Nestle Model Group 5

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E FY2021E
In Rs Million
Revenue from Operations ₹81,232.7 ₹91,592.8 ₹101,351.1 ₹112,162.3 ₹122,952.7 ₹140,203.1 ₹160,017.7
Other Income ₹1,621.3 ₹2,139.1 ₹2,339.9 ₹3,349.6 ₹3,205.1 ₹3,692.9 ₹4,388.3
Total Income ₹82,854.0 ₹93,731.9 ₹103,691.0 ₹115,511.9 ₹126,157.8 ₹143,896.0 ₹164,406.0
Expenses
Cost of Materials Consumed ₹33,588.7 ₹37,750.9 ₹42,316.6 ₹43,656.8 ₹51,503.0 ₹57,558.4 ₹65,762.4
Purchase of Stock In Trade ₹980.7 ₹1,153.8 ₹1,747.6 ₹2,305.6 ₹2,178.1 ₹2,662.7 ₹3,111.4
Changes in inventories of finished goods, work-in-progres ₹119.7 -₹107.8 -₹795.6 -₹60.1 -₹1,441.9 -₹964.7 -₹1,039.5
Employee benefits expense ₹8,374.3 ₹9,859.6 ₹10,174.5 ₹11,241.5 ₹12,629.5 ₹14,549.4 ₹16,662.8
Excise Duty ₹0.0 ₹0.0 ₹1,825.8 ₹0.0 ₹0.0 ₹0.0 ₹0.0
Finance costs (including interest cost on employee benefit ₹786.1 ₹909.1 ₹919.0 ₹1,119.5 ₹1,198.3 ₹1,381.1 ₹1,607.1
Other expenses ₹21,264.3 ₹23,790.3 ₹24,170.2 ₹28,181.1 ₹29,545.4 ₹33,096.1 ₹37,813.4
Impairment loss on property, plant and equipment ₹282.2 ₹118.3 ₹371.8 ₹110.8 ₹0.0 ₹223.3 ₹139.2
Net provision for contingencies ₹634.6 ₹1,684.7 ₹876.5 ₹1,036.8 ₹248.8 ₹955.3 ₹981.3
Total Expenses ₹66,030.6 ₹75,158.9 ₹81,606.4 ₹87,592.0 ₹95,861.2 ₹109,461.7 ₹125,038.1
EBITDA ₹16,823.4 ₹18,573.0 ₹22,084.6 ₹27,919.9 ₹30,296.6 ₹34,434.3 ₹39,367.9

EBITDA Y-o-Y Growth 10.40% 18.91% 26.42% 8.51% 13.66% 14.33%
Depreciation and Amortisation ₹3,472.6 ₹3,536.2 ₹3,422.5 ₹3,356.7 ₹3,163.6 ₹3,113.5 ₹2,963.3
EBIT ₹13,350.8 ₹15,036.8 ₹18,662.1 ₹24,563.2 ₹27,133.0 ₹31,320.8 ₹36,404.6

Exceptional items & CSR ₹5,214.5 ₹621.4 ₹269.1 ₹273.7 ₹383.1 ₹469.1 ₹553.4
Tax Expense ₹2,503.6 ₹5,150.0 ₹6,141.1 ₹8,220.2 ₹7,054.4 ₹7,883.4 ₹9,163.0
PAT ₹5,632.7 ₹9,265.4 ₹12,251.9 ₹16,069.3 ₹19,695.5 ₹22,968.3 ₹26,688.1

PAT Growth Y-o-Y 64.49% 32.23% 31.16% 22.57% 16.62% 16.20%
PAT Margin 6.93% 10.12% 12.09% 14.33% 16.02% 16.38% 16.68%
Dividend Per Share
Dividend Per Share(Rs) 48.5 63 86 115 306 150 300
Dividend 4676.37 6074.46 8292.12 11088.3 29504.52 14463 28926
Dividend Distribution Tax 956.3 1148.2 1687.7 2238.7 6069.4 0 0
Face Value per Share 10 10 10 10 10 10 10

Number of Shares 96.42 96.42 96.42 96.42 96.42 96.42 96.42
EPS(Rs) 58.42 96.09 127.07 166.66 204.27 238.21 276.79
PAT Margin EBITDA Y-o-Y Growth

70.00% ₹0.3
60.00%
50.00%
EBITDA Y-o-Y Growth

₹0.2
40.00% PAT Margin
PAT Margin
30.00% EBITDA Y-o-Y Growth

PAT Growth Y-o-Y
20.00% 16.02% 17.12%
16.68%
16.38% 17.23%
17.09% ₹0.1
14.33%
12.09%
10.12%
10.00%6.93%
0.00% ₹0.0
5 7 9 E E 5 7 9 E E
201 201 201 021 023 201 201 201 021 023
FY FY FY FY2 FY2 FY FY FY FY2 FY2
Common Size Statement
FY2022E FY2023E FY2024E 2015 2016 2017 2018 2019
₹182,795.6 ₹209,000.4 ₹239,171.0 100% 100% 100% 100% 100%

₹4,864.3 ₹5,599.4 ₹6,443.7 2% 2% 2% 3% 3%
₹187,659.9 ₹214,599.8 ₹245,614.7
₹75,063.9 ₹85,839.9 ₹98,245.9 41% 41% 42% 39% 42%

₹3,449.5 ₹3,992.4 ₹4,577.5 1% 1% 2% 2% 2%
-₹1,548.5 -₹1,522.1 -₹1,773.9 0% 0% -1% 0% -1%
₹19,090.1 ₹21,759.6 ₹24,927.8 10% 11% 10% 10% 10%
₹0.0 ₹0.0 ₹0.0 0% 0% 2% 0% 0%
₹1,821.5 ₹2,080.2 ₹2,388.6 1% 1% 1% 1% 1%
₹43,161.8 ₹49,358.0 ₹56,491.4 26% 26% 24% 25% 24%
₹150.0 ₹228.8 ₹222.1 0% 0% 0% 0% 0%
₹915.2 ₹1,250.7 ₹1,365.1 1% 2% 1% 1% 0%
₹142,103.5 ₹162,987.4 ₹186,444.4 81% 82% 81% 78% 78%
₹45,556.3 ₹51,612.4 ₹59,170.3 21% 20% 22% 25% 25%

15.72% 13.29% 14.64%
₹2,891.2 ₹2,897.6 ₹2,964.7 4% 4% 3% 3% 3%
₹42,665.1 ₹48,714.8 ₹56,205.6 16% 16% 18% 22% 22%

₹632.4 ₹735.9 ₹851.9 6% 1% 0% 0% 0%
₹10,738.8 ₹12,261.5 ₹14,147.0 3% 6% 6% 7% 6%
₹31,293.9 ₹35,717.3 ₹41,206.8 7% 10% 12% 14% 16%

17.26% 14.14% 15.37%
17.12% 17.09% 17.23%
300 300 300

28926 28926 28926
0 0 0
10 10 10
96.42 96.42 96.42
324.56 370.43 427.37
h EPS (Rs)
450.00 FY2015
400.00 FY2016
350.00 FY2017
300.00 FY2018
250.00 FY2019
DA Y-o-Y Growth 200.00 FY2020E
EPS
150.00
FY2021E
100.00
FY2022E
50.00
0.00 FY2023E
5 6 7 8 9 E E E E E FY2024E
201 201 201 201 201 020 021 022 023 024
FY FY FY FY FY FY2 FY2 FY2 FY2 FY2
In Rs Million
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E FY2021E FY2022E FY2023E
ASSETS
Property, Plant and Equipment 28979 27301 26162 24006 22267 21193 20677 20723 21203
Capital work-in-progress 2308 1882 942 1052 1433 1433 1433 1433 1433
Financial Assets
Investments 3418 4743 5853 7334 7436 7436 7436 7436 7436
Loans 627 644 464 401 470 470 470 470 470
Other non-current assets 677 707 832 718 804 804 804 804 804
Non-current assets 36009 35277 34252 33511 32410 31336 30820 30866 31346
Inventories 8208 9401 9025 9656 12831 13145 16591 17147 21564
Financial Assets
Investments 9879 12814 13936 19251 10075 10075 10075 10075 10075
Trade receivables 784 979 890 1246 1243 1412 1624 1836 2152
Cash and cash equivalents 4893 8693 14477 15988 12932 24467 25941 35038 45097
Bank Balances other than cash 103 107 97 113 149 0 0 0 0
Loans 182 166 288 179 125 148 125 142 150
Other financial assets 223 327 428 525 558 558 558 558 558
Current tax assets 328 27 64 189 0 0 0 0 0
Other current assets 305 315 170 224 260 260 260 260 260
Current assets 24904 32828 39374 47370 38172 50064 55174 65055 79856
Total Assets 60913 68105 73626 80881 70582 81400 85994 95921 111202
Equity Share Capital 964 964 964 964 964 964 964 964 964
Other Equity 29394 31859 33242 35773 18358 26864 24626 26994 33785
Total Equity 30359 32823 34206 36737 19323 27828 25590 27958 34749
Financial Liabilities
Borrowings 168 332 351 351 531 531 0 0 0
Provisions 15972 19722 22916 24649 29069 30845 35204 40215 45980
Deferred tax liabilities (net) 1747 1553 1220 588 180 180 180 180 180
Other non-current liabilities 0 7 6 5 4 4 4 4 4
Non-current liabilities 17887 21614 24493 25594 29784 31560 35388 40399 46164
Financial Liabilities
Trade payables 7494 7992 9846.4 12403.7 14946.9 15484 18488 21036 23761
Borrowings 9 0 0 0 0 0 0 0 0
Other Financial Liabilities 2493 3116.4 3140.2 3161.8 4314.8 4315 4315 4315 4315
Provisions 506 538 875 1573 855 855 855 855 855
Current tax liabilities 0 0 0 0 19 19 19 19 19
Other current liabilities 2165 2022 1066 1411 1340 1340 1340 1340 1340
Current liabilities 12667 13668 14927 18550 21475 22012 25016 27565 30289
Total Liability 30554 35281 39420 44143 51259 53572 60404 67964 76453
Total Equity and Liability 60913 68105 73626 80881 70582 81400 85994 95921 111202
Common Size Statement
FY2024E 2015A 2016A 2017A 2018A 2019A
22122 48% 40% 36% 30% 32%

1433 4% 3% 1% 1% 2%
7436 6% 7% 8% 9% 11%
470 1% 1% 1% 0% 1%
804 1% 1% 1% 1% 1%
32265 59% 52% 47% 41% 46%
22732 13% 14% 12% 12% 18%
10075 16% 19% 19% 24% 14%

2424 1% 1% 1% 2% 2%
65353 8% 13% 20% 20% 18%
0 0% 0% 0% 0% 0%
143 0% 0% 0% 0% 0%
558 0% 0% 1% 1% 1%
0 1% 0% 0% 0% 0%
260 1% 0% 0% 0% 0%
101544 41% 48% 53% 59% 54%
133809 100% 100% 100% 100% 100%
964 2% 1% 1% 1% 1%
46066 48% 47% 45% 44% 26%
47030 50% 48% 46% 45% 27%
0 0% 0% 0% 0% 1%
52618 26% 29% 31% 30% 41%
180 3% 2% 2% 1% 0%
4 0% 0% 0% 0% 0%
52801 29% 32% 33% 32% 42%
27450 12% 12% 13% 15% 21%

0 0% 0% 0% 0% 0%
4315
855 1% 1% 1% 2% 1%
19 0% 0% 0% 0% 0%
1340 4% 3% 1% 2% 2%
33978 21% 20% 20% 23% 30%
86779 50% 52% 54% 55% 73%
133809 100% 100% 100% 100% 100%

In Rs Million Past Financials
Particulars FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E
PAT ₹9,265.40 ₹12,251.90 ₹16,069.30 ₹19,695.50 ₹22,968.31
Add: Depreciation ₹3,536.20 ₹3,422.50 ₹3,356.70 ₹3,163.60 ₹3,113.53
Add:Interest ₹909.10 ₹919.00 ₹1,119.50 ₹1,198.30 ₹1,381.14
Less: Other income & Misc income ₹2,760.50 ₹2,609.00 ₹3,623.30 ₹3,588.20 ₹4,161.94
change in WC excluding cash -₹3,119.30 ₹487.90 -₹2,846.80 ₹9,103.30 ₹31.17
CFO ₹7,830.90 ₹14,472.30 ₹14,075.40 ₹29,572.50 ₹23,332.21
Change in fixed assets -₹1,859.10 -₹2,282.90 -₹1,201.10 -₹1,424.50 -₹2,039.48

Change in capital WIP ₹426.20 ₹940.10 -₹110.40 -₹381.00 ₹0.00
Loans -₹16.30 ₹180.20 ₹62.10 -₹68.40 ₹0.00
Change in investments -₹1,325.30 -₹1,109.70 -₹1,480.80 -₹102.40 ₹0.00
Change in other assets -₹29.80 -₹125.60 ₹114.20 -₹86.30 ₹0.00
Other & Misc Income ₹2,760.50 ₹2,609.00 ₹3,623.30 ₹3,588.20 ₹4,161.94
CFI -₹43.80 ₹211.10 ₹1,007.30 ₹1,525.60 ₹2,122.46
Change in equity share capital ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00

Change in Debt (Long Term Debt) ₹163.60 ₹19.90 ₹0.00 ₹180.00 ₹0.00
Change in other Financial Liabilities ₹6.80 -₹0.80 -₹0.90 -₹0.80 ₹0.00
less: Dividend & dividend tax ₹7,222.66 ₹9,979.82 ₹13,327.00 ₹35,573.92 ₹14,463.00
Change in Long Term Provisions ₹3,750.40 ₹3,193.80 ₹1,733.30 ₹4,419.90 ₹1,775.59
less: Interest paid ₹909.10 ₹919.00 ₹1,119.50 ₹1,198.30 ₹1,381.14
Other adj including reserves ₹228.36 -₹1,223.28 -₹842.20 -₹1,945.08 ₹0.00
CFF -₹3,982.60 -₹8,909.20 -₹13,556.30 -₹34,118.20 -₹14,068.55
Opening cash ₹4,995.50 ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50

Change in cash ₹3,804.50 ₹5,774.20 ₹1,526.40 -₹3,020.10 ₹11,386.12
Closing cash ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50 ₹24,466.62
Check 4996 ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50 ₹24,466.62

diff. ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00
Cange in WC excluding cash

Current Assets 24904 ₹32,828.00 ₹39,373.90 ₹47,369.50 ₹38,171.70 ₹25,597.00
Less: Cash & Bank eqv. 4996 ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50 ₹0.00
Less: Current Liabilities 12667 ₹13,667.50 ₹14,927.10 ₹18,549.50 ₹21,475.10 ₹22,012.07
Working capital (excl cash) 7241 ₹10,360.50 ₹9,872.60 ₹12,719.40 ₹3,616.10 ₹3,584.93
Changes in WC -₹3,119.30 ₹487.90 -₹2,846.80 ₹9,103.30 ₹31.17
Other Adjustments
PY Reserves ₹29,394.40 ₹31,859.10 ₹33,241.70 ₹35,773.20 ₹18,358.40
Add: PAT ₹9,265.40 ₹12,251.90 ₹16,069.30 ₹19,695.50 ₹22,968.31
Less: Dividend & Div. Tax ₹7,222.66 ₹9,979.82 ₹13,327.00 ₹35,573.92 ₹14,463.00
Calculated Current Year Reserves ₹31,437.14 ₹34,131.18 ₹35,984.00 ₹19,894.78 ₹26,863.71
Actual Curr Year Reserves ₹31,859.10 ₹33,241.70 ₹35,773.20 ₹18,358.40 ₹26,863.71
Adjustment ₹421.96 -₹889.48 -₹210.80 -₹1,536.38 ₹0.00

Projected Financials
FY2021E FY2022E FY2023E FY2024E
₹26,688.10 ₹31,293.91 ₹35,717.34 ₹41,206.76
₹2,963.35 ₹2,891.20 ₹2,897.58 ₹2,964.67
₹1,607.08 ₹1,821.51 ₹2,080.17 ₹2,388.58
₹4,941.73 ₹5,496.64 ₹6,335.31 ₹7,295.58
-₹631.25 ₹1,763.11 -₹2,016.86 ₹2,256.61
₹25,685.55 ₹32,273.09 ₹32,342.92 ₹41,521.04
-₹2,447.38 -₹2,936.85 -₹3,377.38 -₹3,883.99

₹0.00 ₹0.00 ₹0.00 ₹0.00
₹0.00 ₹0.00 ₹0.00 ₹0.00
₹0.00 ₹0.00 ₹0.00 ₹0.00
₹0.00 ₹0.00 ₹0.00 ₹0.00
₹4,941.73 ₹5,496.64 ₹6,335.31 ₹7,295.58
₹2,494.35 ₹2,559.79 ₹2,957.93 ₹3,411.60
₹0.00 ₹0.00 ₹0.00 ₹0.00

-₹531.40 ₹0.00 ₹0.00 ₹0.00
₹0.00 ₹0.00 ₹0.00 ₹0.00
₹28,926.00 ₹28,926.00 ₹28,926.00 ₹28,926.00
₹4,359.21 ₹5,011.13 ₹5,765.06 ₹6,637.52
₹1,607.08 ₹1,821.51 ₹2,080.17 ₹2,388.58
₹0.00 ₹0.00 ₹0.00 ₹0.00
-₹26,705.28 -₹25,736.37 -₹25,241.11 -₹24,677.06
₹24,466.62 ₹25,941.24 ₹35,037.75 ₹45,097.49

₹1,474.62 ₹9,096.51 ₹10,059.74 ₹20,255.58
₹25,941.24 ₹35,037.75 ₹45,097.49 ₹65,353.08
₹25,941.24 ₹35,037.75 ₹45,097.49 ₹65,353.08

₹0.00 ₹0.00 ₹0.00 ₹0.00
₹29,232.56 ₹30,017.75 ₹34,758.79 ₹36,191.05

₹25,941.24 ₹35,037.75 ₹45,097.49 ₹65,353.08
₹25,016.38 ₹27,564.67 ₹30,288.85 ₹33,977.72
₹4,216.18 ₹2,453.07 ₹4,469.94 ₹2,213.33
-₹631.25 ₹1,763.11 -₹2,016.86 ₹2,256.61
₹26,863.71 ₹24,625.81 ₹26,993.72 ₹33,785.06

₹26,688.10 ₹31,293.91 ₹35,717.34 ₹41,206.76
₹28,926.00 ₹28,926.00 ₹28,926.00 ₹28,926.00
₹24,625.81 ₹26,993.72 ₹33,785.06 ₹46,065.82
₹24,625.81 ₹26,993.72 ₹33,785.06 ₹46,065.82
₹0.00 ₹0.00 ₹0.00 ₹0.00

Financial Analysis
Past Financials
Margin Ratio (%)

EBDITA Margin 20.30% 19.82% 21.30% 24.17% 24.01% 23.93%
Net Profit Margin 6.80% 9.89% 11.82% 13.91% 15.61% 15.96%
Profitability Ratio (%)

ROCE 27.67% 27.62% 31.79% 39.41% 55.25% 52.74%
RONW 18.55% 28.23% 35.82% 43.74% 101.93% 82.54%
ROA 9.25% 14.36% 17.29% 20.80% 26.01% 30.23%
DuPont Analysis
PAT / Net Sales 6.80% 9.89% 11.82% 13.91% 15.61% 15.96%
Net Sales / Total Assets 1.36 1.45 1.46 1.50 1.67 1.89
Total Assets / Equity 2.0 2.0 2.1 2.1 3.9 2.7
ROE 0.19 0.28 0.36 0.44 1.02 0.83
Leverage Ratios
Debt-Equity Ratio 0.01 0.01 0.01 0.01 0.03 0.02
Debt-Asset Ratio 0.003 0.005 0.005 0.004 0.008 0.007
Turnover Ratios
Total Assets 1.33 1.34 1.38 1.39 1.74 1.72
Fixed Assets 2.80 3.35 3.87 4.67 5.52 6.62
Inventory 4.09 4.29 4.59 4.67 4.58 4.43
Debtors 103.59 93.53 113.92 90.03 98.89 99.32
Creditors 4.63 4.85 4.39 3.70 3.49 3.83
Days
Woking Capital 54.98 76.36 88.04 93.79 49.57 73.03
Inventory 88.44 79.46 78.09 79.68 80.00
Debtors 3.52 3.90 3.20 4.05 3.69 3.68
Creditors 79 75 83 99 104 95
Liquidity Ratios
Current Ratio 2.0 2.4 2.6 2.6 1.8 2.3
Quick Ratio 1.3 1.7 2.0 2.0 1.2 1.7
Interest Coverage 17.0 16.5 20.3 21.9 22.6 22.7
Other Ratios
EPS 58.42 96.09 127.07 166.66 204.27 238.21
BV / Share 314.9 340.4 354.8 381.0 200.4 288.6
DPS 48.5 63 86 115 306 150
Sector Specific Ratios

COGS ₹34,689.1 ₹38,796.9 ₹43,268.6 ₹45,902.3 ₹52,239.2 59256.43
Working Capital 12237 19161 24447 28820 16697 28052
sis
FY2021E FY2022E FY2023E FY2024E
23.95% 24.28% 24.05% 24.09%

16.23% 16.68% 16.64% 16.78%
59.70% 62.42% 60.21% 56.30%

104.29% 111.93% 102.79% 87.62%
31.89% 34.40% 34.49% 33.64%
DuPont Analysis
16.23% 16.68% 16.64% 16.78% 4.0
1.96 2.06 2.07 2.00 3.5
3.3 3.3 3.0 2.6 3.0
1.04 1.12 1.03 0.88 2.5
2.0
1.5
0.00 0.00 0.00 0.00 1.0
0.000 0.000 0.000 0.000 0.5
0.0
1 2 3 4 5 6 7 8 9 10
1.86 1.91 1.88 1.79 PAT / Net Sales Net Sales / Total Assets
7.74 8.82 9.86 10.81 Total Assets / Equity ROE
4.42 4.45 4.43 4.44
98.50 99.56 97.12 98.67
3.67 3.66 3.72 3.68
68.79 74.86 86.56 103.11

80.00 80.00 80.00 80.00
3.71 3.67 3.76 3.70
99 100 98 99
2.2 2.4 2.6 3.0

1.5 1.7 1.9 2.3
22.7 23.4 23.4 23.5
276.79 324.56 370.43 427.37

265.4 290.0 360.4 487.8
300 300 300 300
67834.36 76964.98 88310.19 101049.48

30157 37491 49567 67566
8 9 10
Total Assets
In Rs Million Past Financials
Particulars FY2015 FY2016 FY2017
Income
Milk Products and Nutrition (includes dairy whiten ₹46,694.00 ₹47,136.60 ₹48,196.30
Quantity (MT) 131,980.00 129,963.00 130,769.00
Quantity Growth (%) -1.53% -0.62%
Average Price per kg (in INR) 354 363 369
Prepared dishes and cooking aids (includes noodles, ₹13,141.40 ₹22,988.90 ₹27,071.40
Quantity (MT) 103,138.00 178,467.00 210,427.00
Quantity Growth (%) 73.04% 17.91%
Beverages (includes instant coffee, instant tea, rea ₹13,360.40 ₹12,949.20 ₹13,869.90
Quantity (MT) 22,130.00 22,411.00 24,423.00
Chocolate and Confectionery (includes bar countline ₹11,108.60 ₹11,842.50 ₹12,213.50

Quantity (MT) 33,083.00 35,615.00 36,803.00
Net Sales ₹81,232.70 ₹91,592.80 ₹101,351.10

Growth (%) 12.75% 10.65%
Other Income 2.00% 2.34% 2.31%
Expenses(As a % of Income)
Cost of Materials Consumed 41.35% 41.22% 41.75%
Purchase of Stock In Trade 1.21% 1.26% 1.72%
Changes in inventories of finished goods, work-in-pr 0.15% -0.12% -0.78%
Employee benefits expense 10.31% 10.76% 10.04%
Excise Duty
Finance costs (including interest cost on employee b 0.97% 0.99% 0.91%
Other expenses 26.18% 25.97% 23.85%
Impairment loss on property, plant and equipment 0.35% 0.13% 0.37%
Net provision for contingencies 0.78% 1.84% 0.86%
Total Expenses 81.29% 82.06% 80.52%
Tax Rate
Year FY2015 FY2016 FY2017
Effective Tax rate 19% 34% 33%
Non-Current Provisions
% of Revenue 20% 22% 23%
Working Capital
Debtors 784 979 890
Inventory 8208 9401 9025
Creditors 7494 7992 9846
Working Capital 1498 2388 68
Change in working capital 890 -2320
Financials Projected Financials
FY2018 FY2019 FY2020E FY2021E FY2022E FY2023E
₹51,876.30 ₹56,518.10 ₹65,244 ₹75,318 ₹86,947 ₹100,372

137066 138941 154,224.51 171,189.21 190,020.02 210,922.22
-4.59% -1.35% 11.00% 11.00% 11.00% 11.00%
378 407 ₹423 ₹440 ₹458 ₹476
₹31,052.50 ₹34,981.80 ₹38,200 ₹41,715 ₹45,552 ₹49,743

240,879.00 264,072.00 277,275.60 291,139.38 305,696.35 320,981.17
14.47% 9.63% 5.00% 5.00% 5.00% 5.00%
129 132 ₹138 ₹143 ₹149 ₹155
₹15,226.10 ₹15,017.90 ₹17,102 ₹19,476 ₹22,179 ₹25,258

27,013.00 26,380.00 28,886.10 31,630.28 34,635.16 37,925.50
10.60% -2.34% 9.50% 9.50% 9.50% 9.50%
564 569 ₹592 ₹616 ₹640 ₹666
₹14,007.40 ₹16,434.90 ₹19,656 ₹23,509 ₹28,116 ₹33,627

