ACC Ltd (ACC IN) - Standardized

In Millions of INR except Per Share FY 2007 FY 2008 FY 2009

12 Months Ending 12/31/2007 12/31/2008 12/31/2009
Total Assets
+ Cash, Cash Equivalents & STI 7,464.0 9,914.7 18,962.3
+ Cash & Cash Equivalents 803.5 946.8 7,544.2
+ ST Investments 6,660.5 8,967.9 11,418.1
+ Accounts & Notes Receiv 3,058.3 3,578.5 2,739.2
+ Accounts Receivable, Net 3,058.3 3,578.5 2,739.2
+ Notes Receivable, Net — — 0.0
+ Inventories 7,417.2 7,993.4 7,860.9
+ Raw Materials 968.6 790.4 985.5
+ Work In Process 1,490.0 1,494.4 1,689.6
+ Finished Goods 812.6 788.6 880.8
+ Other Inventory 4,146.0 4,920.0 4,305.0
+ Other ST Assets 4,399.9 5,541.0 5,157.4
+ Prepaid Expenses — — —
+ Derivative & Hedging Assets — — —
+ Assets Held-for-Sale — — 62.3
+ Misc ST Assets — — 5,095.1
Total Current Assets 22,339.4 27,027.6 34,719.8
+ Property, Plant & Equip, Net 39,773.5 52,147.9 64,598.3
+ Property, Plant & Equip 61,555.5 76,361.3 91,911.5
- Accumulated Depreciation 21,782.1 24,213.4 27,313.2
+ LT Investments & Receivables 7,650.0 4,944.7 273.6
+ LT Investments — — 273.6
+ Other LT Assets 880.6 805.5 999.8
+ Total Intangible Assets 624.4 581.4 760.7
+ Goodwill 354.1 334.0 446.2
+ Other Intangible Assets 270.3 247.4 314.5
+ Derivative & Hedging Assets — — —
+ Investments in Affiliates 256.2 224.1 229.4
+ Misc LT Assets 0.0 0.0 9.7
Total Noncurrent Assets 48,304.1 57,898.1 65,871.7
Total Assets 70,643.5 84,925.7 100,591.5

Liabilities & Shareholders' Equity

+ Payables & Accruals 12,252.6 15,338.7 17,506.9
+ Accounts Payable 12,252.6 15,338.7 17,432.6
+ Accrued Taxes — — —
+ Interest & Dividends Payable — — 74.3
+ Other Payables & Accruals — — —
+ ST Debt 206.3 2,060.1 0.0
+ ST Borrowings — — 0.0
+ ST Finance Leases — — 0.0
 + Other ST Liabilities 8,532.6 13,078.9 15,145.7
+ Deferred Revenue — — 0.0
+ Derivatives & Hedging — — —
+ Misc ST Liabilities 8,532.6 13,078.9 15,145.7
Total Current Liabilities 20,991.5 30,477.7 32,652.6
+ LT Debt 2,940.7 2,760.2 5,669.2
+ LT Borrowings — — 5,669.2
+ LT Finance Leases — — 0.0
+ Other LT Liabilities 5,007.1 3,420.8 3,546.3
+ Accrued Liabilities — — 0.0
+ Pension Liabilities — — —
+ Deferred Revenue — — 0.0
+ Deferred Tax Liabilities — — 3,546.3
+ Derivatives & Hedging — — —
+ Misc LT Liabilities 5,007.1 3,420.8 0.0
Total Noncurrent Liabilities 7,947.8 6,181.0 9,215.5
Total Liabilities 28,939.3 36,658.7 41,868.1
+ Preferred Equity and Hybrid Capital — 0.0 0.0
+ Share Capital & APIC 10,292.3 10,306.1 10,326.3
+ Common Stock — — 1,879.4
+ Additional Paid in Capital — — 8,446.9
- Treasury Stock — 0.0 0.0
+ Retained Earnings 20,573.7 23,572.5 30,403.7
+ Other Equity 10,757.70 14,363.90 17,969.40
Equity Before Minority Interest 41,623.7 48,242.5 58,699.4
+ Minority/Non Controlling Interest 80.5 24.5 24.0
Total Equity 41,704.2 48,267.0 58,723.4
Total Liabilities & Equity 70,643.5 84,925.7 100,591.5

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP
Shares Outstanding 187.6 187.7 187.7
Number of Treasury Shares — 0.0 0.0
Pension Obligations — — —
Future Minimum Operating Lease Obligations 909.4 1,159.0 826.6
Capital Leases - Total — — 0.0
Percent Of Foreign Ownership 18.85 9.88 11.53
Number Of Shareholders 116,724.00 155,813.00 134,415.00
Options Granted During Period — 0.0 0.0
Options Outstanding at Period End — 0.0 0.0
Net Debt -4,317.0 -5,094.4 -13,293.1
Net Debt to Equity -10.35 -10.55 -22.64
Tangible Common Equity Ratio 58.55 56.51 58.04
Current Ratio 1.06 0.89 1.06
Cash Conversion Cycle -129.80 -172.67 —
Number of Employees 10,032.00 9,557.00 —
Source: Bloomberg
 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017

