Historical Financial Statement - KPIT TECHNOLOGIES LTD

Year Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

# Income Statement
Sales ₹ 641.26 ₹ 2,156.17 ₹ 2,035.74 ₹ 2,432.39 ₹ 3,365.04
sales growth 236.24% -5.59% 19.48% 38.34%

COGS ₹ 478.94 ₹ 1,672.14 ₹ 1,414.91 ₹ 1,692.88 ₹ 2,358.41

COGS % Sales 74.69% 77.55% 69.50% 69.60% 70.09%

gross profit ₹ 162.32 ₹ 484.03 ₹ 620.83 ₹ 739.51 ₹ 1,006.63

Gross Margin 25.31% 22.45% 30.50% 30.40% 29.91%

selling and general expenses ₹ 70.66 ₹ 194.25 ₹ 313.69 ₹ 288.34 ₹ 373.74

S&G Exp % Sales 11.02% 9.01% 15.41% 11.85% 11.11%

EBITDA ₹ 91.66 ₹ 289.78 ₹ 307.14 ₹ 451.17 ₹ 632.89

EBITDA Margins 14.29% 13.44% 15.09% 18.55% 18.81%

Interest ₹ 6.94 ₹ 19.82 ₹ 17.25 ₹ 19.40 ₹ 32.31

Interest % sales 1.08% 0.92% 0.85% 0.80% 0.96%

Depriciation ₹ 18.77 ₹ 108.05 ₹ 133.17 ₹ 119.61 ₹ 146.38

Depriciation % sales 2.93% 5.01% 6.54% 4.92% 4.35%

Earnings before tax ₹ 65.95 ₹ 161.91 ₹ 156.72 ₹ 312.16 ₹ 454.20

EBT % Sales -1.56% -3.90% -14.34% -10.81% -15.87%

Tax ₹ 12.18 ₹ 32.84 ₹ 30.52 ₹ 68.30 ₹ 109.93

Effective Tax rate 18.47% 20.28% 19.47% 21.88% 24.20%

Net Profit ₹ 53.77 ₹ 129.07 ₹ 126.20 ₹ 243.86 ₹ 344.27

Net Margins 8.39% 5.99% 6.20% 10.03% 10.23%

No of Equity Shareholder 27.41 27.41 27.41 27.41 27.41

Earnings per share ₹ 1.96 ₹ 4.71 ₹ 4.60 ₹ 8.90 ₹ 12.56

EPS Growth % 0.00% 140.04% -2.22% 93.23% 41.18%

# Balance Sheet
Equity Share Capital ₹ 268.50 ₹ 268.88 ₹ 269.04 ₹ 270.02 ₹ 270.35
Reserves ₹ 691.06 ₹ 780.23 ₹ 937.80 ₹ 1,039.55 ₹ 1,381.19
Borrowings ₹ 132.33 ₹ 203.68 ₹ 229.98 ₹ 227.23 ₹ 286.53
Other Liabilities ₹ 582.20 ₹ 384.43 ₹ 530.71 ₹ 799.34 ₹ 1,402.49
Total Liabilities ₹ 1,674.09 ₹ 1,637.22 ₹ 1,967.53 ₹ 2,336.14 ₹ 3,340.56

Fixed Income net Block ₹ 419.78 ₹ 526.42 ₹ 576.91 ₹ 640.85 ₹ 1,684.44

Capital Work in Progress ₹ 0.51 ₹ 5.18 ₹ 12.07 ₹ 0.41 ₹ 32.52
Investments ₹ 49.75 ₹ 9.27 ₹ 127.20 ₹ 129.22 ₹ 64.22
Other Assets ₹ 373.40 ₹ 255.10 ₹ 242.20 ₹ 301.41 ₹ 359.06
 Total Non Current Assets ₹ 843.44 ₹ 795.97 ₹ 958.38 ₹ 1,071.89 ₹ 2,140.24

Receivables ₹ 592.00 ₹ 448.68 ₹ 308.35 ₹ 371.45 ₹ 592.44

Inventory ₹ 17.99 ₹ 11.53 ₹ 0.00 ₹ 0.00 ₹ 58.75
Cash & Bank ₹ 220.66 ₹ 381.04 ₹ 700.80 ₹ 892.80 ₹ 549.13
Total Current Assets ₹ 830.65 ₹ 841.25 ₹ 1,009.15 ₹ 1,264.25 ₹ 1,200.32

Total Assets ₹ 1,674.09 ₹ 1,637.22 ₹ 1,967.53 ₹ 2,336.14 ₹ 3,340.56

Check TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 88.00 ₹ 341.00 ₹ 353.00 ₹ 476.00 ₹ 738.00
Receivables ₹ (150.00) ₹ 144.00 ₹ 106.00 ₹ (37.00) ₹ (205.00)
Inventory ₹ (1.00) ₹ (1.00) ₹ 11.00 - -
Payables ₹ 91.00 ₹ (23.00) ₹ 51.00 ₹ (2.00) ₹ (13.00)
Other WC items ₹ 141.00 ₹ 11.00 ₹ 140.00 ₹ 126.00 ₹ 41.00
Working capital changes ₹ 82.00 ₹ 130.00 ₹ 308.00 ₹ 87.00 ₹ (177.00)
Direct taxes ₹ (18.00) ₹ (83.00) ₹ (33.00) ₹ (89.00) ₹ (99.00)
Cash from Operating Activities ₹ 233.00 ₹ 519.00 ₹ 936.00 ₹ 561.00 ₹ 285.00