42,197.00 49,033.00 56,387.95 64,846.14 74,573.06 85,759.02
14.66% 16.20% 15.00% 15.00% 15.00% 15.00%
332 335 ₹349 ₹363 ₹377 ₹392
₹112,162.30 ₹122,952.70 ₹140,203 ₹160,018 ₹182,796 ₹209,000

10.67% 9.62% 14.03% 14.13% 14.23% 14.34%
2.99% 2.61% 2.63% 2.74% 2.66% 2.68%
38.92% 41.89% 40.00% 40.00% 40.00% 40.00%

2.06% 1.77% 1.85% 1.89% 1.84% 1.86%
-0.05% -1.17% -0.67% -0.63% -0.83% -0.71%
10.02% 10.27% 10.11% 10.14% 10.17% 10.14%
1.00% 0.97% 0.96% 0.98% 0.97% 0.97%

25.13% 24.03% 23.00% 23.00% 23.00% 23.00%
0.10% 0.00% 0.16% 0.08% 0.08% 0.11%
0.92% 0.20% 0.66% 0.60% 0.49% 0.58%
78.09% 77.97% 76.07% 76.05% 75.72% 75.95%

33% 26% 25.17% 25.17% 25.17% 25.17%
22% 24% 22% 22% 22% 22%

1246 1243 1412 1624 1836 2152
9656 12831 13145 16591 17147 21564
12404 14947 15484 18488 21036 23761
-1502 -873 -927 -273 -2053 -44
-1570 629 -55 655 -1781 2009
FY2024E
₹115,870
234,123.67
11.00%
₹495
₹54,319
337,030.22
5.00%
₹161
₹28,764
41,528.42
9.50%
₹693
₹40,218
98,622.88
15.00%
₹408
₹239,171
14.44%
2.69%
40.00%
1.86%
-0.72%
10.15%
0.97%
23.00%
0.09%
0.56%
75.91%
FY2024E
25.17%
FY2024E
22%
FY2024E
2424
22732
27450
-2294
-2250
Capex Schedule
In Rs Million Past Financials Projected F
Opening Balance 28978.5 27301.4 26161.8 24006.2 22267.1
Add: Capex 1133.0 1959.0 1628.0 1522.0 2039.5
g% of Capex 73% -17% -7% 34%
Adjustments 726.1 323.9 -426.9 -97.5 0.0
Net Addition -1677.1 -1139.6 -2155.6 -1739.1 -1074.0
Less: Depreciation 3536.2 3422.5 3356.7 3163.6 3113.5
Closing Balance 28978.5 27301.4 26161.8 24006.2 22267.1 21193.1
Depriciation Schedule
Opening Balance 28978.5 27301.4 26161.8 24006.2 22267.1
Depreciation ₹3,472.6 ₹3,536.2 ₹3,422.5 ₹3,356.7 3113.5
Depreciation Charged % 11.98% 12.95% 13.08% 13.98% 13.98%
dule
FY2021E FY2022E FY2023E FY2024E
21193.1 20677.1 20722.7 21202.5
2447.4 2936.9 3377.4 3884.0
20% 20% 15% 15%
0.0 0.0 0.0 0.0
-516.0 45.6 479.8 919.3
2963.3 2891.2 2897.6 2964.7
20677.1 20722.7 21202.5 22121.8
hedule
FY2021E FY2022E FY2023E FY2024E
21193.1 20677.1 20722.7 21202.5
2963.3 2891.2 2897.6 2964.7
13.98% 13.98% 13.98% 13.98%
Assumptions
Value
Growth Rate+ Impact due to Cluster based strategy
Milk Products and Nutrition (includes dairy whitener, condensed milk, UHT milk, yoghurt,
maternal and infant formula, baby foods) 11%
Prepared dishes and cooking aids (includes noodles, sauces, seasonings, pasta, soups) 5%
Beverages (includes instant coffee, instant tea, ready to drink beverage) 10%
Chocolate and Confectionery (includes bar countlines, tablets, sugar confectionery) 15% Note 1
Sales Price Increase Per Kg YOY

Milk Products and Nutrition (includes dairy whitener, condensed milk, UHT milk, yoghurt,
maternal and infant formula, baby foods) 4%
Prepared dishes and cooking aids (includes noodles, sauces, seasonings, pasta, soups) 4%
Beverages (includes instant coffee, instant tea, ready to drink beverage) 4%
Chocolate and Confectionery (includes bar countlines, tablets, sugar confectionery) 4%
Slight reduction in Cost of Materials due to volume based production and increase in efficiency 40%
Slight reduction in Other expenses due to improved margins 23% Note 2
Notes
1 Cluster based penetration Total growth YOY
Distribution coverage increased by 30% since CY15 to 4.6mn outlets in H1CY19 from 3.5mn
outlets in CY15. It targets to reach a total of
6mn outlets in the next couple years 30.43% 28.42%
2 Margins Improvement
Wheat being one of the primary raw materials, prices of wheat have been lower 20% from Jan
2020 YTD while that of
sugar/milk have largely remained benign. Crude oil price a
key RM used in packaging has seen a decline of 30% from the start of CY20
Assumptions
Rationale Source
According to India Baby Food Market Overview, the
Indian baby food market is anticipated to represent a
CAGR of more than 15% https://ezproxy.svkm.ac.in:2307/outlook/40120000/119/baby-food/india
Source:
Noodles market in India is expected to grow at a rate of
5.6% CAGRcoffee market is expected to grow between 9- Euromonitor/https://ezproxy.svkm.ac.in:2307/outlook/40
Packaged 080000/119/convenience-food/india
10% CAGR over next
India's chocolate five years market is expected to
confectionery
Statista
grow at CAGR of 10% https://ezproxy.svkm.ac.in:2307/outlook/40100000/119/confectionery-snacks/india
RBI target Inflation Rate
Expected impact on sales per year
1%-5% depending on Urban as well as rural areas

Weighted Average Cost of Capital
Risk Free Rate (Rf) 6.18% 10-year Govt. Bond Yield, RBI Market Return
Beta 0.55 Particulars NSE Nifty
Expected Market Return (Rm) 11.34% 18-Nov-05 2,548
Cost of Equity (Rf+Beta*(Rm-Rf)) 9.04% 19-Nov-10 6,071
Adjusted Beta 0.7023197908406 17-Nov-15 7,856
Pre-Tax Cost of Debt 4.80% 19-Nov-17 10,283
Tax Rate 25.17% 18-Nov-19 11,029
Post-Tax Cost of Debt 3.59% 19-Nov-20 12,772
1 yr Market Return 15.80%
Equity 1,683,493 3 yr Market Return 7.49%
Debt 531 5 yr Market Return 10.21%
Total Capital 1,684,025 10 yr Market Return 7.72%
15 yr Market Return 11.34%
Weight of Debt 0.03%
Weight of Equity 99.97%
Weighted Average Cost of Capital 9.04%

