehicles 12.33 (0.16)
Office Equipment 68.44 3.66
Share of Joint Ventures (2.39) -
Computer Software 180.05 3.68
Trademarks 196.74 (16.43)
Capitalised Development 153.54 40.33
Other Intangibles 32.56 (2.68)
1,792.26 1,596.51

Addition in Gross Block

Other Non-current assets

Same as FY 2018

Current Assets
Inventories 13.88% 16.37% 20.07%

Trade Receivables 7.48% 9.15% 8.55%

Other Financial assets 0.00% 0.68% 0.38%
Other Current Assets 0.68% 2.96% 3.49%
% of revenue from operations (average of 16-18)
Cash and cash equivalents

Investments, Other bank balances and loans

Same as FY 2018
 FY18 FY19 FY20E FY21E FY22E FY23E FY24E

FY18 FY19 FY20E FY21E FY22E FY23E FY24E

35.28 38.22 - - - - -
171.62 185.92 222.01 246.10 294.98 329.92 378.15
28.58% 32.97% 31.33% 31.33% 31.33% 31.33% 31.33%
622.38 592.11

33.24% 37.85% 31.33% 31.33% 31.33% 31.33% 31.33%

16.49% 12.85% 13.87% 13.87% 13.87% 13.87% 13.87%

4.52% 2.48% 3.66% 3.66% 3.66% 3.66% 3.66%
2.95% 2.42% 2.39% 2.39% 2.39% 2.39% 2.39%
editors for capital expenditures, the effect of the same has been eliminated to arrive at the consistent figures.

41.92 (3.44)
- 0.65
960.34 292.42
3,120.58 1,387.15
209.59 69.53
 58.83 28.44
14.87 12.50
54.47 (5.56)
- -
104.87 4.31
29.68 (6.83)
168.69 70.53
4.84 (1.14)
4,768.68 1,848.56

2,800.00 1,500.00 1,400.00 1,300.00 1,300.00

19.85% 19.91% 19.88% 19.88% 19.88% 19.88% 19.88%

9.67% 6.60% 8.13% 8.13% 8.13% 8.13% 8.13%

0.50% 0.24% 0.37% 0.37% 0.37% 0.37% 0.37%
3.40% 2.77% 3.22% 3.22% 3.22% 3.22% 3.22%
ent figures.
APOLLO TYRES LIMITED
CRORES

Interest Rate 8.65% 8.65%

Repayment Date 4/30/2026 4/30/2025
Opening as on 01.04.2019 115.00 105.00
Additions 1,500.00 -
Repayment - -
Closing as on 31.03.2020 1,615.00 105.00
Interest for 2019-20 139.70 9.08

Opening as on 01.04.2020 1,615.00 105.00

Additions - -
Repayment - -
Closing as on 31.03.2021 1,615.00 105.00
Interest for 2020-21 139.70 9.08

Opening as on 01.04.2021 1,615.00 105.00

Additions - -
Repayment - -
Closing as on 31.03.2022 1,615.00 105.00
Interest for 2021-22 139.70 9.08

Opening as on 01.04.2022 1,615.00 105.00

Additions - -
Repayment - -
Closing as on 31.03.2023 1,615.00 105.00
Interest for 2022-23 139.70 9.08

Opening as on 01.04.2023 1,615.00 105.00

Additions - -
Repayment - -
Closing as on 31.03.2024 1,615.00 105.00
Interest for 2023-24 139.70 9.08

VALUE OF DEBT:
Book Value

Debentures 1,074.03 690.71

Maturity period 5.32
Cost of debt 8.65%
Coupon Rate 0.00%
Annual Interest -

Term Loans 3,472.11 3,412.78

Maturity period 3.44
Cost of debt 4.25%
Coupon Rate 3.71%
Annual Interest 128.67
 DEBENTURES
8.65% 7.80% 7.50% 7.80% 7.50%
4/30/2024 4/30/2024 10/20/2023 4/28/2023 10/21/2022
105.00 149.68 90.00 149.68 105.00
- -
- -
105.00 149.68 90.00 149.68 105.00
9.08 11.67 6.75 11.67 7.88

105.00 149.68 90.00 149.68 105.00

- - - -
- - - -
105.00 149.68 90.00 149.68 105.00
9.08 11.67 6.75 11.67 7.88

105.00 149.68 90.00 149.68 105.00

- - - - -
- - - - -
105.00 149.68 90.00 149.68 105.00
9.08 11.67 6.75 11.67 7.88

105.00 149.68 90.00 149.68 105.00

- - - - -
- - - - 105.00
105.00 149.68 90.00 149.68 -
9.08 11.67 6.75 11.67 2.19

105.00 149.68 90.00 149.68 -

- - - - -
- - 90.00 149.68 -
105.00 149.68 - - -
9.08 11.67 1.87 0.45 -
 690.71
1.09 1.55 0.64
0.36
4.13
-