24,056.7 28,548.7 30,579.3 25,446.3 16,108.6 12,880.4 19,248.8 26,812.1

10,855.6 16,599.2 6,807.0 5,057.2 3,097.8 605.9 19,248.8 26,812.1
13,201.1 11,949.5 23,772.3 20,389.1 13,010.8 12,274.5 0.0 0.0
2,494.0 3,392.2 3,027.6 3,971.8 4,106.0 4,844.3 5,331.8 6,659.7
2,494.0 3,392.2 3,027.6 3,971.8 4,106.0 4,844.3 5,331.8 6,659.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
9,259.0 11,129.4 11,344.0 11,223.0 12,563.8 11,894.3 12,246.3 14,047.8
1,467.4 1,674.1 1,564.1 1,329.0 1,390.7 1,320.1 1,310.7 1,539.6
2,011.9 2,830.5 2,288.6 2,528.5 2,403.2 2,412.0 2,387.4 2,308.7
1,133.0 1,251.9 1,611.9 1,306.7 1,544.8 1,535.5 1,390.2 1,617.9
4,646.7 5,372.9 5,879.4 6,058.8 7,225.1 6,626.7 7,158.0 8,581.6
5,021.7 5,639.9 3,538.7 3,599.2 4,003.4 4,417.4 4,220.3 9,029.6
— — — — — — 1,510.0 4,568.8
— — — — — — 0.0 0.0
458.6 64.5 126.3 119.2 84.9 473.3 120.7 130.8
4,563.1 5,575.4 3,412.4 3,480.0 3,918.5 3,944.1 2,589.6 4,330.0
40,831.4 48,710.2 48,489.6 44,240.3 36,781.8 34,036.4 41,047.2 56,549.2
67,936.8 67,992.9 62,047.4 63,652.8 75,830.3 76,944.4 77,854.6 74,937.1
98,754.6 103,446.2 105,877.2 112,907.1 129,700.4 138,080.6 83,910.7 87,339.6
30,817.8 35,453.3 43,829.8 49,254.3 53,870.1 61,136.2 6,056.1 12,402.5
277.1 277.0 273.5 94.9 94.9 57.9 320.5 37.0
277.1 277.0 273.5 94.9 94.9 57.9 320.5 37.0
1,368.1 1,187.0 8,471.3 13,022.6 14,109.3 16,960.9 14,717.1 16,934.1
771.1 479.0 392.2 282.4 221.9 324.9 432.9 556.0
519.3 451.4 332.3 273.4 214.5 155.7 155.7 155.7
251.8 27.6 59.9 9.0 7.4 169.2 277.2 400.3
— — — — — — 0.0 0.0
590.4 704.5 740.9 771.7 745.9 809.1 851.3 911.6
6.6 3.5 7,338.2 11,968.5 13,141.5 15,826.9 13,432.9 15,466.5
69,582.0 69,456.9 70,792.2 76,770.3 90,034.5 93,963.2 92,892.2 91,908.2
110,413.4 118,167.1 119,281.8 121,010.6 126,816.3 127,999.6 133,939.4 148,457.4

15,879.3 20,703.7 14,576.0 14,800.5 16,203.5 18,964.3 25,601.8 33,184.4

15,806.0 20,630.4 6,607.1 6,416.4 7,520.2 8,775.0 12,584.9 18,137.4
— — — — — — 4,185.9 4,684.2
73.3 73.3 21.4 6.4 0.0 334.4 323.4 316.5
— — 7,947.5 8,377.7 8,683.3 9,854.9 8,507.6 10,046.3
0.0 0.0 780.3 350.3 0.0 0.0 0.0 0.0
0.0 0.0 780.3 350.3 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
 22,794.9 17,302.6 18,716.5 17,612.2 21,837.5 18,894.6 14,198.8 14,742.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — — — — 0.0 0.0
22,794.9 17,302.6 18,716.5 17,612.2 21,837.5 18,894.6 14,198.8 14,742.2
38,674.2 38,006.3 34,072.8 32,763.0 38,041.0 37,858.9 39,800.6 47,926.6
5,239.6 5,107.3 850.3 0.0 0.0 0.0 0.0 0.0
5,239.6 5,107.3 850.3 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,668.1 5,238.4 10,608.9 10,086.8 6,569.2 5,902.8 5,976.7 6,943.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — — — 994.0 1,105.4 1,099.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,668.1 5,238.4 5,225.9 5,128.4 5,409.8 4,704.2 4,563.1 5,515.6
— — — — — — 0.0 0.0
0.0 0.0 5,383.0 4,958.4 1,159.4 204.6 308.2 328.5
8,907.7 10,345.7 11,459.2 10,086.8 6,569.2 5,902.8 5,976.7 6,943.5
47,581.9 48,352.0 45,532.0 42,849.8 44,610.2 43,761.7 45,777.3 54,870.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
10,327.9 10,327.9 10,327.9 10,327.9 10,327.9 10,327.9 10,330.2 10,330.2
1,879.5 1,879.5 1,879.5 1,879.5 1,879.5 1,879.5 1,879.9 1,879.9
8,448.4 8,448.4 8,448.4 8,448.4 8,448.4 8,448.4 8,450.3 8,450.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
31,754.5 35,911.2 38,457.9 41,587.4 44,330.4 46,065.0 49,992.6 55,394.4
20,724.90 23,551.40 24,938.50 26,218.50 27,518.50 27,818.50 27,811.50 27,833.90
62,807.3 69,790.5 73,724.3 78,133.8 82,176.8 84,211.4 88,134.3 93,558.5
24.2 24.6 25.5 27.0 29.3 26.5 27.8 28.8
62,831.5 69,815.1 73,749.8 78,160.8 82,206.1 84,237.9 88,162.1 93,587.3
110,413.4 118,167.1 119,281.8 121,010.6 126,816.3 127,999.6 133,939.4 148,457.4