Beta 0.55
Date NSE Adj Close NiftyReturns (%) Nestle Stock PriceNestleReturns (%)
20-11-2015 7856.55 5713.662
23-11-2015 7849.25 -0.09% 5663.269 -0.88%
24-11-2015 7831.6 -0.22% 5584.658 -1.39%
26-11-2015 7883.8 0.67% 5554.412 -0.54%
27-11-2015 7942.7 0.75% 5485.67 -1.24%
30-11-2015 7935.25 -0.09% 5403.647 -1.50%
01-12-2015 7954.9 0.25% 5421.26 0.33%
02-12-2015 7931.35 -0.30% 5411.068 -0.19%
03-12-2015 7864.15 -0.85% 5381.378 -0.55%
04-12-2015 7781.9 -1.05% 5400.879 0.36%
07-12-2015 7765.4 -0.21% 5434.583 0.62%
08-12-2015 7701.7 -0.82% 5371.65 -1.16%
09-12-2015 7612.5 -1.16% 5311.112 -1.13%
10-12-2015 7683.3 0.93% 5321.209 0.19%
11-12-2015 7610.45 -0.95% 5463.239 2.67%
14-12-2015 7650.05 0.52% 5436.887 -0.48%
15-12-2015 7700.9 0.66% 5398.836 -0.70%
16-12-2015 7750.9 0.65% 5389.404 -0.17%
17-12-2015 7844.35 1.21% 5440.216 0.94%
18-12-2015 7761.95 -1.05% 5245.71 -3.58%
21-12-2015 7834.45 0.93% 5246.958 0.02%
22-12-2015 7786.1 -0.62% 5298.416 0.98%
23-12-2015 7865.95 1.03% 5342.801 0.84%
24-12-2015 7861.05 -0.06% 5340.859 -0.04%
28-12-2015 7925.15 0.82% 5367.443 0.50%
29-12-2015 7928.95 0.05% 5399.392 0.60%
30-12-2015 7896.25 -0.41% 5399.993 0.01%
31-12-2015 7946.35 0.63% 5389.034 -0.20%
04-01-2016 7791.3 -1.95% 5242.751 -2.71%
05-01-2016 7784.65 -0.09% 5235.907 -0.13%
06-01-2016 7741 -0.56% 5288.706 1.01%
07-01-2016 7568.3 -2.23% 5214.224 -1.41%
08-01-2016 7601.35 0.44% 5208.306 -0.11%
11-01-2016 7563.85 -0.49% 5057.306 -2.90%
12-01-2016 7510.3 -0.71% 5030.121 -0.54%
13-01-2016 7562.4 0.69% 5086.803 1.13%
14-01-2016 7536.8 -0.34% 5193.141 2.09%
15-01-2016 7437.8 -1.31% 5176.082 -0.33%
18-01-2016 7351 -1.17% 5026.56 -2.89%
19-01-2016 7435.1 1.14% 5019.901 -0.13%
20-01-2016 7309.3 -1.69% 5072.424 1.05%
21-01-2016 7276.8 -0.44% 5020.873 -1.02%
22-01-2016 7422.45 2.00% 5037.286 0.33%
25-01-2016 7436.15 0.18% 5050.001 0.25%
27-01-2016 7437.75 0.02% 5074.367 0.48%
28-01-2016 7424.65 -0.18% 5057.029 -0.34%
29-01-2016 7563.55 1.87% 5074.642 0.35%
01-02-2016 7555.95 -0.10% 5038.534 -0.71%
02-02-2016 7455.55 -1.33% 5046.302 0.15%
03-02-2016 7361.8 -1.26% 5000.993 -0.90%
04-02-2016 7404 0.57% 5072.146 1.42%
05-02-2016 7489.1 1.15% 5013.152 -1.16%
08-02-2016 7387.25 -1.36% 5005.292 -0.16%
09-02-2016 7298.2 -1.21% 5011.071 0.12%
10-02-2016 7215.7 -1.13% 4898.584 -2.24%
11-02-2016 6976.35 -3.32% 4824.101 -1.52%
12-02-2016 6980.95 0.07% 4675.229 -3.09%
15-02-2016 7162.95 2.61% 4676.799 0.03%
16-02-2016 7048.25 -1.60% 4669.448 -0.16%
17-02-2016 7108.45 0.85% 4690.624 0.45%
18-02-2016 7191.75 1.17% 4792.478 2.17%
19-02-2016 7210.75 0.26% 4817.305 0.52%
22-02-2016 7234.55 0.33% 4881.708 1.34%
23-02-2016 7109.55 -1.73% 4801.169 -1.65%
24-02-2016 7018.7 -1.28% 4807.781 0.14%
25-02-2016 6970.6 -0.69% 4755.537 -1.09%
26-02-2016 7029.75 0.85% 4726.224 -0.62%
29-02-2016 6987.05 -0.61% 4630.797 -2.02%
01-03-2016 7222.3 3.37% 4671.715 0.88%
02-03-2016 7368.85 2.03% 4695.709 0.51%
03-03-2016 7475.6 1.45% 4824.748 2.75%
04-03-2016 7485.35 0.13% 4887.165 1.29%
08-03-2016 7485.3 0.00% 4920.036 0.67%
09-03-2016 7531.8 0.62% 4817.398 -2.09%
10-03-2016 7486.15 -0.61% 4787.807 -0.61%
11-03-2016 7510.2 0.32% 4774.261 -0.28%
14-03-2016 7538.75 0.38% 4718.734 -1.16%
15-03-2016 7460.6 -1.04% 4673.101 -0.97%
16-03-2016 7498.75 0.51% 4634.264 -0.83%
17-03-2016 7512.55 0.18% 4712.954 1.70%
18-03-2016 7604.35 1.22% 4795.622 1.75%
21-03-2016 7704.25 1.31% 4837.51 0.87%
22-03-2016 7714.9 0.14% 4864.142 0.55%
23-03-2016 7716.5 0.02% 4857.483 -0.14%
28-03-2016 7615.1 -1.31% 4950.273 1.91%
29-03-2016 7597 -0.24% 4934 -0.33%
30-03-2016 7735.2 1.82% 5067.062 2.70%
31-03-2016 7738.4 0.04% 5323.706 5.06%
01-04-2016 7713.05 -0.33% 5213.53 -2.07%
04-04-2016 7758.8 0.59% 5255.464 0.80%
05-04-2016 7603.2 -2.01% 5306.692 0.97%
06-04-2016 7614.35 0.15% 5293.007 -0.26%
07-04-2016 7546.45 -0.89% 5445.024 2.87%
08-04-2016 7555.2 0.12% 5525.564 1.48%
11-04-2016 7671.4 1.54% 5428.564 -1.76%
12-04-2016 7708.95 0.49% 5684.748 4.72%
13-04-2016 7850.45 1.84% 5655.804 -0.51%
18-04-2016 7914.7 0.82% 5672.542 0.30%
20-04-2016 7914.75 0.00% 5581.368 -1.61%
21-04-2016 7912.05 -0.03% 5517.427 -1.15%
22-04-2016 7899.3 -0.16% 5520.108 0.05%
25-04-2016 7855.05 -0.56% 5438.644 -1.48%
26-04-2016 7962.65 1.37% 5391.484 -0.87%
27-04-2016 7979.9 0.22% 5442.527 0.95%
28-04-2016 7847.25 -1.66% 5463.055 0.38%
29-04-2016 7849.8 0.03% 5294.208 -3.09%
02-05-2016 7805.9 -0.56% 5320.838 0.50%
03-05-2016 7747 -0.75% 5170.44 -2.83%
04-05-2016 7706.55 -0.52% 5124.807 -0.88%
05-05-2016 7735.5 0.38% 5123.512 -0.03%
06-05-2016 7733.45 -0.03% 5188.287 1.26%
09-05-2016 7866.05 1.71% 5094.57 -1.81%
10-05-2016 7887.8 0.28% 5104.604 0.20%
11-05-2016 7848.85 -0.49% 5179.733 1.47%
12-05-2016 7900.4 0.66% 5280.199 1.94%
13-05-2016 7814.9 -1.08% 5678.965 7.55%
16-05-2016 7860.75 0.59% 5847.665 2.97%
17-05-2016 7890.75 0.38% 5787.321 -1.03%
18-05-2016 7870.15 -0.26% 5797.653 0.18%
19-05-2016 7783.4 -1.10% 5696.525 -1.74%
20-05-2016 7749.7 -0.43% 5615.828 -1.42%
23-05-2016 7731.05 -0.24% 5579.219 -0.65%
24-05-2016 7748.85 0.23% 5614.144 0.63%
25-05-2016 7934.9 2.40% 5746.879 2.36%
26-05-2016 8069.65 1.70% 5743.28 -0.06%
27-05-2016 8156.65 1.08% 5773.155 0.52%
30-05-2016 8178.5 0.27% 5898.456 2.17%
31-05-2016 8160.1 -0.22% 5701.529 -3.34%
01-06-2016 8179.95 0.24% 5975.927 4.81%
02-06-2016 8218.95 0.48% 5892.939 -1.39%
03-06-2016 8220.8 0.02% 5895.886 0.05%
06-06-2016 8201.05 -0.24% 6058.777 2.76%
07-06-2016 8266.45 0.80% 6031.519 -0.45%
08-06-2016 8273.05 0.08% 6060.179 0.48%
09-06-2016 8203.6 -0.84% 6013.565 -0.77%
10-06-2016 8170.05 -0.41% 6119.323 1.76%
13-06-2016 8110.6 -0.73% 6113.572 -0.09%
14-06-2016 8108.85 -0.02% 6161.308 0.78%
15-06-2016 8206.6 1.21% 6070.651 -1.47%
16-06-2016 8140.75 -0.80% 6069.39 -0.02%
17-06-2016 8170.2 0.36% 6044.563 -0.41%
20-06-2016 8238.5 0.84% 6123.063 1.30%
21-06-2016 8219.9 -0.23% 6113.011 -0.16%
22-06-2016 8203.7 -0.20% 6068.268 -0.73%
23-06-2016 8270.45 0.81% 6014.22 -0.89%
24-06-2016 8088.6 -2.20% 6074.766 1.01%
27-06-2016 8094.7 0.08% 6029.228 -0.75%
28-06-2016 8127.85 0.41% 6072.241 0.71%
29-06-2016 8204 0.94% 6026.189 -0.76%
30-06-2016 8287.75 1.02% 6070.885 0.74%
01-07-2016 8328.35 0.49% 6087.109 0.27%
04-07-2016 8370.7 0.51% 6104.222 0.28%
05-07-2016 8335.95 -0.42% 6108.804 0.08%
07-07-2016 8337.9 0.02% 6088.605 -0.33%
08-07-2016 8323.2 -0.18% 5995.891 -1.52%
11-07-2016 8467.9 1.74% 6066.069 1.17%
12-07-2016 8521.05 0.63% 6010.012 -0.92%
13-07-2016 8519.5 -0.02% 6153.968 2.40%
14-07-2016 8565 0.53% 6140.689 -0.22%
15-07-2016 8541.4 -0.28% 6202.358 1.00%
18-07-2016 8508.7 -0.38% 6188.987 -0.22%
19-07-2016 8528.55 0.23% 6211.477 0.36%
20-07-2016 8565.85 0.44% 6241.024 0.48%
21-07-2016 8510.1 -0.65% 6421.869 2.90%
22-07-2016 8541.2 0.37% 6618.845 3.07%
25-07-2016 8635.65 1.11% 6663.868 0.68%
26-07-2016 8590.65 -0.52% 6699.074 0.53%
27-07-2016 8615.8 0.29% 6616.974 -1.23%
28-07-2016 8666.3 0.59% 6767.475 2.27%
29-07-2016 8638.5 -0.32% 6721.704 -0.68%
01-08-2016 8636.55 -0.02% 6500.65 -3.29%
02-08-2016 8622.9 -0.16% 6389.888 -1.70%
03-08-2016 8544.85 -0.91% 6336.729 -0.83%
04-08-2016 8551.1 0.07% 6363.427 0.42%
05-08-2016 8683.15 1.54% 6405.438 0.66%
08-08-2016 8711.35 0.32% 6421.223 0.25%
09-08-2016 8678.25 -0.38% 6456.256 0.55%
10-08-2016 8575.3 -1.19% 6411.669 -0.69%
11-08-2016 8592.15 0.20% 6415.742 0.06%
16-08-2016 8642.55 0.59% 6322.257 -1.46%
17-08-2016 8624.05 -0.21% 6270.924 -0.81%
18-08-2016 8673.25 0.57% 6273.313 0.04%
19-08-2016 8666.9 -0.07% 6301.743 0.45%
22-08-2016 8629.15 -0.44% 6356.073 0.86%
23-08-2016 8632.6 0.04% 6380.006 0.38%
24-08-2016 8650.3 0.21% 6386.845 0.11%
25-08-2016 8592.2 -0.67% 6397.757 0.17%
26-08-2016 8572.55 -0.23% 6399.069 0.02%
29-08-2016 8607.45 0.41% 6324.271 -1.17%
30-08-2016 8744.35 1.59% 6264.46 -0.95%
31-08-2016 8786.2 0.48% 6112.708 -2.42%
01-09-2016 8774.65 -0.13% 6078.144 -0.57%
02-09-2016 8809.65 0.40% 6032.243 -0.76%
06-09-2016 8943 1.51% 6149.803 1.95%
07-09-2016 8917.95 -0.28% 6052.992 -1.57%
08-09-2016 8952.5 0.39% 6024.89 -0.46%
09-09-2016 8866.7 -0.96% 6096.175 1.18%
12-09-2016 8715.6 -1.70% 6024.33 -1.18%
14-09-2016 8726.6 0.13% 5943.066 -1.35%
15-09-2016 8742.55 0.18% 5902.74 -0.68%
16-09-2016 8779.85 0.43% 6001.659 1.68%
19-09-2016 8808.4 0.33% 5936.509 -1.09%
20-09-2016 8775.9 -0.37% 5938.851 0.04%
21-09-2016 8777.15 0.01% 5913.652 -0.42%
22-09-2016 8867.45 1.03% 6042.22 2.17%
23-09-2016 8831.55 -0.40% 6083.717 0.69%
26-09-2016 8723.05 -1.23% 6092.757 0.15%
27-09-2016 8706.4 -0.19% 6077.77 -0.25%
28-09-2016 8745.15 0.45% 6044.328 -0.55%
29-09-2016 8591.25 -1.76% 5951.263 -1.54%
30-09-2016 8611.15 0.23% 6025.874 1.25%
03-10-2016 8738.1 1.47% 6202.963 2.94%
04-10-2016 8769.15 0.36% 6258.278 0.89%
05-10-2016 8743.95 -0.29% 6346.893 1.42%
06-10-2016 8709.55 -0.39% 6298.183 -0.77%
07-10-2016 8697.6 -0.14% 6302.21 0.06%
10-10-2016 8708.8 0.13% 6212.986 -1.42%
13-10-2016 8573.35 -1.56% 6128.962 -1.35%
14-10-2016 8583.4 0.12% 6442.159 5.11%
17-10-2016 8520.4 -0.73% 6330.547 -1.73%
18-10-2016 8677.9 1.85% 6439.02 1.71%
19-10-2016 8659.1 -0.22% 6362.818 -1.18%
20-10-2016 8699.4 0.47% 6409.888 0.74%
21-10-2016 8693.05 -0.07% 6434.523 0.38%
24-10-2016 8708.95 0.18% 6419.771 -0.23%
25-10-2016 8691.3 -0.20% 6364.129 -0.87%
26-10-2016 8615.25 -0.88% 6393.589 0.46%
27-10-2016 8615.25 0.00% 6498.082 1.63%
28-10-2016 8638 0.26% 6543.794 0.70%
01-11-2016 8626.25 -0.14% 6364.504 -2.74%
02-11-2016 8514 -1.30% 6331.53 -0.52%
03-11-2016 8484.95 -0.34% 6292.75 -0.61%
04-11-2016 8433.75 -0.60% 6233.079 -0.95%
07-11-2016 8497.05 0.75% 6049.479 -2.95%
08-11-2016 8543.55 0.55% 6043.532 -0.10%
09-11-2016 8432 -1.31% 5983.768 -0.99%
10-11-2016 8525.75 1.11% 6013.931 0.50%
11-11-2016 8296.3 -2.69% 5859.51 -2.57%
15-11-2016 8108.45 -2.26% 5580.736 -4.76%
16-11-2016 8111.6 0.04% 5588.185 0.13%
17-11-2016 8079.95 -0.39% 5581.066 -0.13%
18-11-2016 8074.1 -0.07% 5509.592 -1.28%
21-11-2016 7929.1 -1.80% 5496.807 -0.23%
22-11-2016 8002.3 0.92% 5521.068 0.44%
23-11-2016 8033.3 0.39% 5541.582 0.37%
24-11-2016 7965.5 -0.84% 5736.048 3.51%
25-11-2016 8114.3 1.87% 5769.583 0.58%
28-11-2016 8126.9 0.16% 5891.031 2.10%
29-11-2016 8142.15 0.19% 5891.125 0.00%
30-11-2016 8224.5 1.01% 5891.781 0.01%
01-12-2016 8192.9 -0.38% 5886.487 -0.09%
02-12-2016 8086.8 -1.30% 5836.748 -0.84%
05-12-2016 8128.75 0.52% 5834.921 -0.03%
06-12-2016 8143.15 0.18% 5869.485 0.59%
07-12-2016 8102.05 -0.50% 5884.521 0.26%
08-12-2016 8246.85 1.79% 5930.187 0.78%
09-12-2016 8261.75 0.18% 5965.544 0.60%
12-12-2016 8170.8 -1.10% 5929.247 -0.61%
13-12-2016 8221.8 0.62% 5944.132 0.25%
14-12-2016 8182.45 -0.48% 5855.479 -1.49%
15-12-2016 8153.6 -0.35% 5800.637 -0.94%
16-12-2016 8139.45 -0.17% 5742.835 -1.00%
19-12-2016 8104.35 -0.43% 5663.527 -1.38%
20-12-2016 8082.4 -0.27% 5557.595 -1.87%
21-12-2016 8061.3 -0.26% 5490.449 -1.21%
22-12-2016 7979.1 -1.02% 5416.635 -1.34%
23-12-2016 7985.75 0.08% 5450.208 0.62%
26-12-2016 7908.25 -0.97% 5482.514 0.59%
27-12-2016 8032.85 1.58% 5519.655 0.68%
28-12-2016 8034.85 0.02% 5538.533 0.34%
29-12-2016 8103.6 0.86% 5610.514 1.30%
30-12-2016 8185.8 1.01% 5661.272 0.90%
02-01-2017 8179.5 -0.08% 5610.608 -0.89%
03-01-2017 8192.25 0.16% 5660.381 0.89%
04-01-2017 8190.5 -0.02% 5531.488 -2.28%
05-01-2017 8273.8 1.02% 5561.21 0.54%
06-01-2017 8243.8 -0.36% 5568.771 0.14%
09-01-2017 8236.05 -0.09% 5550.928 -0.32%
10-01-2017 8288.6 0.64% 5546.138 -0.09%
11-01-2017 8380.65 1.11% 5554.637 0.15%
12-01-2017 8407.2 0.32% 5498.479 -1.01%
13-01-2017 8400.35 -0.08% 5540.081 0.76%
16-01-2017 8412.8 0.15% 5525.196 -0.27%
17-01-2017 8398 -0.18% 5536.793 0.21%
18-01-2017 8417 0.23% 5557.877 0.38%
19-01-2017 8435.1 0.22% 5551.491 -0.11%
20-01-2017 8349.35 -1.02% 5540.55 -0.20%
23-01-2017 8391.5 0.50% 5563.324 0.41%
24-01-2017 8475.8 1.00% 5594.971 0.57%
25-01-2017 8602.75 1.50% 5602.673 0.14%
27-01-2017 8641.25 0.45% 5554.075 -0.87%
30-01-2017 8632.75 -0.10% 5540.268 -0.25%
31-01-2017 8561.3 -0.83% 5495.521 -0.81%
01-02-2017 8716.4 1.81% 5552.431 1.04%
02-02-2017 8734.25 0.20% 5629.296 1.38%
03-02-2017 8740.95 0.08% 5717.76 1.57%
06-02-2017 8801.05 0.69% 5921.546 3.56%
07-02-2017 8768.3 -0.37% 5755.089 -2.81%
08-02-2017 8769.05 0.01% 5815.991 1.06%
09-02-2017 8778.4 0.11% 5819.372 0.06%
10-02-2017 8793.55 0.17% 5801.999 -0.30%
13-02-2017 8805.05 0.13% 5822.611 0.36%
14-02-2017 8792.3 -0.14% 5815.991 -0.11%
15-02-2017 8724.7 -0.77% 5793.687 -0.38%
16-02-2017 8778 0.61% 5829.795 0.62%
17-02-2017 8821.7 0.50% 5860.504 0.53%
20-02-2017 8879.2 0.65% 5901.45 0.70%
21-02-2017 8907.85 0.32% 5988.224 1.47%
22-02-2017 8926.9 0.21% 6008.227 0.33%
23-02-2017 8939.5 0.14% 5993.248 -0.25%
27-02-2017 8896.7 -0.48% 5953.664 -0.66%
28-02-2017 8879.6 -0.19% 5873.417 -1.35%
01-03-2017 8945.8 0.75% 5869.801 -0.06%
02-03-2017 8899.75 -0.51% 5820.217 -0.84%
03-03-2017 8897.55 -0.02% 5812.656 -0.13%
06-03-2017 8963.45 0.74% 5890.744 1.34%
07-03-2017 8946.9 -0.18% 5934.271 0.74%
08-03-2017 8924.3 -0.25% 5959.956 0.43%
09-03-2017 8927 0.03% 5832.613 -2.14%
10-03-2017 8934.55 0.08% 5758.377 -1.27%
14-03-2017 9087 1.71% 5746.777 -0.20%
15-03-2017 9084.8 -0.02% 5733.208 -0.24%
16-03-2017 9153.7 0.76% 5775.891 0.74%
17-03-2017 9160.05 0.07% 5843.226 1.17%
20-03-2017 9126.85 -0.36% 5913.376 1.20%
21-03-2017 9121.5 -0.06% 5949.438 0.61%
22-03-2017 9030.45 -1.00% 5955.447 0.10%
23-03-2017 9086.3 0.62% 5952.255 -0.05%
24-03-2017 9108 0.24% 5965.732 0.23%
27-03-2017 9045.2 -0.69% 6069.785 1.74%
28-03-2017 9100.8 0.61% 6105.612 0.59%
29-03-2017 9143.8 0.47% 6097.817 -0.13%
30-03-2017 9173.75 0.33% 6202.998 1.72%
31-03-2017 9173.75 0.00% 6273.853 1.14%
03-04-2017 9237.85 0.70% 6177.969 -1.53%
05-04-2017 9265.15 0.30% 6224.456 0.75%
06-04-2017 9261.95 -0.03% 6213.891 -0.17%
07-04-2017 9198.3 -0.69% 6216.615 0.04%
10-04-2017 9181.45 -0.18% 6224.878 0.13%
11-04-2017 9237 0.61% 6159.845 -1.04%
12-04-2017 9203.45 -0.36% 6121.764 -0.62%
13-04-2017 9150.8 -0.57% 6046.213 -1.23%
17-04-2017 9139.3 -0.13% 5927.698 -1.96%
18-04-2017 9105.15 -0.37% 5951.879 0.41%
19-04-2017 9103.5 -0.02% 5915.02 -0.62%
20-04-2017 9136.4 0.36% 5953.711 0.65%
21-04-2017 9119.4 -0.19% 5966.812 0.22%
24-04-2017 9217.95 1.08% 5904.923 -1.04%
25-04-2017 9306.6 0.96% 5938.075 0.56%
26-04-2017 9351.85 0.49% 6033.113 1.60%
27-04-2017 9342.15 -0.10% 6294.044 4.32%
28-04-2017 9304.05 -0.41% 6289.912 -0.07%
02-05-2017 9313.8 0.10% 6306.158 0.26%
03-05-2017 9311.95 -0.02% 6306.628 0.01%
04-05-2017 9359.9 0.51% 6325.363 0.30%
05-05-2017 9285.3 -0.80% 6316.864 -0.13%
08-05-2017 9314.05 0.31% 6300.618 -0.26%
09-05-2017 9316.85 0.03% 6296.533 -0.06%
10-05-2017 9407.3 0.97% 6498.956 3.21%
11-05-2017 9422.4 0.16% 6439.042 -0.92%
12-05-2017 9400.9 -0.23% 6406.032 -0.51%
15-05-2017 9445.4 0.47% 6207.317 -3.10%
16-05-2017 9512.25 0.71% 6084.67 -1.98%
17-05-2017 9525.75 0.14% 6158.295 1.21%
18-05-2017 9429.45 -1.01% 6131.86 -0.43%
19-05-2017 9427.9 -0.02% 6172.1 0.66%
22-05-2017 9438.25 0.11% 6230.477 0.95%
23-05-2017 9386.15 -0.55% 6219.756 -0.17%
24-05-2017 9360.55 -0.27% 6165.487 -0.87%
25-05-2017 9509.75 1.59% 6138.473 -0.44%
26-05-2017 9595.1 0.90% 6280.257 2.31%
29-05-2017 9604.9 0.10% 6250.786 -0.47%
30-05-2017 9624.55 0.20% 6235.152 -0.25%
31-05-2017 9621.25 -0.03% 6276.999 0.67%
01-06-2017 9616.1 -0.05% 6239.922 -0.59%
02-06-2017 9653.5 0.39% 6280.305 0.65%
05-06-2017 9675.1 0.22% 6342.271 0.99%
06-06-2017 9637.15 -0.39% 6307.32 -0.55%
07-06-2017 9663.9 0.28% 6300.33 -0.11%
08-06-2017 9647.25 -0.17% 6283.375 -0.27%
09-06-2017 9668.25 0.22% 6298.157 0.24%
12-06-2017 9616.4 -0.54% 6291.215 -0.11%
13-06-2017 9606.9 -0.10% 6319.506 0.45%
14-06-2017 9618.15 0.12% 6314.075 -0.09%
15-06-2017 9578.05 -0.42% 6316.908 0.04%
16-06-2017 9588.05 0.10% 6385.298 1.08%
19-06-2017 9657.55 0.72% 6365.083 -0.32%
20-06-2017 9653.5 -0.04% 6327.866 -0.58%
21-06-2017 9633.6 -0.21% 6385.015 0.90%
22-06-2017 9630 -0.04% 6404.001 0.30%
23-06-2017 9574.95 -0.57% 6271.85 -2.06%
27-06-2017 9511.4 -0.66% 6234.35 -0.60%
28-06-2017 9491.25 -0.21% 6280.305 0.74%
29-06-2017 9504.1 0.14% 6374.86 1.51%
30-06-2017 9520.9 0.18% 6363.619 -0.18%
03-07-2017 9615 0.99% 6365.13 0.02%
04-07-2017 9613.3 -0.02% 6467.431 1.61%
05-07-2017 9637.6 0.25% 6525.666 0.90%
06-07-2017 9674.55 0.38% 6534.782 0.14%
07-07-2017 9665.8 -0.09% 6489.488 -0.69%
10-07-2017 9771.05 1.09% 6428.513 -0.94%
11-07-2017 9786.05 0.15% 6402.963 -0.40%
12-07-2017 9816.1 0.31% 6444.194 0.64%
13-07-2017 9891.7 0.77% 6409.905 -0.53%
14-07-2017 9886.35 -0.05% 6433.662 0.37%
17-07-2017 9915.95 0.30% 6497.187 0.99%
18-07-2017 9827.15 -0.90% 6472.91 -0.37%
19-07-2017 9899.6 0.74% 6553.768 1.25%
20-07-2017 9873.3 -0.27% 6488.874 -0.99%
21-07-2017 9915.25 0.42% 6429.978 -0.91%
24-07-2017 9966.4 0.52% 6457.182 0.42%
25-07-2017 9964.55 -0.02% 6441.785 -0.24%
26-07-2017 10020.65 0.56% 6409.762 -0.50%
27-07-2017 10020.55 0.00% 6422.987 0.21%
28-07-2017 10014.5 -0.06% 6405.087 -0.28%
31-07-2017 10077.1 0.63% 6392.288 -0.20%
01-08-2017 10114.65 0.37% 6331.691 -0.95%
02-08-2017 10081.5 -0.33% 6354.034 0.35%
03-08-2017 10013.65 -0.67% 6372.685 0.29%
04-08-2017 10066.4 0.53% 6345.181 -0.43%
07-08-2017 10057.4 -0.09% 6381.016 0.56%
08-08-2017 9978.55 -0.78% 6325.585 -0.87%
09-08-2017 9908.05 -0.71% 6371.407 0.72%
10-08-2017 9820.25 -0.89% 6288.709 -1.30%
11-08-2017 9710.8 -1.11% 6195.646 -1.48%
14-08-2017 9794.15 0.86% 6298.035 1.65%
16-08-2017 9897.3 1.05% 6324.4 0.42%
17-08-2017 9904.15 0.07% 6298.366 -0.41%
18-08-2017 9837.4 -0.67% 6298.935 0.01%
21-08-2017 9754.35 -0.84% 6266.604 -0.51%
22-08-2017 9765.55 0.11% 6252.499 -0.23%
23-08-2017 9852.5 0.89% 6254.107 0.03%
24-08-2017 9857.05 0.05% 6250.84 -0.05%
28-08-2017 9912.8 0.57% 6673.081 6.75%
29-08-2017 9796.05 -1.18% 6585.603 -1.31%
30-08-2017 9884.4 0.90% 6658.736 1.11%
31-08-2017 9917.9 0.34% 6741.86 1.25%
01-09-2017 9974.4 0.57% 6641.554 -1.49%
04-09-2017 9912.85 -0.62% 6499.072 -2.15%
05-09-2017 9952.2 0.40% 6653.341 2.37%
06-09-2017 9916.2 -0.36% 6602.028 -0.77%
07-09-2017 9929.9 0.14% 6752.558 2.28%
08-09-2017 9934.8 0.05% 6817.739 0.97%
11-09-2017 10006.05 0.72% 6906.542 1.30%
12-09-2017 10093.05 0.87% 6995.108 1.28%
13-09-2017 10079.3 -0.14% 6853.621 -2.02%
14-09-2017 10086.6 0.07% 6848.697 -0.07%
15-09-2017 10085.4 -0.01% 6957.522 1.59%
18-09-2017 10153.1 0.67% 6900.199 -0.82%
19-09-2017 10147.55 -0.05% 6868.293 -0.46%
20-09-2017 10141.15 -0.06% 6819.585 -0.71%
21-09-2017 10121.9 -0.19% 6765.481 -0.79%
22-09-2017 9964.4 -1.56% 6787.587 0.33%
25-09-2017 9872.6 -0.92% 6765.669 -0.32%
26-09-2017 9871.5 -0.01% 6678.855 -1.28%
27-09-2017 9735.75 -1.38% 6723.682 0.67%
28-09-2017 9768.95 0.34% 6757.339 0.50%
29-09-2017 9788.6 0.20% 6832.035 1.11%
03-10-2017 9859.5 0.72% 6920.127 1.29%
04-10-2017 9914.9 0.56% 6940.057 0.29%
05-10-2017 9888.7 -0.26% 6874.022 -0.95%
06-10-2017 9979.7 0.92% 6961.073 1.27%
09-10-2017 9988.75 0.09% 6906.494 -0.78%
10-10-2017 10016.95 0.28% 6899.962 -0.09%
11-10-2017 9984.8 -0.32% 6900.482 0.01%
12-10-2017 10096.4 1.12% 6987.676 1.26%
13-10-2017 10167.45 0.70% 6954.067 -0.48%
16-10-2017 10230.85 0.62% 6894.85 -0.85%
17-10-2017 10234.45 0.04% 6981.096 1.25%
18-10-2017 10210.85 -0.23% 6859.727 -1.74%
19-10-2017 10146.55 -0.63% 6831.75 -0.41%
23-10-2017 10184.85 0.38% 6831.75 0.00%
24-10-2017 10207.7 0.22% 6852.911 0.31%
25-10-2017 10295.35 0.86% 6772.297 -1.18%
26-10-2017 10343.8 0.47% 6764.25 -0.12%
27-10-2017 10323.05 -0.20% 6788.627 0.36%
30-10-2017 10363.65 0.39% 6835.017 0.68%
31-10-2017 10335.3 -0.27% 6853.337 0.27%
01-11-2017 10440.5 1.02% 6927.843 1.09%
02-11-2017 10423.8 -0.16% 6899.584 -0.41%
03-11-2017 10452.5 0.28% 7018.493 1.72%
06-11-2017 10451.8 -0.01% 7189.85 2.44%
07-11-2017 10350.15 -0.97% 7285.516 1.33%
08-11-2017 10303.15 -0.45% 7411.667 1.73%
09-11-2017 10308.95 0.06% 7383.786 -0.38%
10-11-2017 10321.75 0.12% 7370.484 -0.18%
13-11-2017 10224.95 -0.94% 7308.569 -0.84%
14-11-2017 10186.6 -0.38% 7233.587 -1.03%
15-11-2017 10118.05 -0.67% 7309.752 1.05%
16-11-2017 10214.75 0.96% 7235.955 -1.01%
17-11-2017 10283.6 0.67% 7280.64 0.62%
20-11-2017 10298.75 0.15% 7313.208 0.45%
21-11-2017 10326.9 0.27% 7331.763 0.25%
22-11-2017 10342.3 0.15% 7201.163 -1.78%
23-11-2017 10348.75 0.06% 7199.601 -0.02%
24-11-2017 10389.7 0.40% 7102.561 -1.35%
27-11-2017 10399.55 0.09% 7094.988 -0.11%
28-11-2017 10370.25 -0.28% 7098.348 0.05%
29-11-2017 10361.3 -0.09% 7110.325 0.17%
30-11-2017 10226.55 -1.30% 7255.221 2.04%
01-12-2017 10121.8 -1.02% 7286.416 0.43%
04-12-2017 10127.75 0.06% 7294.841 0.12%
05-12-2017 10118.25 -0.09% 7281.35 -0.18%
06-12-2017 10044.1 -0.73% 7297.965 0.23%
07-12-2017 10166.7 1.22% 7400.542 1.41%
08-12-2017 10265.65 0.97% 7499.049 1.33%
11-12-2017 10322.25 0.55% 7484.409 -0.20%
12-12-2017 10240.15 -0.80% 7541.545 0.76%
13-12-2017 10192.95 -0.46% 7544.444 0.04%
14-12-2017 10252.1 0.58% 7488.402 -0.74%
15-12-2017 10333.25 0.79% 7461.64 -0.36%
18-12-2017 10388.75 0.54% 7537.979 1.02%
19-12-2017 10463.2 0.72% 7507.795 -0.40%
20-12-2017 10444.2 -0.18% 7553.429 0.61%
21-12-2017 10440.3 -0.04% 7509.888 -0.58%
22-12-2017 10493 0.50% 7494.534 -0.20%
26-12-2017 10531.5 0.37% 7442.436 -0.70%
27-12-2017 10490.75 -0.39% 7358.824 -1.12%
28-12-2017 10477.9 -0.12% 7351.645 -0.10%
29-12-2017 10530.7 0.50% 7482.744 1.78%
02-01-2018 10442.2 -0.84% 7475.757 -0.09%
03-01-2018 10443.2 0.01% 7472.479 -0.04%
04-01-2018 10504.8 0.59% 7481.176 0.12%
05-01-2018 10558.85 0.51% 7469.293 -0.16%
08-01-2018 10623.6 0.61% 7549.532 1.07%
09-01-2018 10637 0.13% 7395.615 -2.04%
10-01-2018 10632.2 -0.05% 7459.691 0.87%
11-01-2018 10651.2 0.18% 7485.978 0.35%
12-01-2018 10681.25 0.28% 7405.122 -1.08%
15-01-2018 10741.55 0.56% 7375.366 -0.40%
16-01-2018 10700.45 -0.38% 7391.194 0.21%
17-01-2018 10788.55 0.82% 7379.122 -0.16%
18-01-2018 10817 0.26% 7354.688 -0.33%
19-01-2018 10894.7 0.72% 7301.877 -0.72%
22-01-2018 10966.2 0.66% 7288.9 -0.18%
23-01-2018 11083.7 1.07% 7224.92 -0.88%
24-01-2018 11086 0.02% 7218.455 -0.09%
25-01-2018 11069.65 -0.15% 7121.343 -1.35%
29-01-2018 11130.4 0.55% 7159.465 0.54%
30-01-2018 11049.65 -0.73% 7088.211 -1.00%
31-01-2018 11027.7 -0.20% 7100.808 0.18%
01-02-2018 11016.9 -0.10% 6950.314 -2.12%
02-02-2018 10760.6 -2.33% 6783.564 -2.40%
05-02-2018 10666.55 -0.87% 6782.851 -0.01%
06-02-2018 10498.25 -1.58% 6670.29 -1.66%
07-02-2018 10476.7 -0.21% 6661.449 -0.13%
08-02-2018 10576.85 0.96% 6641.484 -0.30%
09-02-2018 10454.95 -1.15% 6625.94 -0.23%
12-02-2018 10539.75 0.81% 6789.696 2.47%
14-02-2018 10500.9 -0.37% 6906.677 1.72%
15-02-2018 10545.5 0.42% 7209.233 4.38%
16-02-2018 10452.3 -0.88% 7218.407 0.13%
19-02-2018 10378.4 -0.71% 7136.505 -1.13%
20-02-2018 10360.4 -0.17% 7199.203 0.88%
21-02-2018 10397.45 0.36% 7222.876 0.33%
22-02-2018 10382.7 -0.14% 7171.301 -0.71%
23-02-2018 10491.05 1.04% 7208.852 0.52%
26-02-2018 10582.6 0.87% 7249.21 0.56%
27-02-2018 10554.3 -0.27% 7377.268 1.77%
28-02-2018 10492.85 -0.58% 7378.883 0.02%
01-03-2018 10458.35 -0.33% 7462.306 1.13%
05-03-2018 10358.85 -0.95% 7333.583 -1.72%
06-03-2018 10249.25 -1.06% 7309.672 -0.33%
07-03-2018 10154.2 -0.93% 7324.503 0.20%
08-03-2018 10242.65 0.87% 7329.827 0.07%
09-03-2018 10226.85 -0.15% 7279.727 -0.68%
12-03-2018 10421.4 1.90% 7243.268 -0.50%
13-03-2018 10426.85 0.05% 7320.511 1.07%
14-03-2018 10410.9 -0.15% 7270.6 -0.68%
15-03-2018 10360.15 -0.49% 7339.145 0.94%
16-03-2018 10195.15 -1.59% 7315.853 -0.32%
19-03-2018 10094.25 -0.99% 7285.382 -0.42%
20-03-2018 10124.35 0.30% 7454.748 2.32%
21-03-2018 10155.25 0.31% 7465.967 0.15%
22-03-2018 10114.75 -0.40% 7454.082 -0.16%
23-03-2018 9998.05 -1.15% 7409.447 -0.60%
26-03-2018 10130.65 1.33% 7442.958 0.45%
27-03-2018 10184.15 0.53% 7712.621 3.62%
28-03-2018 10113.7 -0.69% 7798.99 1.12%
02-04-2018 10211.8 0.97% 7899.192 1.28%
03-04-2018 10245 0.33% 7932.468 0.42%
04-04-2018 10128.4 -1.14% 7939.217 0.09%
05-04-2018 10325.15 1.94% 7970.779 0.40%
06-04-2018 10331.6 0.06% 7935.319 -0.44%
09-04-2018 10379.35 0.46% 7968.878 0.42%
10-04-2018 10402.25 0.22% 8079.965 1.39%
11-04-2018 10417.15 0.14% 8058.337 -0.27%
12-04-2018 10458.65 0.40% 8211.019 1.89%
13-04-2018 10480.6 0.21% 8259.075 0.59%
16-04-2018 10528.35 0.46% 8317.923 0.71%
17-04-2018 10548.7 0.19% 8569.092 3.02%
18-04-2018 10526.2 -0.21% 8532.634 -0.43%
19-04-2018 10565.3 0.37% 8694.535 1.90%
20-04-2018 10564.05 -0.01% 8710.174 0.18%
23-04-2018 10584.7 0.20% 8466.182 -2.80%
24-04-2018 10614.35 0.28% 8386.988 -0.94%
25-04-2018 10570.55 -0.41% 8303.805 -0.99%
26-04-2018 10617.8 0.45% 8596.992 3.53%
27-04-2018 10692.3 0.70% 8614.82 0.21%
30-04-2018 10739.35 0.44% 8933.157 3.70%
02-05-2018 10718.05 -0.20% 8747.487 -2.08%
03-05-2018 10679.65 -0.36% 8649.949 -1.12%
04-05-2018 10618.25 -0.57% 8662.07 0.14%
07-05-2018 10715.5 0.92% 8644.292 -0.21%
08-05-2018 10717.8 0.02% 8668.059 0.27%
09-05-2018 10741.7 0.22% 8670.957 0.03%
10-05-2018 10716.55 -0.23% 8538.622 -1.53%
11-05-2018 10806.5 0.84% 9053.37 6.03%
14-05-2018 10806.6 0.00% 9099.386 0.51%
15-05-2018 10801.85 -0.04% 9093.49 -0.06%
16-05-2018 10741.1 -0.56% 9194.527 1.11%
17-05-2018 10682.7 -0.54% 9291.067 1.05%
18-05-2018 10596.4 -0.81% 9269.673 -0.23%
21-05-2018 10516.7 -0.75% 9080.947 -2.04%
22-05-2018 10536.7 0.19% 9222.528 1.56%
23-05-2018 10430.35 -1.01% 9229.275 0.07%