3,008.81
1.04 1.15 0.87
0.13
3.14

403.97
 7.80% 7.50% Total 0-1% above USD-LI 0.25-1.25% above
4/29/2022 10/21/2021 3 equal annual inst 3 equal annual inst
149.68 105.00 1,074.03 171.71 171.67
1,500.00 - -
- - -
149.68 105.00 2,574.03 171.71 171.67
11.67 7.88

149.68 105.00 2,574.03 171.71 171.67

- - -
- - -
149.68 105.00 2,574.03 171.71 171.67
11.67 7.88

149.68 105.00 2,574.03 171.71 171.67

- - - - -
- 105.00 105.00 - -
149.68 - 2,469.03 171.71 171.67
11.67 2.19
-
149.68 - 2,469.03 171.71 171.67
- - - - -
149.68 - 254.68 57.24 57.22
- - 2,214.35 114.47 114.45
0.46 -

- - 2,214.35 114.47 114.45

- - - - -
- - 239.68 57.24 57.22
- - 1,974.68 57.24 57.22
- -
 ECB
0-1% above USD-LI 0.25-1.25% above 0.75% above USD-Laverage rate Total
3 equal annual inst 3 equal annual inst Bullet payment on new borrowing
171.80 137.29 344.27 - 996.74
- - - 500.00 500.00
- - - - -
171.80 137.29 344.27 500.00 1,496.74

171.80 137.29 344.27 500.00 1,496.74

- - - 500.00 500.00
- - - -
171.80 137.29 344.27 1,000.00 1,996.74

171.80 137.29 344.27 1,000.00 1,996.74

- - - 1,000.00 1,000.00
- - 344.27 344.27
171.80 137.29 - 2,000.00 2,652.46

171.80 137.29 - 2,000.00 2,652.46

- - - 800.00 800.00
57.27 45.76 - - 217.49
114.53 91.52 - 2,800.00 3,234.97

114.53 91.52 - 2,800.00 3,234.97

- - - 500.00 500.00
57.27 45.76 - - 217.49
57.27 45.76 - 3,300.00 3,517.49
 FCNR Term Loans
0-1% above USDLIB0-1% above USDLIB0-1%
installments fromabove USDLIBTotal
startinginstallments starting from December 1.95%
September 30, 202031, 2019
Repayment in 6 equa Monthly payment til
51.23 51.54 79.92 182.69 7.36
- - - - -
- - 13.32 13.32 0.47
51.23 51.54 66.60 169.37 6.89

51.23 51.54 66.60 169.37 6.89

- - -
17.08 17.18 26.64 60.90 0.47
34.15 34.36 39.96 108.47 6.43

34.15 34.36 39.96 108.47 6.43

-
17.08 17.18 26.64 60.90 0.47
17.08 17.18 13.32 47.58 5.96

17.08 17.18 13.32 47.58 5.96

- -
17.08 17.18 13.32 47.58 0.47
- - - - 5.50

- - - - 5.50
- - - -
- - - - 0.47
- - - - 5.03
 Euro term loans from banks
EURIBOR + 2.25%
installments startedEURIBOR + 2.25%
installments startedEURIBOR
from February + 2.25%
installments startedEURIBOR
from February + 1.85%
installments startedEURIBOR
from February + 1.85%
installments
from February
started from February
11, 2019 11, 2019 11, 2019 11, 2019 11, 2019
299.13 299.13 299.13 291.04 145.52
- - - - -
59.29 59.29 59.29 64.68 32.34
239.84 239.84 239.84 226.37 113.18

239.84 239.84 239.84 226.37 113.18

59.29 59.29 59.29 64.68 32.34

180.55 180.55 180.55 161.69 80.85

180.55 180.55 180.55 161.69 80.85

59.29 59.29 59.29 64.68 32.34

121.27 121.27 121.27 97.01 48.51

121.27 121.27 121.27 97.01 48.51

59.29 59.29 59.29 64.68 32.34

61.98 61.98 61.98 32.34 16.17

61.98 61.98 61.98 32.34 16.17

61.98 61.98 61.98 32.34 16.17

- - - - -
ans from banks
EURIBOR + 0.73% EURIBOR + 0.53% 3.90% Monthly payment
4.25%till
Total
November 30,
Bullet payment on Bullet payment on AMonthly payment til2019
84.15 230.51 0.12 0.47 1,656.56
- - - - -
- - 0.05 0.47 275.87
84.15 230.51 0.07 - 1,380.69

