P&L Statement

Particulars 2019-20 2020-21 2021-22

Revenue from operations 12,158.89 11,638.61 12,543.88
Other income 218.99 234.67 275.69
Total Income 12,377.88 11,873.28 12,819.57
Expenses
Cost of electrical energy purchased 2,977.20 2,778.14 3,535.24
Cost of fuel 3,448.67 3,130.16 3,259.52
Purchase of stock - in - trade 16.75 17.31 15.24
Employee benefits expense 1,129.08 1,074.21 1,080.89
Finance costs 1,377.67 1,225.91 1,129.30
Depreciation and amortisation expense 847.98 866.65 884.66
Other expenses 1,443.20 1,453.27 1,736.19
Total expenses 11,240.55 10,545.65 11,641.04
Profit before regulatory income / ( expense ) and tax 1,137.33 1,327.63 1,178.53
Regulatory Income / ( expense ) ( net ) 630.29 423.91 736.95
Profit before tax 1,767.62 1,751.54 1,915.48
Tax expense
Current tax 328.55 272.29 382.27
Deferred Tax charge / ( credit ) 130.07 116.44 129.13
Total Tax expenses 458.62 388.73 511.40
Profit for the year 1,309.00 1,362.81 1,404.08
Other comprehensive Income
Items that will not be reclassified to profit or loss ( 41.91 ) ( 40.11 )
Remeasurement of defined benefit plan 7.32 6.86 ( 20.34 )
Income tax on above ( 3.52 ) 4.54 4.87
Gain / ( loss ) on fair valuation of Investments . ( 0.03 ) 0.38 4.95
Deferred Tax ( charge ) / credit on above - ( 0.08 ) ( 0.05 )
Regulatory Income / ( expense ) - Deferred tax ( 38.14 ) ( 28.41 ) 0.01
( 10.56 )
Items that will not be reclassified to profit or loss 0.07 ( 0.02 )
Exchange difference on translation of foreign operations 0.07 ( 0.02 ) 0.01
0.01
Other Comprehensive income for the year ( net of tax ) ( 38.07 ) ( 28.43 ) ( 10.55 )
Total comprehensive income for the year 1,393.53
Profit attributable to 1,270.93 1,334.38
Owners of the equity 1,358.07
Non - controlling interest 1,267.04 1,330.93 46.01
41.96 31.88 1,404.08
Other Comprehensive loss attributable to 1,309.00 1,362.81
Owners of the equity ( 10.58 )
Non - controlling interest ( 37.91 ) ( 28.33 ) 0.03
( 0.16 ) ( 0.10 ) ( 10.55 )
Total Comprehensive Income attributable to ( 38.07 ) ( 28.43 )
Owners of the equity 1,347.49
Non - controlling interest 1,229.13 1,302.60 46.04
41.80 31.78 1,393.53
Basic & Diluted Earnings per equity share ( Face value of Re 1 / - per sh1,270.93 1,334.38 10.25
Notes forming part of Consolidated Financial Statements
2022-23
14,246.35
308.77
14,555.12

5,164.57
3,966.92
13.55
1,189.22
1,117.24
877.87
1,762.80
14,092.17
462.95
1,276.15
1,739.10

349.79
( 8.02 )
341.77
1,397.33

( 13.60 )
3.24
( 7.61 )
0.05
( 0.01 )
( 17.93 )

0.02
0.02
( 17.91 )
1,379.42

1,342.83
54.50
1,397.33

( 17.80 )
( 0.11 )
( 17.91 )
1,325.03
54.39
1,379.42
10.13
Balance Sheet
As at 31st
Particulars March , 2020
ASSETS
Non current Assets
Property , Plant and Equipment 24,504.63
Capital work - in - progress 167.60
Investment Property 62.63
Intangible Assets 171.87
Financial Assets
qq 164.65
Loans 40.69
Others 55.65
Other non current assets 148.25

Current Assets 25,315.97

Inventories 720.17
Financial Assets
Investments 15.01
Trade receivables 1,839.18
Cas Cash and cash equivalents 1,262.41
Bank balances other than cash and cash equivalents 716.19
Loans 17.52
Others 192.07
Current tax assets ( net ) 24.06
Other current assets 419.18
5,205.79
Regulatory deferral account balances 4,935.26
TOTAL ASSETS 35,457.02
EQUITY AND LIABILITIES
Equity
Equity Share capital 133.22
Other Equity 9,278.42
Non - controlling interest 364.53
Total Equity 9,776.17
Liabilities
Non current Liabilities
Financial Liabilities
Borrowings 9,760.11
Lease Liabilities -
Trade Payables
(( ab )) Total
Total outstanding
outstanding dues
dues of
of micro enterprises
creditors & small
other than microenterprises
enterprises & small -
enterprises 71.65
Consumers ' Security Deposits 1,887.69
Others 345.52
Provisions 424.67
Deferred tax liabilities ( net ) 4,042.28
Other non current liabilities 195.39
16,727.31
Current Liabilities
Financial Liabilities
Borrowings 2,421.49
Lease Liabilities -
Trade Pay
(( ab )) Total
Total outstanding
outstanding dues
dues of
of micro enterprises
creditors & small
other than microenterprises
enterprises & small 19.32
enterprises 796.74
Others 3,147.90
Other current liabilities . 645.33
Provisions 68.94
Current tax liabilities ( net ) 113.86
7,213.58
Regulatory deferral account balances 1,739.96
TOTAL EQUITY AND LIABILITIES 35,457.02
Notes forming part of Consolidated Financial Statements
As at 31st As at As at
March , 2021 31st March , 2022 31st March , 2023