24-05-2018 10513.85 0.80% 9252.297 0.25%
25-05-2018 10605.15 0.87% 9318.78 0.72%
28-05-2018 10688.65 0.79% 9246.267 -0.78%
29-05-2018 10633.3 -0.52% 9105.79 -1.52%
30-05-2018 10614.35 -0.18% 9122.78 0.19%
31-05-2018 10736.15 1.15% 9241.434 1.30%
01-06-2018 10696.2 -0.37% 9475.532 2.53%
04-06-2018 10628.5 -0.63% 9397.466 -0.82%
05-06-2018 10593.15 -0.33% 9128.142 -2.87%
06-06-2018 10684.65 0.86% 9343.238 2.36%
07-06-2018 10768.35 0.78% 9369.181 0.28%
08-06-2018 10767.65 -0.01% 9466.246 1.04%
11-06-2018 10786.95 0.18% 9492.954 0.28%
12-06-2018 10842.85 0.52% 9413.98 -0.83%
13-06-2018 10856.7 0.13% 9416.66 0.03%
14-06-2018 10808.05 -0.45% 9339.794 -0.82%
15-06-2018 10817.7 0.09% 9326.15 -0.15%
18-06-2018 10799.85 -0.17% 9207.498 -1.27%
19-06-2018 10710.45 -0.83% 9207.307 0.00%
20-06-2018 10772.05 0.58% 9309.447 1.11%
21-06-2018 10741.1 -0.29% 9429.439 1.29%
22-06-2018 10821.85 0.75% 9449.207 0.21%
25-06-2018 10762.45 -0.55% 9472.038 0.24%
26-06-2018 10769.15 0.06% 9653.536 1.92%
27-06-2018 10671.4 -0.91% 9572.024 -0.84%
28-06-2018 10589.1 -0.77% 9354.869 -2.27%
29-06-2018 10714.3 1.18% 9390.862 0.38%
02-07-2018 10657.3 -0.53% 9347.834 -0.46%
03-07-2018 10699.9 0.40% 9366.499 0.20%
04-07-2018 10769.9 0.65% 9441.213 0.80%
05-07-2018 10749.75 -0.19% 9531.532 0.96%
06-07-2018 10772.65 0.21% 9518.129 -0.14%
09-07-2018 10852.9 0.74% 9476.395 -0.44%
10-07-2018 10947.25 0.87% 9577.623 1.07%
11-07-2018 10948.3 0.01% 9755.199 1.85%
12-07-2018 11023.2 0.68% 9600.407 -1.59%
13-07-2018 11018.9 -0.04% 9708.578 1.13%
16-07-2018 10936.85 -0.74% 9764.77 0.58%
17-07-2018 11008.05 0.65% 10062.57 3.05%
18-07-2018 10980.45 -0.25% 9949.331 -1.13%
19-07-2018 10957.1 -0.21% 9849.584 -1.00%
20-07-2018 11010.2 0.48% 9905.967 0.57%
23-07-2018 11084.75 0.68% 9949.234 0.44%
24-07-2018 11134.3 0.45% 9850.73 -0.99%
25-07-2018 11132 -0.02% 9796.263 -0.55%
26-07-2018 11167.3 0.32% 9882.706 0.88%
27-07-2018 11278.35 0.99% 9844.701 -0.38%
30-07-2018 11319.55 0.37% 9689.816 -1.57%
31-07-2018 11356.5 0.33% 10080.38 4.03%
01-08-2018 11346.2 -0.09% 10373.68 2.91%
02-08-2018 11244.7 -0.89% 10299.69 -0.71%
03-08-2018 11360.8 1.03% 9883.375 -4.04%
06-08-2018 11387.1 0.23% 10084.5 2.03%
07-08-2018 11389.45 0.02% 10087.46 0.03%
08-08-2018 11450 0.53% 10306.2 2.17%
09-08-2018 11470.7 0.18% 10417.43 1.08%
10-08-2018 11429.5 -0.36% 10248.17 -1.62%
13-08-2018 11355.75 -0.65% 10406.6 1.55%
14-08-2018 11435.1 0.70% 10412.16 0.05%
16-08-2018 11385.05 -0.44% 10412.35 0.00%
17-08-2018 11470.75 0.75% 10427.5 0.15%
20-08-2018 11551.75 0.71% 10396.81 -0.29%
21-08-2018 11570.9 0.17% 10440.35 0.42%
23-08-2018 11582.75 0.10% 11071.01 6.04%
24-08-2018 11557.1 -0.22% 10897.14 -1.57%
27-08-2018 11691.95 1.17% 10868.94 -0.26%
28-08-2018 11738.5 0.40% 10862.04 -0.06%
29-08-2018 11691.9 -0.40% 10836.34 -0.24%
30-08-2018 11676.8 -0.13% 10823.96 -0.11%
31-08-2018 11680.5 0.03% 11107.64 2.62%
03-09-2018 11582.35 -0.84% 10815.81 -2.63%
04-09-2018 11520.3 -0.54% 10397.01 -3.87%
05-09-2018 11476.95 -0.38% 9960.458 -4.20%
06-09-2018 11536.9 0.52% 9912.026 -0.49%
07-09-2018 11589.1 0.45% 10018.48 1.07%
10-09-2018 11438.1 -1.30% 9907.039 -1.11%
11-09-2018 11287.5 -1.32% 9636.018 -2.74%
12-09-2018 11369.9 0.73% 9929.767 3.05%
14-09-2018 11515.2 1.28% 9912.026 -0.18%
17-09-2018 11377.75 -1.19% 9758.103 -1.55%
18-09-2018 11278.9 -0.87% 9823.794 0.67%
19-09-2018 11234.35 -0.39% 9729.332 -0.96%
21-09-2018 11143.1 -0.81% 9350.13 -3.90%
24-09-2018 10967.4 -1.58% 9266.6 -0.89%
25-09-2018 11067.45 0.91% 9300.021 0.36%
26-09-2018 11053.8 -0.12% 9330.711 0.33%
27-09-2018 10977.55 -0.69% 9186.186 -1.55%
28-09-2018 10930.45 -0.43% 9302.229 1.26%
01-10-2018 11008.3 0.71% 9215.915 -0.93%
03-10-2018 10858.25 -1.36% 8960.959 -2.77%
04-10-2018 10599.25 -2.39% 8964.938 0.04%
05-10-2018 10316.45 -2.67% 9032.981 0.76%
08-10-2018 10348.05 0.31% 8996.394 -0.41%
09-10-2018 10301.05 -0.45% 9103.037 1.19%
10-10-2018 10460.1 1.54% 9120.588 0.19%
11-10-2018 10234.65 -2.16% 8999.895 -1.32%
12-10-2018 10472.5 2.32% 9302.419 3.36%
15-10-2018 10512.5 0.38% 9260.271 -0.45%
16-10-2018 10584.75 0.69% 9338.527 0.85%
17-10-2018 10453.05 -1.24% 9326.873 -0.12%
19-10-2018 10303.55 -1.43% 9215.34 -1.20%
22-10-2018 10245.25 -0.57% 9245.98 0.33%
23-10-2018 10146.8 -0.96% 8969.253 -2.99%
24-10-2018 10224.75 0.77% 9143.558 1.94%
25-10-2018 10124.9 -0.98% 9147.441 0.04%
26-10-2018 10030 -0.94% 9177.362 0.33%
29-10-2018 10250.85 2.20% 9286.404 1.19%
30-10-2018 10198.4 -0.51% 9320.258 0.36%
31-10-2018 10386.6 1.85% 9732.016 4.42%
01-11-2018 10380.45 -0.06% 9561.022 -1.76%
02-11-2018 10553 1.66% 9810.56 2.61%
05-11-2018 10524 -0.27% 9909.342 1.01%
06-11-2018 10530 0.06% 9743.909 -1.67%
07-11-2018 10598.4 0.65% 9801.644 0.59%
09-11-2018 10585.2 -0.12% 9807.014 0.05%
12-11-2018 10482.2 -0.97% 9709.671 -0.99%
13-11-2018 10582.5 0.96% 9728.467 0.19%
14-11-2018 10576.3 -0.06% 9968.416 2.47%
15-11-2018 10616.7 0.38% 10035.07 0.67%
16-11-2018 10682.2 0.62% 10249.31 2.13%
19-11-2018 10763.4 0.76% 9918.931 -3.22%
20-11-2018 10656.2 -1.00% 9834.536 -0.85%
21-11-2018 10600.05 -0.53% 9818.806 -0.16%
22-11-2018 10526.75 -0.69% 9881.049 0.63%
26-11-2018 10628.6 0.97% 10024.9 1.46%
27-11-2018 10685.6 0.54% 10087.43 0.62%
28-11-2018 10728.85 0.40% 10260.34 1.71%
29-11-2018 10858.7 1.21% 10171.92 -0.86%
30-11-2018 10876.75 0.17% 10323.74 1.49%
03-12-2018 10883.75 0.06% 10305.42 -0.18%
04-12-2018 10869.5 -0.13% 10155.14 -1.46%
05-12-2018 10782.9 -0.80% 10058.76 -0.95%
06-12-2018 10601.15 -1.69% 9886.899 -1.71%
07-12-2018 10693.7 0.87% 9978.293 0.92%
10-12-2018 10488.45 -1.92% 9972.826 -0.05%
11-12-2018 10549.15 0.58% 10198.77 2.27%
12-12-2018 10737.6 1.79% 10449.59 2.46%
13-12-2018 10791.55 0.50% 10595.76 1.40%
14-12-2018 10805.45 0.13% 10585.55 -0.10%
17-12-2018 10888.35 0.77% 10763.52 1.68%
18-12-2018 10908.7 0.19% 10689.71 -0.69%
19-12-2018 10967.3 0.54% 10767.08 0.72%
20-12-2018 10951.7 -0.14% 10823.16 0.52%
21-12-2018 10754 -1.81% 10609.16 -1.98%
24-12-2018 10663.5 -0.84% 10525.23 -0.79%
26-12-2018 10729.85 0.62% 10377.51 -1.40%
27-12-2018 10779.8 0.47% 10544.02 1.60%
28-12-2018 10859.9 0.74% 10848.31 2.89%
31-12-2018 10862.55 0.02% 10680.84 -1.54%
02-01-2019 10792.5 -0.64% 10633.24 -0.45%
03-01-2019 10672.25 -1.11% 10798.78 1.56%
04-01-2019 10727.35 0.52% 10455.76 -3.18%
07-01-2019 10771.8 0.41% 10393.03 -0.60%
08-01-2019 10802.15 0.28% 10604.34 2.03%
09-01-2019 10855.15 0.49% 10842.14 2.24%
10-01-2019 10821.6 -0.31% 11000.55 1.46%
11-01-2019 10794.95 -0.25% 10862.19 -1.26%
14-01-2019 10737.6 -0.53% 10819.5 -0.39%
15-01-2019 10886.8 1.39% 10871.53 0.48%
16-01-2019 10890.3 0.03% 10653 -2.01%
17-01-2019 10905.2 0.14% 10758.79 0.99%
18-01-2019 10906.95 0.02% 10838.48 0.74%
21-01-2019 10961.85 0.50% 10845.03 0.06%
22-01-2019 10922.75 -0.36% 10827.01 -0.17%
23-01-2019 10831.5 -0.84% 10903.52 0.71%
24-01-2019 10849.8 0.17% 11016.74 1.04%
25-01-2019 10780.55 -0.64% 10951.41 -0.59%
28-01-2019 10661.55 -1.10% 10946.59 -0.04%
29-01-2019 10652.2 -0.09% 10983.69 0.34%
30-01-2019 10651.8 0.00% 10981.38 -0.02%
31-01-2019 10830.95 1.68% 11078.79 0.89%
01-02-2019 10893.65 0.58% 11135.35 0.51%
04-02-2019 10912.25 0.17% 11113.48 -0.20%
05-02-2019 10934.35 0.20% 11184.49 0.64%
06-02-2019 11062.45 1.17% 11194.03 0.09%
07-02-2019 11069.4 0.06% 11288.75 0.85%
08-02-2019 10943.6 -1.14% 10832.99 -4.04%
11-02-2019 10888.8 -0.50% 10448.34 -3.55%
12-02-2019 10831.4 -0.53% 10390.81 -0.55%
14-02-2019 10746.05 -0.79% 10241.46 -1.44%
15-02-2019 10724.4 -0.20% 10151.56 -0.88%
18-02-2019 10640.95 -0.78% 9972.339 -1.77%
19-02-2019 10604.35 -0.34% 10132.19 1.60%
20-02-2019 10735.45 1.24% 10138.36 0.06%
21-02-2019 10789.85 0.51% 10234.91 0.95%
22-02-2019 10791.65 0.02% 10296.09 0.60%
25-02-2019 10880.1 0.82% 10436.97 1.37%
26-02-2019 10835.3 -0.41% 10410.66 -0.25%
27-02-2019 10806.65 -0.26% 10323.27 -0.84%
28-02-2019 10792.5 -0.13% 10252.06 -0.69%
01-03-2019 10863.5 0.66% 10070.91 -1.77%
05-03-2019 10987.45 1.14% 10123.13 0.52%
06-03-2019 11053 0.60% 9944.685 -1.76%
07-03-2019 11058.2 0.05% 9831.467 -1.14%
08-03-2019 11035.4 -0.21% 9727.306 -1.06%
11-03-2019 11168.05 1.20% 9917.705 1.96%
12-03-2019 11301.2 1.19% 10048.84 1.32%
13-03-2019 11341.7 0.36% 10332.52 2.82%
14-03-2019 11343.25 0.01% 10347.93 0.15%
15-03-2019 11426.85 0.74% 9914.91 -4.18%
18-03-2019 11462.2 0.31% 10075.54 1.62%
19-03-2019 11532.4 0.61% 10316.81 2.39%
20-03-2019 11521.05 -0.10% 10146.45 -1.65%
22-03-2019 11456.9 -0.56% 10214.38 0.67%
25-03-2019 11354.25 -0.90% 10144.62 -0.68%
26-03-2019 11483.25 1.14% 10302.26 1.55%
27-03-2019 11445.05 -0.33% 10495.07 1.87%
28-03-2019 11570 1.09% 10669.57 1.66%
01-04-2019 11669.15 0.86% 10517.42 -1.43%
02-04-2019 11713.2 0.38% 10393.7 -1.18%
03-04-2019 11643.95 -0.59% 10602.79 2.01%
04-04-2019 11598 -0.39% 10562.32 -0.38%
05-04-2019 11665.95 0.59% 10580.63 0.17%
08-04-2019 11604.5 -0.53% 10455.18 -1.19%
09-04-2019 11671.95 0.58% 10396.79 -0.56%
10-04-2019 11584.3 -0.75% 10417.98 0.20%
11-04-2019 11596.7 0.11% 10371.83 -0.44%
12-04-2019 11643.45 0.40% 10573.89 1.95%
15-04-2019 11690.35 0.40% 10570.32 -0.03%
16-04-2019 11787.15 0.83% 10749.25 1.69%
18-04-2019 11752.8 -0.29% 10555.29 -1.80%
22-04-2019 11594.45 -1.35% 10483.41 -0.68%
23-04-2019 11575.95 -0.16% 10512.6 0.28%
24-04-2019 11726.15 1.30% 10438.6 -0.70%
25-04-2019 11641.8 -0.72% 10451.23 0.12%
26-04-2019 11754.65 0.97% 10571.38 1.15%
30-04-2019 11748.15 -0.06% 10531.88 -0.37%
02-05-2019 11724.75 -0.20% 10250.59 -2.67%
03-05-2019 11712.25 -0.11% 10149.92 -0.98%
06-05-2019 11598.25 -0.97% 10054.17 -0.94%
07-05-2019 11497.9 -0.87% 10163.89 1.09%
08-05-2019 11359.45 -1.20% 9990.434 -1.71%
09-05-2019 11301.8 -0.51% 10052.42 0.62%
10-05-2019 11278.9 -0.20% 9925.34 -1.26%
13-05-2019 11148.2 -1.16% 9992.084 0.67%
14-05-2019 11222.05 0.66% 9893.812 -0.98%
15-05-2019 11157 -0.58% 9961.524 0.68%
16-05-2019 11257.1 0.90% 9973.166 0.12%
17-05-2019 11407.15 1.33% 10152.83 1.80%
20-05-2019 11828.25 3.69% 10446.29 2.89%
21-05-2019 11709.1 -1.01% 10292.04 -1.48%
22-05-2019 11737.9 0.25% 10380.61 0.86%
23-05-2019 11657.05 -0.69% 10474.22 0.90%
24-05-2019 11844.1 1.60% 10341.32 -1.27%
27-05-2019 11924.75 0.68% 10706.27 3.53%
28-05-2019 11928.75 0.03% 10773.21 0.63%
29-05-2019 11861.1 -0.57% 10871 0.91%
30-05-2019 11945.9 0.71% 10982.08 1.02%
31-05-2019 11922.8 -0.19% 11154.36 1.57%
03-06-2019 12088.55 1.39% 11337.13 1.64%
04-06-2019 12021.65 -0.55% 11206.95 -1.15%
06-06-2019 11843.75 -1.48% 11256.42 0.44%
07-06-2019 11870.65 0.23% 11159.9 -0.86%
10-06-2019 11922.7 0.44% 11348.68 1.69%
11-06-2019 11965.6 0.36% 11275.53 -0.64%
12-06-2019 11906.2 -0.50% 11345.86 0.62%
13-06-2019 11914.05 0.07% 11266.61 -0.70%
14-06-2019 11823.3 -0.76% 11145.54 -1.07%
17-06-2019 11672.15 -1.28% 11137.58 -0.07%
18-06-2019 11691.5 0.17% 11115.08 -0.20%
19-06-2019 11691.45 0.00% 11264.57 1.34%
20-06-2019 11831.75 1.20% 11367.69 0.92%
21-06-2019 11724.1 -0.91% 11254.09 -1.00%
24-06-2019 11699.65 -0.21% 11361.87 0.96%
25-06-2019 11796.45 0.83% 11355.86 -0.05%
26-06-2019 11847.55 0.43% 11449.67 0.83%
27-06-2019 11841.55 -0.05% 11449.96 0.00%
28-06-2019 11788.85 -0.45% 11556.47 0.93%
01-07-2019 11865.6 0.65% 11513.98 -0.37%
02-07-2019 11910.3 0.38% 11607.11 0.81%
03-07-2019 11916.75 0.05% 11465.87 -1.22%
04-07-2019 11946.75 0.25% 11529.21 0.55%
05-07-2019 11811.15 -1.14% 11599.45 0.61%
08-07-2019 11558.6 -2.14% 11448.7 -1.30%
09-07-2019 11555.9 -0.02% 11337.62 -0.97%
10-07-2019 11498.9 -0.49% 11205.2 -1.17%
11-07-2019 11582.9 0.73% 11162.8 -0.38%
12-07-2019 11552.5 -0.26% 11323.26 1.44%
15-07-2019 11588.35 0.31% 11141.17 -1.61%
16-07-2019 11662.6 0.64% 11358.67 1.95%
17-07-2019 11687.5 0.21% 11345.77 -0.11%
18-07-2019 11596.9 -0.78% 11250.11 -0.84%
19-07-2019 11419.25 -1.53% 11201.8 -0.43%
22-07-2019 11346.2 -0.64% 10966.75 -2.10%
23-07-2019 11331.05 -0.13% 11127.88 1.47%
24-07-2019 11271.3 -0.53% 11136.71 0.08%
25-07-2019 11252.15 -0.17% 11151.36 0.13%
26-07-2019 11284.3 0.29% 11275.73 1.12%
29-07-2019 11189.2 -0.84% 11272.82 -0.03%
30-07-2019 11085.4 -0.93% 11191.62 -0.72%
31-07-2019 11118 0.29% 11326.85 1.21%
01-08-2019 10980 -1.24% 11201.8 -1.10%
02-08-2019 10997.35 0.16% 11070.35 -1.17%
05-08-2019 10862.6 -1.23% 11362.65 2.64%
06-08-2019 10948.25 0.79% 11483.62 1.06%
07-08-2019 10855.5 -0.85% 11425.41 -0.51%
08-08-2019 11032.45 1.63% 11486.24 0.53%
09-08-2019 11109.65 0.70% 11814.37 2.86%
13-08-2019 10925.85 -1.65% 11716.06 -0.83%
14-08-2019 11029.4 0.95% 11856.92 1.20%
16-08-2019 11047.8 0.17% 11825.3 -0.27%
19-08-2019 11053.9 0.06% 11886.57 0.52%
20-08-2019 11017 -0.33% 11791.22 -0.80%
21-08-2019 10918.7 -0.89% 12406.21 5.22%
22-08-2019 10741.35 -1.62% 12283.96 -0.99%
23-08-2019 10829.35 0.82% 12253.12 -0.25%
26-08-2019 11057.85 2.11% 12206.43 -0.38%
27-08-2019 11105.35 0.43% 12286.22 0.65%
28-08-2019 11046.1 -0.53% 12330.65 0.36%
29-08-2019 10948.3 -0.89% 12527.07 1.59%
30-08-2019 11023.25 0.68% 12683.11 1.25%
03-09-2019 10797.9 -2.04% 12501.66 -1.43%
04-09-2019 10844.65 0.43% 12294.6 -1.66%
05-09-2019 10847.9 0.03% 12424.04 1.05%
06-09-2019 10946.2 0.91% 12425.81 0.01%
09-09-2019 11003.05 0.52% 12644.79 1.76%
11-09-2019 11035.7 0.30% 12568.65 -0.60%
12-09-2019 10982.8 -0.48% 12369.56 -1.58%
13-09-2019 11075.9 0.85% 12499.99 1.05%
16-09-2019 11003.5 -0.65% 12649.42 1.20%
17-09-2019 10817.6 -1.69% 12573.77 -0.60%
18-09-2019 10840.65 0.21% 12677 0.82%
19-09-2019 10704.8 -1.25% 12505.5 -1.35%
20-09-2019 11274.2 5.32% 13298 6.34%
23-09-2019 11600.2 2.89% 13508.61 1.58%
24-09-2019 11588.2 -0.10% 13230.32 -2.06%
25-09-2019 11440.2 -1.28% 13257.71 0.21%
26-09-2019 11571.2 1.15% 13726.71 3.54%
27-09-2019 11512.4 -0.51% 13535.9 -1.39%
30-09-2019 11474.45 -0.33% 13682.48 1.08%
01-10-2019 11359.9 -1.00% 13477.38 -1.50%
03-10-2019 11314 -0.40% 13505.26 0.21%
04-10-2019 11174.75 -1.23% 13240.47 -1.96%
07-10-2019 11126.4 -0.43% 13400.35 1.21%
09-10-2019 11313.3 1.68% 13651.54 1.87%
10-10-2019 11234.55 -0.70% 13613.62 -0.28%
11-10-2019 11305.05 0.63% 13823.05 1.54%
14-10-2019 11341.15 0.32% 13957.61 0.97%
15-10-2019 11428.3 0.77% 13876.63 -0.58%
16-10-2019 11464 0.31% 14137.39 1.88%
17-10-2019 11586.35 1.07% 14300.22 1.15%
18-10-2019 11661.85 0.65% 14614.17 2.20%
22-10-2019 11588.35 -0.63% 14795.91 1.24%
23-10-2019 11604.1 0.14% 14759.46 -0.25%
24-10-2019 11582.6 -0.19% 14447.19 -2.12%
25-10-2019 11583.9 0.01% 14582.45 0.94%
29-10-2019 11786.85 1.75% 14480.49 -0.70%
30-10-2019 11844.1 0.49% 14744.49 1.82%
31-10-2019 11877.45 0.28% 14724 -0.14%
01-11-2019 11890.6 0.11% 14736.61 0.09%
04-11-2019 11941.3 0.43% 14592.3 -0.98%
05-11-2019 11917.2 -0.20% 14431.63 -1.10%
06-11-2019 11966.05 0.41% 14431.14 0.00%
07-11-2019 12012.05 0.38% 14491.72 0.42%
08-11-2019 11908.15 -0.86% 14255.4 -1.63%
11-11-2019 11913.45 0.04% 13898.01 -2.51%
13-11-2019 11840.45 -0.61% 14020.85 0.88%
14-11-2019 11872.1 0.27% 14018.98 -0.01%
15-11-2019 11895.45 0.20% 14082.22 0.45%
18-11-2019 11884.5 -0.09% 13875.36 -1.47%
19-11-2019 11940.1 0.47% 13906.48 0.22%
20-11-2019 11999.1 0.49% 14016.42 0.79%
21-11-2019 11968.4 -0.26% 13967.95 -0.35%
22-11-2019 11914.4 -0.45% 13960.07 -0.06%
25-11-2019 12073.75 1.34% 14270.67 2.22%
26-11-2019 12037.7 -0.30% 14307.71 0.26%
27-11-2019 12100.7 0.52% 14345.44 0.26%
28-11-2019 12151.15 0.42% 14440.79 0.66%
29-11-2019 12056.05 -0.78% 14238.36 -1.40%
02-12-2019 12048.2 -0.07% 14340.51 0.72%
03-12-2019 11994.2 -0.45% 14139.36 -1.40%
04-12-2019 12043.2 0.41% 14092.76 -0.33%
05-12-2019 12018.4 -0.21% 14076.51 -0.12%
06-12-2019 11921.5 -0.81% 13954.95 -0.86%
09-12-2019 11937.5 0.13% 14020.16 0.47%
10-12-2019 11856.8 -0.68% 13935.31 -0.61%
11-12-2019 11910.15 0.45% 13909.9 -0.18%
12-12-2019 11971.8 0.52% 13997.91 0.63%
13-12-2019 12086.7 0.96% 14142.88 1.04%
16-12-2019 12053.95 -0.27% 13994.65 -1.05%
17-12-2019 12165 0.92% 13992.18 -0.02%
18-12-2019 12221.65 0.47% 14033.61 0.30%
19-12-2019 12259.7 0.31% 14126.86 0.66%
20-12-2019 12271.8 0.10% 14693.31 4.01%
23-12-2019 12262.75 -0.07% 14371.22 -2.19%
24-12-2019 12214.55 -0.39% 14424.13 0.37%
26-12-2019 12126.55 -0.72% 14437.18 0.09%
27-12-2019 12245.8 0.98% 14501.46 0.45%
30-12-2019 12255.85 0.08% 14687.08 1.28%
31-12-2019 12168.45 -0.71% 14621.22 -0.45%
01-01-2020 12182.5 0.12% 14614.99 -0.04%
02-01-2020 12282.2 0.82% 14565.84 -0.34%
03-01-2020 12226.65 -0.45% 14431.64 -0.92%
06-01-2020 11993.05 -1.91% 14256.71 -1.21%
07-01-2020 12052.95 0.50% 14132.21 -0.87%
08-01-2020 12025.35 -0.23% 14231.49 0.70%
09-01-2020 12215.9 1.58% 14480.99 1.75%
10-01-2020 12256.8 0.33% 14522.82 0.29%
13-01-2020 12329.55 0.59% 14495.53 -0.19%
14-01-2020 12362.3 0.27% 14703.59 1.44%
15-01-2020 12343.3 -0.15% 14695.29 -0.06%
16-01-2020 12355.5 0.10% 15184.5 3.33%
17-01-2020 12352.35 -0.03% 15268.16 0.55%
20-01-2020 12224.55 -1.03% 15246.1 -0.14%
21-01-2020 12169.85 -0.45% 15111.22 -0.88%
22-01-2020 12106.9 -0.52% 15376.15 1.75%
23-01-2020 12180.35 0.61% 15376.24 0.00%
24-01-2020 12248.25 0.56% 15580.65 1.33%
27-01-2020 12119 -1.06% 15492.14 -0.57%
28-01-2020 12055.8 -0.52% 15245.61 -1.59%
29-01-2020 12129.5 0.61% 15690.71 2.92%
30-01-2020 12035.8 -0.77% 15348.55 -2.18%
31-01-2020 11962.1 -0.61% 15189.04 -1.04%
03-02-2020 11707.9 -2.13% 16120.1 6.13%
04-02-2020 11979.65 2.32% 16272.98 0.95%
05-02-2020 12089.15 0.91% 16202.97 -0.43%
06-02-2020 12137.95 0.40% 16104.27 -0.61%
07-02-2020 12098.35 -0.33% 16146.6 0.26%
10-02-2020 12031.5 -0.55% 15992.73 -0.95%
11-02-2020 12107.9 0.63% 15819.67 -1.08%
12-02-2020 12201.2 0.77% 16116.83 1.88%
13-02-2020 12174.65 -0.22% 16230.06 0.70%
14-02-2020 12113.45 -0.50% 16174.98 -0.34%
17-02-2020 12045.8 -0.56% 16404.31 1.42%
18-02-2020 11992.5 -0.44% 16221.76 -1.11%
19-02-2020 12125.9 1.11% 16598.82 2.32%
20-02-2020 12080.85 -0.37% 16355.95 -1.46%
24-02-2020 11829.4 -2.08% 16155.89 -1.22%
25-02-2020 11797.9 -0.27% 16198.71 0.27%
26-02-2020 11678.5 -1.01% 16059.97 -0.86%
27-02-2020 11633.3 -0.39% 16083.31 0.15%
28-02-2020 11201.75 -3.71% 15603.69 -2.98%
02-03-2020 11132.75 -0.62% 15931.21 2.10%
03-03-2020 11303.3 1.53% 16177.85 1.55%
04-03-2020 11251 -0.46% 16357.93 1.11%
05-03-2020 11269 0.16% 16392.34 0.21%
06-03-2020 10989.45 -2.48% 16246.97 -0.89%
09-03-2020 10451.45 -4.90% 15853.39 -2.42%
11-03-2020 10458.4 0.07% 15870.4 0.11%
12-03-2020 9590.15 -8.30% 15392.76 -3.01%
13-03-2020 9955.2 3.81% 14825.42 -3.69%
16-03-2020 9197.4 -7.61% 14237.42 -3.97%
17-03-2020 8967.05 -2.50% 14379.63 1.00%
18-03-2020 8468.8 -5.56% 13386.57 -6.91%
19-03-2020 8263.45 -2.42% 12974.69 -3.08%
20-03-2020 8745.45 5.83% 13988.52 7.81%
23-03-2020 7610.25 -12.98% 12801.04 -8.49%
24-03-2020 7801.05 2.51% 13328.72 4.12%
25-03-2020 8317.85 6.62% 14283.8 7.17%
26-03-2020 8641.45 3.89% 14754.13 3.29%
27-03-2020 8660.25 0.22% 14940.93 1.27%
30-03-2020 8281.1 -4.38% 15484.92 3.64%
31-03-2020 8597.75 3.82% 16119.7 4.10%
01-04-2020 8253.8 -4.00% 15480.77 -3.96%
03-04-2020 8083.8 -2.06% 14937.07 -3.51%
07-04-2020 8792.2 8.76% 16849.61 12.80%
08-04-2020 8748.75 -0.49% 16683.97 -0.98%
09-04-2020 9111.9 4.15% 16652.82 -0.19%
13-04-2020 8993.85 -1.30% 16415.68 -1.42%
15-04-2020 8925.3 -0.76% 17133.62 4.37%
16-04-2020 8992.8 0.76% 17696.6 3.29%
17-04-2020 9266.75 3.05% 17132.04 -3.19%
20-04-2020 9261.85 -0.05% 16788 -2.01%
21-04-2020 8981.45 -3.03% 16826.47 0.23%
22-04-2020 9187.3 2.29% 17446.31 3.68%
23-04-2020 9313.9 1.38% 17242.6 -1.17%
24-04-2020 9154.4 -1.71% 17212.93 -0.17%
27-04-2020 9282.3 1.40% 17751.59 3.13%
28-04-2020 9380.9 1.06% 17374.71 -2.12%
29-04-2020 9553.35 1.84% 17295.6 -0.46%
30-04-2020 9859.9 3.21% 17725.77 2.49%
04-05-2020 9293.5 -5.74% 17262.67 -2.61%
05-05-2020 9205.6 -0.95% 17228.16 -0.20%
06-05-2020 9270.9 0.71% 17117.21 -0.64%
07-05-2020 9199.05 -0.78% 16952.16 -0.96%
08-05-2020 9251.5 0.57% 17605.33 3.85%
11-05-2020 9239.2 -0.13% 17367.2 -1.35%
12-05-2020 9196.55 -0.46% 17268.11 -0.57%
13-05-2020 9383.55 2.03% 16329.05 -5.44%
14-05-2020 9142.75 -2.57% 16121.8 -1.27%
15-05-2020 9136.85 -0.06% 16383.14 1.62%
18-05-2020 8823.25 -3.43% 16180.39 -1.24%
19-05-2020 8879.1 0.63% 16090.72 -0.55%
20-05-2020 9066.55 2.11% 16243.25 0.95%
21-05-2020 9106.25 0.44% 16235.38 -0.05%
22-05-2020 9039.25 -0.74% 16155.38 -0.49%
26-05-2020 9029.05 -0.11% 16593.75 2.71%
27-05-2020 9314.95 3.17% 16654.83 0.37%
28-05-2020 9490.1 1.88% 16926.52 1.63%
29-05-2020 9580.3 0.95% 17476.09 3.25%
01-06-2020 9826.15 2.57% 17120.01 -2.04%
02-06-2020 9979.1 1.56% 16951.63 -0.98%
03-06-2020 10061.55 0.83% 17343.38 2.31%
04-06-2020 10029.1 -0.32% 17133.16 -1.21%
05-06-2020 10142.15 1.13% 17033.73 -0.58%
08-06-2020 10167.45 0.25% 16774.09 -1.52%
09-06-2020 10046.65 -1.19% 16491.53 -1.68%
10-06-2020 10116.15 0.69% 16473.7 -0.11%
11-06-2020 9902 -2.12% 16608.2 0.82%
12-06-2020 9972.9 0.72% 16496.3 -0.67%
15-06-2020 9813.7 -1.60% 16400.3 -0.58%
16-06-2020 9914 1.02% 16342.1 -0.35%
17-06-2020 9881.15 -0.33% 16198.2 -0.88%
18-06-2020 10091.65 2.13% 16179 -0.12%
19-06-2020 10244.4 1.51% 16094.8 -0.52%
22-06-2020 10311.2 0.65% 16140.8 0.29%
23-06-2020 10471 1.55% 16548.4 2.53%
24-06-2020 10305.3 -1.58% 16707.9 0.96%
25-06-2020 10288.9 -0.16% 16787 0.47%
26-06-2020 10383 0.91% 16677.5 -0.65%
29-06-2020 10312.4 -0.68% 16724.8 0.28%
30-06-2020 10302.1 -0.10% 17174.4 2.69%
01-07-2020 10430.05 1.24% 16798.8 -2.19%
02-07-2020 10551.7 1.17% 16789.3 -0.06%
03-07-2020 10607.35 0.53% 16695.6 -0.56%
06-07-2020 10763.65 1.47% 16802 0.64%
07-07-2020 10799.65 0.33% 16912.4 0.66%
08-07-2020 10705.75 -0.87% 16802.1 -0.65%
09-07-2020 10813.45 1.01% 16759.1 -0.26%
10-07-2020 10768.05 -0.42% 16833.1 0.44%
13-07-2020 10802.7 0.32% 16956.8 0.73%
14-07-2020 10607.35 -1.81% 16895.8 -0.36%
15-07-2020 10618.2 0.10% 16908.8 0.08%
16-07-2020 10739.95 1.15% 17495.7 3.47%
17-07-2020 10901.7 1.51% 17229.9 -1.52%
20-07-2020 11022.2 1.11% 17247 0.10%
21-07-2020 11162.25 1.27% 17275.6 0.17%
22-07-2020 11132.6 -0.27% 17151.8 -0.72%
23-07-2020 11215.45 0.74% 17256.4 0.61%
24-07-2020 11194.15 -0.19% 17251.8 -0.03%
27-07-2020 11131.8 -0.56% 17350.2 0.57%
28-07-2020 11300.55 1.52% 17095.4 -1.47%
29-07-2020 11202.85 -0.86% 16597.8 -2.91%
30-07-2020 11102.15 -0.90% 16524 -0.44%
31-07-2020 11073.45 -0.26% 16522.2 -0.01%
03-08-2020 10891.6 -1.64% 16524.8 0.02%
04-08-2020 11095.25 1.87% 16580 0.33%
05-08-2020 11101.65 0.06% 16503.3 -0.46%
06-08-2020 11200.15 0.89% 16677.2 1.05%
07-08-2020 11214.05 0.12% 16788.6 0.67%
10-08-2020 11270.15 0.50% 16665.8 -0.73%
11-08-2020 11322.5 0.46% 16622.8 -0.26%
12-08-2020 11308.4 -0.12% 16540.8 -0.49%
13-08-2020 11300.45 -0.07% 16474.2 -0.40%
14-08-2020 11178.4 -1.08% 16354.7 -0.73%
8/17/2020 11247.1 0.61% 16422.9 0.42%
8/18/2020 11385.3 1.23% 16554.6 0.80%
8/19/2020 11408.4 0.20% 16345.8 -1.26%
8/20/2020 11312.2 -0.84% 16212.0 -0.82%
8/21/2020 11371.6 0.53% 16561.9 2.16%
8/24/2020 11466.5 0.83% 16478.8 -0.50%
8/25/2020 11472.3 0.05% 16288.2 -1.16%
8/26/2020 11549.6 0.67% 16190.0 -0.60%
8/27/2020 11559.3 0.08% 16113.7 -0.47%
8/28/2020 11647.6 0.76% 16101.2 -0.08%
8/31/2020 11387.5 -2.23% 15949.5 -0.94%
9/1/2020 11470.3 0.73% 16196.9 1.55%
9/2/2020 11535.0 0.56% 15992.5 -1.26%
9/3/2020 11527.5 -0.07% 16393.8 2.51%
9/4/2020 11333.8 -1.68% 16232.6 -0.98%
9/7/2020 11355.0 0.19% 16403.5 1.05%
9/8/2020 11317.3 -0.33% 16126.5 -1.69%
9/9/2020 11278.0 -0.35% 16312.5 1.15%
9/10/2020 11449.3 1.52% 16420.7 0.66%
9/11/2020 11464.5 0.13% 16325.3 -0.58%
9/14/2020 11440.0 -0.21% 16083.3 -1.48%
9/15/2020 11521.8 0.71% 16041.0 -0.26%
9/16/2020 11604.5 0.72% 16197.8 0.98%
9/17/2020 11516.1 -0.76% 16121.3 -0.47%
9/18/2020 11505.0 -0.10% 16087.0 -0.21%
9/21/2020 11250.5 -2.21% 15430.8 -4.08%
9/22/2020 11153.7 -0.86% 15199.2 -1.50%
9/23/2020 11131.8 -0.20% 15366.0 1.10%
9/24/2020 10805.5 -2.93% 15258.8 -0.70%
9/25/2020 11050.3 2.26% 15736.8 3.13%
9/28/2020 11227.5 1.60% 15719.8 -0.11%
9/29/2020 11222.4 -0.05% 15620.8 -0.63%
9/30/2020 11247.5 0.22% 15918.7 1.91%
10/1/2020 11417.0 1.51% 16000.5 0.51%
10/5/2020 11503.3 0.76% 16033.2 0.20%
10/6/2020 11662.4 1.38% 15876.8 -0.98%
10/7/2020 11738.8 0.66% 16114.4 1.50%
10/8/2020 11834.6 0.82% 16304.6 1.18%
10/9/2020 11914.2 0.67% 16034.1 -1.66%
10/12/2020 11931.0 0.14% 15902.2 -0.82%
10/13/2020 11934.5 0.03% 15673.0 -1.44%
10/14/2020 11971.0 0.31% 15673.0 0.00%
10/15/2020 11680.3 -2.43% 15602.8 -0.45%
10/16/2020 11762.5 0.70% 15430.2 -1.11%
10/19/2020 11873.0 0.94% 16093.2 4.30%
10/20/2020 11896.8 0.20% 16252.5 0.99%
10/21/2020 11937.7 0.34% 16030.8 -1.36%
10/22/2020 11896.5 -0.35% 15909.5 -0.76%
10/23/2020 11930.3 0.28% 15865.5 -0.28%
10/26/2020 11767.8 -1.36% 16259.3 2.48%
10/27/2020 11889.4 1.03% 17229.8 5.97%
10/28/2020 11729.6 -1.34% 17119.2 -0.64%
10/29/2020 11670.8 -0.50% 16870.6 -1.45%
10/30/2020 11642.4 -0.24% 17161.6 1.72%
11/2/2020 11669.2 0.23% 17114.9 -0.27%
11/3/2020 11813.5 1.24% 16892.5 -1.30%
11/4/2020 11908.5 0.80% 16997.1 0.62%
11/5/2020 12120.3 1.78% 17221.3 1.32%
11/6/2020 12263.5 1.18% 17006.7 -1.25%
11/9/2020 12461.0 1.61% 17332.0 1.91%
11/10/2020 12631.1 1.36% 16604.8 -4.20%
11/11/2020 12749.2 0.93% 16697.6 0.56%
11/12/2020 12690.8 -0.46% 16718.6 0.13%
11/13/2020 12720.0 0.23% 16825.7 0.64%
11/17/2020 12874.2 1.21% 16982.8 0.93%
11/18/2020 12938.3 0.50% 16872.6 -0.65%
11/19/2020 12771.7 -1.29% 16934.2 0.37%
Current Enterprise Value
Particulars Amount (Rs Mn)

