Excel Sheet Made by Amol

ASIAN PAINTS LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 25% 14% 16% 11% 5% 6% 12% 14% 5% -9% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM
Sales 7,403 9,231 10,504 12,220 13,615 14,271 15,062 16,825 19,240 20,211 18,329
Raw Material Cost 3,755 4,945 5,487 6,249 7,971 8,050 6,924 8,270 9,681 9,747 - 51% 54% 52% 51% 59% 56% 46% 49% 50% 48%
Power and Fuel 77 87 115 134 131 114 106 110 120 115 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 845 986 1,107 1,292 260 255 1,663 1,692 1,862 1,942 11% 11% 11% 11% 2% 2% 11% 10% 10% 10%
Gross Profit 2,726 3,213 3,795 4,545 5,253 5,853 6,369 6,752 7,577 8,407 Gross Margin 37% 35% 36% 37% 39% 41% 42% 40% 39% 42%

Employee Cost 456 530 628 764 937 995 1,040 1,122 1,243 1,371 6% 6% 6% 6% 7% 7% 7% 7% 6% 7%
Selling and admin 1,480 1,856 2,274 2,826 3,371 3,947 4,364 2,255 2,367 2,623 20% 20% 22% 23% 25% 28% 29% 13% 12% 13%
Other Expenses -541 -683 -844 -1,039 -1,270 -1,814 -2,028 171 203 251 -7% -7% -8% -9% -9% -13% -13% 1% 1% 1% Chart of Op.EBIT Margin
Depreciation 113 121 155 246 266 276 335 360 622 781 776 2% 1% 1% 2% 2% 2% 2% 2% 3% 4%
Operating Profit (Op. EBIT) 1,218 1,390 1,583 1,748 1,949 2,449 2,659 2,844 3,143 3,382 3,008 Op.EBIT Margin 16% 15% 15% 14% 14% 17% 18% 17% 16% 17% 16%

Other Income 68 107 114 134 170 213 338 336 274 355 290 1% 1% 1% 1% 1% 1% 2% 2% 1% 2%
Interest 26 43 42 48 42 49 37 41 110 108 90 0% 0% 0% 0% 0% 0% 0% 0% 1% 1%
Profit before tax 1,260 1,454 1,655 1,834 2,077 2,614 2,960 3,138 3,306 3,629 3,208 Chart of PAT Margin
Tax 378 434 496 572 650 844 943 1,041 1,098 855 876
PROFIT AFTER TAX (PAT) 881 1,021 1,160 1,263 1,427 1,769 2,016 2,098 2,208 2,774 2,331 PAT Margin 12% 11% 11% 10% 10% 12% 13% 12% 11% 14% 13%
Effective Income Tax Rate 30% 30% 30% 31% 31% 32% 32% 33% 33% 24%

Marginal Income Tax Rate 32.44% 32.45% 33.99% 33.99% 34.61% 34.61% 34.61% 35.00% 30.00% 25.17%
MARGINAL INCOME TAX DATA
GROWTH ANALYSIS Source KPMG for the years from 2011 until 2019
SALES Op. EBIT PAT from FY20 onwards, it is assumed that domestic companies will take advantage of Section 115BAA
9 Year CAGR 12% 12% 14% Mar-11 32.44%
7 Year CAGR 10% 11% 13% Mar-12 32.45%
5 Year CAGR 8% 12% 14% Mar-13 33.99%
3 Year CAGR 10% 8% 11% Mar-14 33.99%
TTM CAGR -9% -11% -16% Mar-15 34.61%
Mar-16 34.61%
Mar-17 34.61%
DEBT & SOLVENCY RATIOS Mar-18 35.00%
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-19 30.00%
Debt 233 341 251 249 418 323 560 533 1,320 1,119 Mar-20 25.17%
Equity 2,187 2,749 3,384 4,039 4,742 6,525 7,604 8,410 9,471 10,130 Mar-21 25.17%

Debt Coverage Ratios (Lower is Better)

Debt/Equity Ratio 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1
Debt/EBITDA 0.2 0.2 0.1 0.1 0.2 0.1 0.2 0.2 0.4 0.3

Interest Expense / Debt 11% 13% 17% 19% 10% 15% 7% 8% 8% 10%

Interest Coverage Ratios (Higher is better)

