Jubilant Foodworks

Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------

Mar-17 Mar-18 Mar-19 Mar-20

12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 2,582.85 3,017.74 3,557.08 3,912.12
Revenue From Operations [Net] 2,582.85 3,017.74 3,557.08 3,912.12
Other Operating Revenues 0.54 0.66 6.06 15.15
Total Operating Revenues 2,583.39 3,018.40 3,563.14 3,927.27
Other Income 14.74 23.08 47.36 69.62
Total Revenue 2,598.13 3,041.48 3,610.51 3,996.89
EXPENSES
Cost Of Materials Consumed 549.71 673.61 794.38 914.08
Purchase Of Stock-In Trade 81.58 93.82 90.93 70.42
Changes In Inventories Of FG,WIP And Stock-In Trade -0.53 -1.47 0.8 -1.03
Employee Benefit Expenses 594.75 613.97 681.82 796.44
Finance Costs 0 0 0 165.24
Depreciation And Amortisation Expenses 155.43 160.11 157.45 352.28
Other Expenses 1,116.74 1,198.37 1,395.46 1,271.77
Total Expenses 2,497.69 2,738.42 3,120.83 3,569.19
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 100.44 303.06 489.67 427.7
Exceptional Items -12.17 0 0 -24.91

Profit/Loss Before Tax 88.27 303.06 489.67 402.79

Tax Expenses-Continued Operations

Current Tax 33.95 122.14 174.75 119.64
Deferred Tax -3.45 -15.31 -3.05 4.35
Total Tax Expenses 30.5 106.83 171.69 123.99
Profit/Loss After Tax And Before ExtraOrdinary Items 57.77 196.23 317.98 278.8
Profit/Loss From Continuing Operations 57.77 196.23 317.98 278.8
Profit/Loss For The Period 57.77 196.23 317.98 278.8
Minority Interest 0 0 1.81 1.18

Consolidated Profit/Loss After MI And Associates 57.77 196.23 319.79 279.98

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 9 30 24 21

Diluted EPS (Rs.) 9 30 24 21

DIVIDEND AND DIVIDEND PERCENTAGE

Equity Share Dividend 16.46 16.5 32.99 145.17
Tax On Dividend 3.35 3.36 6.78 29.84
Mar 21

12 mths

3,295.89
3,295.89
15.98
3,311.87
73.08
3,384.95

680.72
46.86
-1.34
746.88
162.7
375.4
1,067.56
3,078.77
306.17
0

306.17

93.13
-17.48
75.65
230.52
230.52
230.52
1.14

231.67

18

18

0
0
Jubilant Foodworks
Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar-17 Mar-18 Mar-19 Mar-20 Mar 21

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 65.95 65.98 131.97 131.97 131.97

Total Share Capital 65.95 65.98 131.97 131.97 131.97
Reserves and Surplus 739.35 901.75 1,127.67 990.06 1,294.86
Total Reserves and Surplus 739.35 901.75 1,127.67 990.06 1,294.86
Total Shareholders Funds 805.3 967.73 1,259.64 1,122.03 1,426.83
Minority Interest 0 0 2.58 10.69 9.39

NON-CURRENT LIABILITIES

Deferred Tax Liabilities [Net] 69.31 54.98 49.98 0.84 0

Other Long Term Liabilities 0.37 0.5 0.5 1,525.22 1,469.30
Total Non-Current Liabilities 69.67 55.48 50.48 1,526.06 1,469.30
CURRENT LIABILITIES
Trade Payables 314.22 388.98 424.96 451.71 537.83
Other Current Liabilities 81.23 68.14 93.62 232.31 281.18
Short Term Provisions 20.2 16.41 24.47 27.93 42.25
Total Current Liabilities 415.65 473.52 543.05 711.95 861.26
Total Capital And Liabilities 1,290.63 1,496.74 1,855.74 3,370.73 3,766.78
ASSETS

NON-CURRENT ASSETS

Tangible Assets 755.02 752.73 771.18 2,150.64 2,109.00

Intangible Assets 45.13 36.5 38.29 38.08 36.5
Capital Work-In-Progress 60.77 12.41 15.22 40.67 26.25
Intangible Assets Under Development 0 1.81 0.5 0.5 2.3
Fixed Assets 860.92 803.44 825.18 2,229.88 2,174.06
Non-Current Investments 0 0 0 0 435.28
Deferred Tax Assets [Net] 0 0 0 75.98 83.07
Other Non-Current Assets 190.34 188.02 218.89 205.75 236.15
Total Non-Current Assets 1,051.26 991.46 1,044.07 2,511.62 2,928.56
CURRENT ASSETS
Current Investments 93.57 263.1 180.8 51.18 81.45
Inventories 60.72 64.21 77.08 94.72 133.13
Trade Receivables 16.1 15.65 27.44 16.64 16.8
Cash And Cash Equivalents 35.39 129.03 494.27 655.88 539.18
OtherCurrentAssets 33.59 33.29 32.09 40.69 67.65
Total Current Assets 239.37 505.28 811.67 859.11 838.22
Total Assets 1,290.63 1,496.74 1,855.74 3,370.73 3,766.78
OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 53.85 36.92 85.75 100.88 188.89