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

187.7 187.7 187.7 187.7 187.7 187.7 187.8 188.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — — — 994.0 1,105.4 1,099.4
4,370.1 5,648.8 3,647.1 1,644.5 1,485.6 1,200.0 1,039.8 653.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
16.11 17.96 20.37 20.41 17.13 12.71 15.01 14.16
115,263.00 109,004.00 102,445.00 105,353.00 102,794.00 106,934.00 104,463.00 96,836.00
— — — — — 0.0 0.0 0.0
— — — — 0.0 0.0 0.0 0.0
-18,817.1 -23,441.4 -28,948.7 -25,096.0 -16,108.6 -12,880.4 -19,248.8 -26,812.1
-29.95 -33.58 -39.25 -32.11 -19.60 -15.29 -21.83 -28.65
56.58 58.89 61.68 64.48 64.74 65.70 65.69 62.88
1.06 1.28 1.42 1.35 0.97 0.90 1.03 1.18
— 351.11 -35.68 104.52 111.39 88.41 47.05 -0.42
— 9,031.00 9,769.00 9,658.00 9,071.00 — — —
 FY 2018
12/31/2018

29,843.9
29,843.9
0.0
8,673.7
8,673.7
0.0
16,793.9
1,857.4
2,228.9
2,947.5
9,760.1
11,532.9
—
0.0
115.5
11,417.4
66,844.4
74,329.6
92,608.8
18,279.2
37.0
37.0
19,348.5
529.9
155.7
374.2
0.0
1,004.0
17,814.6
93,715.1
160,559.5

31,867.2
19,262.6
1,824.3
588.1
10,192.2
0.0
0.0
0.0
 15,194.4
0.0
0.0
15,194.4
47,061.6
0.0
0.0
0.0
8,148.6
0.0
1,072.1
0.0
6,745.7
0.0
330.8
8,148.6
55,210.2
0.0
10,330.2
1,879.9
8,450.3
0.0
67,021.0
27,967.80
105,319.0
30.3
105,349.3
160,559.5

IN GAAP
187.8
0.0
1,072.1
1,403.9
0.0
14.16
96,836.00
0.0
0.0
-29,843.9
-28.33
65.48
1.42
-1.53
7,422.00
ACC Ltd (ACC IN) - Standardized
In Millions of INR except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Cash from Operating Activities
+ Net Income 10,996.5 15,639.1 10,775.3 13,008.0
+ Depreciation & Amortization 3,205.3 3,731.3 4,277.2 5,100.4
+ Non-Cash Items 2,202.0 1,798.7 3,161.6 -2,157.7
+ Other Non-Cash Adj 2,202.0 1,798.7 3,161.6 -2,157.7
+ Chg in Non-Cash Work Cap 1,310.8 2,366.8 1,177.2 703.5
+ (Inc) Dec in Accts Receiv — — — —
+ (Inc) Dec in Inventories -860.7 132.5 -2,068.1 -1,930.8
+ Inc (Dec) in Accts Payable — — — —
+ Inc (Dec) in Other 2,171.5 2,234.3 3,245.3 2,634.3
+ Net Cash From Disc Ops — 0.0 0.0 0.0
Cash from Operating Activities 17,714.6 23,535.9 19,391.3 16,654.2