84.15 230.51 0.07 - 1,380.69

- - -
- - 0.05 275.39
84.15 230.51 0.02 - 1,105.30

84.15 230.51 0.02 - 1,105.30

- - -
84.15 230.51 0.02 590.01
- - - - 515.28

- - - - 515.28
- - -
- - 275.34
- - - - 239.94

- - - - 239.94
- - -
- - 234.91
- - - - 5.03
 Term loan from
Others 0.17% above OneRupee1.13%
Termabove
Loan from
One Banks Finance lease - defe
EURIBOR + 1.85%
installments startedyear
offromMCLR
112.50
February year T-bill
Million beginning from Total 7-8%
installments started from May 15,
11, 2019 July 30, 2022 Bullet payment on March 29, 2022 2007
436.56 149.56 50.00 199.56 4.46
- - - - -
97.01 - - 0.41
339.55 149.56 50.00 199.56 4.05

339.55 149.56 50.00 199.56 4.05

- -
97.01 - - 0.41
242.54 149.56 50.00 199.56 3.64

242.54 149.56 50.00 199.56 3.64

-
97.01 50.00 50.00 0.41
145.52 149.56 - 149.56 3.23

145.52 149.56 - 149.56 3.23

-
97.01 5.63 5.63 0.41
48.51 143.93 - 143.93 2.82

48.51 143.93 - 143.93 2.82

-
48.51 7.50 7.50 0.41
- 136.43 - 136.43 2.41
Finance lease - deferred payment liabilities
Average
8-9% 5-6%
equal quarterly installments started Total
from January 31, 2011
Monthly repayments
0.31 5.19 9.96
- - -
0.18 2.97 3.56
0.13 2.22 6.399

0.13 2.22 6.399

0
0.13 2.22 2.762
- - 3.637

- - 3.637
0
0.41
- - 3.227

- - 3.227
0
0.41
- - 2.817

- - 2.817
0
0.41
- - 2.407
APOLLO TYRES LIMITED
CRORES

Year FY15 FY16 FY17 FY18 FY19

CFO 1,411.96 2,122.50 902.27 1,719.67 1,071.12

% growth rate 50.32% -57.49% 90.59% -37.71%

Less: Investment in Fixed Assets (637.27) (1,621.29) (3,318.99) (3,101.72) (2,293.17)

FCFF 774.69 501.21 (2,416.72) (1,382.05) (1,222.05)

4,373.69 11,581.14
FCFF Valuation
Present Value of Free Cash Flow to Firm 15,954.83
Present Value of FCFF from FY 19E-28E 4,373.69
Terminal Value 11,581.14
Less: Debt (4,542.21)

Add: Cash and Cash Equivalents 555.47

Total Value 11,968.09

Number of Outstanding Shares 57.21

Value per share / Target Price 209.20
Current Market Price 164.40
27.25%

Discount Rate
Cost of debt 5.29%
Cost of equity 10.46%

Weight of debt 26.17%

Weight of equity 73.83%

WACC 9.11%

Cost of debt 5.29% We have taken this on the basis of invetsor presentation pre
Debenture 1,074.03 8.65%
Term Loans 3,472.11 4.25%
4,546.14
Cost of equity
Risk free rate of return 6.50% Recent 10 year GSEC Return
Equity risk premium 3.60%
Beta 1.10 10.46% Bloomberg

Weights: Current capital structure with market value weights

Market Value of equity 12,815.04 Closing Price 224.00
Market Value of Debt 4,542.21 No. of Shares 57.21
17,357.25 12,815.04

Growth rate from FY 25E to 29E 5.00%

Capex / CFO 54.96%

Terminal Growth Rate 4.00%

Relative Valuation:

Name EV/EBITDA P/E EV/SALES EBITDA PRICE

APOLLO TYRES LTD 7.37 18.75 0.89 20,818 223
MRF LTD 9.54 21.75 1.37 23,113 57,987
JK TYRE & INDUSTRIES L 12.42 11.82 1.36 11,141 92
CEAT LTD 10.35 17.96 0.96 6,474 1,120
BALKRISHNA INDUSTRIES 3.56 24.88 0.89 13,049 996
Industry Average 8.65 19.03 1.09

