Safal Niveshak Stock Analysis Excel (Ver

www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here -
https://www.screener.in/register/
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page -
https://www.screener.in/excel/ - and upload this excel file.
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you
CLICK TO SUBSCRIBE
your chosen company. Scroll down and come to the first financial statement table called "Quarterly Results
Consolidated". Now, all data you see for this company will be consolidated.

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Cli
the company's financial data will be exported in an excel file in the exact format as "Safal Niveshak's Stock
5.0". Now onwards, any excel you export for any company on Screener.in will be downloaded in this very f
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY11 (Ma
because if, for instance, the company has financials starting from, say, FY15, you will see incorrect data fo
(which will be of Bajaj Auto on whose financials I have created this Analysis sheet format)
2. All financial data of your chosen company will be automatically updated in the sheet you downlo
GoBank"
and to Main Sheet
(Balance Sheet sheet) and Capex (Cash Flow sheet) figures, which you must update ma
company's annual reports. Don’t forget to make these changes as these numbers are key inputs in
Value calculations.
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener
Step 2 mentioned above. But DON'T touch the sheet titled "Data Sheet" because this will cause errors i
downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually
Reports (just Cash and Capex numbers) or where you may change the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read thos
working on the sheet.
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis proce
that along with working on this sheet. You may sometime find some discrepancy in numbers (though rare),
this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - vishal@saf
and I will try to fix the same and update the sheet
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you
feedback and thoughts on the sheet so that we can make it better together.
8. This excel won't work for banking and financial services companies.
9. You may see a blank excel when you download from Screener. Click on "Enable Editing" in the to
that excel to populate the data.

Note: All data is sourced from Screener.in

 If you have received Safal Niveshak’s Stock Analysis Excel Template 5.0
as a forward and you wish to get all future updates, plus all my insights
and ideas on stock investing, please subscribe below to my free
newsletter – The Safal Niveshak Post. Subscribers call it a “gold mine”
for investors. When you subscribe, you can also instantly access all my
FREE!) special e-books on investing ever written. All for FREE!
 Safal Niveshak Stock Navigati
Analysis Excel (Ver. 5.0)
Analysis
www.safalniveshak.com

Basic Company Details

Balance Sheet
Parameters Details
Company VERTOZ ADVERTISING LTD Income Statement
Current Stock Price (Rs) 147
Face Value (Rs) 10.0
Cash Flow
No. of Shares (Crore) 1.2
Market Capitalization (Rs Crore) 176
Key Ratios
Key Financials - Trend
Parameters Details
Charts
Sales Growth (9-Year CAGR) #DIV/0!
Profit Before Tax Growth (9-Year CAGR) #DIV/0!
Net Profit Growth (9-Year CAGR) #DIV/0! Common Size
Average Debt/Equity (5-Years, x) 0.4
Average Return on Equity (5-Years) 28.8%
Quarterly
Average P/E (5-Years, x) 22.7
TTM EPS (Rs) 7
Latest P/E (x) 24.2 Instr

If you have received Safal Niveshak’s Stock Analysis Excel

Template 5.0 as a forward and you wish to get all future
updates, plus all my insights and ideas on stock investing,
please subscribe below to my free newsletter – The Safal
Niveshak Post. Subscribers call it a “gold mine” for
investors. When you subscribe, you can also instantly
access all my special e-books on investing ever written. All
for FREE!

CLICK TO SUBSCRIBE (IT'S FREE!)

 Navigation Buttons Warning! Excel can be a wonderful tool to an
But it can be a deadly weapon if you wish to
the future! So be very careful of what you a
Here, garbage in will always equal garbage
need the excel to tell you what you must d
nalysis Valuation stock, you must not use this tool an

ance Sheet Dhandho IV

me Statement Ben Graham Remember! Focus on decisions, not outco

disconfirming evidence. Calculate.

ash Flow DCF

ey Ratios Expected Returns Please! It's your money. Please don't blame
this excel cause you to lose it all! I've design
aid your own thinking, but you alone are resp
Charts actions. I want to live peacefully ever after! I
who wants you to do the hard work by analy
on your own. But I'd rather give you a comp
mmon Size map, for you can confuse map with territory a
the best!
Quarterly

Instructions
 wonderful tool to analyze the past.
apon if you wish to use it to predict
areful of what you are getting into.
ays equal garbage out. And if you
ou what you must do with a given
not use this tool anyways.

ecisions, not outcomes. Look for

vidence. Calculate. Pray!