Investing Activites
Fixed assets purchased ₹ (27.00) ₹ (69.00) ₹ (60.00) ₹ (69.00) ₹ (130.00)
Fixed assets sold ₹ 1.00 ₹ 1.00 - - ₹ 2.00
Investments purchased ₹ (10.00) ₹ (84.00) ₹ (292.00) ₹ (263.00) ₹ (534.00)
Investments sold ₹ 10.00 ₹ 119.00 ₹ 176.00 ₹ 293.00 ₹ 608.00
Interest received ₹ 1.00 ₹ 2.00 ₹ 5.00 ₹ 14.00 ₹ 20.00
Dividends received - ₹ 1.00 - - -
Investment in group cos - - - ₹ (21.00) -
Acquisition of companies ₹ (67.00) ₹ (2.00) - ₹ (63.00) ₹ (578.00)
Other investing items ₹ 108.00 ₹ (106.00) ₹ (333.00) ₹ (185.00) ₹ 444.00
Cash from Investing Activities ₹ 16.00 ₹ (138.00) ₹ (504.00) ₹ (294.00) ₹ (168.00)

Financing Activities
Proceeds from shares ₹ 2.00 ₹ 1.00 ₹ 1.00 ₹ 3.00 ₹ 2.00
Proceeds from borrowings ₹ 190.00 ₹ 128.00 ₹ 218.00 ₹ 180.00 ₹ 104.00
Repayment of borrowings ₹ (147.00) ₹ (210.00) ₹ (273.00) ₹ (181.00) ₹ (111.00)
Interest paid fin ₹ (8.00) ₹ (7.00) ₹ (4.00) ₹ (3.00) ₹ (9.00)
Dividends paid - ₹ (57.00) - ₹ (74.00) ₹ (89.00)
Financial liabilities - ₹ (32.00) ₹ (56.00) ₹ (52.00) ₹ (58.00)
Other financing items ₹ (3.00) - - - ₹ (23.00)
Net Cash Flow ₹ 201.00 ₹ 75.00 ₹ 10.00 ₹ 56.00 ₹ 112.00
Cash from Financing Activities 235 -102 -104 -71 -72

Net Cash Flow ₹ 484.00 ₹ 279.00 ₹ 328.00 ₹ 196.00 ₹ 45.00

 LTM

₹ 3,553.74
5.61%

2841.42
79.96%

₹ 712.32
20.04%

-
-

₹ 43.03
1.21%

₹ 143.09
4.03%

₹ 143.36
 Common Size Income Statement -KPIT TECHNOLOGIES LTD

Particulars Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00%

Raw Material Cost 1.80% 0.36% 0.00% 0.00% 1.96%
Change in Inventory 0.18% -0.03% 0.00% 0.00% 0.76%
Power and Fuel 0.30% 0.41% 0.35% 0.32% 0.28%
Other Mfr. Exp 17.14% 10.49% 3.25% 3.06% 4.56%
Employee Cost 55.63% 66.26% 65.90% 66.21% 64.05%
Selling and admin 7.50% 6.71% 11.41% 9.24% 9.18%
Other Expenses 3.51% 2.29% 4.00% 2.62% 1.93%
Other Income 0.19% 0.87% 1.03% 1.33% 1.27%
Depreciation 2.93% 5.01% 6.54% 4.92% 4.35%
Interest 1.08% 0.92% 0.85% 0.80% 0.96%
Profit before tax 10.48% 8.38% 8.73% 14.17% 14.76%
Tax 1.90% 1.52% 1.50% 2.81% 3.27%
Net profit 8.45% 6.84% 7.18% 11.27% 11.32%

Common Size Balance Sheet Statement -KPIT TECHNOLOGIES LTD

Particulars Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00%

Equity Share Capital 16.04% 16.42% 13.67% 11.56% 8.09%
Reserves 41.28% 47.66% 47.66% 44.50% 41.35%
Borrowings 7.90% 12.44% 11.69% 9.73% 8.58%
Other Liabilities 34.78% 23.48% 26.97% 34.22% 41.98%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 25.08% 32.15% 29.32% 27.43% 50.42%
Capital Work in Progress 0.03% 0.32% 0.61% 0.02% 0.97%
Investments 2.97% 0.57% 6.46% 5.53% 1.92%
Other Assets 22.30% 15.58% 12.31% 12.90% 10.75%
Receivables 35.36% 27.40% 15.67% 15.90% 17.73%
Inventory 1.07% 0.70% 0.00% 0.00% 1.76%
Cash & Bank 13.18% 23.27% 35.62% 38.22% 16.44%
ES LTD

GIES LTD
 Ratio Analysis - KPIT TECHNOLOGIES LTD
Year Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean

Sales Growth 0.00% 236.24% -5.59% 19.48% 38.34% 57.70%

EBITDA Growth Err:508 216.15% 5.99% 46.89% 40.28% 61.86%
EBIT Growth Err:508 149.32% -4.27% 90.58% 46.73% 56.47%
Net Profit Growth Err:508 140.04% -2.22% 93.23% 41.18% 54.45%
Dividend Growth

Gross Margin 25.31% 22.45% 30.50% 30.40% 29.91% 27.71%

EBITDA Margin 14.29% 13.44% 15.09% 18.55% 18.81% 16.04%
EBIT Margin 11.37% 8.43% 8.55% 13.63% 14.46% 11.29%
EBT Margin -1.56% -3.90% -14.34% -10.81% -15.87% -9.30%
Net Profit Margin 8.39% 5.99% 6.20% 10.03% 10.23% 8.17%

Sales Expenses % Sales 11.02% 9.01% 15.41% 11.85% 11.11% 11.68%

Depriciation % Sales 2.93% 5.01% 6.54% 4.92% 4.35% 4.75%
Operating Income % Sales 11.37% 8.43% 8.55% 13.63% 14.46% 11.29%

Return on Capital Employed 6.68% 14.51% 12.11% 21.57% 25.10% 15.99%

Retained Earnings % 0.00%
Return on Equity % 5.60% 12.30% 10.46% 18.62% 20.85% 13.57%
Self sustained Growth Rate 0.00%
Interest Coverage ratio 10.50x 9.17x 10.09x 17.09x 15.06x 12.38x