23,970.96 23,018.74 22,633.63

133.56 102.48 140.42
62.87 62.87 62.87
163.64 134.02 129.39

139.41 114.48 76.99

51.87 6.21 6.26
55.65 218.41 231.65
194.13 360.62 283.87

24,772.09 24,017.83 23,565.08

597.67 659.42 880.22

168.96 345.16 -
2,314.98 2,095.49 2,191.52
839.60 2,152.70 1,129.20
1,018.33 1.096.76 19.70 1,459.15
25.70 16.09 1.49
211.62 27740 237.49 288.19
3.39 16.03 . 11.42
417.15 466.06 573.95
5,597.40 7,085.20 6,535.14
5,492.04 6,390.44 7,611.67
35,861.53 37,493.47 37,711.89

133.22 133.22 133.22

9,739.56 10,263.21 10,777.15
396.31 434.16 478.73
10,269.09 10,830.59 11,389.10

10,898.78 10,576.98 9,568.91

- 188.83 166.57

- -
64.14 63.98 62.65
1,997.65 1,860.56 2,007.26
270.71 66.58 66.70
475.95 498.00 514.88
4,158.34 4,287,52 4,279.45
191.32 285.97 272.21
18,056.89 17,828.42 16,938.63

1,566.46 4,161.91 4,493.54

- 33.08 33.82

29.92 44.83 43.73

909.28 996.75 1,046.09
2,420.18 855.17 894.36
575.07 583.88 760.87
91.88 62.24 52.56
69.84 62.23 85.43
5,662.63 6,800.09 7,410.40
1,872.92 2,034.37 1,973.76
35,861.53 37,493.47 37,711.89
P&L Statement

Particulars 2019-20 2020-21 2021-22 2022-23 2023-24 (F)

Revenue from operations 12,158.89 11,638.61 12,543.88 14,246.35 14964.44
Other income 218.99 234.67 275.69 308.77 339.55
Total Income 12,377.88 11,873.28 12,819.57 14,555.12 15303.99
Expenses
Cost of electrical energy purchased 2,977.20 2,778.14 3,535.24 5,164.57 5875.43
Cost of fuel 3,448.67 3,130.16 3,259.52 3,966.92 4108.22
Purchase of stock - in - trade 16.75 17.31 15.24 13.55 12.85
Employee benefits expense 1,129.08 1,074.21 1,080.89 1,189.22 1204.75
Finance costs 1,377.67 1,225.91 1,129.30 1,117.24 1060.22
Depreciation and amortisation expense 847.98 866.65 884.66 877.87 885.51
Other expenses 1,443.20 1,453.27 1,736.19 1,762.80 1853.20
Total expenses 11,240.55 10,545.65 11,641.04 14,092.17 15000.18
Profit before regulatory income / ( expense ) and ta 1,137.33 1,327.63 1,178.53 462.95 303.81
Regulatory Income / ( expense ) ( net ) 630.29 423.91 736.95 1,276.15 1522.27
Profit before tax 1,767.62 1,751.54 1,915.48 1,739.10 1826.08
Tax expense
Current tax 328.55 272.29 382.27 349.79 547.82
Deferred Tax charge / ( credit ) 130.07 116.44 129.13 ( 8.02 ) 40.00
Total Tax expenses 458.62 388.73 511.40 341.77 587.82
Profit for the year 1,309.00 1,362.81 1,404.08 1,397.33 1238.25
2024-25 (F) 2025-26 (F) 2026-27 (F) 2027-28 (F) CAGR
15718.72 16511.02 17343.26 18217.44 5.04
373.40 410.62 451.56 496.58 9.97
16092.12 16921.65 17794.82 18714.02 4.63

6684.14 7604.16 8650.82 9841.53 13.76

4254.56 4406.10 4563.05 4725.59 3.56
12.19 11.56 10.96 10.40 -5.16
1220.48 1236.42 1252.56 1268.92 1.31
1006.11 954.77 906.04 859.80 -5.10
893.21 900.98 908.81 916.72 0.87
1948.23 2048.14 2153.18 2263.59 5.13
15872.45 16795.45 17772.12 18805.58 5.82
248.74 203.66 166.75 136.52 -18.12
1815.86 2166.07 2583.82 3082.15 19.29
2064.60 2369.73 2750.57 3218.67 -0.41