Please don't blame me if results of

se it all! I've designed this excel to
you alone are responsible for your
cefully ever after! I am not a sadist
hard work by analyzing companies
er give you a compass instead of a
map with territory and lose it all. All
the best!
 Buffett Checklist - Read, Remem
Source - Buffettology by Mary Buffett & Da
Parameter

Consumer monopoly or
commodity?

Understand how business works

Is the company conservatively

financed?

Are earnings strong and do they

show an upward trend?

Does the company stick with

what it knows?

Has the company been buying

back its shares?

Have retained earnings been

invested well?

Is the company’s return on equity

above average?
Is the company free to adjust
prices to inflation?

Does the company need to

constantly reinvest in capital?

Conclusion

Never Forget

Go to Main Sheet
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intan
unique. Such companies will typically have high gross and operating profit margins because of their unique
margins as high margins may simply highlight companies within industries with traditionally high margins. T
gross, operating and net profit margins above industry norms. Also look for strong growth in earnings and h

Try to invest in industries where you possess some specialized knowledge (where you work) or can more e
industry, and its competitive environment (simple products you consume). While it is difficult to construct a
able to identify areas of interest. You should "only" consider analyzing those companies that operate in are
circle of competence. Of course you can increase the size of the circle, but only over time by learning abou
than the size of the circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such co
flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios. Also seek co
consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and
companies with 5/10 year earnings per share growth greater than 25% (along with safe balance sheets). T
growth is still strong, look for companies where the last 3-years earnings growth rate is higher than the last
important than the rate of growth is the consistency in such growth. So exclude companies with volatile ea
the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those busin
competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company, lo
acquisitions and new directions. They should fit within the primary range of operations for the firm. Be caut
very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities e
excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While we do
up examination of a company would reveal if it has a share buyback plan in place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have b
way to screen for such companies is by looking at those that have had consistent earnings and strong retu

Consider it a positive sign when a company is able to earn above-average (better than competitors) return
debt. Average return on equity for Indian companies over the last 10 years is approximately 16%. Thus, se
this much (16%) or more than this. Again, consistency is the key here.
That's what is called "pricing power". Companies with moat (as seen from other screening metrics as sugg
grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing significant volum

Companies that consistently need capital to grow their sales and profits are like bank savings account, and
term portfolio. Seek companies that don't need high capital investments consistently. Retained earnings m
current operations at competitive levels, so the lower the amount needed to maintain current operations, th
absolute assessment, a comparison against competitors will help a lot. Seek companies that consistently g
cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesse
market to drive down the value of these businesses to attractive levels. You will have little trouble understa
successful implementation is dependent upon your dedication to learn and follow the principles, and apply

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
VERTOZ ADVERTISING LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital - - - - 0 0 6 6 12 12
Reserves - - - - 1 4 22 30 38 46
Borrowings - - - - 0 4 3 6 10 13
Other Liabilities - - - - 4 8 10 10 10 13
Total - - - - 5 16 41 52 71 84

Net Block - - - - 1 6 10 9 57 56
Capital Work in Progress - - - - - - - - - -
Investments - - - - - - - - - -
Other Assets - - - - 4 11 32 43 13 27
Total - - - - 5 16 41 52 71 84

Working Capital - - - - 0 3 22 33 3 15
Debtors - - - - 1 7 18 13 9 23
Inventory - - - - - - - - - -
Cash & Bank** 934 2,756 3,278 2,791 6,393 2,085 6,351 6,558 2,510 3,096
** Manually enter the Cash & Bank number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