Debtor Turnover Ratio 1.08x 4.81x 6.60x 6.55x 5.68x 4.94x

Creditor Turnovr Ratio 1.10x 5.61x 3.84x 3.04x 2.40x 3.20x
Inventory Turnover 35.65x 187.01x 0.00x 0.00x 57.28x 55.99x
Fixed Asset Turnover 1.53x 4.10x 3.53x 3.80x 2.00x 2.99x
Capital Turnover Ratio 0.67x 2.06x 1.69x 1.86x 2.04x 1.66x

Debtor Days 337 days 76 days 55 days 56 days 64 days 118 days
Payable Days 331 days 65 days 95 days 120 days 152 days 153 days
Inventory Days 10 days 2 days 0 days 0 days 6 days 4 days
Cash Conversion cycle 16 days 13 days -40 days -64 days -81 days -31 days

CFO/Sales 36.33% 24.07% 45.98% 23.06% 8.47% 27.58%

CFO/Total Assets 13.92% 31.70% 47.57% 24.01% 8.53% 25.15%
CFO/Total Debt 176.07% 254.81% 406.99% 246.89% 99.47% 236.85%
ECHNOLOGIES LTD
Median

19.48%
40.28%
46.73%
41.18%

29.91%
15.09%
11.37%
-10.81%
8.39%

11.11%
4.92%
11.37%

14.51%
0.00%
12.30%
0.00%
10.50x

5.68x
3.04x
35.65x
3.53x
1.86x

64 days
120 days
2 days
-40 days

24.07%
24.01%
246.89%
 KPIT TECHNOLOGIES LTD - Sales Forecasting KPIT TECHNOLOGIES LTD - EBITDA Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA
1 2019A 1 2019A ₹ 91.66
2 2019A #DIV/0! 2 2020A ₹ 289.78
3 2019A #DIV/0! 3 2021A ₹ 307.14
4 2019A #DIV/0! 4 2022A ₹ 451.17
5 2019A #DIV/0! 5 2023A ₹ 632.89
6 2019A ₹ 641.26 #DIV/0! 6 2024A #N/A
7 2020A ₹ 2,156.17 236.24% 7 2025A #N/A
8 2021A ₹ 2,035.74 -5.59% 8 2026A #N/A
9 2022A ₹ 2,432.39 19.48% 9 2027A #N/A
10 2023A ₹ 3,365.04 38.34% 10 2028A #N/A
11 2024E ₹ 3,843.25 14.21% 11 2029E #N/A
12 2025E ₹ 4,415.63 14.89% 12 2030E #N/A
13 2026E ₹ 4,988.01 12.96% 13 2031E #N/A
14 2027E ₹ 5,560.39 11.48% 14 2032E #N/A
15 2028E ₹ 6,132.77 10.29% 15 2033E #N/A
TD - EBITDA Forecasting KPIT TECHNOLOGIES LTD - Earnings per share Forecasting
EBITDA Growth Year Weight Year EPS EPS Growth
1 2019A ₹ 1.96
216.15% 2 2020A ₹ 4.71 140.04%
5.99% 3 2021A ₹ 4.60 -2.22%
46.89% 4 2022A ₹ 8.90 93.23%
40.28% 5 2023A ₹ 12.56 41.18%
#N/A 6 2024A #N/A #N/A
#N/A 7 2025A #N/A #N/A
#N/A 8 2026A #N/A #N/A
#N/A 9 2027A #N/A #N/A
#N/A 10 2028A #N/A #N/A
#N/A 11 2029E #N/A #N/A
#N/A 12 2030E #N/A #N/A
#N/A 13 2031E #N/A #N/A
#N/A 14 2032E #N/A #N/A
#N/A 15 2033E #N/A #N/A
Weighted Average Cost of Capital
All figures are in INR unless stated otherwise 2.52 5.88

Peer Comps
Debt /
Name of the company country Total Debt Total Equity Tax Rate Equity
1

KPIT Technologi. India 375.96 37922.01 30% 1%

Oracle Fin.Serv. India 53.81 74654.53 30% 0%
PB Fintech. India 263.19 51280.18 30% 1%
Tata Elxsi India 237.3 47982.42 30% 0%
Tata Technolog. India 255.36 42483.66 30% 1%
Coforge India 1209.3 35243.15 30% 3%
Cyient India 1039.2 22164.16 30% 5%

Average 30% 0.01

Median 30% 0.01

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt ### Risk Free Rate

Tax Rate 30% Equity Risk Premium
Cost of Debt 1935.26% Levered Beta 4
Cost of Equity

Capital Structure Levered Beta

Current Target Comps Median Unlevered

Total Debt 375.96 0.98% 0.53% Target Debt / Equity
Market Capitalization 37922.01 99.02% 99.47% Tax Rate
Total Capital 38297.97 100.00% 100.00% Levered Beta

Debt / Equity 0.99% 0.53% Weighted Averega Cost o

Notes Cost of Equity

1. Tax Rate considered as Marginal Tax Rate for the Country Equity Weight
2. Levered Beta is based on 5 years monthly Data
3. Levered Beta = Unlevered Beta/(1+[1-Tax Rate]*Debt/Equity) Cost of Debt
4. Unlevered Beta = Levered Beta*(1 +(1-Tax Rate)*Debt/Equity) Debt Weight

WACC
 Debt / Levered Unlevered
Capital Beta 1 Beta 2
1% 0.01
0% 0.00
1% 0.00
0% 0.00
1% 0.00
3%
4%