619.38 710.92 825.17 965.60 1.58

40.00 40.00 40.00 40.00
659.38 750.92 865.17 1005.60 -7.09
1405.22 1618.81 1885.40 2213.07 1.65
Balance Sheet
As at 31st
Particulars March , 2020
ASSETS
Non current Assets
Property , Plant and Equipment 24,504.63
Capital work - in - progress 167.60
Investment Property 62.63
Intangible Assets 171.87
Financial Assets
qq 164.65
Loans 40.69
Others 55.65
Other non current assets 148.25

Current Assets 25,315.97

Inventories 720.17
Financial Assets
Investments 15.01
Trade receivables 1,839.18
Cas Cash and cash equivalents 1,262.41
Bank balances other than cash and cash equivalents 716.19
Loans 17.52
Others 192.07
Current tax assets ( net ) 24.06
Other current assets 419.18
5,205.79
Regulatory deferral account balances 4,935.26
TOTAL ASSETS 35,457.02
EQUITY AND LIABILITIES
Equity
Equity Share capital 133.22
Other Equity 9,278.42
Non - controlling interest 364.53
Total Equity 9,776.17
Liabilities
Non current Liabilities
Financial Liabilities
Borrowings 9,760.11
Lease Liabilities 1
Trade Payables
(( ab )) Total
Total outstanding
outstanding dues
dues of
of micro enterprises
creditors & small
other than microenterprises
enterprises & small 71.65
enterprises 1,887.69
Consumers ' Security Deposits 345.52
Others 424.67
Provisions 4,042.28
Deferred tax liabilities ( net ) 195.39
Other non current liabilities 16,727.31

Current Liabilities
Financial Liabilities
Borrowings 2,421.49
Lease Liabilities 1
Trade Pay
(( ab )) Total
Total outstanding
outstanding dues
dues of
of micro enterprises
creditors & small
other than microenterprises
enterprises & small 19.32
enterprises 796.74
Others 3,147.90
Other current liabilities . 645.33
Provisions 68.94
Current tax liabilities ( net ) 113.86
7,213.58
Regulatory deferral account balances 1,739.96
TOTAL EQUITY AND LIABILITIES 35,457.02
Notes forming part of Consolidated Financial Statements
As at 31st As at As at
March , 2021 31st March , 2022 31st March , 2023 2024 (F) 2025 (F) 2026 (F) 2027 (F)

23,970.96 23,018.74 22,633.63 22188.64 21752.40 21324.74 20905.49

133.56 102.48 140.42 134.34 128.53 122.97 117.65
62.87 62.87 62.87 62.93 62.99 63.05 63.11
163.64 134.02 129.39 120.52 112.27 104.57 97.41
0.00 0.00 0.00 0.00
139.41 114.48 76.99 63.67 52.65 43.54 36.00
51.87 6.21 6.26 3.92 2.46 1.54 0.96
55.65 218.41 231.65 330.88 472.62 675.08 964.27
194.13 360.62 283.87 333.93 392.81 462.08 543.56
0.00 0.00 0.00 0.00
24,772.09 24,017.83 23,565.08 23146.62 22735.58 22331.85 21935.28
597.67 659.42 880.22 925.51 973.13 1023.19 1075.84
0.00 0.00 0.00 0.00
168.96 345.16 0.00 0.00 0.00 0.00
2,314.98 2,095.49 2,191.52 2289.69 2392.25 2499.40 2611.36
839.60 2,152.70 1,129.20 1098.15 1067.96 1038.60 1010.05
1,018.33 1.096.76 19.70 1,459.15 1743.28 2082.74 2488.31 2972.84
25.70 16.09 1.49 0.80 0.43 0.23 0.13
211.62 27740 237.49 288.19 318.96 353.01 390.70 432.41
3.39 16.03 . 11.42 9.48 7.87 6.53 5.42
417.15 466.06 573.95 620.86 671.60 726.49 785.86
5,597.40 7,085.20 6,535.14 6917.46 7322.16 7750.52 8203.95
5,492.04 6,390.44 7,611.67 8482.47 9452.90 10534.34 11739.51
35,861.53 37,493.47 37,711.89 38297.67 38892.54 39496.66 40110.16
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
133.22 133.22 133.22 133.22 133.22 133.22 133.22
9,739.56 10,263.21 10,777.15 11188.23 11614.99 12058.03 12517.97
396.31 434.16 478.73 512.48 548.62 587.30 628.71
10,269.09 10,830.59 11,389.10 11832.31 12292.77 12771.15 13268.14
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
10,898.78 10,576.98 9,568.91 9521.70 9474.72 9427.97 9381.46
- 188.83 166.57 598.41 2149.79 7723.15 27745.56
0.00 0.00 0.00 0.00
64.14 63.98 62.65 60.58 58.58 56.65 54.78
1,997.65 1,860.56 2,007.26 2038.32 2069.86 2101.88 2134.40
270.71 66.58 66.70 44.21 29.31 19.43 12.88
475.95 498.00 514.88 540.28 566.93 594.90 624.25
4,158.34 4,287,52 4,279.45 4340.89 4403.20 4466.42 4530.54
191.32 285.97 272.21 295.74 321.30 349.06 379.23
18,056.89 17,828.42 16,938.63 16991.88 17045.29 17098.87 17152.62
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,566.46 4,161.91 4,493.54 5244.63 6121.27 7144.44 8338.63
- 33.08 33.82 81.56 196.68 474.30 1143.79
0.00 0.00 0.00 0.00
29.92 44.83 43.73 53.64 65.79 80.70 98.98
909.28 996.75 1,046.09 1119.78 1198.66 1283.09 1373.48
2,420.18 855.17 894.36 652.96 476.71 348.04 254.10
575.07 583.88 760.87 792.85 826.18 860.91 897.10
91.88 62.24 52.56 49.11 45.89 42.88 40.07
69.84 62.23 85.43 79.51 74.00 68.87 64.10
5,662.63 6,800.09 7,410.40 7460.44 7510.81 7561.53 7612.59
1,872.92 2,034.37 1,973.76 2036.96 2102.19 2169.50 2238.98
35,861.53 37,493.47 37,711.89 38297.67 38892.54 39496.66 40110.16
2028 (F)