TREND OVER YEARS

Key Ratios Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 10 YEARS 7 YEARS 5 YEARS 3 YEARS
Debtor Days - - - - 37 128 176 106 84 149 68.0 97.1 128.6 112.9
Inventory Turnover - - - - - - - - - - - - - -
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 18.5 3.6 3.8 5.3 0.7 1.0 #DIV/0! #DIV/0! 2.9 2.3
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.5 1.2 0.1 0.2 0.2 0.2 #DIV/0! #DIV/0! 0.4 0.2
Return on Equity 52% 81% 20% 20% 8% 14% 33% 33% 29% 14%
Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 49% 53% 23% 22% 11% 15% #DIV/0! #DIV/0! 25% 16%
Return on Invested Capital 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Go to Main Sheet
 Profit & Loss Account / Income Statement
VERTOZ ADVERTISING LTD TREND OVER YEARS
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Trailing 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Sales - - - - 12 20 37 46 41 57 57 #DIV/0! #DIV/0! 36.9% 15.7%
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! 71% 81% 25% -12% 41%
Expenses - - - - 11 15 29 36 34 45 45 #DIV/0! #DIV/0! 31.8% 15.8%
Material Cost (% of Sales) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 56% 0% 0% 0% 0% 0%
Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 1% 0% 0% 0% 0%
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 34% 44% 46% 59% 0%
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 26% 30% 26% 23% 20% 12%
Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 10% 8% 7% 5% 0%
Gross Profit - - - - 5 20 37 46 41 57 #DIV/0! #DIV/0! 61.2% 15.7%
Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 44% 100% 100% 100% 100% 100% #DIV/0! #DIV/0! 100.0% 100.0%
Operating Profit - - - - 1 5 8 11 6 12 12 #DIV/0! #DIV/0! 81.8% 15.2%
Operating Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5% 25% 22% 23% 16% 22% 21% #DIV/0! #DIV/0! 21.4% 20.0%
Other Income - - - - 0 0 1 1 2 2 2
Other Income as % of Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.8% 0.9% 1.7% 1.4% 4.3% 3.6% 3.6%
Depreciation - - - - 0 1 1 2 2 4 4
Interest - - - - 0 1 1 0 1 1 1
Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5 8 13 19 6 8 8
Profit before tax (PBT) - - - - 0 4 7 9 5 9 9 #DIV/0! #DIV/0! 86.9% 11.5%
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! 841% 74% 31% -39% 74%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 19% 18% 19% 13% 16% 16% #DIV/0! #DIV/0! 17.2% 16.2%
Tax - - - - 0 1 1 1 1 1 2
Tax Rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! 12.2% 21.0% 14.7% 16.5% 21.7% 12.4% 19.9%
Net profit - - - - 0 3 6 7 4 8 7 #DIV/0! #DIV/0! 86.8% 12.5%
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! 747% 88% 28% -43% 94%
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 15% 16% 16% 10% 14% 13% #DIV/0! #DIV/0! 14.2% 13.5%
EPS - - - - - - 4.8 6.1 3.5 6.8 6.1 #DIV/0! #DIV/0! #DIV/0! 12.5%
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 28% -43% 94%
Price to earning 18.7 15.8 16.5 39.8 0.8 22.7 22.7 22.7 24.1
Price - - - - - - 90 97 58 271 147
Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.8% 2.9% 0.0%
Market Cap - - - - - - 107 116 70 326 #DIV/0! #DIV/0! #DIV/0! 44.7%
Retained Earnings #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 3 6 7 4 8
Buffett's $1 Test #DIV/0!

Check for long term vs short term trends

Check for wide fluctuations in key expense items.
here. Check if the growth over past 3 or 5
For manufacturing firms, check their material costs
years has slowed down / improved compared
etc. For services firms, look at employee costs.
to long term (7 to 10 years) growth numbers.

Go to Main Sheet
 Cash Flow Statement
VERTOZ ADVERTISING LTD TREND OVER YEARS
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Total 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Cash from Operating Activity (CFO) - - - - 2 5 -5 -8 38 -3 30 #DIV/0! #DIV/0! -203.1% -16.3%
% Growth YoY #DIV/0! #DIV/0! #DIV/0! #DIV/0! 111% -194% 70% -589% -107%
Cash from Investing Activity - - - - -1 -6 -5 -0 -49 3 -57
Cash from Financing Activity - - - - 0 1 19 -1 10 -1 28
Net Cash Flow - - - - 2 0 10 -9 -1 -0 2
CFO/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20% 24% -13% -17% 95% -5%
CFO/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 644% 160% -80% -107% 912% -33%
Capex** 163 87 488 213 253 259 191 170 87 266 5.6% -8.3% 1.0% 11.7%
FCF -163 -87 -488 -213 -251 -255 -195 -177 -49 -269 -2,146 5.7% -8.2% 1.4% 11.2%
Average FCF (3 Years) -165
FCF Growth YoY -47% 462% -56% 18% 1% -23% -9% -72% 449%
FCF/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! -2115% -1254% -530% -384% -121% -472%
FCF/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! -69681% -8317% -3404% -2416% -1164% -3286%

** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use ") Purchase of Property, Plant and
Equipment minus Sales of ) Purchase of Property, Plant and Equipment" number shown under "Cash Flow from Investing Activities"
segment of Consolidated Cash Flow Statement available in the Annual Reports

