FINANCIAL MODEL

Escorts
Crore(INR) 2022A 2023A 2024E 2025E

Income Statement - Escorts

Revenue 7,365.70 8,625.51 9488.061 10911.27

Expenses
Cost of Raw Material Consumed 4,492.43 5,721.89 6167.24 7092.33
Purchase of stock in trade 508.74 509.03 569.28 654.68
Changes in inventory, FA, WIP -68.37 -163.98 -142.32 -163.67
Employee benefit 528.27 594.97 664.16 763.79
Finance Cost 12.7 10.26 13.82 14.44
Depreiciation & Ammortization 129.75 148.43 165.20 188.87
Other Expenses 740.3 902.62 973.25 1130.52
Total Expenses 6343.82 7723.22 8410.64 9680.96
EBT 1021.88 902.29 1077.421 1230.312
Total Tax Expense 256.27 198.15 253.40 279.78
EAT 765.61 704.14 824.02 950.54

Assumption Drivers
Revenue - 10.00% 15.00%
Cost of Raw Material Consumed 60.99% 66.34% 65.00% 65.00%
Purchase of stock in trade 6.91% 5.90% 6.00% 6.00%
Changes in inventory, FA, WIP -0.93% -1.90% -1.50% -1.50%
Employee benefit 7.17% 6.90% 7.00% 7.00%
Finance Cost 0.17% 0.12% 0.15% 0.13%
Depreiciation & Ammortization 1.76% 1.72% 1.74% 1.73%
Other Expenses 10.05% 10.46% 10.26% 10.36%
Total Expenses 86.13% 89.54% 88.64% 89.09%
Total Tax Expense 25.08% 21.96% 23.52% 22.74%
Crore(INR) 2022A 2023A 2024E

Consolidated Balancesheet
Assets
Non Current Assets
Propert, Plant & Equipment 1692.24 1,729.85 2,529.85
Capital WIP 56.34 69.39 76.33
Intangible asset 22.7 28.44 28.44
Intangible asset under development 31.45 44.29 44.29
Right of use asset 34.64 50.23 50.23
Financial asset 565.4 3242.05 3242.05
Other non current assets 87.87 196.33 196.33
Total Non-current Assets 2490.64 5,360.58 6,167.52

Current Assets
Inventories 803.57 1,159.04 1274.94
Trade receivables 827.56 1207.56 1328.32
Cash & Cash Eqvuivalent 82.83 181.6 181.6
Bank Balance 175.63 286.86 286.86
Other Financial assest 25.52 19.35 19.35
Other current assest 281.1 200.59 200.59
Total Current Assets 2,196.21 3,055.00 3,291.66

Total Assets 4,686.85 8,415.58 9,459.18

Equity & Liability

Equity
Equity Share Capital 131.94 131.94 131.94
Other equity 7,746.24 8,302.87 9133.157
Total Equity 7878.18 8434.81 9265.097

Liability
Non Current Liability
Lease liability 41.34 44.91 44.91
Long term borrowings - - 1000
Other financial liabilities 26.72 26.95 26.95
Provisions 42.03 41.76 41.76
Total Non current liability 110.09 113.62 1,113.62

Current Liability
Lease liability 10.59 12.39 13.63
Trade payables 877.65 1232.87 1232.87
Other financial liabilities 93.93 115.07 115.07
Provisions 97.17 103.62 103.62
Current tax liability 22.54 2.15 2.15
Other current liabilities 235.16 220.56 220.56
Total current liabilities 1,337.04 1,686.66 1,687.90

Total liabilities 4,686.85 8,415.58 9,459.18

 2025E

2,529.85
87.78
28.44
44.29
50.23
3242.05
196.33
6,178.97

1466.19
1527.56
181.6
286.86
19.35
200.59
3,682.15

9,861.12

131.94
10503.131
10635.071

44.91
1000
26.95
41.76
1,113.62

15.67
1232.87
115.07
103.62
2.15
 220.56
1,689.94

9,861.12