CAGR
20494.47 -1.97
112.56 -4.33
63.17 0.10
90.74 -6.85
0.00
29.77 -17.31
0.60 -37.37
1377.34 42.84
639.40 17.63
0.00
21545.76 -1.78
1131.19 5.15
0.00
0.00
2728.33 4.48
982.28 -2.75
3551.73 19.47
0.07 -46.00
478.58 10.68
4.50 -17.00
850.09 8.17
8683.91 5.85
13082.55 11.44
40733.19 1.55
0.00
0.00
133.22 0.00
12995.45 3.81
673.03 7.05
13784.48 3.89
0.00
0.00
0.00
9335.17 -0.49
99676.50 259.25
0.00
52.97 -3.30
2167.43 1.55
8.53 -33.72
 655.05 4.93
4595.58 1.44
412.01 8.64
17206.54 0.31
0.00
0.00
0.00
9732.42 16.71
2758.29 141.15
0.00
121.41 22.66
1470.23 7.04
185.51 -26.99
934.81 4.20
37.44 -6.56
59.66 -6.93
7663.99 0.68
2310.67 3.20
40733.19 1.55
Date Adj Close Retruns
10/19/2022 74.177422 0.01
10/20/2022 73.376778 0.00
10/21/2022 73.376778 -0.01 Beta 0.57
10/24/2022 74.130318 0.01
10/25/2022 73.376778 0.00
10/27/2022 73.423866 0.01
10/28/2022 72.670326 0.01
10/31/2022 72.293549 0.01
11/1/2022 71.775482 -0.01
11/2/2022 72.340645 0.01
11/3/2022 71.587097 0.00
11/4/2022 71.492905 0.00
11/7/2022 71.351616 0.01
11/9/2022 70.692261 0.00
11/10/2022 70.880646 0.00
11/11/2022 70.974838 -0.01
11/14/2022 71.728386 0.02
11/15/2022 70.174194 0.00
11/16/2022 70.315483 0.01
11/17/2022 69.37355 0.02
11/18/2022 68.05484 0.00
11/21/2022 68.196129 0.00
11/22/2022 68.243225 -0.05
11/23/2022 71.869682 0.02
11/24/2022 70.503868 0.01
11/25/2022 70.12709 -0.01
11/28/2022 70.550972 0.00
11/29/2022 70.550972 0.01
11/30/2022 70.080002 -0.01
12/1/2022 70.550972 -0.01
12/2/2022 71.163231 0.00
12/5/2022 71.492905 0.01
12/6/2022 71.069031 -0.01
12/7/2022 71.634193 -0.01
12/8/2022 72.010963 0.00
12/9/2022 71.916771 0.00
12/12/2022 72.199356 -0.03
12/13/2022 74.271614 -0.02
12/14/2022 75.637421 -0.01
12/15/2022 76.485161 0.01
12/16/2022 75.590324 0.02
12/19/2022 74.365807 0.00
12/20/2022 74.365807 0.00
12/21/2022 74.365807 0.03
12/22/2022 71.963875 0.02
12/23/2022 70.833542 -0.02
12/26/2022 72.434837 0.00
12/27/2022 72.576134 0.00
12/28/2022 72.623222 0.00
12/29/2022 72.481934 0.01
12/30/2022 71.963875 -0.02
1/2/2023 73.141289 0.00
1/3/2023 72.858711 0.00
1/4/2023 72.52903 0.00
1/5/2023 72.481934 0.01
1/6/2023 71.445808 0.01
1/9/2023 71.021935 0.01
1/10/2023 70.456779 0.00
1/11/2023 70.692261 0.00
1/12/2023 70.739349 0.02
1/13/2023 69.656128 0.00
1/16/2023 69.609032 0.01
1/17/2023 68.949677 -0.02
1/18/2023 70.362579 0.00
1/19/2023 70.456779 0.01
1/20/2023 69.514839 -0.01
1/23/2023 69.891609 0.00
1/24/2023 69.656128 0.00
1/25/2023 69.514839 0.02
1/27/2023 68.290321 0.00
1/30/2023 68.149033 0.00
1/31/2023 68.243225 0.01
2/1/2023 67.866455 0.00
2/2/2023 67.630974 -0.01
2/3/2023 68.431618 0.00
2/6/2023 68.337425 -0.01
2/7/2023 68.855484 0.00
2/8/2023 68.855484 0.00
2/9/2023 68.572906 -0.01
2/10/2023 69.185158 -0.01
2/13/2023 69.985809 -0.01
2/14/2023 70.645164 -0.03
2/15/2023 72.905807 0.00
2/16/2023 72.952904 0.01
2/17/2023 72.481934 -0.01
2/20/2023 72.952904 0.00
2/21/2023 72.952904 0.00
2/22/2023 72.717415 0.00
2/23/2023 73 0.01
2/24/2023 72.199997 0.04
2/27/2023 69.75 0.01
2/28/2023 69.349998 0.00
3/1/2023 69.550003 -0.01
3/2/2023 69.900002 0.00
3/3/2023 70 0.00
3/6/2023 69.849998 0.00
3/8/2023 69.949997 -0.02
3/9/2023 71.300003 0.01
3/10/2023 70.900002 0.01
3/13/2023 69.949997 0.00
3/14/2023 70 0.00
3/15/2023 69.800003 0.01
3/16/2023 68.900002 0.00
3/17/2023 68.800003 0.01
3/20/2023 68.25 0.00