Go to Main Sheet
 Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17
Sales Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 71.2%
Expenses Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 35.5%
Sustainable Growth Rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! 52.2% 81.1%
Gross Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 288.1%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 841.5%
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 747.2%
Dividend Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend Payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0%

Gross Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 44.1% 100.0%

Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5.2% 25.0%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3.5% 19.0%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3.0% 15.0%

Debtor Days - - - - 36.9 128.2

Inventory Turnover - - - - - -
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 18.5 3.6
Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.4 0.8
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.5 1.2
Debt/Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 7.1% 27.7%
Interest Coverage (Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5 8
Return on Equity 52.2% 81.1%
Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 49.0% 53.2%
Return on Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% -0.1%

Free Cash Flow (Rs Cr) -163 -87 -488 -213 -251 -255
Operating Cash Flow Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 110.8%
Free Cash Flow Growth -46.6% 461.9% -56.4% 17.9% 1.5%
FCF/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! -2115% -1254%
CFO/Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 47% 30%
CFO/Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! 663% 109%
Cash Interest Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! 24.7 11.8
CFO/Capex - - - - 0.0 0.0

Go to Main Sheet
 Key Ratios
VERTOZ ADVERTISING LTD
Mar/18 Mar/19 Mar/20 Mar/21
81.5% 25.5% -12.3% 40.6%
89.0% 24.1% -4.4% 30.9%
20.2% 20.0% 8.2% 14.2%
81.5% 25.5% -12.3% 40.6%
74.4% 30.6% -38.8% 73.6%
88.2% 27.9% -42.6% 94.3%
#DIV/0! #DIV/0! 100.0% -100.0%
0.0% 0.8% 2.9% 0.0%

100.0% 100.0% 100.0% 100.0%

21.9% 22.7% 15.7% 21.6%
18.3% 19.0% 13.3% 16.4%
15.6% 15.9% 10.4% 14.4%

176.1 105.6 84.5 148.6

- - - -
3.8 5.3 0.7 1.0
1.1 1.1 1.7 1.5
0.1 0.2 0.2 0.2
8.4% 10.6% 14.8% 15.8%
13 19 6 8
20.2% 20.2% 8.4% 14.2%
23.0% 22.2% 10.7% 15.0%
-0.1% -0.1% -0.2% -0.3%

-195 -177 -49 -269

-194.3% 70.3% -588.9% -107.0%
-23.2% -9.2% -72.4% 448.6%
-530% -384% -121% -472%
-11% -15% 54% -3%
-133% -142% 366% -20%
-5.2 -12.1 38.0 -0.2
-0.0 -0.0 0.4 -0.0
 Key Ratios
VERTOZ ADVERTISING LTD
What to look for?
Higher is better, but also look for long term stability and consistency
Lower is better, but compare with sales growth. Growth higher than sales growth suggests weakening pric
Higher is better, as it indicates the effectiveness and efficiency with which the company is managing its op
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the managemen

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)

Nil / lower than 0.5 / reducing is better

Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)

Look for positive and rising number. If the company consistently generates negative FCF over say 10 year
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
The higher the percentage, the better as it shows how profitable the company is. Check for OCF growing in
Higher is better. Show how well the company uses its assets to generate operating cash flow
Higher, and more than 100%, is better. Shows the ability of the company to use its operating cash flows to
Indicates the company's ability to make interest payments on its entire debt. A highly leveraged company w
Measures the capital available for internal reinvestment and for payments on existing debt. When this ratio
ations mahy be a sign of weakness and inconsistency

y with a strong balance sheet will have a high multiple. Any company with a cash interest multiple less than 1.0 runs
gh funds available to meet its capital investment
st multiple less than 1.0 runs an immediate risk of potential default
 Key Charts - Per
VERTOZ

Profit Margin Gross Margin Operating Margin PBT Margin Net Margin
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%Check for a rising trend and/or consistency. Compare with a close competitor.
0%
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/

Revenue (Rs Crore)

60
Check for a rising trend.
50

40

30

20

10

-
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

Sustainable Growth Sales Growth Sustainable Growth Rate

100%
85%
70%
55%
40%
25%
10%
Check for a rising/stable trend in SGR, as that indicates how much the company can grow
-5% through own resources, without needing additional sources like debt or equity.
 70%
55%
40%
25%
10%
Check for a rising/stable trend in SGR, as that indicates how much the company can grow
-5% through own resources, without needing additional sources like debt or equity.
-20%
Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/

Cash Flow (Rs Crore) Operating Cash Flow Free Cash Flow
1,250
Check for positive numbers and which are rising over time.

