TATA STEEL

INR (Crore) 2020A 2021A 2022E 2023E 2024E

Income Stetement - TATA STEEL

Revenue 20,000.0 22,500.0 24,750.0 27,225.0 29,947.5
COGS 8,000.0 9,000.0 9,900.0 10,890.0 11,979.0
Gross Profit 12,000.0 13,500.0 14,850.0 16,335.0 17,968.5
sale & Expenses 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0
EBIDA 10,000.0 11,250.0 12,350.0 13,835.0 15,468.5
Depreciation 800.0 900.0 1,237.5 1,361.3 1,497.4
Interst 200.0 225.0 250.0 250.0 250.0
EBT 9,000.0 10,125.0 10,862.5 12,223.8 13,721.1
Taxes 2,700.0 3,037.0 3,258.8 3,667.1 4,116.3
Net Profit 6,300.0 7,088.0 7,603.8 8,556.6 9,604.8

Assumption Drives - TATA STEEL

Revenue Growth NA 12.50% 10.00% 10.00% 10.00%
COGS%of Revenue 40.00% 40.00% 40.00% 40.00% 40.00%
S&G Expensens 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0
Depreciation % Sales 4.00% 4.00% 5.00% 5.00% 5.00%
Interest 200.0 225.0 250.0 250.0 250.0
Taxes 30.00% 30.00% 30.00% 30.00% 30.00%

Commen Size Statement - TATA STEEL

Revenue 100.00% 100.00% 100.00% 100.00% 100.00%
COGS 40.00% 40.00% 40.00% 40.00% 40.00%
Gross Profit 60.00% 60.00% 60.00% 60.00% 60.00%
sale & Expenses 10.00% 10.00% 10.10% 9.18% 8.35%
EBIDA 50.00% 50.00% 49.90% 50.82% 51.65%
Depreciation 4.00% 4.00% 5.00% 5.00% 5.00%
Interst 1.00% 1.00% 1.01% 0.92% 0.83%
EBT 45.00% 45.00% 43.89% 44.90% 45.82%
Taxes 13.50% 13.50% 13.17% 13.47% 13.75%
Net Profit 31.50% 31.50% 30.72% 31.43% 32.07%

Change Analysis Statement - TATA STEEL

10.00%
Revenue 22,000.0 24,750.0 27,225.0 29,947.5 32,942.3
COGS 8,800.0 9,900.0 10,890.0 11,979.0 13,176.9
Gross Profit 13,200.0 14,850.0 16,335.0 17,968.5 19,765.4
sale & Expenses 2,200.0 2,475.0 2,750.0 2,750.0 2,750.0
EBIDA 11,000.0 12,375.0 13,585.0 15,218.5 17,015.4
Depreciation 880.0 990.0 1,361.3 1,497.4 1,647.1
Interst 220.0 247.5 275.0 275.0 275.0
EBT 9,900.0 11,137.5 11,948.8 13,446.1 15,093.2
Taxes 2,970.0 3,340.7 3,584.6 4,033.8 4,528.0
Net Profit 6,930.0 7,796.8 8,364.1 9,412.3 10,565.3

Cost Analysis
COGS 8,000.0 9,000.0 9,900.0 10,890.0 11,979.0
sale & Expenses 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0
Depreciation 800.0 900.0 1,237.5 1,361.3 1,497.4
Interst 200.0 225.0 250.0 250.0 250.0
Taxes 2,700.0 3,037.0 3,258.8 3,667.1 4,116.3
Total 13,700.0 15,412.0 17,146.3 18,668.4 20,342.7

< 17500 17500

13700 15412 17146.25 0 0
>17500 0 0 0 18668.375 20342.7125

0 FALSE FALSE 18668.375 20342.7125

 2025E 2026E

32,942.3 36,236.5
13,176.9 14,494.6
19,765.4 21,741.9
2,500.0 2,500.0
17,265.4 19,241.9
1,647.1 1,811.8
250.0 250.0
15,368.2 17,180.1
4,610.5 5,154.0
10,757.8 12,026.0