0.01 #DIV/0! 0.00

0.01 #VALUE! 0.00

Cost of Equity

Risk Free Rate 7.06%

Equity Risk Premium 9.77800%
Levered Beta 4 0.00
Cost of Equity 7.10%

Levered Beta

Comps Median Unlevered Beta 0.00

Target Debt / Equity 0.53%
30%
Levered Beta 0.00

Weighted Averega Cost of Capital

Cost of Equity 7.10%

Equity Weight 99.47%

Cost of Debt 1935.26%

Debt Weight 0.53%

17.33%
 Regression Beta 2 Years Weekly Returns

Tata motors Weekly Returns Nifty Weekly Returns

Date Closing Price Returns Closing Price Returns

2/21/2022 ₹ 458.32 ₹ 16,658.40
2/28/2022 ₹ 415.95 -9.24% ₹ 16,245.35 2.54%
3/7/2022 ₹ 416.85 0.22% ₹ 16,630.45 -2.32%
3/14/2022 ₹ 432.45 3.74% ₹ 17,287.05 -3.80%
3/21/2022 ₹ 430.76 -0.39% ₹ 17,153.00 0.78%
3/28/2022 ₹ 439.78 2.09% ₹ 17,670.45 -2.93%
4/4/2022 ₹ 450.65 2.47% ₹ 17,784.35 -0.64%
4/11/2022 ₹ 429.71 -4.65% ₹ 17,475.65 1.77%
4/18/2022 ₹ 437.49 1.81% ₹ 17,171.95 1.77%
4/25/2022 ₹ 436.24 -0.28% ₹ 17,102.55 0.41%
5/2/2022 ₹ 407.28 -6.64% ₹ 16,411.25 4.21%
5/9/2022 ₹ 403.04 -1.04% ₹ 15,782.15 3.99%
5/16/2022 ₹ 416.70 3.39% ₹ 16,266.15 -2.98%
5/23/2022 ₹ 428.27 2.78% ₹ 16,352.45 -0.53%
5/30/2022 ₹ 430.56 0.54% ₹ 16,584.30 -1.40%
6/6/2022 ₹ 426.72 -0.89% ₹ 16,201.80 2.36%
6/13/2022 ₹ 387.74 -9.13% ₹ 15,293.50 5.94%
6/20/2022 ₹ 408.03 5.23% ₹ 15,699.25 -2.58%
6/27/2022 ₹ 411.42 0.83% ₹ 15,752.05 -0.34%
7/4/2022 ₹ 440.18 6.99% ₹ 16,220.60 -2.89%
7/11/2022 ₹ 438.83 -0.31% ₹ 16,049.20 1.07%
7/18/2022 ₹ 453.49 3.34% ₹ 16,719.45 -4.01%
7/25/2022 ₹ 448.20 -1.17% ₹ 17,158.25 -2.56%
8/1/2022 ₹ 463.80 3.48% ₹ 17,397.50 -1.38%
8/8/2022 ₹ 476.07 2.64% ₹ 17,698.15 -1.70%
8/15/2022 ₹ 469.54 -1.37% ₹ 17,758.45 -0.34%
8/22/2022 ₹ 463.61 -1.26% ₹ 17,558.90 1.14%
8/29/2022 ₹ 460.32 -0.71% ₹ 17,539.45 0.11%
9/5/2022 ₹ 444.51 -3.43% ₹ 17,833.35 -1.65%
9/12/2022 ₹ 431.16 -3.01% ₹ 17,530.85 1.73%
9/19/2022 ₹ 421.79 -2.17% ₹ 17,327.35 1.17%
9/26/2022 ₹ 403.34 -4.37% ₹ 17,094.35 1.36%
10/3/2022 ₹ 410.87 1.87% ₹ 17,314.65 -1.27%
10/10/2022 ₹ 395.02 -3.86% ₹ 17,185.70 0.75%
10/17/2022 ₹ 396.81 0.45% ₹ 17,576.30 -2.22%
10/24/2022 ₹ 408.63 2.98% ₹ 17,786.80 -1.18%
10/31/2022 ₹ 424.03 3.77% ₹ 18,117.15 -1.82%
11/7/2022 ₹ 422.18 -0.43% ₹ 18,349.70 -1.27%
11/14/2022 ₹ 422.48 0.07% ₹ 18,307.65 0.23%
11/21/2022 ₹ 431.85 2.22% ₹ 18,512.75 -1.11%
11/28/2022 ₹ 434.05 0.51% ₹ 18,696.10 -0.98%
12/5/2022 ₹ 412.02 -5.08% ₹ 18,496.60 1.08%
12/12/2022 ₹ 420.29 2.01% ₹ 18,269.00 1.25%
12/19/2022 ₹ 377.17 -10.26% ₹ 17,806.80 2.60%
12/26/2022 ₹ 386.74 2.54% ₹ 18,105.30 -1.65%
1/2/2023 ₹ 380.81 -1.53% ₹ 17,859.45 1.38%
1/9/2023 ₹ 410.22 7.72% ₹ 17,956.60 -0.54%
1/16/2023 ₹ 401.90 -2.03% ₹ 18,027.65 -0.39%
1/23/2023 ₹ 444.22 10.53% ₹ 17,604.35 2.40%