-
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

-1,250

Cash & Bank Inventory Receivables Other Assets

Assets Distribution Investments Fixed Assets
53% 19% 31% 7% 4% 4%
100% 26%
0%
13%
0% 28%
0%

44%
0% 1%
0%

75% 43%
0% 50% 1%
0%

50% 24%
0%
2%
0%
3%
9% 0%
25% 0%
0%

0% 0% 0% 0%
0%
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

Go to Main Sheet

Data for Charts (Warning! Please don't touch any number below, as that would change the pre-desi
Margins
 Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Gross Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 44% 100% 100% 100% 100%
Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5% 25% 22% 23% 16%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 19% 18% 19% 13%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 15% 16% 16% 10%

Management Effectiveness
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
ROE 52% 81% 20% 20% 8%
ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! 49% 53% 23% 22% 11%
ROIC 0% 0% 0% 0% 0% 0% 0% 0% 0%

Revenue & Profit Growth

Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Revenue Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 71% 81% 25% -12% 41%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 841% 74% 31% -39% 74%
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 747% 88% 28% -43% 94%

Revenue & Profit

Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Revenue - - - - 12 20 37 46 41
Gross Profit - - - - 5 20 37 46 41
Profit Before Tax - - - - 0 4 7 9 5
Net Profit - - - - 0 3 6 7 4

Cash Flows
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Operating Cash Flow - - - - 2 5 -5 -8 38
Free Cash Flow -163 -87 -488 -213 -251 -255 -195 -177 -49

Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Equity (Own) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 14% 23% 69% 70% 71%
Liabilities (Owed) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 86% 77% 31% 30% 29%

Asset Distribution
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Fixed Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13% 35% 23% 17% 81%
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Other Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9% 2% 3% 50% 1%
Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! 24% 44% 43% 26% 13%
Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Cash & Bank #DIV/0! #DIV/0! #DIV/0! #DIV/0! 53% 19% 31% 7% 4%

Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

Sales Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 71% 81% 25% -12% 41%
Sustainable Growt #DIV/0! #DIV/0! #DIV/0! 52% 81% 20% 20% 8% 14%

Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

FCF/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### ### -530.4% -383.6% -120.9%
CFO/Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 46.9% 30.2% -11.1% -15.1% 54.3%
ey Charts - Performance At A Glance
VERTOZ ADVERTISING LTD

Margin Net Margin Capital Allocation Quality ROE ROCE ROIC

90%
Check for a rising trend and/or consistency.
80% Numbers > 20% long term are good. Also chec
70% zero/marginal debt. Compare with a close com
60%
50%
40%
30%
20%
10%
competitor.
0%
-10% Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/
Mar/19 Mar/20 Mar/21

Annual Growth (YoY) Revenue Growth PBT Growth

850%
770% Check for a rising trend and/or low
690% volatility. Compare growth rates
610% with a close competitor.
530%
450%
370%
290%
210%
130%
50%
-30%
ar/19 Mar/20 Mar/21 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Mar/1

Growth Rate Profit Over Time Gross Profit Profit Before Tax Net P
2,500
Check for a rising trend.

he company can grow

bt or equity.
-
he company can grow
bt or equity.
-
r/19 Mar/20 Mar/21 Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Ma

ash Flow Cash Flow Ratios FCF/Sales CFO/Total Assets

-40.0% Check for high and rising/stable numbers. Shows how profitable
Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 M
-230.0% and how well it uses its assets to generate cash flows
-420.0%
-610.0%
-800.0%
-990.0%
ar/19 Mar/20 Mar/21 -1180.0%
-1370.0%
-1560.0%
-1750.0%
-1940.0%
-2130.0%

bles Other Assets Own Vs Owed Funds Liabilities (Owed) Equity (Own)
7% 4%
13%
0%
4%
28%
0% 100%
26%
0%
1%
0%

1%
75%
50% 0%

50%

25%
0%

0%
ar/19 Mar/20 Mar/21 Mar/11 Mar/12 Mar/13 Mar/14 Mar/16 Mar/17 Mar/18 Ma

uld change the pre-designed charts. You may however change them if you wish to change charts and/or add
Mar/21
100%
22%
16%
14%

Mar/21
14%
15%
0%

Mar/21
57
57
9
8

Mar/21
-3
-269

Mar/21
69%
31%

Mar/21
67%
0%
1%
28%
0%
4%
 Mar/21
-471.5%
-3.2%
OCE ROIC

nd/or consistency.
are good. Also check if the company has
are with a close competitor.