Op. EBIT/Interest 46.9 32.0 37.6 36.4 46.2 50.0 71.2 68.6 28.4 31.3
EBITDA/Interest 51.2 34.8 41.3 41.5 52.4 55.6 80.2 77.3 34.1 38.6

NET DEBT (as at) Mar-20

Outstanding Debt 1,119
- Investments - Investments of 2019 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 783
Net Outstanding Debt 336

FREE CASH FLOW

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
CASH FROM OPERATIONS 710 1,187 1,402 1,188 2,243 1,527 2,113 2,470 2,632
- CAPEX -686 -737 -379 -489 -942 -373 -1,937 -2,191 -487 Chart of FCFF
- Tax Benefit from Interest (Int x Tax) -14 -14 -16 -15 -17 -13 -15 -33 -27
FREE CASH FLOW TO FIRM (FCFF) 10 435 1,007 684 1,284 1,141 162 245 2,118

- Interest -43 -42 -48 -42 -49 -37 -41 -110 -108
+ Tax Benefit from Interest (Int x Tax) 14 14 16 15 17 13 15 33 27
- Debt Repayment - -90 -2 - -95 - -27 - -201
+ New Debt 108 - - 169 - 237 - 786 -
FREE CASH FLOW TO EQUITY (FCFE) 89 317 974 826 1,157 1,354 109 954 1,836

FREE CASH FLOW OVER 9 YEARS FROM Mar-12 UNTIL Mar-20

Total CFO - Int Tax Shield 15,308 (Cum CFO - Interest)/Cum PAT 102% (ideally, should be more than 75%. Higher the better)
- Total Capex -8,220
TOTAL FCFF 7,087 Cum FCFF/Cum EBIAT 48%
(Payout Ratio)
- Total Interest + Int Tax Benefit -358
Total FCFE through operations 6,730

+ INCREASE in Debt 885

TOTAL FCFE 7,615

Total Dividends in 9 yrs 6,618

CASH FLOW STATEMENT

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TOTAL
Cash from Operating Activity 762 710 1,187 1,402 1,188 2,243 1,527 2,113 2,470 2,632 16,234
Cash from Investing Activity -439 -386 -463 -586 -465 -866 -681 -1,556 -918 -518 -6,878
Cash from Financing Activity -334 -327 -601 -626 -576 -849 -756 -1,379 -1,117 -2,465 -9,031
Net Cash Flow -11 -2 123 190 147 528 90 -822 434 -351 325

VALUATION MULTIPLES
Based on Equity Value
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 29.10.23
No. of shares (in crores) 96 96 96 96 96 96 96 96 96 96 96
EPS 9 11 12 13 15 18 21 22 23 29 24
Stock Price 253 324 492 548 811 868 1,074 1,120 1,493 1,667 2,776
P / ETTM 27.5 30.5 40.7 41.6 54.5 47.1 51.1 51.2 64.8 57.6 114.2

Book Value / Share 22.8 28.7 35.3 42.1 49.4 68.0 79.3 87.7 98.7 105.6 105.6
P/B 11.1 11.3 13.9 13.0 16.4 12.8 13.5 12.8 15.1 15.8 26.3

Based on Enterprise Value

Debt - Cash -393 -283 -486 20 214 -101 -241 129 875 336 Put updated figures
Enterprise Value (EV) 24,068 30,814 46,681 52,580 78,034 83,196 102,729 107,598 144,055 160,186 -
EBIT 1,286 1,497 1,697 1,882 2,119 2,663 2,997 3,180 3,417 3,737 3,298
EV / EBITTTM 18.7 20.6 27.5 27.9 36.8 31.2 34.3 33.8 42.2 42.9

EBITDA 1,399 1,619 1,852 2,128 2,385 2,938 3,332 3,540 4,039 4,517 4,074
EV / EBITDATTM 17.2 19.0 25.2 24.7 32.7 28.3 30.8 30.4 35.7 35.5

EV / Sales 3.3 3.3 4.4 4.3 5.7 5.8 6.8 6.4 7.5 7.9

DIVIDENDS
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 29.10.23
Dividends (Rs crores) 307 384 441 508 585 719 988 835 1,007 1,151

Dividends/Net Profit 35% 38% 38% 40% 41% 41% 49% 40% 46% 41%
Dividends/Share 3.2 4.0 4.6 5.3 6.1 7.5 10.3 8.7 10.5 12.0
Stock Dividend Yield 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/17