1/30/2023 ₹ 444.07 -0.03% ₹ 17,854.05 -1.40%
2/6/2023 ₹ 444.46 0.09% ₹ 17,856.50 -0.01%
2/13/2023 ₹ 438.53 -1.33% ₹ 17,944.20 -0.49%
2/20/2023 ₹ 426.42 -2.76% ₹ 17,465.80 2.74%
2/27/2023 ₹ 426.67 0.06% ₹ 17,594.35 -0.73%
3/6/2023 ₹ 434.50 1.83% ₹ 17,412.90 1.04%
3/13/2023 ₹ 417.70 -3.87% ₹ 17,100.05 1.83%
3/20/2023 ₹ 415.21 -0.60% ₹ 16,945.05 0.91%
3/27/2023 ₹ 419.49 1.03% ₹ 17,359.75 -2.39%
4/3/2023 ₹ 436.29 4.00% ₹ 17,599.15 -1.36%
4/10/2023 ₹ 468.04 7.28% ₹ 17,828.00 -1.28%
4/17/2023 ₹ 469.74 0.36% ₹ 17,624.05 1.16%
4/24/2023 ₹ 483.44 2.92% ₹ 18,065.00 -2.44%
5/1/2023 ₹ 475.62 -1.62% ₹ 18,069.00 -0.02%
5/8/2023 ₹ 514.35 8.14% ₹ 18,314.80 -1.34%
5/15/2023 ₹ 523.32 1.74% ₹ 18,203.40 0.61%
5/22/2023 ₹ 516.84 -1.24% ₹ 18,499.35 -1.60%
5/29/2023 ₹ 534.23 3.37% ₹ 18,534.10 -0.19%
6/5/2023 ₹ 560.55 4.93% ₹ 18,563.40 -0.16%
6/12/2023 ₹ 568.03 1.33% ₹ 18,826.00 -1.39%
6/19/2023 ₹ 557.91 -1.78% ₹ 18,665.50 0.86%
6/26/2023 ₹ 593.70 6.41% ₹ 19,189.05 -2.73%
7/3/2023 ₹ 616.28 3.80% ₹ 19,331.80 -0.74%
7/10/2023 ₹ 622.96 1.08% ₹ 19,564.50 -1.19%
7/17/2023 ₹ 623.81 0.14% ₹ 19,745.00 -0.91%
7/24/2023 ₹ 633.33 1.53% ₹ 19,646.05 0.50%
7/31/2023 ₹ 615.00 -2.89% ₹ 19,517.00 0.66%
8/7/2023 ₹ 611.80 -0.52% ₹ 19,428.30 0.46%
8/14/2023 ₹ 615.80 0.65% ₹ 19,310.15 0.61%
8/21/2023 ₹ 605.10 -1.74% ₹ 19,265.80 0.23%
8/28/2023 ₹ 611.20 1.01% ₹ 19,435.30 -0.87%
9/4/2023 ₹ 627.25 2.63% ₹ 19,819.95 -1.94%
9/11/2023 ₹ 634.25 1.12% ₹ 20,192.35 -1.84%
9/18/2023 ₹ 620.45 -2.18% ₹ 19,674.25 2.63%
9/25/2023 ₹ 630.20 1.57% ₹ 19,638.30 0.18%
10/2/2023 ₹ 622.45 -1.23% ₹ 19,653.50 -0.08%
10/9/2023 ₹ 667.10 7.17% ₹ 19,751.05 -0.49%
10/16/2023 ₹ 663.20 -0.58% ₹ 19,542.65 1.07%
10/23/2023 ₹ 641.05 -3.34% ₹ 19,047.25 2.60%
10/30/2023 ₹ 647.50 1.01% ₹ 19,230.60 -0.95%
11/6/2023 ₹ 651.05 0.55% ₹ 19,425.35 -1.00%
11/13/2023 ₹ 681.55 4.68% ₹ 19,731.80 -1.55%
11/20/2023 ₹ 673.70 -1.15% ₹ 19,794.70 -0.32%
11/27/2023 ₹ 705.45 4.71% ₹ 20,267.90 -2.33%
12/4/2023 ₹ 714.55 1.29% ₹ 20,969.40 -3.35%
12/11/2023 ₹ 732.40 2.50% ₹ 21,456.65 -2.27%
12/18/2023 ₹ 724.70 -1.05% ₹ 21,349.40 0.50%
12/25/2023 ₹ 779.95 7.62% ₹ 21,731.40 -1.76%
1/1/2024 ₹ 790.95 1.41% ₹ 21,710.80 0.09%
1/8/2024 ₹ 816.45 3.22% ₹ 21,894.55 -0.84%
1/15/2024 ₹ 823.55 0.87% ₹ 21,622.40 1.26%
1/22/2024 ₹ 811.85 -1.42% ₹ 21,352.60 1.26%
1/29/2024 ₹ 878.75 8.24% ₹ 21,853.80 -2.29%
2/5/2024 ₹ 915.00 4.13% ₹ 21,782.50 0.33%
2/12/2024 ₹ 938.60 2.58% ₹ 22,040.70 -1.17%
2/19/2024 ₹ 937.40 -0.13% ₹ 22,212.70 -0.77%
2/26/2024 ₹ 977.40 4.27% ₹ 22,338.75 -0.56%
3/4/2024 ₹ 1,039.30 6.33% ₹ 22,493.55 -0.69%
3/11/2024 ₹ 967.75 -6.88% ₹ 22,146.65 1.57%
 Beta Drifting Beta 1 -1.247734