3/21/2023 68.400002 0.00
3/22/2023 68.599998 0.01
3/23/2023 67.949997 0.02
3/24/2023 66.800003 0.03
3/27/2023 64.650002 0.02
3/28/2023 63.200001 -0.04
3/29/2023 65.800003 -0.01
3/31/2023 66.650002 -0.02
4/3/2023 68.050003 -0.02
4/5/2023 69.199997 0.00
4/6/2023 69.199997 0.00
4/10/2023 69.449997 -0.01
4/11/2023 69.849998 0.02
4/12/2023 68.199997 0.00
4/13/2023 68.25 0.00
4/17/2023 68 0.00
4/18/2023 67.949997 -0.01
4/19/2023 68.5 0.00
4/20/2023 68.199997 0.01
4/21/2023 67.849998 0.00
4/24/2023 67.849998 -0.01
4/25/2023 68.699997 -0.02
4/26/2023 69.900002 -0.01
4/27/2023 70.550003 0.03
4/28/2023 68.5 0.00
5/2/2023 68.5 0.01
5/3/2023 67.5 -0.02
5/4/2023 69.150002 0.01
5/5/2023 68.650002 0.00
 5/8/2023 68.699997 0.00
5/9/2023 68.949997 0.00
5/10/2023 69.150002 -0.01
5/11/2023 69.75 -0.01
5/12/2023 70.25 0.00
5/15/2023 70.599998 0.01
5/16/2023 70.150002 0.01
5/17/2023 69.599998 -0.03
5/18/2023 71.849998 0.00
5/19/2023 71.699997 0.02
5/22/2023 70.25 0.01
5/23/2023 69.800003 0.00
5/24/2023 69.800003 0.00
5/25/2023 69.800003 0.00
5/26/2023 69.599998 0.00
5/29/2023 69.900002 0.01
5/30/2023 69.300003 0.00
5/31/2023 69.25 0.00
6/1/2023 69.150002 -0.01
6/2/2023 69.550003 -0.02
6/5/2023 70.75 -0.01
6/6/2023 71.25 0.00
6/7/2023 71.5 0.00
6/8/2023 71.550003 0.00
6/9/2023 71.300003 0.00
6/12/2023 71.25 -0.01
6/13/2023 72.050003 0.00
6/14/2023 71.699997 0.00
6/15/2023 71.650002 0.00
6/16/2023 72 0.00
6/19/2023 72 -0.02
6/20/2023 73.099998 0.00
6/21/2023 73.050003 0.00
6/22/2023 72.900002 0.01
6/23/2023 71.900002 0.00
6/26/2023 72.099998 0.00
6/27/2023 72.050003 0.00
6/28/2023 72.050003 0.00
6/30/2023 71.949997 -0.01
7/3/2023 72.5 -0.01
7/4/2023 72.949997 0.00
7/5/2023 73.150002 -0.03
7/6/2023 75.800003 0.01
7/7/2023 75.050003 0.00
7/10/2023 75.150002 0.00
7/11/2023 74.800003 0.00
7/12/2023 74.5 -0.01
7/13/2023 75.050003 -0.01
7/14/2023 75.449997 -0.01
7/17/2023 75.900002 0.01
7/18/2023 74.949997 0.00
7/19/2023 75 0.00
7/20/2023 75 0.00
7/21/2023 74.949997 0.00
7/24/2023 74.800003 0.00
7/25/2023 74.949997 -0.02
7/26/2023 76.400002 0.00
7/27/2023 76.349998 0.01
7/28/2023 75.400002 -0.04
7/31/2023 78.300003 0.01
8/1/2023 77.300003 0.01
8/2/2023 76.800003 -0.02
8/3/2023 78.199997 -0.01
8/4/2023 78.800003 0.01
8/7/2023 78.300003 0.00
8/8/2023 78.099998 0.01
8/9/2023 77.150002 0.00
8/10/2023 77.199997 -0.01
8/11/2023 78.300003 0.00
8/14/2023 78.349998 0.00
8/16/2023 78.150002 0.01
8/17/2023 77.550003 0.00
8/18/2023 77.25 -0.01
8/21/2023 77.650002 -0.01
8/22/2023 78.5 -0.06
8/23/2023 83.849998 0.02
8/24/2023 82.099998 0.01
8/25/2023 81.199997 -0.01
8/28/2023 81.849998 -0.02
8/29/2023 83.099998 -0.01
8/30/2023 84.050003 0.01
8/31/2023 83.199997 -0.04
9/1/2023 86.449997 -0.05
9/4/2023 91.150002 0.02
9/5/2023 89.150002 -0.03
9/6/2023 92.099998 0.01
9/7/2023 90.900002 -0.02
9/8/2023 92.900002 0.01
9/11/2023 91.949997 0.07
9/12/2023 85.900002 -0.03
 9/13/2023 88.550003 -0.01
9/14/2023 89.400002 -0.01
9/15/2023 90.099998 -0.01
9/18/2023 90.650002 0.00
9/20/2023 90.349998 0.00
9/21/2023 90.25 -0.01
9/22/2023 90.800003 0.00
9/25/2023 91 0.00
9/26/2023 91.349998 0.02
9/27/2023 89.949997 0.00
9/28/2023 90 0.00
9/29/2023 89.949997 -0.01
10/3/2023 91 0.03
10/4/2023 88.400002 0.00
10/5/2023 88.550003 0.01
10/6/2023 87.849998 0.02
10/9/2023 86.099998 -0.02
10/10/2023 88.099998 0.00
10/11/2023 88.5 0.00