Cash from Investing Activities

+ Change in Fixed & Intang -15,593.7 -15,472.8 -8,201.7 -4,533.7
+ Disp in Fixed & Intang 177.9 134.6 219.0 306.8
+ Disp of Fixed Prod Assets — 134.6 219.0 306.8
+ Disp of Intangible Assets — 0.0 0.0 0.0
+ Acq of Fixed & Intang -15,771.6 -15,607.4 -8,420.7 -4,840.5
+ Acq of Fixed Prod Assets — -15,607.4 -8,420.7 -4,840.5
+ Acq of Intangible Assets — 0.0 0.0 0.0
+ Net Change in LT Investment 2,960.3 — — 0.0
+ Dec in LT Investment 41,937.8 — — 0.0
+ Inc in LT Investment -38,977.5 — — 0.0
+ Net Cash From Acq & Div — 0.0 -117.8 -37.7
+ Cash from Divestitures — 0.0 0.0 0.0
+ Cash for Acq of Subs — 0.0 0.0 0.0
+ Cash for JVs — 0.0 -117.8 -37.7
+ Other Investing Activities 0.0 -6,942.8 -357.3 366.2
+ Net Cash From Disc Ops — 0.0 0.0 0.0
Cash from Investing Activities -12,633.4 -22,415.6 -8,676.8 -4,205.2

Cash from Financing Activities

+ Dividends Paid -4,351.4 -4,359.3 -5,002.3 -6,824.7
+ Cash From (Repayment) Debt 1,765.5 848.9 -618.8 -132.3
+ Cash From (Repay) ST Debt — 0.0 -88.5 -99.3
+ Cash From LT Debt — 3,000.0 0.0 0.0
+ Repayments of LT Debt — -2,151.1 -530.3 -33.0
+ Cash (Repurchase) of Equity 13.9 19.0 0.8 0.0
+ Increase in Capital Stock 13.9 19.0 0.8 0.0
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities — 0.0 0.0 0.0
 + Net Cash From Disc Ops — 0.0 0.0 0.0
Cash from Financing Activities -2,630.5 -3,491.4 -5,620.3 -6,957.0

Effect of Foreign Exchange Rates — 0.0 0.0 0.0

Net Changes in Cash 2,450.7 -2,371.1 5,094.2 5,492.0

Cash Paid for Taxes 3,193.1 4,941.6 761.9 4,166.1

Cash Paid for Interest 403.1 1,054.9 946.3 727.6

Reference Items
EBITDA 21,396.9 26,290.7 18,033.4 19,212.3
Trailing 12M EBITDA Margin 27.72 31.00 21.84 19.19
Interest Received — — 419.8 1,259.6
Free Cash Flow 1,943.0 7,928.5 10,970.6 11,813.7
Free Cash Flow to Firm 2,213.6 8,514.7 11,410.5 12,644.1
Free Cash Flow to Equity — 8,912.0 10,570.8 11,988.2
Free Cash Flow per Basic Share 10.35 42.24 58.43 62.92
Price to Free Cash Flow 46.37 20.65 18.41 18.07
Cash Flow to Net Income 1.61 1.50 1.80 1.28
Source: Bloomberg
 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/31/2019

10,592.8 10,946.7 11,618.2 5,876.0 6,582.9 9,244.1 15,204.7 16,161.0

5,689.0 5,837.9 5,676.2 8,270.4 6,129.0 6,473.4 6,060.0 6,053.2
4,553.6 -3,144.9 -3,498.7 137.2 -376.9 1,063.3 -5,660.6
4,553.6 -3,144.9 -3,498.7 137.2 -376.9 1,063.3 -5,660.6
-4,496.5 -1,991.8 588.6 518.2 1,830.4 -907.4 -3,906.3
-388.2 -1,027.7 — — — — —
-216.3 120.9 -1,478.0 585.9 -478.9 -1,737.6 -2,790.3
-1,527.6 -178.9 — — — — —
-2,364.4 -906.1 2,066.6 -67.7 2,309.3 830.2 -1,116.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
16,338.9 11,647.9 14,384.3 14,801.8 14,165.4 15,873.4 11,697.8

-5,557.7 -9,554.2 -16,036.3 -11,194.4 -5,008.2 -4,817.6 -4,971.1

164.0 73.0 25.8 41.5 213.3 531.4 225.7
164.0 73.0 25.8 41.5 213.3 531.4 225.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-5,721.7 -9,627.2 -16,062.1 -11,235.9 -5,221.5 -5,349.0 -5,196.8
-5,721.7 -9,627.2 -16,062.1 -11,235.9 -5,221.5 -5,349.0 -5,196.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-3.4 0.0 0.0 1,292.6 -1,349.7 -20.5 -1,173.9
0.0 0.0 0.0 1,293.7 0.0 0.0 —
-3.4 0.0 0.0 -1.1 -1,349.7 -20.5 -1,173.9
0.0 0.0 -239.7 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 -239.7 0.0 0.0 0.0 0.0
809.8 -580.3 355.6 213.2 283.5 298.1 1,569.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-4,751.3 -10,134.5 -15,920.4 -9,688.6 -6,074.4 -4,540.0 -4,575.6