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 29.10.23
Stock Bought - - - - - - -1,074 - - -
Dividends - - - - - - 10.3 8.7 10.5 12.0
Stock Sold 2,776
Total - - - - - - -1,063 9 11 12 2,776

IRR 16.1%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company
 Excel Sheet Made by Amol
ASIAN PAINTS LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 96 96 96 96 96 96 96 96 96 96 2% 2% 1% 1% 1% 1% 1% 1% 1% 1%
Reserves 2,092 2,653 3,288 3,943 4,646 6,429 7,508 8,314 9,375 10,034 45% 46% 48% 49% 52% 61% 61% 60% 58% 62%
Borrowings 233 341 251 249 418 323 560 533 1,320 1,119 5% 6% 4% 3% 5% 3% 5% 4% 8% 7%
Trade Payables (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 2,190 2,623 3,149 3,787 3,754 3,711 4,241 4,820 5,459 4,889 47% 46% 46% 47% 42% 35% 34% 35% 34% 30%
TOTAL LIABILITIES 4,611 5,712 6,785 8,075 8,915 10,559 12,405 13,763 16,249 16,138 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 1,310 1,301 2,441 2,562 2,660 3,416 3,304 3,732 6,497 6,272 28% 23% 36% 32% 30% 32% 27% 27% 40% 39%
Capital Work in Progress 43 617 59 72 196 107 258 1,405 210 140 1% 11% 1% 1% 2% 1% 2% 10% 1% 1%
Cash & Bank 626 624 737 229 204 424 801 405 445 783 14% 11% 11% 3% 2% 4% 6% 3% 3% 5%
Investments 429 355 296 1,424 1,588 2,712 2,652 2,141 2,569 2,019 9% 6% 4% 18% 18% 26% 21% 16% 16% 13%
Inventory 1,305 1,599 1,830 2,070 2,259 1,998 2,627 2,658 3,150 3,390 28% 28% 27% 26% 25% 19% 21% 19% 19% 21%
Receivables 573 781 981 1,110 1,182 1,187 1,447 1,731 1,907 1,795 12% 14% 14% 14% 13% 11% 12% 13% 12% 11%
Loans & Advances (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 324 435 441 610 826 715 1,317 1,692 1,472 1,739 7% 8% 6% 8% 9% 7% 11% 12% 9% 11%
TOTAL ASSETS 4,611 5,712 6,785 8,075 8,915 10,559 12,405 13,763 16,249 16,138 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital - -
Reserves 5,388 660
Borrowings 700 -201
Trade Payables - -
Other Liabilities 1,135 -569
TOTAL CHANGE IN LIABILITIES 7,223 -111

Net Block + WIP 3,557 -294

Cash & Bank 578 338
Investments 431 -550
Inventory 1,131 240
Receivables 613 -112
Loans & Advances - -
Other Assets 913 267
TOTAL CHANGE IN ASSETS 7,223 -111

FROM THE LIABILITY SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating EBIT 1,218 1,390 1,583 1,748 1,949 2,449 2,659 2,844 3,143 3,382 Median Min Max
Effective Tax Rate 30% 30% 30% 31% 31% 32% 32% 33% 33% 24% 31% 24% 33%
Operating EBIAT 852 976 1,109 1,203 1,340 1,658 1,811 1,900 2,099 2,585

Invested Capital from the Liability Side of Balance Sheet = (Book Value of Equity + Book Value of Debt - Cash)
Invested Capital 1,795 2,465 2,899 4,059 4,956 6,424 7,363 8,539 10,345 10,466
Average Invested Capital 2,130 2,682 3,479 4,508 5,690 6,893 7,951 9,442 10,406
Median Min Max
ROIC (EBIAT / Average Invested Capital) 46% 41% 35% 30% 29% 26% 24% 22% 25% 29% 22% 46%
with DuPont breakup
EBIAT/Sales 11% 11% 10% 10% 12% 12% 11% 11% 13% 11% 10% 13%
Sales/Av Invested Capital 4.3 3.9 3.5 3.0 2.5 2.2 2.1 2.0 1.9 2.5 1.9 4.3

FROM THE ASSET SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

The section below breaks down ROIC into various components and thus allows us to use just one ratio-ROIC to measure it ALL operational parameters!
However it is helpful if you read a short note on this before using this section. Click HERE to read this short note
Please Manually Input the Trade Payables Data in 'Row 8' above from Screener.in BEFORE using this section