10/12/2023 88.349998 0.01
10/13/2023 87.900002 -0.01
10/16/2023 88.849998 -0.04
10/17/2023 92.550003 0.02
10/18/2023 90.5 0.00
10/19/2023 90.150002
Date Adj Close Retruns
10/19/2022 17512.25 0.00
10/20/2022 17563.9492 0.00
10/21/2022 17576.3008 -0.01
10/24/2022 17730.75 0.00
10/25/2022 17656.3496 0.00
10/27/2022 17736.9492 0.00
10/28/2022 17786.8008 -0.01
10/31/2022 18012.1992 -0.01
11/1/2022 18145.4004 0.00
11/2/2022 18082.8496 0.00
11/3/2022 18052.6992 0.00
11/4/2022 18117.1504 0.00
11/7/2022 18202.8008 0.00
11/9/2022 18157 0.01
11/10/2022 18028.1992 -0.02
11/11/2022 18349.6992 0.00
11/14/2022 18329.1504 0.00
11/15/2022 18403.4004 0.00
11/16/2022 18409.6504 0.00
11/17/2022 18343.9004 0.00
11/18/2022 18307.6504 0.01
11/21/2022 18159.9492 0.00
11/22/2022 18244.1992 0.00
11/23/2022 18267.25 -0.01
11/24/2022 18484.0996 0.00
11/25/2022 18512.75 0.00
11/28/2022 18562.75 0.00
11/29/2022 18618.0508 -0.01
11/30/2022 18758.3496 0.00
12/1/2022 18812.5 0.01
12/2/2022 18696.0996 0.00
12/5/2022 18701.0508 0.00
12/6/2022 18642.75 0.00
12/7/2022 18560.5 0.00
12/8/2022 18609.3496 0.01
12/9/2022 18496.5996 0.00
12/12/2022 18497.1504 -0.01
12/13/2022 18608 0.00
12/14/2022 18660.3008 0.01
12/15/2022 18414.9004 0.01
12/16/2022 18269 -0.01
12/19/2022 18420.4492 0.00
12/20/2022 18385.3008 0.01
12/21/2022 18199.0996 0.00
12/22/2022 18127.3496 0.02
12/23/2022 17806.8008 -0.01
12/26/2022 18014.5996 -0.01
12/27/2022 18132.3008 0.00
12/28/2022 18122.5 0.00
12/29/2022 18191 0.00
12/30/2022 18105.3008 -0.01
1/2/2023 18197.4492 0.00
1/3/2023 18232.5508 0.01
1/4/2023 18042.9492 0.00
1/5/2023 17992.1504 0.01
1/6/2023 17859.4492 -0.01
1/9/2023 18101.1992 0.01
1/10/2023 17914.1504 0.00
1/11/2023 17895.6992 0.00
1/12/2023 17858.1992 -0.01
1/13/2023 17956.5996 0.00
1/16/2023 17894.8496 -0.01
1/17/2023 18053.3008 -0.01
1/18/2023 18165.3496 0.00
1/19/2023 18107.8496 0.00
1/20/2023 18027.6504 -0.01
1/23/2023 18118.5508 0.00
1/24/2023 18118.3008 0.01
1/25/2023 17891.9492 0.02
1/27/2023 17604.3496 0.00
1/30/2023 17648.9492 0.00
1/31/2023 17662.1504 0.00
2/1/2023 17616.3008 0.00
2/2/2023 17610.4004 -0.01
2/3/2023 17854.0508 0.01
2/6/2023 17764.5996 0.00
2/7/2023 17721.5 -0.01
2/8/2023 17871.6992 0.00
2/9/2023 17893.4492 0.00
2/10/2023 17856.5 0.00
2/13/2023 17770.9004 -0.01
2/14/2023 17929.8496 0.00
2/15/2023 18015.8496 0.00
2/16/2023 18035.8496 0.01
2/17/2023 17944.1992 0.01
2/20/2023 17844.5996 0.00
2/21/2023 17826.6992 0.02
2/22/2023 17554.3008 0.00
2/23/2023 17511.25 0.00
2/24/2023 17465.8008 0.00
2/27/2023 17392.6992 0.01
2/28/2023 17303.9492 -0.01
3/1/2023 17450.9004 0.01
3/2/2023 17321.9004 -0.02
3/3/2023 17594.3496 -0.01
3/6/2023 17711.4492 0.00
3/8/2023 17754.4004 0.01
3/9/2023 17589.5996 0.01
3/10/2023 17412.9004 0.02
3/13/2023 17154.3008 0.01
3/14/2023 17043.3008 0.00
3/15/2023 16972.1504 0.00
3/16/2023 16985.5996 -0.01
3/17/2023 17100.0508 0.01
3/20/2023 16988.4004 -0.01
3/21/2023 17107.5 0.00
3/22/2023 17151.9004 0.00
3/23/2023 17076.9004 0.01
3/24/2023 16945.0508 0.00
3/27/2023 16985.6992 0.00
3/28/2023 16951.6992 -0.01
3/29/2023 17080.6992 -0.02
3/31/2023 17359.75 0.00
4/3/2023 17398.0508 -0.01
4/5/2023 17557.0508 0.00
4/6/2023 17599.1504 0.00
4/10/2023 17624.0508 -0.01
4/11/2023 17722.3008 -0.01
4/12/2023 17812.4004 0.00
4/13/2023 17828 0.01
4/17/2023 17706.8496 0.00