-6,081.6 -6,559.2 -7,529.9 -6,750.3 -3,841.9 -3,842.3 -3,395.8

-3,476.7 -1,280.3 -350.3 0.0 0.0 0.0 0.0
-16.2 -780.3 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-3,460.5 -500.0 -350.3 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 2.3 0.0 0.0
0.0 0.0 0.0 0.0 2.3 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-9,558.3 -7,839.5 -7,880.2 -6,750.3 -3,839.6 -3,842.3 -3,395.8

0.0 0.0 0.0 0.0 0.0 0.0 0.0

2,029.3 -6,326.1 -9,416.3 -1,637.1 4,251.4 7,491.1 3,726.4

2,064.2 4,301.0 2,373.7 2,307.6 2,736.9 2,190.9 5,278.9

1,101.9 769.3 490.7 412.5 459.2 415.5 408.8

21,966.4 16,299.7 15,132.9 17,018.8 14,822.1 19,161.5 20,509.0 20,907.0

19.34 14.59 12.89 14.43 13.77 14.82 14.17 14.15
1,641.3 1,665.3 1,254.6 627.7 652.8 696.9 920.3
10,617.2 2,020.7 -1,677.8 3,565.9 8,943.9 10,524.4 6,501.0
11,452.5 2,481.2 — 4,051.9 9,519.2 11,208.4 —
7,304.5 813.4 -2,002.3 3,607.4 9,157.2 11,055.8 6,726.7
56.55 10.76 -8.94 18.99 47.63 56.04 34.62
25.33 103.02 — 71.64 27.94 31.38 43.56 44.90
1.54 1.06 1.24 2.52 2.15 1.72 0.77
ACC Ltd (ACC IN) - Adjusted
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2010 12/31/2011 12/31/2012
Revenue 82,587.7 100,123.3 113,581.9
+ Sales & Services Revenue 82,587.7 100,123.3 113,581.9
Gross Profit — — —
+ Other Operating Income 2,627.2 2,251.1 —
- Operating Expenses 71,063.9 88,151.9 97,304.5
+ Selling & Marketing — — —
+ Research & Development 46.4 55.8 65.2
+ Depreciation & Amortization 4,277.2 5,100.4 5,689.0
+ Prov For Doubtful Accts 94.6 81.0 —
+ Other Operating Expense 66,645.7 82,914.7 91,550.3
Operating Income (Loss) 14,151.0 14,222.5 16,277.4
- Non-Operating (Income) Loss -432.9 -574.8 2,789.7
+ Interest Expense, Net 108.7 -272.8 -564.0
+ Interest Expense 579.3 969.1 1,146.5
- Interest Income 470.6 1,241.9 1,710.5
+ Other Investment (Inc) Loss -506.6 -301.9 —
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0
+ (Income) Loss from Affiliates -35.0 — —
+ Other Non-Op (Income) Loss 0.0 -0.1 3,353.7
Pretax Income (Loss), Adjusted 14,583.9 14,797.3 13,487.7
- Abnormal Losses (Gains) 394.8 -255.6 -922.2
+ Disposal of Assets — — -61.1
+ Sale of Investments -1.1 -366.2 -861.1
+ Unrealized Investments — — —
+ Other Abnormal Items 395.9 110.6 —
Pretax Income (Loss), GAAP 14,189.1 15,052.9 14,409.9
- Income Tax Expense (Benefit) 3,413.6 2,154.5 3,910.8
+ Current Income Tax 4,111.6 2,955.1 4,397.5
+ Deferred Income Tax 121.7 1,479.1 -739.0
+ Tax Allowance/Credit -819.7 -2,279.7 252.3
- (Income) Loss from Affiliates — -110.0 -94.7
Income (Loss) from Cont Ops 10,775.5 13,008.4 10,593.8
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0
Income (Loss) Incl. MI 10,775.5 13,008.4 10,593.8
- Minority Interest 0.2 0.4 1.0
Net Income, GAAP 10,775.3 13,008.0 10,592.8
- Preferred Dividends 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0
Net Income Avail to Common, GAAP 10,775.3 13,008.0 10,592.8
Net Income Avail to Common, Adj 11,035.9 12,835.3 9,969.9
Net Abnormal Losses (Gains) 260.6 -172.7 -622.9
Net Extraordinary Losses (Gains) 0.0 0.0 0.0

Basic Weighted Avg Shares 187.7 187.7 187.7

Basic EPS, GAAP 57.39 69.29 56.42
Basic EPS from Cont Ops 57.39 69.29 56.42
Basic EPS from Cont Ops, Adjusted 58.78 68.37 53.10

Diluted Weighted Avg Shares 188.2 188.2 188.2

Diluted EPS, GAAP 57.27 69.12 56.28
Diluted EPS from Cont Ops 57.27 69.12 56.28
Diluted EPS from Cont Ops, Adjusted 58.66 68.20 52.97