DATA NEEDED TO CALCULATE ROIC FROM THE ASSET SIDE

Net Working Capital 1,879 2,380 2,811 3,180 3,441 3,185 4,074 4,389 5,057 5,185
Average Net Working Capital 2,129 2,596 2,996 3,310 3,313 3,629 4,231 4,723 5,121
Median Min Max
Av Working Capital/Sales 23% 25% 25% 24% 23% 24% 25% 25% 25% 25% 23% 25%
Av Working Capital Turnover 4.3 4.0 4.1 4.1 4.3 4.2 4.0 4.1 3.9 4.1 3.9 4.3

Fixed Asset 1,353 1,918 2,500 2,633 2,856 3,523 3,561 5,137 6,706 6,413
Average Fixed Assets 1,635 2,209 2,567 2,745 3,189 3,542 4,349 5,922 6,559

Av Fixed Assets/Sales 18% 21% 21% 20% 22% 24% 26% 31% 32% 22% 18% 32%
Av Fixed Asset Turnover 5.6 4.8 4.8 5.0 4.5 4.3 3.9 3.2 3.1 4.5 3.1 5.6

Average Invested Capital from the Asset Side of Balance Sheet = Average Net Block & CWIP + Average Net Working Capital
Average Invested Capital 3,765 4,805 5,562 6,055 6,502 7,171 8,581 10,645 11,681

RETURN ON AVERAGE INVESTED CAPITAL (ROIC) with DETAILED BREAK-UP

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Median Min Max Chart of Op. EBIT Margin
Operating EBIT Margin 15% 15% 14% 14% 17% 18% 17% 16% 17% 16% 14% 18%
Gross Margin 35% 36% 37% 39% 41% 42% 40% 39% 42%
- SG&A & Others -18% -20% -21% -22% -22% -22% -21% -20% -21%
- Depreciation -1% -1% -2% -2% -2% -2% -2% -3% -4%
Chart of Sales/Av Invested Capital
Sales/Av Invested Capital 2.5 2.2 2.2 2.2 2.2 2.1 2.0 1.8 1.7 2.2 1.7 2.5
Sales/Av Invested Capital is further broken down into Fixed Asset Turnover and Working Capital Turnover as below:

Av Fixed Asset Turnover 5.6 4.8 4.8 5.0 4.5 4.3 3.9 3.2 3.1

Av Working Capital Turnover 4.3 4.0 4.1 4.1 4.3 4.2 4.0 4.1 3.9
Average Inventory Days 57 60 58 58 54 56 57 55 59 Note: Inventory Days and Payable Days are calculated using Sales & not COGS
Average Receivable Days 27 31 31 31 30 32 34 35 33
Average Payable Days 0 0 0 0 0 0 0 0 0
Average Working Capital Cycle Days 84 90 89 89 85 88 92 90 92
Median Min Max Chart of ROIC Pre-Tax
ROIC Pre-Tax 37% 33% 31% 32% 38% 37% 33% 30% 29% 33% 29% 38%

Effective Tax Rate 30% 30% 31% 31% 32% 32% 33% 33% 24%
ROIC 26% 23% 22% 22% 25% 25% 22% 20% 22% 22% 20% 26%

NOTES:
1) The formula used for breaking up ROIC into its components is given in the adjacent image

2) To correctly calculate ROIC you need to several adjustments such as Identifying operating assets,
Capitalizing Operating & Financial Expenses, removing one-time & extra-ordinary items, adjusting taxes, etc
These adjustments are ESSENTIAL to get a correct measurement of ROIC or any other return such as ROE, ROA,
ROCE, etc. However, to do the same we need more granular level data from the Annual Report
HENCE, ROIC calculated without adjustments are ROUGH ESTIMATES of the actual return
 Input ONLY in Cells denoted as:

ROIC ESTIMATOR
Calculate the impact of ROIC of a company using your estimates of margins, tax and capital efficiency ratios

Historical Data of 9 years

Operating EBIT MARGIN Median
Gross Margin 39%
- SG&A & Others Input % as a negative number -21%
- Depreciation Input % as a negative number -2%
1 Operating EBIT Margin 0%

Sales/Av Invested Capital

Fixed Asset Turnover 4.5

Working Capital Turnover -

Average Inventory Days 57
Average Receivable Days 31
Average Payable Days - 0
Average Working Capital Cycle Days -
2 Sales/Av Invested Capital -