4/18/2023 17660.1504 0.00
4/19/2023 17618.75 0.00
4/20/2023 17624.4492 0.00
4/21/2023 17624.0508 -0.01
4/24/2023 17743.4004 0.00
4/25/2023 17769.25 0.00
4/26/2023 17813.5996 -0.01
4/27/2023 17915.0508 -0.01
4/28/2023 18065 0.00
5/2/2023 18147.6504 0.00
5/3/2023 18089.8496 -0.01
5/4/2023 18255.8008 0.01
5/5/2023 18069 -0.01
 5/8/2023 18264.4004 0.00
5/9/2023 18265.9492 0.00
5/10/2023 18315.0996 0.00
5/11/2023 18297 0.00
5/12/2023 18314.8008 0.00
5/15/2023 18398.8496 0.01
5/16/2023 18286.5 0.01
5/17/2023 18181.75 0.00
5/18/2023 18129.9492 0.00
5/19/2023 18203.4004 -0.01
5/22/2023 18314.4004 0.00
5/23/2023 18348 0.00
5/24/2023 18285.4004 0.00
5/25/2023 18321.1504 -0.01
5/26/2023 18499.3496 -0.01
5/29/2023 18598.6504 0.00
5/30/2023 18633.8496 0.01
5/31/2023 18534.4004 0.00
6/1/2023 18487.75 0.00
6/2/2023 18534.0996 0.00
6/5/2023 18593.8496 0.00
6/6/2023 18599 -0.01
6/7/2023 18726.4004 0.00
6/8/2023 18634.5508 0.00
6/9/2023 18563.4004 0.00
6/12/2023 18601.5 -0.01
6/13/2023 18716.1504 0.00
6/14/2023 18755.9004 0.00
6/15/2023 18688.0996 -0.01
6/16/2023 18826 0.00
6/19/2023 18755.4492 0.00
6/20/2023 18816.6992 0.00
6/21/2023 18856.8496 0.00
6/22/2023 18771.25 0.01
6/23/2023 18665.5 0.00
6/26/2023 18691.1992 -0.01
6/27/2023 18817.4004 -0.01
6/28/2023 18972.0996 -0.01
6/30/2023 19189.0508 -0.01
7/3/2023 19322.5508 0.00
7/4/2023 19389 0.00
7/5/2023 19398.5 -0.01
7/6/2023 19497.3008 0.01
7/7/2023 19331.8008 0.00
7/10/2023 19355.9004 0.00
7/11/2023 19439.4004 0.00
7/12/2023 19384.3008 0.00
7/13/2023 19413.75 -0.01
7/14/2023 19564.5 -0.01
7/17/2023 19711.4492 0.00
7/18/2023 19749.25 0.00
7/19/2023 19833.1504 -0.01
7/20/2023 19979.1504 0.01
7/21/2023 19745 0.00
7/24/2023 19672.3496 0.00
7/25/2023 19680.5996 0.00
7/26/2023 19778.3008 0.01
7/27/2023 19659.9004 0.00
7/28/2023 19646.0508 -0.01
7/31/2023 19753.8008 0.00
8/1/2023 19733.5508 0.01
8/2/2023 19526.5508 0.01
8/3/2023 19381.6504 -0.01
8/4/2023 19517 0.00
8/7/2023 19597.3008 0.00
8/8/2023 19570.8496 0.00
8/9/2023 19632.5508 0.00
8/10/2023 19543.0996 0.01
8/11/2023 19428.3008 0.00
8/14/2023 19434.5508 0.00
8/16/2023 19465 0.01
8/17/2023 19365.25 0.00
8/18/2023 19310.1504 0.00
8/21/2023 19393.5996 0.00
8/22/2023 19396.4492 0.00
8/23/2023 19444 0.00
8/24/2023 19386.6992 0.01
8/25/2023 19265.8008 0.00
8/28/2023 19306.0508 0.00
8/29/2023 19342.6504 0.00
8/30/2023 19347.4492 0.00
8/31/2023 19253.8008 -0.01
9/1/2023 19435.3008 0.00
9/4/2023 19528.8008 0.00
9/5/2023 19574.9004 0.00
9/6/2023 19611.0508 -0.01
9/7/2023 19727.0508 0.00
9/8/2023 19819.9492 -0.01
9/11/2023 19996.3496 0.00
9/12/2023 19993.1992 0.00
 9/13/2023 20070 0.00
9/14/2023 20103.0996 0.00
9/15/2023 20192.3496 0.00
9/18/2023 20133.3008 0.01
9/20/2023 19901.4004 0.01
9/21/2023 19742.3496 0.00
9/22/2023 19674.25 0.00
9/25/2023 19674.5508 0.00
9/26/2023 19664.6992 0.00
9/27/2023 19716.4492 0.01
9/28/2023 19523.5508 -0.01
9/29/2023 19638.3008 0.01
10/3/2023 19528.75 0.00
10/4/2023 19436.0996 -0.01
10/5/2023 19545.75 -0.01
10/6/2023 19653.5 0.01
10/9/2023 19512.3496 -0.01
10/10/2023 19689.8496 -0.01
10/11/2023 19811.3496 0.00
10/12/2023 19794 0.00
10/13/2023 19751.0508 0.00
10/16/2023 19731.75 0.00
10/17/2023 19811.5 0.01
10/18/2023 19671.0996 0.00
10/19/2023 19624.6992
Beta 0.57 Beta 0.60
KE 11.17 KE 8.00
KD 14.40 KD 8.00
D/E 0.84 D/E 0.84
D/C 0.25 D/C 0.25
E/C 0.75 E/C 0.75