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP
EBITDA 18,428.2 19,322.9 21,966.4
EBITDA Margin (T12M) 22.31 19.30 19.34
EBITA — 14,329.8 —
EBIT 14,151.0 14,222.5 16,277.4
Gross Margin — — —
Operating Margin 17.13 14.21 14.33
Profit Margin 13.36 12.82 8.78
Sales per Employee — 11,086,623.85 11,626,768.35
Dividends per Share 30.50 28.00 30.00
Total Cash Common Dividends 5,726.3 5,256.9 5,632.4
Capitalized Interest Expense — — —
Personnel Expenses 4,981.9 5,655.7 6,178.6
Export Sales — — 0.0
Depreciation Expense — 4,993.1 —
Rental Expense 345.3 310.6 316.0
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/31/2019 12/31/2019
111,694.2 117,387.9 117,971.6 107,677.9 129,309.5 144,774.7 147,701.1 157,294.5
111,694.2 117,387.9 117,971.6 107,677.9 129,309.5 144,774.7 147,701.1
— — — — — — 131,987.4
— — — 2,219.3 3,541.8 3,241.5 3,260.3
100,895.2 107,772.4 108,767.7 101,204.1 120,163.2 133,567.2 136,107.6
— — 1,101.3 805.7 874.2 721.0
74.3 66.5 0.0 0.0 76.4 61.5
5,837.9 5,676.2 6,625.9 6,091.8 6,436.2 6,032.2 6,025.4
— — — — — —
94,983.0 102,029.7 101,040.5 94,306.6 112,776.4 126,752.5 130,082.2
10,799.0 9,615.5 9,203.9 8,693.1 12,688.1 14,449.0 14,853.8 67,225.3
-1,061.9 -1,304.4 1,332.6 277.1 51.4 -180.7 -1,720.8
-1,061.9 -1,304.4 -297.2 117.6 50.6 -191.1
516.7 827.6 646.4 773.5 969.3 857.9
1,578.6 2,132.0 943.6 655.9 918.7 1,049.0
— — — — — —
0.0 0.0 0.0 -10.2 0.0 0.0
— — — -104.5 -109.2 — -105.9
0.0 0.0 1,629.8 274.2 110.0 10.4 -1,838.4
11,860.9 10,919.9 7,871.3 8,416.0 12,636.7 14,629.7 16,574.6 18,654.3
-275.5 -275.5 216.0 -437.1 -463.9 -368.2 0.0
— — — -204.6 -103.2 —
-612.7 -434.3 -239.5 -232.5 -360.7 -368.2
178.6 — — — — —
158.6 158.8 455.5 — — —
12,136.4 11,195.4 7,655.3 8,853.1 13,100.6 14,997.9 16,574.6 18,654.3
1,319.1 -311.3 1,899.8 2,268.9 3,855.5 -208.3 412.1
3,638.7 2,643.6 2,605.4 2,376.6 3,526.5 -533.8 688.7
-152.2 137.4 -705.6 -107.7 329.0 325.5 -276.6
-2,167.4 -3,092.3 — — — —
-130.9 -113.8 -117.7 — — —
10,948.2 11,620.5 5,873.2 6,584.2 9,245.1 15,206.2 16,162.5 12,971.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
10,948.2 11,620.5 5,873.2 6,584.2 9,245.1 15,206.2 16,162.5
1.5 2.3 -2.8 1.3 1.0 1.5 1.5
10,946.7 11,618.2 5,876.0 6,582.9 9,244.1 15,204.7 16,161.0 12,971.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
10,946.7 11,618.2 5,876.0 6,582.9 9,244.1 15,204.7 16,161.0 12,971.5
 10,764.8 11,436.3 6,017.2 6,297.1 8,919.4 14,947.0 16,161.0 13,176.8
-181.9 -181.9 141.2 -285.8 -324.7 -257.7 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

187.7 187.7 187.7 187.8 187.8 187.8 187.8

58.31 61.88 31.30 35.06 49.23 80.97 86.06 69.17
58.31 61.88 31.30 35.06 49.23 80.97 86.06 69.17
57.34 60.91 32.05 33.54 47.50 79.60 86.06 69.64

188.2 188.2 188.2 188.2 188.3 188.2 188.2

58.17 61.72 31.22 34.97 49.10 80.77 85.85 69.17
58.17 61.72 31.22 34.97 49.10 80.77 85.85 69.17
57.20 60.75 31.97 33.45 47.38 79.40 85.85 69.64