Current Market Price per s 17,460.00 (as on 20th Nov 2020)
No of Shares 96.42
Common Equity 1,683,493
Preference Shares 0
Non Controlling Interest 0
Net Debt -12,549
EV 1,670,944
Discounted Cash Flow

In Rs. Millions
Particulars Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Terminal Value
EBIT 31320.82 36404.57 42665.11 48714.79 56205.61
(less) Tax 7883.45 9163.03 10738.81 12261.51 14146.95
NOPAT 23437.37 27241.54 31926.30 36453.28 42058.65
Add: Depreciation and Amor 3113.53 2963.35 2891.20 2897.58 2964.67
Less: Increase in Working Ca -55 655 -1781 2009 -2250
Less: Capital Expenditure -1074.05 -515.97 45.65 479.79 919.31
FCFF 27679.51 30066.21 36552.36 36862.20 46353.63 2,116,401
Rate of Change 8.62% 21.57% 0.85% 25.75%
Discount Rate 9.04% 9.04% 9.04% 9.04% 9.04% 9.04%
Period 0.33 1.33 2.33 3.33 4.33 4.33
Discount Factor 0.97 0.89 0.82 0.75 0.69 0.69
Discounted Cash Flow 26892.7 26790.5 29870.6 27627.2 31861.4 1455140.3
Inputs
Perpetual Growth Rate 7.00%
WACC 9.04%
Outputs
Enterprise Value 1,598,183
Less:Debt 531
Add:Cash 13081
Net Debt -12549
Add:Investments 0
Equity Value 1610731.8
Number of Shares Outstand 96.42
1- year target price after 18215.0
EV/Sales Multiple
Particulars Amount
EV/Sales Multiple 9.61
Sales (1yr Fwd) 140,203
EV/EBITDA Multiple
Particulars Amount
EV/EBITDA Multiple 45.12
EBITDA (1yr Fwd) 34,434
P/E Multiple
Particulars Amount
P/E Multiple 78.42
PAT (1yr Fwd) ₹22,968.3
EPS (1yr Fwd) 238.21
Price per share 18,681.56
Equity Value 1,801,276
Add: Net Debt -12,549
Valuation - Summary
EV Net Debt Equity Value Minority Interest Adj. Equity Value Share Value Weight
Valuation Methods A B C=A-B D E=C-D F = E/No. of shares B
Discounted Cash Flow 1,598,183 -12,549 1,610,732 0 1,610,732 16705.370280297 55%
EV/Sales 1,346,851 -12,549 1,359,400 0 1,359,400 14098.737065753 15%
EV/EBITDA 1,553,531 -12,549 1,566,081 0 1,566,081 16242.27871436 15%
P/E 1,788,727 -12,549 1,801,276 0 1,801,276 18681.563066649 15%
Equity Value 1,582,367 1,594,916 16541.340481178 100%
Multiples
Trading Comparables
No of Shares MarketCap PAT
Consolidated Financials Price (mn) (Rs Mn)
Pref Shares + Minority Interest
Net Debt (Rs Mn) EV (Mn)
Nestle India 17,460.00 96.42 1,683,493 0 -12549 19695.50 1670944.10
Britannia Industries 3,801.35 240.5 914,225 356.5 13,912 13931.6 928492.68
Hidustan Unilever 2,173.90 2349 5,106,491 170 -51130 67640 5055531.10
Jubilant Foods 1,869.65 131.97 246,736 106.9 -6,559 2788 240284.02
Tasty Bite 12,246.75 2.57 31,474 0 469.3 408.6 31943.45
Sensitivity Analysis
WACC
18215.0 8.5% 9.00% 9.04% 9.50% 9.8%
6.50%
Growth Rate 6.75%
7.00%
7.25%
7.50%
EV/Sales EV/EBITDA P/E
Sales (Mn) EBITDA (Mn) TTM TTM TTM

122952.70 30296.60 13.59 55.15 85.48
114439.9 20456.8 8.11 45.39 65.62
397830 103750 12.71 48.73 75.50
39272.7 7799.8 6.12 30.81 88.50
4257.7 702 7.50 45.50 77.03
Mean 9.61 45.12 78.42
Median 8.11 45.50 77.03
Low 7.50 45.39 75.50
High 12.71 48.73 85.48
Football Field Analysis
Valuation Method Base Min Max Football Field Chart Min Difference Max
0% -10% 10% 52W High-Low 11916 6453 18369
Discounted Cash Flow 18215 16394 20037 Discounted Cash Flow 16394 3643 20037
EV/Sales 14099 12689 15509 EV/EBITDA 12689 2820 15509
EV/EBITDA 16242 14618 17867 P/E 14618 3248 17867
P/E 18682 16813 20550 EV/Sales 16813 3736 20550
Equity Value 16541 14887 18195 Equity Value 14887 3308 18195
52W High-Low 11916 18369
Discounted Cash Flow 16394
EV/EBITDA 12689 15509
P/E 14618 17867
EV/Sales 16813
Equity Value 14887 18195
10000 12000 14000 16000 18000 20000

Industry : Food And Dairy Products - Multinational
Year Latest 2020 2019 2018 2017 2016
No.Of Companies 22 1 12 14 15 18
Key Ratios
Debt-Equity Ratio 0.25 0.24 0.23 0.29 0.33 0.29
Long Term Debt-Equity Ratio 0.25 0.24 0.23 0.29 0.32 0.27
Current Ratio 1.65 1.7 1.66 1.63 1.52 1.36
Turnover Ratios
Fixed Assets 2.65 0.93 2.64 2.61 2.91 2.5
Inventory 9.45 3.14 9.4 8.97 8.75 8.86
Debtors 29.48 9.62 28.96 29.17 29.3 32.52
Interest Cover Ratio 18.74 30.28 22.75 16.71 13.31 17.53
PBIDTM (%) 17.27 19.34 17.8 15.76 12.69 12.37
PBITM (%) 13.25 17.96 13.76 11.7 8.77 8.59
PBDTM (%) 16.57 18.75 17.2 15.06 12.03 11.88
CPM (%) 13.28 14.89 13.55 11.24 9.23 8.79
APATM (%) 9.26 13.51 9.51 7.17 5.31 5.01
ROCE (%) 25.37 11.32 26.92 22.08 17.54 18.94
RONW (%) 22.76 10.64 23.55 17.91 14.14 14.59
https://www.capitaline.com Disclaimer:Capitaline Database has taken due care and caution in compilation of data.However, Capitaline Database makes no warranty that the serv
All Values in Rs Mn unless Specified
Year Latest 2020 2019 2018 2017 2016
No. of Companies 22 1 12 14 15 18
SOURCES OF FUNDS :
Share Capital 7,626.70 24.05 6,738.01 7,556.08 6,476.91 6,555.88
Reserves Total 17,554.51 4,250.60 17,126.04 16,174.59 14,227.20 12,574.55
Equity Share Warrants 0 0 0 0 0 0.03
Equity Application Money 0 0 0 0 13.07 13.26
Total Shareholders Funds 25,181.21 4,274.65 23,864.05 23,730.67 20,717.18 19,143.72
Secured Loans 51.24 1.79 0.53 0.5 8.98 691.94
Unsecured Loans 3,283.19 1,200.94 1,978.44 2,424.80 4,174.42 2,145.29
Total Debt 3,334.43 1,202.73 1,978.97 2,425.30 4,183.40 2,837.23
Other Liabilities 3,575.96 30.53 3,509.27 3,147.28 3,254.78 2,951.64
Total Liabilities 32,091.60 5,507.91 29,352.29 29,303.25 28,155.36 24,932.59
APPLICATION OF FUNDS :
Gross Block 22,711.79 2,037.11 21,626.54 21,850.29 19,652.08 16,834.15
Less : Accumulated Depreciation 7,794.77 576.58 7,258.77 6,014.56 3,994.69 2,986.08
Less:Impairment of Assets 0 0 0 0 0 0
Net Block 14,917.02 1,460.53 14,367.77 15,835.73 15,657.39 13,848.07
Lease Adjustment 0 0 0 0 0 0
Capital Work in Progress 941.36 38.92 930.97 1,286.19 1,407.94 2,583.30
Producing Properties 2.76 0 2.76 4.1 0 0
Investments 5,471.64 3,141.17 3,822.28 4,500.67 3,080.63 3,217.83
Current Assets, Loans & Advances
Inventories 6,592.17 633.53 6,356.25 5,847.70 6,244.48 5,894.02
Sundry Debtors 2,045.89 242.23 2,043.09 1,920.62 1,797.06 1,826.91
Cash and Bank 9,181.82 39.16 8,601.80 7,774.12 5,909.75 4,618.79
Loans and Advances 2,881.49 1,408.17 2,687.07 2,397.09 2,798.28 2,279.57
Total Current Assets 20,701.38 2,323.09 19,688.22 17,939.52 16,749.58 14,619.29
Less : Current Liabilities and Provisions
Current Liabilities 13,048.18 1,508.13 12,273.74 11,385.83 9,981.53 10,682.35
Provisions 1,517.15 226.33 1,542.38 1,353.83 1,242.05 1,120.94
Total Current Liabilities 14,565.32 1,734.46 13,816.12 12,739.63 11,223.58 11,803.29
Net Current Assets 6,136.05 588.63 5,872.09 5,199.90 5,525.97 2,816.02
Miscellaneous Expenses not written off 0.05 0 0 0 0 0
Deferred Tax Assets 926.76 46.14 946.72 702.8 765.45 672.96
Deferred Tax Liability 316.85 57.11 330.33 389.13 438.39 440.82
Net Deferred Tax 609.91 -10.97 616.39 313.67 327.06 232.14
Other Assets 4,012.83 289.63 3,740.04 2,163.02 2,156.36 2,235.20
Total Assets 32,091.63 5,507.91 29,352.31 29,303.28 28,155.36 24,932.57