ROIC Pre-Tax ( 1 x 2) 0%

Effective Tax Rate 25% 31%

ROIC (Post Tax) 0%

1) Refer to the historical ranges of these inputs so that you make more informed estimates.
It is very much possible that you can have estimates higher/lower than the historical ranges.
But you should have strong reasons for doing so
2) Remember that these historical numbers are without adjustments as stated in the previous tab

CONVERTING ROIC TO ROE

Historical Data of 9 years
Median
Debt / Equity 0.08
Interest / Book Value of Debt 11%
Tax Rate 25% 31%
ROE 0%

NOTES:
1) The adjacent formula is used to convert ROIC (calculated from above) into ROE
capital efficiency ratios

Historical Data of 9 years

Min Max
35% 42%
-22% -18%
-4% -1%

3.1 5.6

54 60
27 35
0 0

24% 33%

previous tab

Historical Data of 9 years

Min Max
0.05 0.14
7% 19%
24% 33%
ASIAN PAINTS LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Sep-20 Sep-19 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 5,350 5,051 6% 8,273 10,155 -19% 12,908 15,147 -15%
Expenses 4,085 4,099 6,538 8,048 10,314 12,156
Depreciation 194 197 385 389 579 567
Operating Profit 1,072 755 42% 1,350 1,719 -21% 2,016 2,424 -17%

Other Income 94 121 142 206 201 269

Interest 21 26 41 53 66 82
Profit before tax 952 652 1,067 1,484 1,571 2,043
Tax 294 7 380 358 599 611
Net profit 658 645 2% 687 1,125 -39% 973 1,433 -32%

EBIT Margin 20% 15% 16% 17% 16% 16%

EBITDA Margin 24% 19% 21% 21% 20% 20%
PAT Margin 12% 13% 8% 11% 8% 9%

Sep-20 Sep-19 Sep-18 Jun-20 Jun-19 Jun-18 Mar-20 Mar-19 Dec-19 Dec-18
Sales 5,350 5,051 4,615 2,923 5,105 4,390 4,636 4,992 5,420 5,263
6% 9% -43% 16% -7% 3%

Operating Profit 1,072 755 700 279 964 794 665 705 992 939
42% 8% -71% 21% -6% 6%
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 95.92
Face Value 1.00
Current Price 2,775.55
Market Capitalization 266,230.14

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 7,402.91 9,231.25 10,503.91 12,220.37
Raw Material Cost 3,906.17 5,117.61 5,636.23 6,339.75
Change in Inventory 151.43 172.95 149.56 90.28
Power and Fuel 77.19 87.41 114.71 133.74
Other Mfr. Exp 845.13 985.76 1,107.31 1,292.18
Employee Cost 456.05 529.67 627.59 763.59
Selling and admin 1,480.36 1,855.87 2,273.91 2,826.43
Other Expenses -541.43 -683.30 -843.67 -1,038.74
Other Income 67.98 107.41 114.48 134.22
Depreciation 113.13 121.13 154.60 245.66
Interest 25.98 43.38 42.06 47.99
Profit before tax 1,259.74 1,454.08 1,655.21 1,834.27
Tax 378.39 433.50 495.69 571.51
Net profit 843.24 988.73 1,113.88 1,218.81
Dividend Amount 306.94 383.68 441.23 508.38

Quarters
Report Date Jun-18 Sep-18 Dec-18 Mar-19
Sales 4,390.27 4,615.49 5,263.04 4,991.50
Expenses 3,460.57 3,771.79 4,159.45 4,108.14
Other Income 73.19 72.84 64.64 63.10
Depreciation 135.81 143.61 164.98 178.56
Interest 20.96 25.74 29.07 29.60
Profit before tax 846.12 747.19 974.18 738.30
Tax 276.10 242.45 326.90 252.31
Net profit 556.85 491.58 635.83 471.65
Operating Profit 929.70 843.70 1,103.59 883.36
BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 95.92 95.92 95.92 95.92
Reserves 2,091.50 2,652.58 3,288.37 3,943.30
Borrowings 233.43 341.11 250.96 249.15
Other Liabilities 2,189.73 2,622.58 3,149.25 3,787.03
Total 4,610.58 5,712.19 6,784.50 8,075.40
Net Block 1,309.87 1,300.55 2,440.97 2,561.58
Capital Work in Progress 43.32 617.08 59.21 71.60
Investments 428.97 354.74 295.68 1,423.55
Other Assets 2,828.42 3,439.82 3,988.64 4,018.67
Total 4,610.58 5,712.19 6,784.50 8,075.40
Receivables 573.10 781.25 980.88 1,110.30
Inventory 1,305.43 1,598.89 1,830.29 2,069.86
Cash & Bank 626.23 624.31 736.69 229.00
No. of Equity Shares 95,919,779.00 95,919,779.00 95,919,779.00 ###
New Bonus Shares
Face value 10.00 10.00 10.00 1.00