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

h PBT Growth Net Profit Growth

Mar/18 Mar/19 Mar/20 Mar/21

Before Tax Net Profit

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

CFO/Total Assets

hows howMar/18
Mar/17 profitable a company
Mar/19 is
Mar/20 Mar/21
cash flows

Equity (Own)

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21

ge charts and/or add new ones)

 Common Size P&L
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Sales 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 56% 0% 0%
Change in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0%
Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 1% 0%
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 34% 44%
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 26% 30% 26%
Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 10% 8%
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13% 0% 0%
Operating Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5% 25% 22%
Other Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1% 1% 2%
Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 4% 4%
Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1% 3% 2%
Profit Before Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 19% 18%
Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 4% 3%
Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 15% 16%
Dividend Amount #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0%

Common Size Balance Sheet

Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Equity Share Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 14%
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! 14% 23% 54%
Borrowings #DIV/0! #DIV/0! #DIV/0! #DIV/0! 7% 28% 8%
Other Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! 79% 49% 23%
Total Liabilities 100% 100% 100% 100% 100% 100% 100%
Net Block #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13% 35% 23%
Capital Work in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0%
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0%
Other Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 87% 65% 77%
Total Assets 100% 100% 100% 100% 100% 100% 100%
Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! 24% 44% 43%
Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0%
Cash & Bank #DIV/0! #DIV/0! #DIV/0! #DIV/0! 53% 19% 31%

Go to Main Sheet
 Mar-19 Mar-20 Mar-21
A common-size financial statement is
100% 100% 100% displays line items as a percentage of one
0% 0% 0% selected or common figure. Creating
0% 0% 0% common-size financial statements makes it
0% 0% 0% easier to analyze a company over time and
46% 59% 0% compare it with its peers. Using common-
23% 20% 12% size financial statements helps investors
7% 5% 0% spot trends that a raw financial statement
may not uncover.
1% 0% 67%
23% 16% 22%
1% 4% 4%
4% 4% 6%
1% 3% 2%
19% 13% 16%
3% 3% 2%
16% 10% 14%
0% 0% 0%

eet
Mar-19 Mar-20 Mar-21
11% 17% 14%
58% 54% 55%
11% 15% 16%
20% 14% 15%
100% 100% 100%
17% 81% 67%
0% 0% 0%
0% 0% 0%
83% 19% 33%
100% 100% 100%
26% 13% 28%
0% 0% 0%
7% 4% 4%
 Valuation - Dhandho
Read the book - The Dhandho Invest

VERTOZ ADVERTISING LTD

Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3 12%
1 FY21 (185) (165) Year 4-6 10%
2 FY22 (207) (165) Year 7-10 5%
3 FY23 (232) (165) Discount Rate 12%
4 FY24 (255) (162)
5 FY25 (281) (159) Last 5-Years' CAGR
6 FY26 (309) (156) Sales 37%
7 FY27 (324) (147) PBT 87%
8 FY28 (340) (137) FCF 1%
9 FY29 (357) (129)
10 FY30 (375) (121)
10 -3,751 (1,208)
Intrinsic Value 382
Current Mkt. Cap. 176
Premium/(Discount) to IV -54%

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a norma
assumption of FCF the business will earn in a normal year, without capex. Check the history of this busi
wisely without twisting the model to fit your version

Go to Main Sheet
n - Dhandho Calculation
ok - The Dhandho Investor by Mohnish Pabrai

VERTOZ ADVERTISING LTD

Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3
1 FY21 (190) (169) Year 4-6
2 FY22 (218) (174) Year 7-10
3 FY23 (251) (179) Discount Rate
4 FY24 (281) (179)
5 FY25 (315) (179)
6 FY26 (353) (179)
7 FY27 (388) (175)
8 FY28 (427) (172)
9 FY29 (469) (169)
10 FY30 (516) (166)
10 (7,744) (2,494)
Intrinsic Value (1,139)
Current Mkt. Cap. 176
Premium/(Discount) to IV -115%

ou must use a normalized positive FCF as the starting number. This number is your
he history of this business while arriving at your assumption, and use your judgment
del to fit your version of reality.
med FCF Growth
15%
12%
10%
12%
 Valuation - Ben Graham Formula
Low Range
Company Name ADVERTISING LTD
Year Ended Mar/21

Avg 5-Yr Net Profit (Rs Crore) 5.7

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 43.4

Ben Graham Value (Rs Crore) 543

Current Market Cap (Rs Crore) 176
Value as % of Market Cap 309%

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth r
7-10 years

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 196
was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this nu
AAA corporate bond rate, represented by Y in the formula above.