Levered Raw Beta -1.247734

Raw Beta Weight 75%
SUMMARY OUTPUT
Market Beta 1
Market Beta Weigh 25% Regression Statistics
Multiple R 0.596064
adjusted Beta -0.685801 R Square 0.355292
Adjusted R 0.349152
Standard E 0.029764
Observatio 107

ANOVA
df SS MS
Regression 1 0.051262 0.051262
Residual 105 0.093019 0.000886
Total 106 0.14428

Coefficients
Standard Error t Stat
Intercept 0.004559 0.002907 1.568468
X Variable -1.247734 0.164027 -7.606863
 F Significance F
57.86437 1.257E-11

P-value Lower 95%Upper 95%Lower 95.0%Upper 95.0%

0.119781 -0.001204 0.010322 -0.001204 0.010322
1.257E-11 -1.572971 -0.922498 -1.572971 -0.922498
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity - 151 389 628 475 462
Profit from operations 88 341 353 476 738
Receivables -150 144 106 -37 -205
Inventory -1 -1 11 0 0
Payables 91 -23 51 -2 -13
Other WC items 141 11 140 126 41
Working capital changes 82 130 308 87 -177
Direct taxes -18 -83 -33 -89 -99
Cash from Investing Activity - 16 -136 -503 -292 -167
Fixed assets purchased -27 -69 -60 -69 -130
Fixed assets sold 1 1 0 0 2
Investments purchased -10 -84 -292 -263 -534
Investments sold 10 119 176 293 608
Interest received 1 2 5 14 20
Dividends received 0 1 0 0 0
Investment in group cos 0 0 0 -21 0
Acquisition of companies -67 -2 0 -63 -578
Other investing items 108 -106 -333 -185 444
Cash from Financing Activity - 34 -177 -115 -127 -183
Proceeds from shares 2 1 1 3 2
Proceeds from borrowings 190 128 218 180 104
Repayment of borrowings -147 -210 -273 -181 -111
Interest paid fin -8 -7 -4 -3 -9
Dividends paid 0 -57 0 -74 -89
Financial liabilities 0 -32 -56 -52 -58
Other financing items -3 0 0 0 -23
Net Cash Flow 201 75 10 56 112
COMPANY NAME KPIT TECHNOLOGIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 27.42
Face Value 10.00
Current Price 1,382.95
Market Capitalization 37,922.01

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp
Employee Cost
Selling and admin
Other Expenses
Other Income
Depreciation
Interest
Profit before tax
Tax
Net profit
Dividend Amount

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 590.87 622.37 651.77 685.72
Expenses 486.81 507.74 530.37 552.55
Other Income 11.08 8.55 13.58 16.28
Depreciation 29.09 31.16 30.72 31.02
Interest 3.86 4.48 7.05 6.34
Profit before tax 82.19 87.54 97.21 112.09
Tax 17.08 17.24 16.63 24.43
Net profit 65.10 70.01 78.88 85.43
Operating Profit 104.06 114.63 121.40 133.17
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital
Reserves
Borrowings
Other Liabilities
Total
Net Block
Capital Work in Progress
Investments
Other Assets
Total
Receivables
Inventory
Cash & Bank
No. of Equity Shares
New Bonus Shares
Face value

other assets - - - -

Total Assets - - - -

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity
Cash from Investing Activity
Cash from Financing Activity
Net Cash Flow

PRICE:

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

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

641.26 2,156.17 2,035.74 2,432.39 3,365.04
11.55 7.82 0.05 65.88
1.15 -0.67 25.44
1.90 8.74 7.15 7.82 9.32
109.89 226.18 66.24 74.46 153.35
356.75 1,428.73 1,341.47 1,610.60 2,155.30
0.27 48.12 144.77 232.36 224.72 308.86
22.54 49.48 81.33 63.62 64.88
1.25 18.70 20.91 32.39 42.59
18.77 108.05 133.17 119.61 146.38
6.94 19.82 17.25 19.40 32.31
-0.27 67.20 180.61 177.63 344.55 496.79
12.18 32.84 30.52 68.30 109.93
-0.27 54.19 147.58 146.14 274.23 381.00
20.14 26.89 40.36 83.71 110.84

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

744.83 917.12 1,017.37 1,097.62 1,199.16 1,256.96
606.67 747.26 835.02 883.74 959.23 998.45
10.74 18.20 6.72 21.51 9.47 18.79
32.74 40.41 42.21 45.04 48.09 49.96
7.03 8.28 10.66 13.71 13.57 15.75
109.13 139.37 136.20 176.64 187.74 211.59
25.56 35.32 24.62 42.20 46.33 54.83
83.48 100.49 111.60 134.00 140.85 155.33
138.16 169.86 182.35 213.88 239.93 258.51
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
0.10 268.50 268.88 269.04 270.02 270.35
-0.27 691.06 780.23 937.80 1,039.55 1,381.19
132.33 203.68 229.98 227.23 286.53
0.26 582.20 384.43 530.71 799.34 1,402.49
0.09 1,674.09 1,637.22 1,967.53 2,336.14 3,340.56
419.78 526.42 576.91 640.85 1,684.44
0.51 5.18 12.07 0.41 32.52
49.75 9.27 127.20 129.22 64.22
0.09 1,204.05 1,096.35 1,251.35 1,565.66 1,559.38
0.09 1,674.09 1,637.22 1,967.53 2,336.14 3,340.56
592.00 448.68 308.35 371.45 592.44
17.99 11.53 58.75
0.10 220.66 381.04 700.80 892.80 549.13
100,000.00 ### ### ### ### ###

10.00 10.00 10.00 10.00 10.00 10.00

-0.01 373.40 255.10 242.20 301.41 359.06

0.09 1,674.09 1,637.22 1,967.53 2,336.14 3,340.56

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

-0.01 151.14 388.74 627.60 474.99 462.45
15.87 -136.38 -502.95 -292.03 -167.20
0.10 33.77 -177.35 -114.77 -126.67 -183.10
0.10 200.78 75.01 9.89 56.29 112.15

35.25 177.55 601.05 925.10

0.01 27.41 27.41 27.41 27.41 27.41

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Equity Capital 644.00 644.00 679.00 679.00 679.00

Reserves 64,960.00 55,618.00 78,273.00 57,383.00 94,749.00
Borrowings -
Long term Borrowings 45,259.00 56,071.00 50,510.00 60,629.00 61,200.00
Short term Borrowings 9,696.00 13,140.00 11,451.00 13,860.00 16,795.00
Lease Liabilities - - - - -
Other Borrowings 5,688.00 4,399.00 7,399.00 4,115.00 10,956.00
Other Liabilities
Non controlling int 307.00 370.00 421.00 433.00 433.00
Trade Payables 36,686.00 44,912.00 57,316.00 57,407.00 61,562.00
Advance from Customers 2,369.00 2,067.00 3,119.00 2,289.00 2,165.00
Other liability items 23,556.00 29,627.00 31,325.00 47,313.00 50,712.00
Total Liabilities 218,426.00 237,315.00 263,184.00 272,580.00 327,192.00