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 762.46 709.98 1,186.79 1,402.03
Cash from Investing Activity -439.21 -385.61 -463.20 -585.99
Cash from Financing Activity -334.49 -326.58 -601.00 -625.91
Net Cash Flow -11.24 -2.21 122.59 190.13

PRICE: 252.58 324.20 491.73 547.95

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

13,615.26 14,271.49 15,061.99 16,824.55 19,240.13 20,211.25
8,119.54 7,850.32 7,452.60 8,128.17 9,974.40 9,986.19
148.07 -199.33 528.60 -142.13 293.26 239.15
130.68 114.48 106.02 110.30 119.63 114.93
259.76 254.73 1,662.75 1,691.68 1,862.35 1,941.92
936.86 994.98 1,039.89 1,121.89 1,242.69 1,371.27
3,370.79 3,946.74 4,364.04 2,254.92 2,366.87 2,623.15
-1,269.62 -1,814.13 -2,028.47 171.45 202.51 250.50
169.71 213.39 337.90 336.41 273.77 355.05
265.92 275.58 334.79 360.47 622.14 780.50
42.24 49.00 37.33 41.47 110.47 107.95
2,076.87 2,613.85 2,959.54 3,138.48 3,306.10 3,629.04
649.54 844.49 943.29 1,040.96 1,098.06 854.85
1,395.15 1,745.16 1,939.43 2,038.93 2,155.92 2,705.17
585.11 719.40 987.98 834.50 1,007.16 1,151.04

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

5,104.72 5,050.66 5,420.28 4,635.59 2,922.66 5,350.23
3,948.85 4,098.72 4,230.89 3,775.97 2,452.69 4,085.03
85.71 120.54 89.04 59.76 47.09 94.41
191.75 197.17 197.08 194.50 191.17 193.58
26.66 25.94 24.07 25.66 20.13 20.51
1,023.17 849.37 1,057.28 699.22 305.76 1,145.52
351.08 7.23 277.57 218.97 86.15 293.62
655.44 823.41 764.43 461.89 218.45 830.37
1,155.87 951.94 1,189.39 859.62 469.97 1,265.20
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
95.92 95.92 95.92 95.92 95.92 95.92
4,646.44 6,428.90 7,507.97 8,314.31 9,374.63 10,034.24
418.17 323.29 560.34 533.43 1,319.60 1,118.50
3,753.97 3,710.92 4,240.96 4,819.82 5,458.69 4,889.31
8,914.50 10,559.03 12,405.19 13,763.48 16,248.84 16,137.97
2,660.04 3,416.35 3,303.74 3,732.24 6,496.56 6,272.31
196.00 106.59 257.54 1,405.11 209.67 140.24
1,587.79 2,712.13 2,651.99 2,140.70 2,568.58 2,018.85
4,470.67 4,323.96 6,191.92 6,485.43 6,974.03 7,706.57
8,914.50 10,559.03 12,405.19 13,763.48 16,248.84 16,137.97
1,182.07 1,186.84 1,446.60 1,730.63 1,907.33 1,795.22
2,258.52 1,998.24 2,626.94 2,658.31 3,149.86 3,389.81
204.39 424.20 801.21 404.65 444.88 782.83
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

1,187.69 2,242.95 1,527.33 2,113.44 2,469.54 2,631.89
-464.99 -866.21 -681.11 -1,556.14 -917.79 -517.91
-576.09 -848.98 -756.43 -1,379.14 -1,117.46 -2,465.20
146.61 527.76 89.79 -821.84 434.29 -351.22

811.30 868.40 1,073.50 1,120.40 1,492.70 1,666.50

95.92 95.92 95.92 95.92 95.92 95.92