Note: I have used Graham's original formula in the above calculations

Go to Main Sheet
en Graham Formula
High Range
Company Name ADVERTISING LTD
Year Ended Mar/21

Avg 5-Yr Net Profit (Rs Crore) 5.7

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 65.1

Ben Graham Value (Rs Crore) 791

Current Market Cap (Rs Crore) 176
Value as % of Market Cap 450%

PLANATION

tio of a stock with 0% growth and g is the growth rate for the next

+ 2G) x 4.4] / Y
required rate of return. At the time of around 1962 when Graham
4.4% but to adjust to the present, we divide this number by today’s
a above.

bove calculations
 Valuation - Dicounted Cash Flow
VERTOZ ADVERTISING LTD

Initial Cash Flow (Rs Cr) (165) (3,146)

176
Years 1-5 6-10 -1788%
FCF Growth Rate 12% 10%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (3,083)

Year FCF Growth Present Value

1 (185) 12% (165)
2 (207) 12% (165)
3 (232) 12% (165)
4 (260) 12% (165)
5 (291) 12% (165)
6 (320) 10% (162)
7 (352) 10% (159)
8 (387) 10% (156)
9 (426) 10% (154)
10 (468) 10% (151)

Final Calculations
Terminal Year (478)
PV of Year 1-10 Cash Flows (1,607)
Terminal Value (1,538)
Total PV of Cash Flows (3,146)
Current Market Cap (Rs Cr) 176

Note: See explanation of DCF here

Go to Main Sheet
Cash Flow
TD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Valuation - Expected Return
VERTOZ ADVERTISING LTD
Particulars Mar/11 Mar/12 Mar/13 Mar/14
Net Profit (Rs Crore) - - - -
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return on Equity

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 10%
Estimated Net Profit after 10 years (Rs Cr) 21
Current P/E (x) 21.5
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 424
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 137
Current Market Cap (Rs Cr) 176

Note: See explanation of this model here

Go to Main Sheet
pected Returns Model
ADVERTISING LTD
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 CAGR (9-Yr) CAGR (5-Yr)
0 3 6 7 4 8 #DIV/0! 87%
3% 15% 16% 16% 10% 14%
52% 81% 20% 20% 8% 14%
 Intrinsic Value Range
VERTOZ ADVERTISING LTD
Lower Higher
Dhandho 382 -1,139
Ben Graham 543 791
DCF -3,146 Remember! Give importance to a stoc
Expected Return 137 fair value only "after" you have answe
Current Market Cap. 176 these two questions - (1) Is this busine
understood? and (2) Can I understand

Don't try to quantify everything. In stoc

less non-mathematical you are, the
Explanation: Considering the above range, sensible, and useful will be your analy
we can say that Bajaj Auto's Intrinsic Value Great analysis is generally "back-of-t
range is between Rs 60,000 crore and Rs
130,000 crore. It's a big range, but that's fine Also, your calculated "fair value" will b
(who is looking for precision?). Now, if the in the future, so don't invest your savin
current market cap is within this IV range, you fall in love with it. Don't look for p
especially when it's near the lower level of overrated. Focus on decisions, not out
the range, it makes the stock disconfirming evidence
reasonably/attractively priced. If the current
market cap is higher then the higher value of
the range, it makes it overpriced. But
remember, these are just numbers!

Go to Main Sheet
ve importance to a stock's valuations /
"after" you have answered in "Yes" to
tions - (1) Is this business simple to be
nd (2) Can I understand this business?

ntify everything. In stock research, the

thematical you are, the more simple,
seful will be your analysis and results.
s is generally "back-of-the-envelope".