Year Latest 2020 2019 2018 2017 2016
No. of Companies 22 1 12 14 15 18
INCOME :
Sales Turnover 59,781.96 10,986.68 57,387.10 54,224.76 53,089.70 52,006.84
Excise Duty 14.35 0 0 764.05 3,446.36 1,678.72
Net Sales 59,767.61 10,986.68 57,387.10 53,460.71 49,643.34 50,328.12
Other Income 1,509.27 370.43 1,290.43 1,255.89 1,036.24 899.59
Stock Adjustments 117.91 -61.51 234.18 -150.91 238.64 109.46
Total Income 61,394.79 11,295.60 58,911.71 54,565.69 50,918.22 51,337.17
EXPENDITURE :
Raw Materials 26,589.84 6,596.22 25,373.03 23,849.64 23,113.96 22,273.39
Power & Fuel Cost 1,489.91 134.93 1,457.15 1,350.70 1,239.81 1,184.06
Employee Cost 5,866.60 368.87 5,605.92 5,245.28 4,874.94 4,853.63
Other Manufacturing Expenses 3,192.14 662.66 3,174.84 2,846.79 2,701.46 3,313.47
Selling and Administration Expenses 11,307.82 1,039.13 10,761.09 10,260.12 8,976.79 9,551.68
Miscellaneous Expenses 2,622.82 368.67 2,323.18 2,467.11 3,273.47 4,115.93
Less: Pre-operative Expenses Capitalis 0 0 0 0 0 0
Total Expenditure 51,069.12 9,170.48 48,695.18 46,019.64 44,180.43 45,292.18
Operating Profit 10,325.70 2,125.12 10,216.56 8,546.04 6,737.81 6,045.01
Interest 422.7 65.17 347.07 379.49 349.75 254.93
Gross Profit 9,903.00 2,059.95 9,869.49 8,166.55 6,388.06 5,790.08
Depreciation 2,402.29 151.69 2,320.29 2,203.91 2,082.28 1,966.86
Profit Before Tax 7,500.71 1,908.26 7,549.20 5,962.64 4,305.78 3,823.22
Tax 2,286.64 416.86 2,409.29 2,087.10 1,541.88 1,570.24
Fringe Benefit tax 0 0 0 0 0 0
Deferred Tax -323.74 7.1 -318.14 -14.95 -54.15 -110.47
Reported Net Profit 5,537.79 1,484.30 5,458.03 3,890.48 2,818.05 2,363.40
Extraordinary Items -193.17 14.91 -50.85 -121.16 -117.58 -240.2
Adjusted Net Profit 5,730.96 1,469.39 5,508.88 4,011.64 2,935.63 2,603.60
Adjst. below Net Profit -1,319.53 -929.58 -450.86 -339.23 -257.02 -268.88
P & L Balance brought forward 8,482.25 3,163.18 8,012.04 6,720.24 5,410.69 3,759.09
Statutory Appropriations 0 0 0 0 0 0
Appropriations 3,987.50 689.15 3,711.10 1,759.31 1,508.70 1,147.29
P & L Balance carried down 8,713.04 3,028.75 9,308.14 8,512.18 6,463.03 4,706.33
Dividend 3,216.85 0 3,216.84 1,516.29 1,404.06 1,158.21
Preference Dividend 0 0 0 0 0 0
Year Latest 2020 2019 2018 2017 2016
No. of Companies 20 1 12 14 15 18
Cash Flow Summary
Cash and Cash Equivalents at Beginnin 6,309.19 23.13 5,869.25 3,861.30 3,767.54 2,792.67
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary 6,969.90 1,908.26 7,019.49 5,588.18 3,945.85 3,819.20
Adjustment For
Depreciation 2,402.29 151.69 2,320.29 2,203.91 2,082.29 1,966.86
Interest (Net) -265.25 -103.5 -297.54 -130.13 -270.09 -267.12
Dividend Received -72.27 -66.47 -5.8 -9.51 -8.29 -5.61
P/L on Sales of Assets 2.6 -0.17 1.19 0.73 11.23 3.66
P/L on Sales of Invest 4.72 0 5.06 -152.33 -4.96 -7.47
Prov. & W/O (Net) 22.27 -19 -128.11 4.35 57.29 283.9
P/L in Forex -3.83 0 -6.01 -15.31 25.78 106.61
Fin. Lease & Rental Chrgs 0 0 0 0 0 0
Others 320.74 -59.84 349.52 51.22 259.99 -39.19
Total Adjustments (PBT & Extraordinar 2,411.32 -97.29 2,238.65 1,952.95 2,153.20 2,041.65
Op. Profit before Working Capital Chan 9,381.24 1,810.97 9,258.15 7,541.14 6,099.05 5,860.88
Adjustment For
Trade & 0th receivables -84.61 108.73 -269.33 -116.67 93.38 -539.23
Inventories -787.56 85.36 -1,005.79 264.83 -585.3 -245.54
Trade Payables 1,036.83 157.18 1,021.67 1,391.16 -275.98 857.42
Loans & Advances -2.78 0 -2.78 -3.12 46.66 -30.58
Investments 0 0 0 0 -5.27 0
Net Stock on Hire 0 0 0 0 0 0
Leased Assets Net of Sale 0 0 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0 0 0
Change in Borrowing 0 0 0 0 0 0
Change in Deposits 0 0 0 0 0 0
Others 484.23 -30.26 595.85 393.92 -407.43 512.81
Total (OP before Working Capital Chan 646.12 321.01 339.63 1,930.14 -1,133.93 554.89
Cash Generated from/(used in) Operat 10,027.33 2,131.98 9,597.76 9,471.26 4,965.12 6,415.75
Interest Paid(Net) 0.15 0 -0.25 -0.29 149.59 -36.7
Direct Taxes Paid -2,205.93 -472.3 -2,280.92 -2,070.39 -1,599.28 -1,375.82
Advance Tax Paid 0 0 0 0 0 0
Others 74.72 0 74.72 97.58 -65.13 71.09
Total-others -2,131.06 -472.3 -2,206.45 -1,973.10 -1,514.83 -1,341.43
Cash Flow before Extraordinary Items 7,896.26 1,659.68 7,391.30 7,498.16 3,450.29 5,074.32
Extraordinary Items
Excess Depreciation W/b 0 0 0 0 0 0
Premium on Lease of land 0 0 0 0 0 0
Payment Towards VRS 0 0 0 0 0 0
Prior Year 's Taxation 0 0 0 0 0 0
Gain on Forex Exch. Tran 0 0 0 0 0 0
Others 1.14 0 0 0 0 0
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -2,501.05 -225.05 -2,297.03 -2,498.43 -2,997.14 -3,196.64
Sale of Fixed Assets 64.1 0.68 39.73 204.1 87.29 413.17
capital WIP 0 0 0 0 0 0
Capital Subsidy Recd 0 0 0 0 0 0
Financial/Capital Investment :
Purchase of Investments -2,803.03 -1,363.65 -1,756.59 -2,544.51 -1,817.98 -1,593.50
Sale of Investments 1,626.81 0 1,519.59 1,809.36 2,162.86 1,249.28
Investment Income 0 0 0 0 199.02 0
Interest Received 754.94 114.64 731.36 611.52 296.04 424.93
Dividend Received 85.9 66.47 18.72 28.76 24.07 18.97
Invest.In Subsidiaires -45.92 -31.43 -104.18 -33.95 -12.75 -5.96
Loans to Subsidiaires 0 0 0 0 -10.69 -15.85
Investment in Group Cos 0 0 0 0 -14.5 0
Issue of Sh. on Acqu. of Cos 0 0 0 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0 0 0 0
Acquisition of Companies 0 0 0 0 0 0
Inter Corporate Deposits -150 -130 -245.21 -121 -215.79 -285
Others -2,025.84 0 -2,025.84 -230.14 -136.15 -289.97
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl sh 201.21 23.97 29.79 286.45 549.88 598.82
Proceed from Issue of Debentures 720.95 720.95 0 0 0 0
Proceed from 0ther Long Term Borrow 725.73 474.4 182.98 222.09 752.48 408.13
Proceed from Bank Borrowings 0 0 0 0 0 0
Proceed from Short Tem Borrowings 0 0 0 0 0 1.48
Proceed from Deposits 0 0 0 0 0 0
Share Application Money 0 0 0 0 0 0
Cash/Capital Investment Subsidy 0 0 0 0 0 0.4
Loans from a Corporate Body 0 0 0 0 0 0
Payments:
Share Application Money Refund 0 0 0 0 0 0
On Redemption of Debenture -867.79 -867.79 0 0 0 0
Of the Long Tem Borrowings -527.87 0 -483.64 -554.11 -424.62 -437.07
Of the short term Borrowings 0 0 0 0 0 0
Of financial Liabilities -0.44 -0.44 0 -8.36 -4.39 -4.92
Dividend Paid -3,714.75 -420.23 -3,648.90 -1,716.48 -1,428.37 -1,042.56
Shelter Assistance Reserve 0 0 0 0 0 0
Others -598.57 0 -671.94 -222.89 -164.97 -149.23
Net Cash Used in Financing Activities -4,239.25 -94.25 -4,744.18 -2,201.58 -920.63 -763.51
Net Inc/(Dec) in Cash and Cash Equiva -1,335.77 -2.91 -1,472.16 2,523.76 93.95 1,030.23
Cash and Cash Equivalents at End of t 4,973.40 20.22 4,397.07 6,385.08 3,861.46 3,822.90
2015 2014 2013 2012
19 17 17 19
0.27 0.29 0.32 0.37

0.27 0.26 0.29 0.32
1.37 1.36 1.48 1.43
2.16 2.04 2.07 2.52

9.43 8.98 8.37 8.96
35.11 32.37 37.12 46.1
34.94 53.08 35.94 36.18
10.02 11.9 11.82 12.81
5.71 7.87 7.75 8.34
9.85 11.76 11.6 12.58
8.02 9.2 9.45 10.24
3.72 5.16 5.38 5.77
13.67 17.02 15.93 19.81
11.9 15.25 15.47 20.21
e makes no warranty that the service will meet all your requirements, the service will be unin
2015 2014 2013 2012 2011

19 17 17 19 18
6,814.67 6,600.05 6,242.84 5,882.83 3,274.71

10,559.66 8,843.73 8,632.13 8,292.50 5,857.40
0 0 0 0 0
12.5 64.58 88.94 0 64.06
17,386.83 15,508.36 14,963.91 14,175.33 9,196.17
3.79 6.76 2.82 869.25 466.35
2,332.98 2,102.47 3,240.54 2,118.45 2,490.14
2,336.77 2,109.23 3,243.36 2,987.70 2,956.49
2,520.87 1,969.76 1,622.85 1,566.96 1,203.81
22,244.47 19,587.35 19,830.12 18,729.99 13,356.47
24,831.27 21,524.73 20,186.97 18,019.76 12,261.15

11,379.38 9,234.14 7,888.92 6,869.24 5,319.50
0 0 9.71 20.43 13.8
13,451.89 12,290.59 12,288.34 11,130.09 6,927.85
0 0 0 0 0
1,945.24 986.98 1,435.23 1,226.24 2,214.94
0 0 0 0 0
2,453.44 2,676.69 2,330.63 1,306.57 1,088.42
5,848.00 4,773.29 4,721.09 4,746.93 3,754.87

1,371.90 1,479.57 1,154.90 980.1 676.13
3,777.29 3,212.28 2,565.46 3,606.18 3,084.62
2,115.91 1,440.70 1,668.26 2,065.71 1,658.99
13,113.05 10,905.81 10,109.71 11,398.89 9,174.62
9,946.67 7,605.85 6,579.88 6,670.70 5,780.32

1,609.02 1,301.89 919.42 779.13 851.31
11,555.68 8,907.73 7,499.32 7,449.81 6,631.64
1,557.37 1,998.11 2,610.42 3,949.08 2,542.99
0 0 0 0 0
459.69 336.19 190.51 281.06 207.86
474.75 457.07 446.26 310.35 194.2
-15.06 -120.88 -255.75 -29.29 13.66
2,851.61 1,755.89 1,421.26 1,147.30 568.62
22,244.48 19,587.34 19,830.13 18,729.98 13,356.48
e makes no warranty that the service will meet all your requirements, the service will be uninterrupted, timely,
2015 2014 2013 2012 2011

19 17 17 19 18
51,443.98 43,661.77 39,623.96 38,097.34 31,064.76

2,830.62 2,062.29 1,080.96 1,063.61 527.55
48,613.36 41,599.48 38,543.00 37,033.73 30,537.21
1,363.29 732.61 698.5 482.49 483.77
249.92 136.63 -44.96 164.96 137.4
50,226.57 42,468.72 39,196.54 37,681.18 31,158.38
23,652.66 20,076.65 9,401.00 9,192.79 12,226.78

1,263.18 1,222.01 613.79 602.88 479.11
4,642.34 3,659.99 2,041.25 1,583.69 1,319.97
2,011.99 2,088.59 1,830.16 2,305.20 3,961.69
10,452.99 8,593.39 3,571.21 4,316.31 3,709.59
3,123.85 1,536.90 17,055.46 14,801.09 5,448.58
0 0 0 0 0
45,146.99 37,177.51 34,512.85 32,801.96 27,145.72
5,079.57 5,291.18 4,683.68 4,879.25 4,012.66
85.21 63.4 85.44 87.84 110.04
4,994.36 5,227.78 4,598.24 4,791.41 3,902.62
2,198.40 1,733.42 1,612.55 1,701.02 901.05
2,795.96 3,494.36 2,985.69 3,090.39 3,001.57
1,017.76 1,215.86 713.42 838.46 797.86
0 0 0 0 0
-102.35 -57.84 142.09 53.32 1.94
1,880.57 2,336.36 2,130.17 2,198.60 2,201.77
-165.54 95.44 9.79 15.12 11.06
2,046.11 2,240.92 2,120.38 2,183.48 2,190.71
-16.93 -3.47 0 0.01 -0.02
3,809.96 1,744.19 1,623.51 503.01 -636.39
0 0 0 0 0
1,970.15 1,914.83 801.16 610.47 1,062.45
3,703.44 2,162.25 2,952.52 2,091.15 502.9
1,175.27 1,539.56 569.28 764.61 698.67
0 0 0 0 0
2015 2014 2013 2012 2011
18 15 14 15 14
2,411.24 2,569.09 2,118.70 1,484.89 1,153.70
2,795.88 3,494.07 2,917.68 2,696.45 2,803.49
2,218.28 1,732.57 1,631.30 1,389.47 648.31

-211.31 -180.89 -14.68 -122.21 -142.85
-6.7 -8.09 -9.22 -6 -12.94
-78.76 -5.36 -9.95 -5.24 -63.2
-12.72 -80.93 -85.58 -9.08 -8.76
300.08 40.24 140.63 77.25 48.43
-54.24 18.49 183.65 10.9 4.79
4.27 3.16 2.16 1.3 1.39
-254.98 -36.71 -258.33 -27.67 -2.48
1,903.92 1,482.49 1,579.98 1,308.72 472.69
4,699.81 4,976.56 4,497.66 4,005.17 3,276.18
-2.52 -270.77 -316.47 298.35 -172.52

-561.34 -434.76 -373.08 -548.82 -565.07
880.02 514.66 336.86 461.2 716.42
3.06 -55.61 -189.18 -35.93 -286.3
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
1.94 0 155.16 0 0
0 0 0 0 0
633.81 1,056.19 404.81 264.83 45.31
954.96 809.7 18.1 439.63 -262.16
5,654.78 5,786.27 4,515.76 4,444.80 3,014.02
-2.25 -3.21 -24.26 -12.55 -10
-1,226.25 -1,190.86 -863.01 -910.56 -746.38
0 -39.17 0 0 0
0.82 0.3 -16.78 -0.11 0
-1,227.68 -1,232.94 -904.05 -923.22 -756.38
4,427.11 4,553.33 3,611.71 3,521.58 2,257.64
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0.73 0 0 0 0
0 0 0 0 0
-3,372.81 -2,647.71 -2,908.86 -2,479.40 -2,639.94

409.97 90.2 348 29.26 110.97
0 0 0 31.13 -30.95
0 0 0 0 0
-1,386.15 -1,142.48 -1,206.25 -676.32 -824.1

1,150.83 917.5 1,130.64 766.39 918.94
0 0 0 0 0
413.19 325.8 309.14 285.68 164
18.68 18.46 19.95 15.56 41.04
-20.87 -118.81 -10.11 -9.77 -18.56
-19.94 -8.69 -29.31 -37.96 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
-250 -50 60 30 -80
333.24 -171.09 204.41 -345.58 121.89
118.73 438.02 430.99 356.8 184.17
0 0 0 0 94.81
946.23 821.94 365.81 42.76 302.4
0 0 0 34.36 0
0 0 0 0 867.86
0 0 0 0 0
0 0 2.29 0 0
0 0.35 5.3 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
-640.07 -443.07 -310.31 -296.54 -315.57
-3.83 -209.32 -24.23 -0.9 -1
0 0 0 0 0
-1,038.01 -1,514.57 -592.65 -710.23 -750.93
0 0 0 0 0
-320.21 -1,017.19 -435.62 27.67 107.63
-1,010.08 -2,093.86 -685.24 -674.06 399.35
693.88 -552.49 844.08 456.51 420.28
3,105.13 2,016.61 2,962.78 1,941.40 1,573.98
Nestle India Ltd
Industry : Food And Dairy Products - Multinatio
Financial Performance (All Values in RsMn unless specified)
Year End Dec-19 Dec-18 Dec-17 Dec-16 Dec-15 Dec-14 Dec-13
Equity 96.42 96.42 96.42 96.42 96.42 96.42 96.42
Networth 1,932.26 3,673.74 3,420.59 3,282.33 2,817.84 2,837.21 2,368.75
Enterprise Value(Rs Mn 1,41,343.45 1,05,516.43 74,215.85 57,289.90 55,671.66 61,085.05 51,513.95
Capital Employed 4,892.74 6,174.31 5,747.92 5,288.37 4,432.74 4,245.44 4,751.63
Gross Block 3,609.19 3,485.42 3,358.43 3,095.12 5,117.36 5,008.98 4,903.16
Sales 12,368.90 11,292.27 10,192.18 9,474.57 8,482.48 10,178.07 9,419.02
Other Income 246.88 258.92 176.92 172.12 110.09 94.32 96.9
PBIDT 3,111.18 2,876.57 2,273.45 1,989.96 1,164.18 2,126.12 2,044.48
PBDT 2,991.35 2,764.62 2,181.55 1,899.05 1,160.89 2,111.89 2,007.97
PBIT 2,794.82 2,540.90 1,931.20 1,636.29 816.92 1,788.58 1,714.53
PBT 2,674.99 2,428.95 1,839.30 1,545.38 813.63 1,774.35 1,678.02
RPAT 1,969.55 1,606.93 1,225.19 1,001.36 563.27 1,184.69 1,117.13
APAT 1,969.55 1,606.93 1,225.19 1,008.23 885.66 1,184.88 1,107.94
CP 2,285.91 1,942.60 1,567.44 1,355.03 910.53 1,522.23 1,447.08
Rev. Earnings in FE 638.48 708.69 662.66 655.72 633.44 641.14 623.12
Rev. Expenses in FE 2,942.95 1,717.13 1,429.10 829.65 756.45 890.42 807.21
Face Value (Rs) 10 10 10 10 10 10 10
Book Value (Rs) 200.4 381.01 354.76 340.42 292.25 294.26 245.67
EPS (Rs.) 204.27 166.66 127.07 103.85 58.42 122.87 107.62
Dividend (%) 3,420.00 1,150.00 860 630 485 630 485
Payout (%) 149.8 67.8 67.68 56.33 100 56.48 45.06
Ratio Analysis
Debt-Equity 0.02 0.01 0.01 0.01 0.01 0.23 0.54
Current Ratio 1.35 1.47 1.41 1.1 0.92 1 0.98
Invtry Turnover 11 12.09 11.06 10.76 10.19 12.88 12.72
Debtors Turnover 99.38 105.75 109.07 107.45 95.57 111.01 109.63
Interest Cover 23.32 22.7 21.01 18 400.53 125.69 46.96
PBIDTM (%) 25.15 25.47 22.31 21 19.63 20.89 21.71
PBDTM (%) 24.18 24.48 21.4 20.04 19.59 20.75 21.32
APATM (%) 15.92 14.23 12.02 10.57 10.44 11.64 11.86
ROCE (%) 50.51 42.62 35 33.66 30.37 39.76 39.8
RONW (%) 70.27 45.3 36.56 32.83 31.32 45.51 53.62
EV/EBIDTA 45.43 36.68 32.64 28.79 47.82 28.73 25.2
Rate of Growth (%)
Net Worth -47.4 7.4 4.21 16.48 -0.68 19.78 31.71
Sales 9.53 10.79 7.57 11.7 -16.66 8.06 9.34
PAT 22.57 31.16 22.35 77.78 -52.45 6.05 4.61
M Cap 33.16 41.58 30.1 3.53 -8.71 20.44 6.15
https://www.capitaline.com
Disclaimer:Capitaline Database has taken due care and caution in compilation of data.However, Capitaline Database makes no warra
Britannia Industries Ltd

Financial Performance
Year End Mar-20 Mar-19 Mar-18 Mar-17 Mar-16 Mar-15 Mar-14
Equity 24.05 24.03 24.01 24 24 23.99 23.99
Networth 4,274.65 4,039.45 3,235.28 2,581.98 2,016.03 1,239.19 857.74
Enterprise Value 65,841.13 74,024.95 59,599.07 40,542.15 32,075.00 25,705.51 10,050.65
Capital Employed 5,507.91 4,067.01 3,270.48 2,606.90 2,039.95 1,259.78 876.96
Gross Block 2,037.11 1,756.00 1,333.46 1,021.88 722.11 1,000.70 939.33
Sales 10,986.68 10,482.45 9,380.17 8,684.39 7,960.62 7,344.79 6,423.15
Other Income 370.43 190.52 155.93 144.78 119.83 247.45 34.82
PBIDT 2,125.12 1,852.65 1,566.41 1,348.93 1,238.17 1,001.09 611.44
PBDT 2,059.95 1,851.11 1,564.96 1,347.59 1,236.92 999.88 606
PBIT 1,973.43 1,717.65 1,446.65 1,252.50 1,150.38 883.82 548.06
PBT 1,908.26 1,716.11 1,445.20 1,251.16 1,149.13 882.61 542.62
RPAT 1,484.30 1,122.20 947.89 843.69 763.31 622.41 369.83
APAT 1,469.39 1,121.44 947.6 844.84 766.76 504.38 374.64
CP 1,635.99 1,257.20 1,067.65 940.12 851.1 739.68 433.21
Rev. Expenses in FE 293.26 194.8 165.31 154.68 15.2 9.57 14.51
Face Value (Rs) 1 1 2 2 2 2 2
Book Value (Rs) 177.74 168.1 269.49 215.17 168 103.31 71.51
EPS (Rs.) 61.72 46.7 78.96 70.31 63.61 48.63 28.79
Dividend (%) 3,500.00 1,500.00 1,250.00 1,100.00 1,000.00 800 600
Payout (%) 24.29 26.75 27.87 28.44 25.15 32.89 41.72
Ratio Analysis
Debt-Equity 0.14 0 0 0 0 0 0.14
Current Ratio 1.25 1.51 1.59 1.39 0.96 0.82 0.71
Invtry Turnover 16.25 15.96 15.67 17.6 21.81 20.61 18.4
Interest Cover 30.28 1,115.36 997.69 934.7 920.3 586.21 100.75
PBIDTM (%) 19.34 17.67 16.7 15.53 15.55 11.25 9.52
PBDTM (%) 18.75 17.66 16.68 15.52 15.54 11.24 9.43
APATM (%) 13.51 10.71 10.11 9.72 9.59 6.87 5.76
ROCE (%) 41.22 46.82 49.23 53.91 69.73 66.39 62.45
RONW (%) 35.71 30.85 32.59 36.7 46.9 48.11 49.27
EV/EBIDTA 30.98 39.96 38.05 30.06 25.91 25.68 16.44
Rate of Growth (%)
Net Worth 5.82 24.86 25.3 28.07 62.69 44.47 33.29
Sales 4.81 11.75 8.01 9.09 8.38 14.35 12.67
PAT 32.27 18.39 12.35 10.53 22.64 68.3 58.13
M Cap -12.67 24.09 47.03 26.46 23.98 155.94 61.39
Jubilant Foodworks Ltd

Equity 131.97 65.98 65.95 65.8 65.57 65.44 65.28
Networth 1,323.72 1,043.90 852.19 797.58 671.24 563.49 436.21
Enterprise Value 18,552.75 15,223.76 7,262.54 8,347.30 9,665.76 6,957.27 8,082.13
Capital Employed 1,324.22 1,044.40 852.56 797.71 684.34 572.41 442.24
Gross Block 1,271.37 1,140.84 1,031.64 920.11 1,053.86 785.67 566.79
Sales 3,530.67 2,980.44 2,546.07 2,410.21 2,074.47 1,723.50 1,407.57
Other Income 46.91 22.72 14.48 11.33 7.41 9.33 7.77
PBIDT 646.74 469.11 248.9 283.1 270.21 264.4 252.16
PBDT 646.74 469.11 248.9 283.1 270.21 264.4 252.1
PBIT 494.47 313.23 97.75 158.83 172.06 187.73 197.49
PBT 494.47 313.23 97.75 158.83 172.06 187.73 197.43
RPAT 322.8 206.4 67.25 106.62 123.28 125.8 135.11
APAT 329.74 207.36 77.44 107.77 123.92 126.04 136.24
CP 475.07 362.28 218.4 230.89 221.43 202.47 189.78
Rev. Earnings in FE 0.72 0 0 0 0 0 0
Rev. Expenses in FE 106.94 80.85 73.56 80.66 68.83 57.3 46.44
Face Value (Rs) 10 10 10 10 10 10 10
Book Value (Rs) 100.31 158.2 129.22 121.22 102.35 86.11 66.82
EPS (Rs.) 24.46 31.28 10.2 16.21 18.38 19.22 20.7
Dividend (%) 50 50 25 25 25 0 0
Payout (%) 10.22 7.99 24.48 15.37 11.3 0 0
Ratio Analysis
Debt-Equity 0 0 0 0 0 0 0
Current Ratio 0.78 0.4 0.31 0.29 0.3 0.35 0.36
Invtry Turnover 52.02 49.14 45.27 50.18 55.53 61.71 67.25
Interest Cover 0 0 0 0 0 0 3,291.50
PBIDTM (%) 18.32 15.74 10.39 11.75 13.03 15.34 17.91
PBDTM (%) 18.32 15.74 10.39 11.75 13.03 15.34 17.91
APATM (%) 9.14 6.93 3.04 4.42 5.94 7.3 9.6
ROCE (%) 41.75 33.02 13.74 21.43 27.38 37 52.57
RONW (%) 27.27 21.77 9.39 14.52 19.97 25.17 36.73
EV/EBIDTA 28.69 32.45 29.18 29.49 35.77 26.31 32.05
Rate of Growth (%)
Net Worth 26.81 22.5 6.85 18.82 19.12 29.18 45.62
Sales 18.46 17.06 5.64 16.18 20.36 22.45 38.36
PAT 56.4 206.91 -36.93 -13.51 -2 -6.89 27.9
M Cap 24.03 110.45 -12.93 -13.59 38.91 -14.03 6.8
Hindustan Unilever Ltd