10.00% 10.00%
40.00% 40.00%
2,500.0 2,500.0
5.00% 5.00%
250.0 250.0
30.00% 30.00%

100.00% 100.00%
40.00% 40.00%
60.00% 60.00%
7.59% 6.90%
52.41% 53.10%
5.00% 5.00%
0.76% 0.69%
46.65% 47.41%
14.00% 14.22%
32.66% 33.19%

36,236.5 39,860.1
14,494.6 15,944.0
21,741.9 23,916.1
2,750.0 2,750.0
18,991.9 21,166.1
1,811.8 1,993.0
 275.0 275.0
16,905.1 18,898.1
5,071.5 5,669.4
11,833.5 13,228.6

13,176.9 14,494.6
2,500.0 2,500.0
1,647.1 1,811.8
250.0 250.0
4,610.5 5,154.0
22,184.5 24,210.4

0 0
22184.48 24,210.4

22184.48 24,210.4
INR Crore 2020A 2021A 2022E 2023E 2024E 2025E 2026E
Income Statement
Revenue 20000.0 22500.0 24750.0 27225.0 29947.5 32942.3 36236.5
COGS 8000.0 9000.0 9900 10890 11979 13176.9 14494.59
Gross Profit 12000.0 13500.0 14850.0 16335.0 17968.5 19765.4 21741.9
Sales & Expenses 2000.0 2250.0 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0
EBIDA 10000.0 11250.0 12350.0 13835.0 15468.5 17265.4 19241.9
Depreciation 800.0 900.0 1237.5 1361.25 1497.375 1647.113 1811.824
Interest 200.0 225.0 250.0 250.0 250.0 250.0 250.0
EBT 9000.0 10125.0 10862.5 12223.8 13721.1 15368.2 17180.1
Taxes 2700.0 3037.0 3258.75 3667.125 4116.338 4610.471 5154.018
Net Profit 6300.0 7088.0 7603.8 8556.6 9604.8 10757.8 12026.0

Assumption Drives
Revenue Growth NA 12.50% 10.00% 10.00% 10.00% 10.00% 10.00%
COGS%of Revenue 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
S&G Expensens 2000.0 2250.0 2,500.0 2,500.0 2,500.0 2,500.0 2,500.0
Depreciation % Sales 4.00% 4.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Interest 200.0 225.0 250.0 250.0 250.0 250.0 250.0
Taxes 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Commen Size Statement

Revenue 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
COGS 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
Gross Profit 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%
Sales & Expenses 10.00% 10.00% 10.10% 9.18% 8.35% 7.59% 6.90%
EBIDA 50.00% 50.00% 49.90% 50.82% 51.65% 52.41% 53.10%
Depreciation 4.00% 4.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Interest 1.00% 1.00% 1.01% 0.92% 0.83% 0.76% 0.69%
EBT 45.00% 45.00% 43.89% 44.90% 45.82% 46.65% 47.41%
Taxes 13.50% 13.50% 13.17% 13.47% 13.75% 14.00% 14.22%
Net Profit 31.50% 31.50% 30.72% 31.43% 32.07% 32.66% 33.19%

Change Analysis
10%
Revenue 22000.0 24750.0 27225.0 29947.5 32942.3 36236.5 39860.1
COGS 8800.0 9900.0 10890.0 11979.0 13176.9 14494.6 15944.0
Gross Profit 13200.0 14850.0 16335.0 17968.5 19765.4 21741.9 23916.1
Sales & Expenses 2200.0 2475.0 2750.0 2750.0 2750.0 2750.0 2750.0
EBIDA 11000.0 12375.0 13585.0 15218.5 17015.4 18991.9 21166.1
Depreciation 880.0 990.0 1361.3 1497.4 1647.1 1811.8 1993.0
Interest 220.0 247.5 275.0 275.0 275.0 275.0 275.0
EBT 9900.0 11137.5 11948.8 13446.1 15093.2 16905.1 18898.1
Taxes 2970.0 3340.7 3584.6 4033.8 4528.0 5071.5 5669.4
Net Profit 6930.0 7796.8 8364.1 9412.3 10565.3 11833.5 13228.6