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

16,636.9 15,291.7 17,474.3 14,822.1 19,161.5 20,509.0 20,907.0 22,713.9
14.90 13.03 14.81 13.77 14.82 14.17 14.15 14.44
10,862.3 — 10,912.8 8,762.8 12,757.9 14,523.1
10,799.0 9,615.5 9,203.9 8,693.1 12,688.1 14,449.0 14,853.8 67,225.3
— — — — — — 83.91
9.67 8.19 7.80 8.07 9.81 9.98 10.06 42.74
9.64 9.74 5.10 5.85 6.90 10.32 10.94 8.38
11,564,940.98 12,941,009.81 — — — 19,506,157.37
30.00 34.00 17.00 17.00 26.00 26.00 20.86
5,632.4 6,383.4 3,191.7 3,192.4 4,882.5 2,629.0
— 0.0 0.0 0.0 0.0 0.0
6,629.6 7,480.5 7,721.6 7,567.2 8,213.6 8,835.8 8,848.3
— — — — — —
5,774.6 — 6,561.5 6,059.3 6,403.6 5,985.9
305.3 338.7 303.7 1,329.2 1,397.9 1,371.1
FY 2020 Est
12/31/2020
168,996.4

141,950.2

72,866.7

20,438.7

20,438.7

14,357.0

14,357.0

14,357.0
14,403.1

76.71
76.71
76.31

76.71
76.71
76.31

25,188.3
14.90

72,866.7
84.00
43.12
8.52

23.00
Particulars (Rs. Million) 2010 2011 2012 2013 2014
Revenue 82587.70 100123.30 113581.90 111694.20 117387.90
%YOY Growth 21.23% 13.44% -1.66% 5.10%
Less: Operating Expenses (excluding Dep.) 66786.70 83051.50 91615.50 95057.30 102096.20
EBITDA 15801.00 17071.80 21966.40 16636.90 15291.70
EBITDA Margin 19.13% 17.05% 19.34% 14.90% 13.03%
%YOY Growth
Less: Depreciation and Amortisation 4277.20 5100.40 5689.00 5837.90 5676.20
EBIT 11523.80 11971.40 16277.40 10799.00 9615.50
EBIT Margin 73% 70% 74% 65% 63%
%YOY Growth 3.88% 35.97% -33.66% -10.96%
Tax 3339.27 2350.16 4967.41 3237.72 2270.53
Effective Tax Rate 29% 20% 31% 30% 24%
EBIT(1-T) 8184.53 9621.24 11309.99 7561.28 7344.97
NOPAT Margin 71% 80% 69% 70% 76%
%YOY Growth
Add: Adjustment of R&D 46.40 55.80 65.20 74.30 66.50
%YOY Growth
Adjusted EBIT(1-t) 8230.93 9677.04 11375.19 7635.58 7411.47
Less: Net Capex 4180.62 -224.54 64.42 3815.26 10390.76
Capex growth
Working Capital Growth
Working Capital -16659.90 -12737.50 -15312.20 -13969.00 -17367.80
Less: Change in Non-cash WC 824.85 3922.40 -2574.70 1343.20 -3398.80
FCFF 3225.46 5979.18 13885.47 2477.12 419.51
YOY Growth
PV of FCFF
Perpetuity
PV of Perpetuity
Enterprise Value
Less: Debt Value
Add: Cash
Value of Equity
No of shares
Value of Share

D/E Ratio
WACC
Growth Upto 2022 (1.3X GDP multiplier)
Growth Medium Term
Growth Terminal

Calculation of R&D
R&D Expneses 46.40 55.80 65.20 74.30 66.50
Amortisation this year (20% of Face Value) 9.28 20.44 33.48 48.34 61.64
Calculation of Net Capex
Purchase of Fixed Assets 8420.70 4840.50 5721.70 9627.20 16062.10
Capex as % of Revenue
Add: R&D 46.40 55.80 65.20 74.30 66.50
Less: Depreciation 4277.20 5100.40 5689.00 5837.90 5676.20
Less: Amortisation of R&D 9.28 20.44 33.48 48.34 61.64
Net Capex 4180.62 -224.54 64.42 3815.26 10390.76

Calculation in Change in Non-Cash WC

Current Assets 40831.4 48710.2 48489.6 44240.3 36781.8
Less: Cash and Marketable Securities 24056.7 28548.7 30579.3 25446.3 16108.6
Non Cash Current Assets 16774.7 20161.5 17910.3 18794 20673.2

Current Liabilities 38674.2 38006.3 34072.8 32763 38041

Less: Interest Bearing Liabilities 5239.6 5107.3 850.3 0 0
Non- interest bearing current liabiliites 33434.6 32899 33222.5 32763 38041

Non Cash Working Capital -16659.9 -12737.5 -15312.2 -13969 -17367.8

Change in Non-Cash Working Capital 824.85 3922.4 -2574.7 1343.2 -3398.8
 2015 2016 2017 2018 Average growth 2019 2020
117971.60 107677.90 129309.50 144774.70 127254.03 138503.28988 150746.98071
0.50% -8.73% 20.09% 11.96% 7.27%
102141.80 95112.30 113727.00 127535.00
15829.80 12565.60 15582.50 17239.70 20389.37 22191.79
13.42% 11.67% 12.05% 11.91% 14.72%