Fixed Assets - 69,092 88,479 107,232 95,944 121,414

Land 2,296.00 2,513.00 7,185.00 6,762.00 7,339.00
Building 11,010.00 13,396.00 12,343.00 12,164.00 16,552.00
Plant Machinery 79,505.00 88,943.00 80,063.00 79,976.00 100,226.00
Equipments - 482.00 498.00 - -
Computers 1,126.00 1,364.00 1,634.00 1,767.00 1,943.00
Furniture n fittings 1,011.00 1,149.00 1,241.00 1,401.00 1,430.00
Vehicles 270.00 280.00 280.00 291.00 353.00
Intangible Assets 8,994.00 9,580.00 58,951.00 54,932.00 77,870.00
Other fixed assets 33,694.00 45,196.00 6,746.00 6,219.00 7,497.00
Gross Block 137,907.00 162,904.00 168,941.00 163,512.00 213,209.00
Accumulated Depreciation 68,815.00 74,424.00 61,709.00 67,568.00 91,795.00
Net Block 69,092.00 88,480.00 107,232.00 95,944.00 121,414.00

CWIP 33,263.00 28,640.00 25,919.00 33,699.00 40,034.00

Investments 10,687.00 15,337.00 23,767.00 20,338.00 20,813.00

Other Assets -
Inventories 27,271.00 29,272.00 32,656.00 35,085.00 42,138.00
Trade receivables 10,574.00 12,579.00 13,571.00 14,076.00 19,893.00
Cash Equivalents 29,712.00 32,116.00 30,460.00 36,078.00 34,614.00
Short term loans 9,344.00 6,190.00 - - 966.00
Other asset items 28,484.00 24,701.00 29,579.00 37,361.00 47,321.00
Total Assets 218,426 237,315 263,184 272,580 327,192

Cash from Operating Activity - 36,151.00 35,531.00 37,900.00 30,199.00 23,857.00

Profit from operations 36,303.00 43,397.00 38,626.00 28,840.00 33,312.00
Receivables 445.00 (3,179.00) (2,223.00) (4,152.00) (10,688.00)
Inventory (2,853.00) (3,692.00) (5,743.00) (6,621.00) (3,560.00)
Payables 4,694.00 3,598.00 3,947.00 9,301.00 7,320.00
Loans Advances - - (520.00) - -
Other WC items 1,870.00 (398.00) 5,852.00 4,727.00 494.00
Working capital changes 4,157.00 (3,672.00) 1,313.00 3,254.00 (6,434.00)
Direct taxes (4,308.00) (4,194.00) (2,040.00) (1,895.00) (3,021.00)

Cash from Investing Activity - (27,991.00) (36,232.00) (36,694.00) (39,571.00) (25,139.00)

Fixed assets purchased (26,975.00) (31,962.00) (31,503.00) (16,072.00) (35,079.00)
Fixed assets sold 50.00 74.00 59.00 53.00 30.00
Investments purchased (429.00) (5,461.00) (4,728.00) (6.00) (329.00)
Investments sold 4.00 42.00 89.00 1,965.00 2,381.00
Interest received 653.00 698.00 731.00 638.00 690.00
Dividends received 40.00 80.00 58.00 620.00 1,797.00
Invest in subsidiaries - - - - -
Investment in group cos - (160.00) - (107.00) (4.00)
Redemp n Canc of Shares - - - - 14.00
Acquisition of companies (185.00) - (111.00) - -
Inter corporate deposits - - - - -
Other investing items (1,149.00) 456.00 (1,289.00) (26,663.00) 5,360.00

Cash from Financing Activity - (3,883.00) 5,201.00 (3,795.00) 6,205.00 2,012.00

Proceeds from shares - - 7,433.00 5.00 -
Redemption of debentures (658.00) (744.00) - - -
Proceeds from borrowings 33,258.00 36,363.00 19,519.00 33,390.00 37,482.00
Repayment of borrowings (29,141.00) (23,332.00) (24,924.00) (21,732.00) (29,964.00)
Interest paid fin (6,171.00) (6,307.00) (5,716.00) (5,336.00) (5,411.00)
Dividends paid (722.00) (720.00) (108.00) (121.00) (96.00)
Financial liabilities - - - - -
Other financing items (450.00) (57.00) - - -
Net Cash Flow 4,277.00 4,500.00 (2,589.00) (3,167.00) 730.00
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

679.00 720.00 766.00 766.00 766.00

59,500.00 61,491.00 54,481.00 43,795.00 44,556.00

70,818.00 83,316.00 93,113.00 97,759.00 88,696.00

20,150.00 16,363.00 42,792.00 41,918.00 36,965.00
173.00 5,977.00 6,226.00 6,772.00 8,453.00
15,034.00 19,132.00 - - -

453.00 525.00 523.00 814.00 1,573.00

62,533.00 76,940.00 71,691.00 66,398.00 76,040.00
1,711.00 - - - -
71,218.00 65,349.00 67,135.00 65,969.00 66,579.00
305,703.00 320,179.00 341,570.00 329,061.00 334,674.00

111,234 127,107 138,708 138,855 132,080

7,286.00 7,675.00 7,819.00 7,760.00 8,045.00
22,938.00 32,665.00 35,537.00 36,466.00 38,781.00
109,415.00 124,158.00 138,868.00 148,585.00 153,672.00
- - - - -
2,335.00 3,054.00 3,172.00 3,383.00 3,499.00
1,626.00 1,890.00 1,956.00 1,984.00 2,084.00
387.00 601.00 845.00 725.00 788.00
80,480.00 91,157.00 114,809.00 114,323.00 112,538.00
8,049.00 9,380.00 10,686.00 10,870.00 11,735.00
232,517.00 270,579.00 313,692.00 324,096.00 331,141.00
121,283.00 143,471.00 174,985.00 185,241.00 199,062.00
111,234.00 127,108.00 138,707.00 138,855.00 132,079.00