P/E Multiple
PRICE 226.10

EV/EBITDA Multiple
EV 180,012
DEBT 37,613
EQUITY 142,399
SHARES 572
PRICE 248.93

EV/Sales Multiple
EV 188,985
DEBT 45,420
EQUITY 143,565
SHARES 572
PRICE 250.97
 FY20E FY21E FY22E FY23E FY24E FY25E FY26E
1 2 3 4 5 6 7
1,798.37 1,921.28 2,088.82 2,212.15 2,365.30 2,483.56 2,607.74
67.90% 6.83% 8.72% 5.90% 6.92% 5.00% 5.00%

(2,800.00) (1,500.00) (1,400.00) (1,300.00) (1,300.00) (1,365.00) (1,433.25)

(1,001.63) 421.28 688.82 912.15 1,065.30 1,118.56 1,174.49

0.92 0.84 0.77 0.71 0.65 0.59 0.54

Sensitivity Analysis
WACC
209 8.11% 9.11% 10.11% 11.11% 12.11%
3.00%
Terminal
Growth Rate 4.00%
5.00%
6.00%
7.00%

f invetsor presentation prepared by the company.

EPS SALES EV
11.88 172,734 153,398
2,665.82 160,625 220,472
7.77 101,868 138,341
62.35 69,845 66,974
40.02 52,100 46,515
 Terminal
FY27E FY28E FY29E Value
8 9 10 10
2,738.13 2,875.04 3,018.79
5.00% 5.00% 5.00%

(1,504.91) (1,580.16) (1,659.17)

1,233.22 1,294.88 1,359.62 27,687.25

0.50 0.46 0.42

APOLLO TYRES LIMITED
CRORES

Beneish M-Score
Parameters Glossary
Year 2018 2019 SGA Selling, General and Administrative Expen
Net Sales 15097.744 17548.843 CA Current Assets
Cost of Goods 8650.394 10126.476 DSRI Days Sales in Receivables Index
Net Receivables 1435.03 1154.683 GMI Gross Margin Index
Current Assets 6898.959 5728.914 AQI Asset Quality Index
Property, Plant and Equipment 9528.684 10883.886 SGI Sales Growth Index
Depreciation 592.554 812.671 DEPI Depreciation Index
Total Assets 20153.245 20043.724 SGAI Sales, General and Administrative Expense
SGA Expense 4793.754 5463.736 LVGI Leverage Index
Net Income 723.882 679.84 TATA Total Accruals to Total Assets
Cash Flow from Operations 1719.673 1071.116
Current Liabilities 4962.025 4216.883
Long-term Debt 3769.093 4167.86

Derived Variables
Other L/T Assets [TA-(CA+PPE)] 3725.602 3430.924
DSRI 0.692
GMI 0.990
AQI 0.926
SGI 1.162
DEPI 1.187
SGAI 0.981
TATA -0.049
LVGI 0.966

M-score
5 variable model -3.09 if M > -2.22, firm is likely to be a manipulator
8 variable model -2.85 if M > -1.8, firm is likely to be a manipulator

Notes
5 variable equationM = -6.065+ .823 DSRI + .906 GMI + .593 AQI + .717 SGI + .107 DEPI
8 variable equationM = -4.84 + .920 DSRI + .528 GMI + .404 AQI + .892 SGI + .115 DEPI -.172 SGAI + 4.679 Accrual to TA - .327
and Administrative Expenses

ceivables Index

nd Administrative Expenses Index

o Total Assets

4.679 Accrual to TA - .327 Leverage

APOLLO TYRES LIMITED
CRORES

Altman Z-Score
Input data FY15 FY16 FY17 FY18
Working capital 1,172.76 1,107.23 561.01 1,936.96
Total assets 8,629.48 11,653.83 15,296.12 20,153.25
Retained earnings 4,991.39 6,553.71 7,239.05 9,719.47
EBIT 1,542.31 1,616.57 1,386.92 1,058.72
Market Capitalisation 8,919.43 8,876.96 10,622.83 15,850.03
Total Liabilities 3,587.18 5,049.22 8,006.17 10,376.57
Net sales 12,725.69 12,851.53 14,169.96 15,097.74

Required Ratios
X1 = Working Capital / Total Assets 0.14 0.10 0.04 0.10
X2 = Retained Earnings / Total Assets 0.58 0.56 0.47 0.48
X3 = EBIT / Total Assets 0.18 0.14 0.09 0.05
X4 = Market Cap / Total Liabilities 2.49 1.76 1.33 1.53
X5 = Net Sales / Total Assets 1.47 1.10 0.93 0.75
Altman Z-Score 4.53 3.52 2.73 2.63
FY19
1,512.04
20,043.73
9,982.61
1,097.98
12,817.90
10,003.91
17,548.84

0.08
0.50
0.05
1.28
0.88
2.61
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