WACC 10.89 WACC 7.39

2023-24 (F) 2024-25 (F) 2025-26 (F) 2026-27 (F) 2027-28 (F)
KE 11.17 11.28 11.39 11.51 11.62
KD 7.79 7.43 7.09 6.76 6.45
D/E 0.80 0.77 0.74 0.71 0.68
D/C 0.25 0.24 0.24 0.23 0.23
E/C 0.75 0.76 0.76 0.77 0.77

Beta 10.33 10.34 10.36 10.40 10.43

 2019-20 2020-21 2021-22 2022-23 2023-24 (F) 2024-25 (F)
EBIT 3145.29 2977.45 3044.78 2856.34 2886.30 3070.72
EBIT Post Tax 2686.67 2588.72 2533.38 2514.57 2298.48 2411.34
Depriciation 676.11 856.21 896.27 889.29 886.74 893.76
Capital Expenditure 322.54 -55.95 504.18 441.75 457.52
Net Change in WC 1942.56 350.34 -1160.37 332.29 354.32

FCFF 1179.83 3135.26 4060.05 2411.18 2493.26

PV FCFF 2185.46 2047.80
1 2
EV 13353.19
100.25
2025-26 (F) 2026-27 (F) 2027-28 (F) GC
3324.50 3656.61 4078.47 4188.59
2573.58 2791.44 3072.87 3155.84
900.90 908.14 915.49 940.21
473.24 488.89 504.48 518.10
377.65 402.37 428.55 440.12

2623.59 2808.32 3055.33 3137.82 5613.29

1951.69 1890.79 1860.08 3417.37
3 4 5