Industry : Personal Care - Multinational
Equity 216 216 216 216 216 216.35 216.27
Networth 8,031.00 7,659.00 7,075.00 6,490.00 6,279.00 3,724.11 3,276.38
Enterprise Value 4,92,496.67 3,66,000.22 2,85,786.40 1,95,230.71 1,85,395.32 1,86,311.29 1,28,330.19
Capital Employed 10,498.00 9,512.00 8,513.00 7,549.00 7,268.00 4,850.57 4,479.19
Gross Block 7,375.00 5,959.00 5,267.00 4,712.00 3,218.00 4,720.69 4,442.18
Sales 38,785.00 38,224.00 35,218.00 34,487.00 33,491.00 32,721.44 29,557.90
Other Income 805 664 625 824 674 1,296.50 860.09
PBIDT 10,136.00 9,074.00 7,783.00 6,814.00 6,282.00 6,490.93 5,324.97
PBDT 10,030.00 9,046.00 7,763.00 6,792.00 6,267.00 6,474.11 5,288.94
PBIT 9,198.00 8,550.00 7,305.00 6,418.00 5,961.00 6,204.24 5,064.42
PBT 9,092.00 8,522.00 7,285.00 6,396.00 5,946.00 6,187.42 5,028.39
RPAT 6,738.00 6,036.00 5,237.00 4,490.00 4,137.00 4,315.26 3,867.49
APAT 6,880.87 6,191.45 5,279.51 4,393.54 4,158.53 3,644.55 3,516.61
CP 7,676.00 6,560.00 5,715.00 4,886.00 4,458.00 4,601.95 4,128.04
Rev. Earnings in FE 283 324 387 541 558.58 573.43 547.91
Rev. Expenses in FE 1,565.00 1,382.00 1,285.00 1,214.00 1,893.04 1,801.16 1,569.45
Face Value (Rs) 1 1 1 1 1 1 1
Book Value (Rs) 37.18 35.46 32.75 30.05 29.07 17.21 15.15
EPS (Rs.) 31.19 27.94 24.25 20.79 19.15 19.95 15.75
Dividend (%) 2,500.00 2,200.00 2,000.00 1,700.00 1,600.00 1,500.00 1,300.00
Payout (%) 82.9 80.36 74.39 79.53 103.69 88.2 82.54
Ratio Analysis
Debt-Equity 0 0 0 0 0 0 0
Current Ratio 1.14 1.03 0.92 0.96 0.92 0.78 0.78
Invtry Turnover 15.34 15.99 14.92 14.11 13.06 12.23 11.21
Interest Cover 86.77 305.36 365.25 291.73 397.4 311.7 140.56
PBIDTM (%) 26.13 23.74 22.1 19.76 18.76 16.9 18.02
PBDTM (%) 25.86 23.67 22.04 19.69 18.71 16.85 17.89
APATM (%) 17.37 15.79 14.87 13.02 12.35 11.14 13.08
ROCE (%) 91.93 94.87 90.96 86.63 98.38 112.39 121.52
RONW (%) 85.89 81.93 77.21 70.33 82.71 104.12 130.01
EV/EBIDTA 48.59 40.34 36.72 28.65 29.51 28.7 24.1
Rate of Growth (%)
Net Worth 4.86 8.25 9.01 3.36 68.6 13.67 22.56
Sales 1.47 8.54 2.12 2.97 2.35 10.7 8.34
PAT 11.63 15.26 16.64 8.53 -4.13 11.58 1.87
M Cap 34.58 27.85 46.85 4.65 -0.37 44.66 29.52
Tasty Bite Eatables Ltd

Industry : Food - Processing - Others
Equity 2.57 2.57 2.57 2.57 2.57 2.57 2.57
Networth 163.14 132 99.28 74.44 60.25 44.16 33.9
Enterprise Value 2,371.69 2,175.50 1,963.75 1,252.27 466.89 192.57 100.83
Capital Employed 240.14 175.09 157.42 140.33 103.77 89.39 79.32
Gross Block 143.53 114.78 96.38 74.44 93.84 86.33 81.91
Sales 425.77 336.93 296.32 253.77 197.22 168.02 146.53
Other Income 29.06 18.23 6.79 3.07 12.87 11.41 0.54
PBIDT 73.72 64.05 54.36 45.79 34.35 26.15 11.94
PBDT 70.2 59.72 52.02 43.27 31.95 23.37 10.27
PBIT 56.87 51.4 43.38 36.71 26.97 19.28 7.93
PBT 53.35 47.07 41.04 34.19 24.57 16.5 6.26
RPAT 40.86 30.06 26.46 21.99 16.12 10.79 4.33
APAT 41.08 30.06 26.46 22.11 16.09 10.79 4.41
CP 57.71 42.71 37.44 31.07 23.5 17.66 8.34
Rev. Expenses in FE 87.14 60.02 37.65 28.79 21.69 18.38 20
Face Value (Rs) 10 10 10 10 10 10 10
Book Value (Rs) 635.77 514.42 386.9 290.1 234.79 172.06 132.09
EPS (Rs.) 159.24 117.16 103.1 85.31 62.39 41.84 16.67
Dividend (%) 20 20 20 20 20 10 10
Payout (%) 1.52 2.06 2.34 2.33 3.19 2.42 6.07
Ratio Analysis
Debt-Equity 0.37 0.4 0.68 0.77 0.79 1.1 1.34
Current Ratio 1.65 1.84 1.67 1.47 1.24 0.99 1.06
Invtry Turnover 7.85 8.15 9.66 10.89 11.93 12.01 12.37
Interest Cover 16.16 11.87 18.54 14.57 11.24 6.94 4.75
PBIDTM (%) 17.31 19.01 18.35 18.05 17.42 15.56 8.14
PBDTM (%) 16.49 17.73 17.56 17.05 16.2 13.91 7
APATM (%) 9.6 8.92 8.93 8.67 8.17 6.42 2.96
ROCE (%) 27.39 30.92 29.14 30.08 27.93 22.86 10.31
RONW (%) 27.69 25.99 30.46 32.65 30.86 27.62 13.55
EV/EBIDTA 32.17 33.97 36.12 27.35 13.59 7.36 8.45
Rate of Growth (%)
Net Worth 23.59 32.96 33.37 23.55 36.44 30.27 13.45
Sales 26.37 13.7 16.77 28.67 17.38 14.67 30.53
PAT 35.93 13.61 20.33 36.41 49.4 149.19 -31.6
M Cap 7.67 12 60.21 175.57 179.43 153.21 71.98
Nestle India Ltd
And Dairy Products - Multinational
Latest Results
Dec-12 Dec-11 Dec-10 Period-Ended Jun-20 Jun-19 Var [%]
96.42 96.42 96.42 Sales 3,041.45 2,982.83 1.97
1,798.41 1,273.96 855.42 Other Income 37.93 72.59 -47.75
48,928.53 40,975.05 36,336.40 PBIDT 785.49 785.27 0.03
3,863.35 3,129.96 855.42 PBDT 744.69 753.23 -1.13
4,368.68 2,552.21 1,854.70 PBIT 693.07 691.13 0.28
8,614.15 7,697.31 6,376.58 PBT 652.27 659.09 -1.03
31.03 27.16 42.65 RPAT 486.6 437.79 11.15
1,856.37 1,546.36 1,273.94 EPAT 0 0 NA
1,829.77 1,541.25 1,272.86 APAT 486.6 437.79 11.15
1,579.22 1,393.03 1,146.19 CP 579.02 531.93 8.85
1,552.62 1,387.92 1,145.11 Shareholding Pattern
1,067.93 961.55 818.67 Shares [%]
1,067.93 965.56 824.34 Foreign 1,24,39,775 13
1,345.08 1,114.88 946.42 Institutions 83,91,867 9
423.16 390.74 350.5 Govt Holding 63,000 0
765.81 662.21 561.27 Non Promoter Corp 18,64,366 2
10 10 10 Promoters 6,05,15,079 63
186.52 132.13 88.72 Public & Others 1,31,41,629 14
102.89 91.91 76.9 Totals 9,64,15,716 100
485 485 485 Market Data (As on 17 Aug 2020)
47.14 52.77 63.07
Price 16,427.30
0.66 0.46 0 52 W H/L 01.00 / 11,927.50
0.66 0.57 0.61 Lat. EPS 215.74
11.64 11.75 11.87 Lat. P/E 76.14
84.87 86.14 100.04 Mkt. Cap. 1,58,385.00
59.37 272.61 1,061.29 Lat.Eqty 96.42
21.55 20.09 19.98 Lat. BV 236.35
21.24 20.02 19.96 Div. Yield (%) 2.08
12.4 12.49 12.84
45.16 69.91 159.56
69.52 90.31 113.97
26.36 26.5 28.52
41.17 48.93 47.16

11.91 20.71 22.1
11.06 17.45 24.99
19.6 9.95 48.95
tabase makes no warranty that the service will meet all your requirements, the service will be uninterrupted, timely, complete
itannia Industries Ltd

Latest Results
Mar-13 Mar-12 Mar-11 Period-Ended Jun-20 Jun-19 Var [%]
23.91 23.89 23.89 Sales 3,179.61 2,554.16 24.49
643.52 520.04 451.3 Other Income 87.33 65.54 33.25
6,419.01 7,481.02 4,828.94 PBIDT 759.09 437.74 73.41
878.18 1,091.27 1,021.41 PBDT 737.19 429.42 71.67
784.22 677.36 593.56 PBIT 719.02 400.46 79.55
5,700.77 5,032.81 4,255.79 PBT 697.12 392.14 77.77
55.47 58.53 48.92 RPAT 515.87 250.21 106.17
427 337.76 280.4 EPAT 0 -10.13 -100
389.26 299.69 242.65 APAT 515.87 260.34 98.15
369.92 290.44 235.81 CP 555.94 287.49 93.38
332.18 252.37 198.06 Shareholding Pattern
233.87 186.74 145.29 Shares [%]
217.88 167.87 129.72 Foreign 3,86,33,440 16
290.95 234.06 189.88 Institutions 3,04,40,726 13
96.44 70.89 51.54 Govt Holding 0 0
2 2 2 Promoters 12,17,52,892 51
53.64 43.54 37.78 Public & Others 4,78,40,962 20
18.12 14.25 11.11 Totals 24,05,51,630 100
46.94 59.63 58.51
Price 3,869.00
0.56 0.89 1.02 52 W H/L ,015.00 / 2,100.55
0.66 0.78 1.05 Lat. EPS 71.48
15.97 14.51 14.69 Lat. P/E 54.13
88.21 92.01 87.97 Mkt. Cap. 93,136.80
9.8 6.96 5.68 Lat.Eqty 24.07
7.49 6.2 6.08 Lat. BV 177.57
6.83 5.45 5.2 Div. Yield (%) 0.9
4.1 3.34 3.05
37.57 25.08 23.21
40.2 34.56 30.61
15.03 22.15 17.22
23.74 15.23 13.89

13.27 18.26 24.2
25.24 28.53 24.7
-11.44 59.9 15.83
bilant Foodworks Ltd

Latest Results
Mar-12 Mar-11 Mar-10 Period-Ended Mar-20 Mar-19 Var [%]
65.08 64.53 63.62 Sales 897.85 865.2 3.77
299.55 191.69 117.74 Other Income 20.41 15.14 34.81
7,590.26 3,468.03 1,996.99 PBIDT 157.58 154.8 1.8
309.05 199.77 126.33 PBDT 116.62 154.8 -24.66
389.58 290.43 227.55 PBIT 65.95 114.81 -42.56
1,017.36 678.28 475.52 PBT 24.99 114.81 -78.23
5.92 1.99 0.37 RPAT 21.05 73.95 -71.53
192.46 122.1 65.72 EPAT -14.43 -5.1 182.94
192.46 121.76 57.39 APAT 35.48 79.05 -55.12
154.66 92.76 41.38 CP 112.69 113.94 -1.1
105.64 72 32.97 Shares [%]
110.07 72.4 33.29 Foreign 4,81,37,283 36
143.44 101.34 57.31 Institutions 2,07,05,075 16
0 0.02 0.02 Govt Holding 5,78,567 0
10 10 10 Promoters 5,53,46,497 42
46.03 29.71 18.27 Public & Others 54,07,025 4
16.23 11.16 5.18 Totals 13,19,69,040 100
0 0 0
Price 1,887.20
0.05 0.06 0.64 52 W H/L ,973.05 / 1,078.05
0.5 0.73 0.76 Lat. EPS 23.06
62.34 63.75 75.54 Lat. P/E 81.84
192.86 191.33 230.83 Mkt. Cap. 24,905.20
0 272.82 4.97 Lat.Eqty 131.97
18.92 18 13.82 Lat. BV 89.64
18.92 17.95 12.07 Div. Yield (%) 0.32
10.38 10.62 6.93
58.17 49.3 23.9
43.01 41.17 25.83
39.44 28.4 30.39
56.27 62.81 391.61

49.99 42.64 51.48
46.72 118.38 351.64
118.65 74.25 0
ndustan Unilever Ltd

Personal Care - Multinational
Latest Results
216.25 216.15 215.95 Sales 10,406.00 9,984.00 4.23
2,673.35 3,512.26 2,658.85 Other Income 156 168 -7.14
99,086.24 86,765.75 59,830.90 PBIDT 2,682.00 2,801.00 -4.25
3,855.94 4,508.90 3,541.92 PBDT 2,653.00 2,777.00 -4.47
4,133.53 3,811.01 3,758.95 PBIT 2,440.00 2,587.00 -5.68
27,283.59 23,181.09 20,639.94 PBT 2,411.00 2,563.00 -5.93
1,254.99 431.7 493.6 RPAT 1,881.00 1,755.00 7.18
5,219.05 3,688.52 3,158.10 EPAT -88.59 4.76 -1,961.13
5,193.90 3,687.28 3,157.86 APAT 1,969.59 1,750.24 12.53
4,983.03 3,470.27 2,937.27 CP 2,123.00 1,969.00 7.82
4,957.88 3,469.03 2,937.03 Shareholding Pattern
3,796.67 2,691.40 2,305.99 Shares [%]
3,189.04 2,521.90 2,100.71 Foreign 35,99,44,268 15
4,032.69 2,909.65 2,526.82 Institutions 19,60,25,827 8
654.8 489.8 1,428.24 Govt Holding 20 0
1,396.96 1,360.23 1,868.28 Non Promoter Corp 1,26,22,372 1
1 1 1 Promoters 1,45,44,12,858 62
12.36 16.25 12.31 Public & Others 32,65,44,697 14
14.52 11.23 9.61 Totals 2,34,95,50,042 100
1,850.00 750 650 Market Data (As on 17 Aug 2020)
127.35 66.75 67.99
Price 2,196.70
0 0 0 52 W H/L ,614.00 / 1,756.00
0.84 0.91 0.88 Lat. EPS 30.25
10.82 8.7 8.27 Lat. P/E 72.62
36.08 28.58 25.56 Mkt. Cap. 5,16,126.00
166.45 2,798.60 12,238.63 Lat.Eqty 234.96
16.21 15.91 15.3 Lat. BV 34.26
16.12 15.91 15.3 Div. Yield (%) 1.05
11.69 11.61 11.17
100.09 86.21 95.91
103.11 87.23 87.99
18.99 23.52 18.95
-23.89 32.1 2.94
17.7 12.31 13.42
41.07 16.71 4.72
13.77 44.15 18.02
asty Bite Eatables Ltd

: Food - Processing - Others
Latest Results
2.57 2.57 2.57 Sales 53.72 90.59 -40.7
29.88 23.86 22.5 Other Income 3.58 7.04 -49.15
69.58 48.05 50.01 PBIDT 5.97 15.14 -60.57
74.52 46.38 41.56 PBDT 5.32 14.7 -63.81
48.99 44.63 34.37 PBIT 2.71 11.37 -76.17
112.26 82.66 81.41 PBT 2.06 10.92 -81.14
0.4 0.63 1.47 RPAT 1.42 7.69 -81.53
13.06 5.68 5.69 EPAT 0 0 NA
12.01 4.51 4.76 APAT 1.42 7.69 -81.53
10.36 3.56 4.02 CP 4.69 11.47 -59.11
6.33 1.66 1.89 Shares [%]
6.39 1.66 1.83 Foreign 1,03,439 4
9.03 3.78 3.56 Institutions 10,288 0
66.96 54.91 55.07 Govt Holding 0 0
15.42 9.1 8.14 Non Promoter Corp 27,009 1
10 10 10 Promoters 19,04,810 74
116.42 92.84 87.55 Public & Others 5,20,454 20
24.45 6.26 7.16 Totals 25,66,000 100
4.14 16.15 14.13
Price 12,071.40
1.18 0.82 0.73 52 W H/L 747.10 / 7,442.55
1.25 1.27 1.53 Lat. EPS 134.8
13.61 11.76 10.91 Lat. P/E 89.55
8.32 7.05 5.82 Mkt. Cap. 3,097.52
9.87 3.04 4.32 Lat.Eqty 2.57
11.62 6.87 6.99 Lat. BV 635.77
10.69 5.46 5.85 Div. Yield (%) 0.02
5.64 2.01 2.32
17.14 8.1 10.3
23.52 7.12 8.66
5.33 8.46 8.79
25.23 6.04 7.55

35.81 1.54 20.14
281.33 -12.17 -72.88
8.59 -4.59 -19.23
F Score Calculation for Nestle
In Rs Million 2017 2018 2019

Revenue 103691 115511.9 126157.8
Cost of Goods Sold 43268.6 45902.3 52239.2
Gross Margin 58.27% 60.26% 58.59%
Net Income 12251.9 16069.3 19695.5
Current Asset 39374 47370 38172
Current Liabilities 14927 18550 21475
Total Asset (beginning) 68105 73626 80881
Total Asset (End) 73626 80881 70582
Long Term Debt 24493 25594 29784
Operating Cash Flow 14472.3 14075.4 29572.5
Diluted Shares outstanding 96.42 96.42 96.42
F Score Calculation for Nestle
Criteria 2017 2018 2019 2018 2019

Return on Asset>0 16.6% 19.9% 27.9% 1 1
Operating Cash Flow>0 14472.3 14075.4 29572.5 1 1
Change in ROA 0.032 0.080 1 1
Accruals (OCF>PAT) 2220.4 -1993.9 9877 0 1
Leverage Ratio Lower 0.346 0.331 0.393 1 0
Current ratio increase 2.64 2.55 1.78 0 0
Equity Issuance 96.42 96.42 96.42 0 0
Change in Gross Margin Ratio >0 1.99% -1.67% 1 0
Change in Asset Turnover Ratio >0 1.41 1.43 1.79 1 1
F Score 6 5
P/E Score 64.09 71.90
Interpretation: Average F score with a

slight deteoriation in score over year
and with P/E also increasing. Hence, it
is wait and watch strategy as it is likely
to become attractive if F score
improves further and P/E decreases
Criteria
Net Income to Market Total Asset 0.024
Total Liabilities to Market Total Asset 0.041
Cash to Market Total Asset 0.188
Excess Return compared to BSE 500 -0.0020
Standard Deviation of daily returns over past three months 0.012
Relative Size 0.051
Market to book equity ratio 87.126
Log of stock price 1.176
Logit Probability of Default -3.684673

Probability of Default 2.4%
Interpretation:
There is 2.4% probability that Nestle will go bankrupt within
next 12 months given its current financial position, hence
indicating strong financials of the company
Working Note:
Calculation of market value of BSE 500 Standard Deviation of daily returns for past 3 mon
Company Market Cap Date
3M India Ltd. 23,477.59 5/27/2020
Aarti Industries Ltd. 19,482.90 5/28/2020
Aavas Financiers Ltd. 12,029.45 5/29/2020
ABB Ltd. 20,342.14 6/1/2020
Abbott India Ltd. 35,997.17 6/2/2020
ABB Power Products and Systems India Ltd. 4,365.31 6/3/2020
ACC Ltd. 26,259.23 6/4/2020
Adani Enterprises Ltd. 31,372.08 6/5/2020
Adani Gas Ltd. 20,467.47 6/8/2020
Adani Green Energy Ltd. 66,853.79 6/9/2020
Adani Ports and Special Economic Zone Ltd. 71,944.33 6/10/2020
Adani Power Ltd. 15,485.61 6/11/2020
Adani Transmission Ltd. 31,157.62 6/12/2020
Aditya Birla Capital Ltd. 15,774.82 6/15/2020

