Equity Investors Point of View 0 1 2 3 4

Equity Funds -100

Revenues 500 500 500 500
Operating Costs 320 320 320 320
Depreciation 83.25 55.86 36.93 24.63
Interest on Working Capital Advance 27.00 27.00 27.00 27.00
Interest on Term Loan 30.00 28.50 22.50 16.50
Profit Before Tax (PBT) (3-4-5-6-7) 39.75 68.64 93.57 111.87
Tax 19.88 34.32 46.79 55.94
Profit Aftert Tax (PAT) 19.88 34.32 46.79 55.94
Net Salvage Value of Fixed Assets
Net Salvage Value of Current Assets
Repayment of Term Loan 20 40 40
Repayment of Working Capital Advance 0 0 0 0
Repayment of Trade Creditors 0 0 0 0
Initial Cash Flow -100
Operating Cash Flows (10+5) 103.13 90.18 83.71 80.56
Terminal or Liquidation Cash Flows 0.00 -20.00 -40.00 -40.00
(11+12-13-14-15)
Net Cash Flow (16+17+18) -100.00 103.13 70.18 43.71 40.56
 5 6 (in Rs. million)

500 500
320 320
16.43 10.96
27.00 27.00
10.50 4.50
126.07 137.54
63.04 68.77
63.04 68.77
80
200
40 40
0 100
0 50

79.46 79.73
-40.00 90.00

39.46 169.73