ulated "fair value" will be proven wrong

don't invest your savings just because
e with it. Don't look for perfection. It is
s on decisions, not outcomes. Look for
disconfirming evidence.
 Quarterly Performance
VERTOZ ADVERTISING LTD
Narration Dec-17 Mar-18 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 TTM
Sales - - 7 22 6 6 8 9 14 26 57
% Growth YOY #DIV/0! #DIV/0! 19% -60% 140% 366%
Expenses - - 6 17 5 6 7 7 10 21 45
Operating Profit - - 1 5 1 -1 2 2 4 5 12
Other Income - - 0 0 - 2 0 2 0 0 2
Depreciation - - 0 1 0 1 1 1 1 1 4
Interest - - 0 0 0 0 0 0 0 1 1
Profit before tax - - 1 4 1 0 1 2 3 4 9
PBT Margin #DIV/0! #DIV/0! 11% 20% 12% 1% 7% 27% 19% 13%
% Growth YOY #DIV/0! #DIV/0! -28% -46% 296% 6900%
Tax - - 0 1 - 0 0 1 0 0 2
Net profit - - 1 4 1 -0 1 1 2 3 7
% Growth YOY #DIV/0! #DIV/0! -29% -63% 249% -1252%
OPM 21% 23% 20% -10% 19% 20% 26% 20%

Go to Main Sheet
COMPANY NAME VERTOZ ADVERTISING LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 1.20
Face Value 10
Current Price 146.95
Market Capitalization 175.9

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17
Sales 11.86 20.3
Raw Material Cost 6.63
Change in Inventory
Power and Fuel 0.11
Other Mfr. Exp 7
Employee Cost 3.07 6.11
Selling and admin 1.96
Other Expenses 1.54 0.05
Other Income 0.09 0.18
Depreciation 0.2 0.86
Interest 0.1 0.53
Profit before tax 0.41 3.86
Tax 0.05 0.81
Net profit 0.36 3.06
Dividend Amount

Quarters
Report Date Dec-17 Mar-18 Jun-19 Sep-19 Dec-19 Mar-20
Sales 7.05 21.7 5.82 5.58
Expenses 5.6 16.81 4.68 6.13
Other Income 0.01 0.17 1.53
Depreciation 0.47 0.62 0.32 0.55
Interest 0.20 0.14 0.15 0.38
Profit before tax 0.79 4.3 0.67 0.05
Tax 0.06 0.78 0.31
Net profit 0.73 3.52 0.67 -0.27
Operating Profit 1.45 4.89 1.14 -0.55

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17
Equity Share Capital 0.02 0.02
Reserves 0.67 3.74
Borrowings 0.35 4.49
Other Liabilities 3.91 7.95
Total 4.95 16.2
Net Block 0.64 5.62
Capital Work in Progress
Investments
Other Assets 4.31 10.58
Total 4.95 16.2
Receivables 1.2 7.13
Inventory
Cash & Bank 2.64 3.13
No. of Equity Shares 20000 20000
New Bonus Shares
Face value 10 10

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17
Cash from Operating Activity 2.32 4.89
Cash from Investing Activity -0.63 -5.6
Cash from Financing Activity 0.02 1.2
Net Cash Flow 1.71 0.49

PRICE:

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

Mar-18 Mar-19 Mar-20 Mar-21

36.84 46.23 40.53 57

0.11 0.1 0.1

16.06 21.44 23.82
9.74 10.51 8.07 6.65
2.84 3.43 2.11
0.04 0.24 0.05 38.05
0.63 0.65 1.75 2.03
1.37 1.88 1.68 3.69
0.58 0.49 1.07 1.30
6.73 8.79 5.38 9.34
0.99 1.45 1.17 1.16
5.74 7.34 4.21 8.18
0.06 0.12

Jun-20 Sep-20 Dec-20 Mar-21

8.38 8.61 13.99 26.03
6.77 6.92 10.33 20.77
0.05 1.86 0.05 0.08
0.93 0.92 0.81 1.24
0.16 0.29 0.25 0.60
0.57 2.34 2.65 3.5
0.06 1.04 0.3 0.4
0.52 1.3 2.34 3.11
1.61 1.69 3.66 5.26

Mar-18 Mar-19 Mar-20 Mar-21

 5.99 5.99 11.97 11.97
22.37 30.33 38.04 45.76
3.46 5.53 10.48 13.28
9.53 10.26 10.16 12.84
41.35 52.11 70.65 83.85
9.69 8.76 57.46 56.46

31.66 43.35 13.19 27.39

41.35 52.11 70.65 83.85
17.77 13.37 9.38 23.21

12.63 3.7 2.97 2.96

5985000 5985000 11970000

10 10 10 10

Mar-18 Mar-19 Mar-20 Mar-21

-4.61 -7.85 38.38 -2.7
-4.81 -0.36 -48.85 3.44
18.92 -0.72 9.75 -0.75
9.5 -8.93 -0.72 -0.01

89.55 96.73 58 271.4

1.20 1.20 1.20 1.20

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