Aditya Birla Fashion and Retail Ltd. 12,877.24 6/16/2020
Advanced Enzyme Technologies Ltd. 2,608.81 6/17/2020
Aegis Logistics Ltd. 7,096.60 6/18/2020
Affle (India) Ltd. 7,504.47 6/19/2020
AIA Engineering Ltd. 17,457.76 6/22/2020
Ajanta Pharma Ltd. 14,048.63 6/23/2020
Akzo Nobel India Ltd. 9,718.99 6/24/2020
Alembic Pharmaceuticals Ltd. 19,475.47 6/25/2020
Alkem Laboratories Ltd. 33,709.56 6/26/2020
Alkyl Amines Chemicals Ltd. 7,067.35 6/29/2020
Allcargo Logistics Ltd. 3,159.64 6/30/2020
Amara Raja Batteries Ltd. 12,698.20 7/1/2020
Amber Enterprises India Ltd. 5,718.71 7/2/2020
Ambuja Cements Ltd. 43,862.90 7/3/2020
APL Apollo Tubes Ltd. 6,174.48 7/6/2020
Apollo Hospitals Enterprise Ltd. 22,998.78 7/7/2020
Apollo Tyres Ltd. 7,553.92 7/8/2020
Arvind Fashions Ltd. 1,619.48 7/9/2020
Ashoka Buildcon Ltd. 2,155.95 7/10/2020
Ashok Leyland Ltd. 20,856.92 7/13/2020
Asian Paints Ltd. 189,062.68 7/14/2020
Aster DM Healthcare Ltd. 7,205.48 7/15/2020
Astral Poly Technik Ltd. 17,791.29 7/16/2020
Astrazeneca Pharma India Ltd. 8,805.00 7/17/2020
Atul Ltd. 17,498.64 7/20/2020
Aurobindo Pharma Ltd. 50,833.10 7/21/2020
AU Small Finance Bank Ltd. 22,498.62 7/22/2020
Avanti Feeds Ltd. 7,613.41 7/23/2020
Avenue Supermarts Ltd. 156,016.53 7/24/2020
Axis Bank Ltd. 141,804.36 7/27/2020
Bajaj Auto Ltd 89,208.96 7/28/2020
Bajaj Consumer Care Ltd. 2,664.47 7/29/2020
Bajaj Electricals Ltd. 6,073.48 7/30/2020
Bajaj Finance Ltd. 219,606.93 7/31/2020
Bajaj Finserv Ltd. 104,381.33 8/3/2020
Bajaj Holdings & Investment Ltd. 30,673.60 8/4/2020
Balkrishna Industries Ltd. 26,964.85 8/5/2020
Balmer Lawrie & Co. Ltd. 2,052.05 8/6/2020
Balrampur Chini Mills Ltd. 3,474.90 8/7/2020
Bandhan Bank Ltd. 47,996.33 8/10/2020
Bank Of Baroda 22,386.65 8/11/2020
Bank of India 15,876.69 8/12/2020
Bank of Maharashtra 9,420.39 8/13/2020
BASF India Ltd. 7,096.46 8/14/2020
Bata India Ltd. 16,849.96 8/17/2020
Bayer CropScience Ltd. 27,812.41 8/18/2020
BEML Ltd 2,919.70 8/19/2020
Berger Paints India Ltd. 54,621.40 8/20/2020
Bharat Dynamics Ltd. 7,874.68 8/21/2020
Bharat Electronics Ltd. 27,253.29 8/24/2020
Bharat Forge Ltd. 23,209.59 8/25/2020
Bharat Heavy Electricals Ltd. 13,910.84 8/26/2020
Bharat Petroleum Corpn. Ltd. 88,950.21
Bharti Airtel Ltd. 280,715.70
Bharti Infratel Ltd. 37,103.14
Biocon Ltd. 47,082.00
Birla Corporation Ltd. 4,919.10
Birlasoft Ltd. 4,906.26
Bliss GVS Pharma Ltd. 1,629.20
Blue Dart Express Ltd. 5,247.31
Blue Star Ltd. 5,992.17
Bombay Burmah Trdg. Corpn. Ltd. 10,153.90
Bombay Dyeing & Mfg. Co. Ltd. 1,520.10
Bosch Ltd. 42,168.68
Brigade Enterprises Ltd. 3,505.12
Britannia Industries Ltd. 92,173.84
Cadila Healthcare Ltd. 39,803.11
Canara Bank 15,443.45
Can Fin Homes Ltd. 5,230.29
Caplin Point Laboratories Ltd. 4,077.14
Capri Global Capital Ltd. 3,917.77
Carborundum Universal Ltd. 5,209.78
CARE Ratings Ltd. 1,208.65
Castrol India Ltd. 12,146.42
CCL Products (India) Ltd. 3,670.24
Ceat Ltd. 3,805.95
Central Bank of India 10,106.28
Century Plyboards (India) Ltd. 3,275.94
Century Textiles & Inds. Ltd. 3,801.00
Cera Sanitaryware Ltd. 3,228.32
CESC Ltd. 8,465.09
Chambal Fertilisers & Chemicals Ltd. 6,509.49
Chennai Petroleum Corpn. Ltd. 1,247.13
Cholamandalam Financial Holdings Ltd. 8,236.04
Cholamandalam Investment & Finance Co. Ltd. 20,108.98
Cipla Ltd. 60,309.71
City Union Bank Ltd. 9,935.38
Coal India Ltd. 87,449.11
Cochin Shipyard Ltd. 4,770.31
Coforge Ltd. 11,811.63
Colgate-Palmolive (India) Ltd. 38,352.69
Container Corpn. Of India Ltd. 24,003.15
Coromandel International Ltd. 23,604.16
CreditAccess Grameen Ltd. 9,060.04
Crisil Ltd. 13,593.60
Crompton Greaves Consumer Electricals Ltd. 16,343.88
CSB Bank Ltd. 3,986.01
Cummins India Ltd. 13,175.32
Cyient Limited 4,208.05
Dabur India Ltd. 87,655.22
Dalmia Bharat Ltd. 13,891.56
DB Corporation Ltd. 1,383.02
DCB Bank Ltd. 2,882.63
DCM Shriram Ltd. 6,179.99
Deepak Fertilisers & Petrochemicals Corpn. Ltd. 1,628.68
Deepak Nitrite Ltd. 10,121.73
Delta Corp Ltd. 3,096.44
Dhanuka Agritech Ltd. 4,125.28
Dilip Buildcon Ltd. 5,365.48
Dishman Carbogen Amcis Ltd. 2,961.63
Dish TV India Ltd. 2,012.53
Divi's Laboratories Ltd. 84,900.83
Dixon Technologies (India) Ltd. 9,654.70
DLF Ltd. 39,617.36
Dr. Lal Pathlabs Ltd. 15,425.89
Dr. Reddy's Laboratories Ltd. 73,779.81
eClerx Services Ltd 2,712.49
Edelweiss Financial Services Ltd. 7,658.92
Eicher Motors Ltd. 61,485.46
EID-Parry (India) Ltd. 5,117.81
EIH Ltd. 5,112.69
Emami Ltd. 15,804.69
Endurance Technologies Ltd. 16,334.47
Engineers India Ltd. 4,423.38
Equitas Holdings Ltd. 1,883.26
Eris Lifesciences Ltd 7,269.70
Esab India Ltd. 2,301.72
Escorts Ltd. 15,173.61
Essel Propack Ltd. 9,288.67
Exide Industries Ltd. 14,445.75
FDC Ltd. 5,597.66
Federal Bank Ltd. 11,305.21
Fine Organic Industries Ltd. 8,401.60
Finolex Cables Ltd. 4,571.36
Finolex Industries Ltd. 6,326.38
Firstsource Solutions Ltd. 4,595.82
Force Motors Ltd. 1,418.49
Fortis Healthcare (India) Ltd 10,256.11
Future Consumer Ltd. 2,001.80
Future Retail Ltd. 6,360.03
GAIL (India) Ltd. 45,011.22
Galaxy Surfactants Ltd. 6,676.84
Garden Reach Shipbuilders & Engineers Ltd. 2,458.86
Garware Technical Fibres Ltd. 4,360.55
Gateway Distriparks Ltd. 1,126.64
General Insurance Corporation of India Ltd. 26,886.18
GE Power India Ltd. 3,313.64
GE T&D India Ltd. 2,848.52
GHCL Ltd. 1,601.92
Gillette India Ltd. 17,995.84
Glaxosmithkline Pharmaceuticals Ltd. 26,902.53
Glenmark Pharmaceuticals Ltd. 13,827.65
GMM Pfaudler Ltd. 8,740.75
GMR Infrastructure Ltd 15,602.92
Godfrey Phillips India Ltd. 4,954.76
Godrej Agrovet Ltd. 9,528.53
Godrej Consumer Products Ltd. 69,707.68
Godrej Industries Ltd. 14,525.89
Godrej Properties Ltd. 21,425.60
Granules India Ltd. 7,664.05
Graphite India Ltd. 3,943.66
Grasim Industries Ltd. 43,943.03
Great Eastern Shipping Company Ltd. 4,013.65
Greaves Cotton Ltd. 1,929.42
Grindwell Norton Ltd. 5,888.09
Gujarat Alkalies & Chemicals Ltd. 2,481.80
Gujarat Fluorochemicals Ltd. 5,839.08
Gujarat Gas Ltd. 22,486.26
Gujarat Mineral Devp. Corpn. Ltd. 1,599.54
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 3,435.53
Gujarat Pipavav Port Ltd 4,116.49
Gujarat State Fertilizers & Chemicals Ltd. 2,877.01
Gujarat State Petronet Ltd. 12,336.25
Gulf Oil Lubricants India Ltd. 3,488.81
Hathway Cable & Datacom Ltd. 6,292.72
Havells India Ltd. 40,634.50
Hawkins Cookers Ltd. 2,591.61
HCL Technologies Ltd. 193,389.34
HDFC Asset Management Company Ltd. 52,556.83
HDFC Bank Ltd. 614,648.68
HDFC Life Insurance Co Ltd. 119,494.25
HEG Ltd. 3,419.75
Heidelberg Cement India Ltd. 4,496.00
Heritage Foods Ltd. 1,585.19
Hero Motocorp Ltd. 63,159.80
Hexaware Technologies Ltd. 12,565.02
HFCL Ltd. 2,175.73
Himadri Speciality Chemical Ltd. 2,450.03
Himatsingka Seide Ltd. 915.16
Hindalco Industries Ltd. 43,488.07
Hindustan Aeronautics Ltd. 39,382.49
Hindustan Copper Ltd. 3,571.34
Hindustan Petroleum Corpn. Ltd. 31,946.94
Hindustan Unilever Ltd. 512,908.13
Hindustan Zinc Ltd. 95,597.84
Honeywell Automation India Ltd. 31,480.82
Housing Development Finance Corpn. Ltd. 325,416.68
Housing & Urban Development Corpn. Ltd. 7,677.29
ICICI Bank Ltd. 268,482.88
ICICI Lombard General Insurance Company Ltd. 57,439.82
ICICI Prudential Life Insurance Company Ltd. 64,492.50
ICICI Securities Ltd. 16,294.60
IDBI Bank Ltd. 43,235.17
IDFC First Bank Ltd. 18,378.39
IDFC Ltd. 4,685.31
IFB Industries Ltd. 2,054.71
IFCI Ltd. 1,376.49
IIFL Finance Ltd. 3,448.82
IIFL Wealth Management Ltd 9,600.27
Indiabulls Housing Finance Ltd. 9,310.43
Indiabulls Real Estate Ltd. 3,175.83
India Cements Ltd. 3,788.49
Indiamart Intermesh Ltd. 10,540.12
Indian Bank 7,374.76
Indian Energy Exchange Ltd. 5,727.52
Indian Hotels Co. Ltd. 12,469.37
Indian Oil Corpn. Ltd. 82,797.53
Indian Overseas Bank 17,801.26
Indian Railway Catering & Tourism Corpn. Ltd. 21,908.00
India Tourism Devp. Corpn. Ltd. 2,030.16
Indoco Remedies Ltd. 2,302.84
Indostar Capital Finance Pvt Ltd. 4,047.38
Indraprastha Gas Ltd. 28,948.53
Indusind Bank Ltd. 39,401.49
Infibeam Avenues Ltd. 5,058.52
Info Edge (India) Ltd. 41,795.63
Infosys Ltd. 404,982.38
INOX Leisure Ltd. 3,006.53
Intellect Design Arena Ltd. 2,426.95
Interglobe Aviation Ltd. 45,215.49
Ipca Laboratories Ltd. 25,358.24
IRB Infrastructure Developers Ltd. 4,533.71
Ircon International Ltd. 4,443.94
ITC Ltd. 239,880.71
ITI Ltd. 12,743.52
Jagran Prakashan Ltd. 1,166.98
Jai Corp Ltd. 1,743.45
Jammu & Kashmir Bank Ltd. 1,294.91
Jamna Auto Inds. Ltd. 1,753.24
JB Chemicals & Pharmaceuticals Ltd. 6,101.42
Jindal Saw Ltd. 2,161.54
Jindal Stainless (Hisar) Ltd. 2,466.70
Jindal Stainless Ltd. 2,492.20
Jindal Steel & Power Ltd. 22,608.65
JK Cement Ltd 11,523.40
JK Lakshmi Cement Ltd. 3,310.06
JK Paper Ltd. 1,740.68
JK Tyre & Industries Ltd. 1,545.10
JM Financial Ltd. 7,881.72
Johnson Controls - Hitachi Air Conditioning India Ltd. 6,513.03
JSW Energy Ltd. 9,347.46
JSW Steel Ltd. 69,096.25
JTEKT India Ltd. 2,164.87
Jubilant FoodWorks Ltd. 27,401.39
Jubilant Life Sciences Ltd. 13,546.06
Just Dial Ltd. 2,464.32
Jyothy Labs Ltd. 5,462.23
Kajaria Ceramics Ltd. 7,558.41
Kalpataru Power Transmission Ltd. 4,357.56
Kansai Nerolac Paints Ltd. 25,693.00
Karnataka Bank Ltd. 1,531.03
KEC International Ltd. 8,405.50
Kei Industries Ltd. 3,581.19
KNR Constructions Ltd. 3,709.48
Kotak Mahindra Bank Ltd. 284,144.98
KPIT Technologies Ltd. 2,502.93
KPR Mills Ltd. 3,880.54
KRBL Ltd. 6,758.04
KSB Ltd. 1,936.36
Lakshmi Machine Works Ltd. 3,563.37
La Opala RG Ltd. 2,698.41
Larsen & Toubro Infotech Ltd. 43,091.41
Larsen & Toubro Ltd. 136,043.96
Laurus Labs Ltd. 12,331.10
Lemon Tree Hotels Ltd. 2,436.16
LIC Housing Finance Ltd. 15,038.96
Linde India Ltd. 6,499.08
L&T Finance Holdings Ltd. 14,376.81
L&T Technology Services Ltd. 16,118.72
Lupin Ltd. 44,341.12
Lux Industries Ltd. 3,436.68
Mahanagar Gas Ltd. 10,026.93
Maharashtra Scooters Ltd. 3,688.06
Maharashtra Seamless Ltd. 1,665.95
Mahindra CIE Automotive Ltd. 5,704.11
Mahindra Holidays & Resorts India Ltd 2,464.07
Mahindra Lifespace Developers Ltd. 1,401.45
Mahindra Logistics Ltd. 2,615.16
Mahindra & Mahindra Financial Services Ltd. 17,661.90
Mahindra & Mahindra Ltd. 76,232.57
Manappuram Finance Ltd. 13,349.56
Mangalore Refinery & Petrochemicals Ltd. 5,958.84
Marico Ltd. 47,820.30
Maruti Suzuki India Ltd. 211,669.01
Mas Financial Services Ltd. 4,465.34
Max Financial Services Ltd. 16,701.49
Meghmani Organics Ltd. 1,963.31
Metropolis Healthcare Ltd. 9,351.31
Minda Corporation Ltd. 1,841.64
Minda Industries Ltd. 9,736.41
MindTree Ltd. 19,314.61
Mishra Dhatu Nigam Ltd. 4,319.12
MMTC Ltd. 2,977.50
Moil Ltd. 3,570.60
Motherson Sumi Systems Ltd. 36,837.30
Motilal Oswal Financial Services Ltd 10,457.61
Mphasis Ltd. 22,376.49
MRF Ltd. 25,156.53
Multi Commodity Exchange India 8,659.78
Muthoot Finance Ltd. 48,428.23
Narayana Hrudayalaya Ltd. 6,913.53
Natco Pharma Ltd. 15,002.40
National Aluminium Co. Ltd. 7,005.39
National Thermal Power Corp. Ltd. 101,666.58
Nava Bharat Ventures Ltd. 1,240.57
Navin Fluorine International Ltd. 10,563.67
Navneet Education Ltd. 1,851.56
NBCC India Ltd. 5,112.00
NCC Ltd. 2,195.45
Nesco Ltd. 4,222.67
Nestle India Ltd. 156,087.88
NHPC Ltd. 22,350.20
Nilkamal Ltd. 2,068.49
Nippon Life India Asset Management Ltd. 17,594.88
NLC India Ltd. 7,605.70
NMDC Ltd. 29,485.61
NOCIL Ltd. 2,243.25
Oberoi Realty Ltd. 13,362.38
Oil India Ltd. 10,589.22
Oil & Natural Gas Corpn. Ltd. 102,403.47
Omaxe Ltd. 1,365.35
Oracle Financial Services Software Ltd. 26,180.69
Orient Cement Ltd. 1,461.74
Orient Electric Ltd. 4,269.17
Orient Refractories Limited 2,561.97
Page Industries Ltd. 22,526.98
Parag Milk Foods Ltd. 995.50
PC Jeweller Ltd. 647.80
Persistent Systems Ltd. 8,049.46
Petronet LNG Ltd. 37,155.00
Pfizer Ltd. 22,220.36
Phillips Carbon Black Ltd. 2,148.19
Phoenix Mills Ltd. 11,152.47
Pidilite Industries Ltd. 74,520.10
PI Industries Ltd. 30,544.47
Piramal Enterprises Ltd. 32,338.81
PNB Housing Finance Ltd. 4,755.48
PNC Infratech Ltd. 4,370.14
Polycab India Ltd. 13,677.89
Power Finance Corpn. Ltd. 26,123.61
Power Grid Corporation of India Ltd. 96,993.67
Prestige Estates Projects Ltd. 9,636.71
Prism Johnson Ltd. 2,786.08
Procter & Gamble Health Ltd. 8,347.66
Procter & Gamble Hygiene & Health Care Ltd. 33,335.55
PTC India Ltd. 1,813.05
Punjab National Bank 33,313.63
PVR Ltd. 7,297.46
Quess Corp Ltd. 5,554.14
Radico Khaitan Ltd. 5,436.51
Rail Vikas Nigam Ltd. 4,576.62
Rain Industries Ltd. 4,098.37
Rajesh Exports Ltd. 13,986.46
Rallis India Ltd. 6,363.99
Rashtriya Chemicals & Fertilizers Ltd. 2,852.23
Ratnamani Metals & Tubes Ltd. 5,559.00
Raymond Ltd. 2,042.24
RBL Bank Ltd. 10,195.15
REC Ltd. 22,188.20
Redington India Ltd. 4,610.69
Relaxo Footwears Ltd. 15,872.88
Reliance Industries Ltd. 1,444,944.68
Repco Home Finance Ltd. 1,059.16
Rites Ltd. 6,366.25
Sanofi India Ltd. 19,978.26
SBI Cards & Payments Services Ltd. 77,689.29
SBI Life Insurance Company Ltd. 83,913.89
Schaeffler India Ltd. 12,175.12
Schneider Electric Infrastructure Ltd. 1,992.93
Security and Intelligence Services (India) Ltd. 5,678.16
Shankara Building Products Ltd. 902.89
Sheela Foam Ltd. 6,679.34
Shipping Corpn. Of India Ltd. 2,927.55
S H Kelkar and Company Ltd 1,252.10
Shopper's Stop Ltd. 1,708.76
Shree Cement Ltd. 78,304.96
Shriram City Union Finance Ltd. 6,252.79
Shriram Transport Finance Co. Ltd. 18,386.18
Siemens Ltd. 43,859.77
SJVN Ltd. 9,628.00
SKF India Ltd. 8,222.77
Sobha Ltd. 2,423.79
Solar Industries India Ltd. 10,293.70
Somany Ceramics Ltd. 726.81
Sonata Software Ltd. 3,369.30
South Indian Bank Ltd. 1,344.62
Spandana Sphoorty Financial Ltd. 3,993.03
Spicejet Ltd. 3,138.56
SRF Ltd. 24,472.32
Star Cement Ltd 3,744.86
State Bank of India 187,282.97
Steel Authority Of India Ltd. 17,100.37
Sterling and Wilson Solar Ltd. 4,449.99
Sterlite Technologies Ltd. 6,872.96
Strides Pharma Science Ltd. 5,464.29
Sudarshan Chemical Inds. Ltd. 3,269.26
Sumitomo Chemical India Pvt. Ltd. 14,342.95
Sundram Fasteners Ltd. 9,826.65
Sun Pharma Advanced Research Company Ltd. 4,737.82
Sun Pharmaceutical Inds. Ltd. 125,953.09
Sunteck Realty Ltd. 3,766.15
Sun TV Network Ltd. 19,128.87
Suprajit Engineering Ltd. 2,693.94
Supreme Industries Ltd. 16,906.01
Suzlon Energy Ltd. 3,183.28
Swan Energy Ltd. 3,249.84
Symphony Ltd. 6,502.85
Syngene International Ltd. 19,668.00
Take Solutions Ltd. 844.70
Tamil Nadu Newsprint & Papers Ltd. 877.94
Tasty Bite Eatables Ltd. 3,322.33
Tata Chemicals Ltd. 8,520.32
Tata Coffee Ltd. 2,194.55
Tata Communications Ltd. 24,860.55
Tata Consultancy Services Ltd. 846,031.42
Tata Consumer Products Ltd. 50,528.68
Tata Elxsi Ltd. 6,848.54
Tata Investment Corpn. Ltd. 4,247.73
Tata Metaliks Ltd. 1,616.57
Tata Motors DVR 2,712.86
Tata Motors Ltd. 42,581.48
Tata Power Co. Ltd. 20,034.78
Tata Steel Ltd. 51,169.06
TCI Express Ltd. 3,244.07
TCNS Clothing Co Ltd. 2,524.47
TeamLease Services Ltd. 3,973.63
Tech Mahindra Ltd. 70,808.33
The New India Assurance Co. Ltd. 19,677.12
The Ramco Cements Ltd. 17,066.36
Thermax Ltd. 9,508.67
Thyrocare Technologies Ltd. 4,011.60
Time Technoplast Ltd 1,040.28
Timken India Ltd. 8,562.90
Titan Company Ltd. 100,617.24
Torrent Pharmaceuticals Ltd. 46,585.70
Torrent Power Ltd. 16,840.81
Trent Ltd. 23,094.24
Trident Ltd. 3,424.48
TTK Prestige Ltd. 8,112.32
Tube Investments Of India Ltd. 11,752.13
TV18 Broadcast Ltd. 5,845.97
TVS Motor Co. Ltd. 22,212.70
TVS Srichakra Ltd. 1,213.64
TV Today Network Ltd. 1,365.52
UCO Bank 13,836.09
UFLEX Ltd. 2,495.27
Ujjivan Financial Services Ltd. 3,107.24
Ujjivan Small Finance Bank Ltd. 6,385.78
Ultratech Cement Ltd. 117,734.91
Union Bank of India 19,540.88
United Breweries Ltd. 27,906.64
UPL Ltd. 37,711.50
Vaibhav Global Ltd. 5,829.35
Vardhman Textiles Ltd. 4,757.38
Varroc Engineering Pvt Ltd. 4,526.97
Varun Beverages Ltd. 22,120.77
VA Tech Wabag Ltd 1,165.73
Vedanta Ltd. 47,970.39
Venky's (India) Ltd. 2,069.29
V-Guard Industries Ltd. 7,537.24
Vinati Organics Ltd. 11,244.87
VIP Industries Ltd. 4,248.00
V-Mart Retail Ltd. 3,767.68
Vodafone Idea Ltd. 25,631.97
Voltas Ltd. 21,464.49
VRL Logistics Ltd. 1,587.79
VST Industries Ltd. 5,334.03
Wabco India Ltd. 13,103.00
Welspun Corp Ltd. 3,000.17
Welspun India Ltd. 5,224.57
Westlife Development Ltd. 5,818.89
Whirlpool Of India Ltd. 28,621.02
Wipro Ltd. 155,433.83
Wockhardt Ltd. 3,588.37
Zee Entertainment Enterprises Ltd. 20,309.87
Zensar Technologies Ltd. 3,998.28
Zydus Wellness Ltd. 9,927.17
Total Market Value 1,496,389.21

Standard Deviation of daily returns for past 3 months Excess Returns Compared to BSE 500
Closing Price Returns Month Nestle CP Returns
16654.83 8/1/2019 12490.30
16926.52 1.63% 9/1/2019 13682.48 9.54%
17476.09 3.25% 10/1/2019 14724.00 7.61%
17120.01 -2.04% 11/1/2019 14238.36 -3.30%
16951.63 -0.98% 12/1/2019 14564.71 2.29%
17343.38 2.31% 1/1/2020 15189.04 4.29%
17133.16 -1.21% 2/1/2020 16355.95 7.68%
17033.73 -0.58% 3/1/2020 16119.70 -1.44%
16774.09 -1.52% 4/1/2020 17725.77 9.96%
16491.53 -1.68% 5/1/2020 17346.14 -2.14%
16473.70 -0.11% 6/1/2020 17111.04 -1.36%
16608.20 0.82% 7/1/2020 16522.20 -3.44%
16496.30 -0.67% 8/1/2020 16190.00 -2.01%
16400.30 -0.58%
16342.10 -0.35%
16198.20 -0.88%
16179.00 -0.12% Net Income to Market Total Asset
16094.80 -0.52%
16140.80 0.29% Q4 Q3
16548.40 2.53% Net Income 31939.9 32722.1
16707.90 0.96% Market Price 14509.02 12499.88
16787.00 0.47% Market Capitalisation 1398959.7 1205238.4
16677.50 -0.65% Total Liabilities 51259.4 46768.5
16724.80 0.28% NIMTA 0.022 0.026
17174.40 2.69% Weight 0.5333 0.2666
16798.80 -2.19% Adjusted NIMTA 0.012 0.007
16789.30 -0.06% Total NIMTA 0.024
16695.60 -0.56%
16802.00 0.64%
16912.40 0.66%
16802.10 -0.65%
16759.10 -0.26%
16833.10 0.44%
16956.80 0.73%
16895.80 -0.36%
16908.80 0.08%
17495.70 3.47%
17229.90 -1.52%
17247.00 0.10%
17275.60 0.17%
17151.80 -0.72%
17256.40 0.61%
17251.80 -0.03%
17350.20 0.57%
17095.40 -1.47%
16597.80 -2.91%
16524.00 -0.44%
16522.20 -0.01%
16524.80 0.02%
16580.00 0.33%
16503.30 -0.46%
16677.20 1.05%
16788.60 0.67%
16665.80 -0.73%
16622.80 -0.26%
16540.80 -0.49%
16474.20 -0.40%
16354.70 -0.73%
16422.90 0.42%
16554.60 0.80%
16345.80 -1.26%
16212.00 -0.82%
16561.90 2.16%
16478.80 -0.50%
16288.20 -1.16%
16190.00 -0.60%
Standard Deviation 1.22%

BSE 500 CP Returns Excess ReturFactor Adjusted Excess Return
14234.07
14810.02 4.05% 5.50% 0.017328 0.10%
15387.13 3.90% 3.72% 0.021832 0.08%
15567.67 1.17% -4.47% 0.027507 -0.12%
15667.44 0.64% 1.65% 0.034656 0.06%
15649.81 -0.11% 4.40% 0.043664 0.19%
14627.62 -6.53% 14.21% 0.055013 0.78%
11098.23 -24.13% 22.68% 0.069312 1.57%
12721.00 14.62% -4.66% 0.087328 -0.41%
12414.85 -2.41% 0.26% 0.110026 0.03%
13438.14 8.24% -9.60% 0.138625 -1.33%
14346.18 6.76% -10.20% 0.174656 -1.78%
15103.03 5.28% -7.29% 0.220053 -1.60%
Excess Retu -0.20%
Q2 Q1
28353.7 28215.5
11056.25 10630.8
1066043.6 1025021.7
46768.5 44143.4
0.025 0.026
0.1333 0.0666
0.003 0.002

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FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E FY2021E

EBITDA ₹16,823.4 ₹18,573.0 ₹22,084.6 ₹27,919.9 ₹30,296.6 ₹34,434.3 ₹39,367.9

EBIT ₹13,350.8 ₹15,036.8 ₹18,662.1 ₹24,563.2 ₹27,133.0 ₹31,320.8 ₹36,404.6

PAT ₹5,632.7 ₹9,265.4 ₹12,251.9 ₹16,069.3 ₹19,695.5 ₹22,968.3 ₹26,688.1

Face Value per Share 10 10 10 10 10 10 10

EPS(Rs) 58.42 96.09 127.07 166.66 204.27 238.21 276.79

PAT Margin EBITDA Y-o-Y Growth

EBITDA Y-o-Y Growth

30.00% EBITDA Y-o-Y Growth

₹182,795.6 ₹209,000.4 ₹239,171.0 100% 100% 100% 100% 100%

₹75,063.9 ₹85,839.9 ₹98,245.9 41% 41% 42% 39% 42%

₹45,556.3 ₹51,612.4 ₹59,170.3 21% 20% 22% 25% 25%

₹42,665.1 ₹48,714.8 ₹56,205.6 16% 16% 18% 22% 22%

₹31,293.9 ₹35,717.3 ₹41,206.8 7% 10% 12% 14% 16%

300 300 300

324.56 370.43 427.37

22122 48% 40% 36% 30% 32%

22732 13% 14% 12% 12% 18%

10075 16% 19% 19% 24% 14%

133809 100% 100% 100% 100% 100%

27450 12% 12% 13% 15% 21%

86779 50% 52% 54% 55% 73%

133809 100% 100% 100% 100% 100%

Change in fixed assets -₹1,859.10 -₹2,282.90 -₹1,201.10 -₹1,424.50 -₹2,039.48

Change in equity share capital ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00

Opening cash ₹4,995.50 ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50

Check 4996 ₹8,800.00 ₹14,574.20 ₹16,100.60 ₹13,080.50 ₹24,466.62

Cange in WC excluding cash

Adjustment ₹421.96 -₹889.48 -₹210.80 -₹1,536.38 ₹0.00

-₹2,447.38 -₹2,936.85 -₹3,377.38 -₹3,883.99

₹0.00 ₹0.00 ₹0.00 ₹0.00

₹24,466.62 ₹25,941.24 ₹35,037.75 ₹45,097.49

₹25,941.24 ₹35,037.75 ₹45,097.49 ₹65,353.08

₹29,232.56 ₹30,017.75 ₹34,758.79 ₹36,191.05

₹26,863.71 ₹24,625.81 ₹26,993.72 ₹33,785.06

₹0.00 ₹0.00 ₹0.00 ₹0.00

Margin Ratio (%)

Profitability Ratio (%)

Sector Specific Ratios

23.95% 24.28% 24.05% 24.09%

59.70% 62.42% 60.21% 56.30%

68.79 74.86 86.56 103.11

2.2 2.4 2.6 3.0

276.79 324.56 370.43 427.37

67834.36 76964.98 88310.19 101049.48

Chocolate and Confectionery (includes bar countline ₹11,108.60 ₹11,842.50 ₹12,213.50

Net Sales ₹81,232.70 ₹91,592.80 ₹101,351.10

₹51,876.30 ₹56,518.10 ₹65,244 ₹75,318 ₹86,947 ₹100,372

₹31,052.50 ₹34,981.80 ₹38,200 ₹41,715 ₹45,552 ₹49,743

₹15,226.10 ₹15,017.90 ₹17,102 ₹19,476 ₹22,179 ₹25,258

₹14,007.40 ₹16,434.90 ₹19,656 ₹23,509 ₹28,116 ₹33,627

₹112,162.30 ₹122,952.70 ₹140,203 ₹160,018 ₹182,796 ₹209,000

38.92% 41.89% 40.00% 40.00% 40.00% 40.00%

1.00% 0.97% 0.96% 0.98% 0.97% 0.97%

FY2018 FY2019 FY2020E FY2021E FY2022E FY2023E

FY2018 FY2019 FY2020E FY2021E FY2022E FY2023E

Sales Price Increase Per Kg YOY

RBI target Inflation Rate