31,884.00 35,622.00 20,964.00 10,251.00 14,274.00

15,771.00 16,308.00 24,620.00 29,380.00 26,379.00

39,014.00 37,457.00 36,089.00 35,240.00 40,755.00

18,996.00 11,173.00 12,679.00 12,442.00 15,738.00
32,649.00 33,727.00 46,792.00 40,669.00 37,016.00
974.00 39.00 142.00 47.00 50.00
55,182.00 58,746.00 61,576.00 62,177.00 68,382.00
305,703 320,179 341,570 329,061 334,674

18,891.00 26,633.00 29,001.00 14,283.00 35,388.00

28,771.00 23,352.00 31,198.00 26,943.00 41,694.00
(9,109.00) 9,950.00 (5,505.00) 185.00 (2,213.00)
2,069.00 2,326.00 3,814.00 472.00 (5,665.00)
 (4,692.00) (8,085.00) 5,748.00 (7,012.00) 6,945.00
- - - - -
4,512.00 875.00 (4,150.00) (4,396.00) (2,194.00)
(7,221.00) 5,065.00 (93.00) (10,750.00) (3,127.00)
(2,659.00) (1,785.00) (2,105.00) (1,910.00) (3,179.00)

(20,878.00) (33,115.00) (25,672.00) (4,444.00) (15,417.00)

(35,304.00) (29,702.00) (20,205.00) (15,168.00) (19,230.00)
67.00 171.00 351.00 230.00 285.00
(130.00) (1,439.00) (7,530.00) (3,008.00) (50.00)
5,644.00 21.00 226.00 104.00 6,895.00
761.00 1,104.00 428.00 653.00 973.00
232.00 21.00 18.00 32.00 46.00
- - - - -
(9.00) (606.00) (10.00) - -
533.00 - - - 19.00
(8.00) (27.00) - (98.00) -
- - - - -
7,335.00 (2,659.00) 1,051.00 12,813.00 (4,357.00)

8,830.00 3,390.00 9,904.00 (3,380.00) (26,243.00)

- 3,889.00 2,603.00 19.00 20.00
- - - - -
51,128.00 38,297.00 46,641.00 46,578.00 43,934.00
(35,198.00) (29,847.00) (29,709.00) (42,816.00) (62,557.00)
(7,005.00) (7,518.00) (8,123.00) (9,251.00) (9,336.00)
(95.00) (57.00) (30.00) (100.00) (141.00)
- (1,346.00) (1,477.00) (1,559.00) (1,517.00)
- (29.00) - 3,750.00 3,355.00
6,843.00 (3,092.00) 13,232.00 6,459.00 (6,272.00)
 Calculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21

Current Assets
Inventories 42138 39014 37457 36089
Trade Receivables 19893 18996 11173 12679
Loans n Advances 966 974 39 142
Other Assest Items 47321 55182 58746 61576
Total Current Assets 110318 114166 107415 110486

Current Liabilities
Trade Payables 61562 62533 76940 71691
Advances from Customers 2165 1711 0 0
Other Liability Items 50712 71218 65349 67135
Total Current Liabilities 114439 135462 142289 138826

# Net Working Capital (4,121.00) (21,296.00) (34,874.00) (28,340.00)

Non Current Assets

Land 7339 7286 7675 7819
Building 16552 22938 32665 35537
Plant Machinery 100226 109415 124158 138868
Equipments 0 0 0 0
Computers 1943 2335 3054 3172
Furniture n fittings 1430 1626 1890 1956
Vehicles 353 387 601 845
Intangible Assets 77870 80480 91157 114809
Other fixed assets 7497 8049 9380 10686
Gross Block 213209 232517 270579 313692
Accumulated Depriciation 91795 121283 143471 174985
# Net Non Current Assets 121414 111234 127108 138707

# Invested Capital 117,293.00 89,938.00 92,234.00 110,367.00

EBIT Err:509 84.72 269.96 289.89

ROIC Err:509 0.09% 0.29% 0.26%

Calculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21

Net Capex 35109 35371 29873 20556

Change in Working Capital -17,175.00 -13,578.00 6,534.00

EBIT Err:509 84.72 269.96 289.89

Marginal Tax Rate 25% 25% 25% 25%
EBIT(1-T) Err:509 21.18 67.49 72.47
Reinvestment 35109 18196 16295 27090

Reinvestment Rate Err:509 85911.24% 24144.32% 37379.70%

Calculation of Growth Rate Mar-18 Mar-19 Mar-20 Mar-21

Reinvestment Rate Err:509 85911.24% 24144.32% 37379.70%

ROIC Err:509 0.09% 0.29% 0.26%

Intrinsic Growth Err:509 80.93% 70.67% 98.18%

 Mar-22 Mar-23

35240 40755
12442 15738
47 50
62177 68382
109906 124925

66398 76040
0 0
65969 66579
132367 142619

(22,461.00) (17,694.00)

7760 8045
36466 38781
148585 153672
0 0
3383 3499
1984 2084
725 788
114323 112538
10870 11735
324096 331141
185241 199062
138855 132079

116,394.00 114,385.00
431.77 600.58

0.37% 0.53%

Mar-22 Mar-23

15398 19515
5,879.00 4,767.00

431.77 600.58
25% 25%
107.94 150.14
 21277 24282

19711.42% 16172.37%

Average Err:509
Median Err:509

Mar-22 Mar-23

19711.42% 16172.37%
0.37% 0.53%

73.12% 84.91%