6625.90 6091.80 6436.20 6032.20

9203.90 6473.80 9146.30 11207.50 13065.96 14018.08
58% 52% 59% 65% 64.08% 63.17%
-4.28% -29.66% 41.28% 22.54% -1.43%
3132.45 1737.88 2462.06 -398.89
34% 27% 27% -4%
6071.45 4735.92 6684.24 11606.39 9916.21 10638.80
66% 73% 73% 104% 75.89%

0.00 0.00 76.40 61.50 49.57 49.57 49.57

6071.45 4735.92 6760.64 11667.89 9965.78 10688.37

4557.64 -911.50 -1054.24 -814.78 2222.63 2222.63 2222.63

-16702.90 -18002.20 -18189.50 -10061.10

664.90 -1299.30 -187.30 8128.40 824.85 824.85 824.85
848.91 6946.72 8002.18 4354.27 6918.30 7640.89
0.10
6918.30 6892.45

168404.31
0
29844
198248
187.8
1055.71

0.00
10.86%
8.84%
7.27%
5.00%

0.00 0.00 76.40 61.50

52.36 41.20 43.44 40.88
11235.90 5221.50 5349.00 5196.80

0.00 0.00 76.40 61.50

6625.90 6091.80 6436.20 6032.20
52.36 41.20 43.44 40.88
4557.64 -911.50 -1054.24 -814.78

34036.4 41047.2 56549.2 66844.4

12880.4 19248.8 26812.1 29843.9
21156 21798.4 29737.1 37000.5

37858.9 39800.6 47926.6 47061.6

0 0 0 0
37858.9 39800.6 47926.6 47061.6

-16702.9 -18002.2 -18189.5 -10061.1

664.9 -1299.3 -187.3 8128.4
 2021 2022 2023 2024 2025 2026 2027
164073.0138 178577.06822 191556.92 205480.22 220415.52 236436.40 253621.75

24153.55 26288.72 28199.52 30249.19 32447.85 34806.32 37336.22

15039.57 16135.50 17061.34 18040.30 19075.43 20169.96 21327.29

62.27% 61.38% 60.50% 59.64% 58.79% 57.95% 57.12%

11414.05 12245.79 12948.44 13691.41 14477.00 15307.68 16186.02

49.57 49.57 49.57 49.57 49.57 49.57 49.57

11463.62 12295.35 12998.00 13740.97 14526.57 15357.25 16235.58

2222.63 2222.63 2222.63 2222.63 2222.63 2222.63 2222.63

824.85 824.85 824.85 824.85 824.85 824.85 824.85

8416.14 9247.88 9950.53 10693.50 11479.09 12309.77 13188.11
0.10 0.10 0.08 0.07 0.07 0.07 0.07
6848.13 6787.82 6588.16 6386.56 6184.21 5982.13 5781.20
 2028 2029 2030 Terminal Value
272056.22 291830.60 313042.27 328694.39

40050.00 42961.02 46083.64 48387.82

22551.03 23844.98 25213.18 26473.84

56.31% 55.50% 54.71% 54.71%

17114.75 18096.78 19135.15 20091.91

49.57 49.57 49.57 49.57

17164.32 18146.35 19184.72 20141.48

2222.63 2222.63 2222.63 2222.63

824.85 824.85 824.85 824.85

14116.84 15098.87 16137.24 17094.00
0.07 0.07 0.07 0.06
5582.16 5385.66 5192.22
291761.27
93875
 ACC UTT Shree Ambuja JKL
Beta 0.89 0.83 0.63 0.97 0.7 Last 10 Years Daily Data
Debt Spread 0.75% 0.75% 0.75% 1%
Risk Free Rate 7.29% 7.29% 7.29% 7.29% 7.29%
Marginal Tax Rate 34% 34% 34% 34% 34%
D/E 0.000% 20.773% 4.275% 0.000% 42.248%
Risk Premium 4.01% 4.01% 4.01% 4.01% 4.01%
NIFTY Average Annual 11.30% 11.30% 11.30% 11.30% 11.30%
Equity 100% 82.80% 95.90% 100% 70.30%
Debt 0.00% 17.20% 4.10% 0.00% 29.70%
COD 7.29% 8.04% 8.04% 8.04% 8.29%
After Tax COD 0.048114 0.053064 0.053064 0.053064 0.054714
COE 10.859% 10.618% 9.816% 11.180% 10.097%
WACC 10.859% 9.705% 9.631% 11.180% 8.723%
Last 10 Years Daily Data
Components
FCFE 6918.30
NI 9916.21
g 5.00%
r 10.86%
roe 0.094127
NI Margin 0.071595
EBITDA 20389.37

Implied P/E [(FCFE/NI(1+g))/(r-g)] 12.50336 Enterprise Value Per Share 773

Implied P/B [roe*P/E] 1.176904 Enterprise Value Per Share 660
Implied P/S [NI Margin*P/E] 0.895184 Enterprise Value 129600
Implied EV/EBITDA 5.791344 Enterprise Value 99841.03