BONUS DETAILS
Bonus Equity Share Capital 0 0 65.98 65.98 65.98

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market Value 0 0 0 0 305.32

Non-Current Investments Unquoted Book Value 0 0 0 0 182.54

CURRENT INVESTMENTS

Current Investments Quoted Market Value 93.57 263.1 180.8 0 0

Current Investments Unquoted Book Value 0 0 0 51.18 81.45
Figures in cr. Historical Project
2018 2019 2020 2021 2022
Sales 3018 3563 3927 3312 2933
Growth rate % 18.0% 10.2% -15.7% -11.4%

Cost of sales 766 886 983 726 713

Gross profit 2,252 2,677 2,944 2,586 2,220
GP margins % 75% 75% 75% 78% 76%

Other operating expenses 1,652.2 1,919.8 1,715.9 1,439.0 1,243.8

Depreciation & Amortization 160.1 157.5 352.3 375.4 411.9

Amortization 12.8 12.5 196.4 196.0 244.7
Depreciation 147.3 145.0 155.9 179.4 167.3

Operating profits (EBIT) 440.1 599.8 875.6 771.2 564.6

Operating profit margins (%) 14.6% 16.8% 22.3% 23.3% 19.2%

Interest expenses 0 0 165.23 162.7 0

Tax rates 40.3% 35.7% 29.7% 30.4% 30.3%

PBT 303.1 489.7 402.8 306.2 564.6
Tax expenses 122.1 174.8 119.6 93.1 171.3
 Projected
2023 2024 2025 2026
2722 2641 2675 2822
-7.2% -3.0% 1.3% 5.5% -4.2%

662 642 650 686

2,060 1,999 2,025 2,136
76% 76% 76% 76%

1,182.4 1,178.6 1,225.9 1,325.1

354.1 312.2 283.9 267.7

198.8 161.6 131.3 106.7
155.2 150.6 152.5 160.9

523.9 508.4 514.8 543.1

19.2% 19.2% 19.2% 19.2%

0 0 0 0

30.3% 30.2% 30.1% 30.0% -0.1%

523.9 508.4 514.8 543.1
158.5 153.4 154.9 162.9
Figures in Cr. Historical Project
2018 2019 2020 2021 2022
Current assets
Debtors 15.7 27.4 16.6 16.8 14.9
Inventory 64.2 77.1 94.7 133.1 130.7
Other current assets 33.3 32.1 40.7 67.7 0.0
Total current assets 113.2 136.6 152.1 217.6 145.6

Current Liabilities
Creditors 389.0 425.0 451.7 537.8 488.3
Accured income tax payable 0.0 0.0 0.0 0.0 0.0
Other accruals 68.1 93.6 232.3 281.2 93.4
Total current liabilities 457.1 518.6 684.0 819.0 581.7

Net Working capital -344.0 -382.0 -532.0 -601.4 -436.1

Changes in working capital 38.0 150.0 69.5 -165.3

Debtor days 2 3 2 2 2
Inventory days 31 32 35 67 67
Other current assets as % of revenue 1% 1% 1% 2% 1%
Creditor days 185 175 168 270 250
Accured income tax payable (as % of Income tax) 0% 0% 0% 0% 0%
Other accruals (% of operating expenses) 4% 5% 14% 20% 8%
 Projected
2023 2024 2025 2026

13.8 13.4 13.6 14.3

121.3 117.7 119.2 125.7
0.0 0.0 0.0
135.1 131.1 132.7 140.0

416.9 378.1 356.2 357.0

0.0 0.0 0.0 0.0
88.8 88.6 92.1 99.6
505.7 466.6 448.3 456.5

-370.6 -335.6 -315.5 -316.5

-65.5 -35.0 -20.0 1.0

2 2 2 2
67 67 67 67
1% 1% 1% 1%
230 215 200 190
0% 0% 0% 0%
8% 8% 8% 8%
Figures in cr. Historical Projected
2018 2019 2020 2021 2022 2023 2024
Debt Schedule
Opening balance 0.37 0.5 0.5 1525.22 1469.3 1469.3 1469.3
Add/Less: Debt taken (Repaid) 0.13 0 1524.72 -55.92 0 0 0
Closing balance 0.37 0.5 0.5 1525.22 1469.3 1469.3 1469.3 1469.3

Interest expenses 0 0 165.24 162.7 157 157 157

Interest rate (pre tax) 0.0% 0.0% 33048.0% 10.7% 10.7% 10.7% 10.7%
Projected
2025 2026

1469.3 1469.3
0
1469.3 1469.3

157 157
10.7% 10.7%
Figures in cr. Historical Projected
2018 2019 2020 2021 2022 2023

Fixed asset schedule

Opening balance 997 1105 1229 1423 1610 1418
Add: Net Purchases 256 269 350 366 -25 53
Total Fixed assets 1252 1374 1579 1790 1,585 1,471
Less:Depreciation 147 145 156 179 167 155
Closing balance 997 1105 1229 1423 1610 1418 1315

Rate of depreciation 12% 11% 10% 10% 11% 11%

Fixed asset turnover ratio 2.41 2.59 2.49 1.85 1.85 1.85

Other intangible assets schedule

Opening balance 45 38 39 1370 1306 1062
Add: Net Purchases 6 13 1527 133 0 0
Total OIA 51 51 1566 1502 1306 1062
Less:Amortization 13 12 196 196 245 199
Closing balance 45 38 39 1370 1306 1062 863

Rate of amortization 25% 24% 13% 13% 19% 19%

Projected
2024 2025 2026

1315 1276 1293

112 169 232
1,427 1,445 1,525
151 153 161
1276 1293 1364

11% 11% 11%

1.85 1.85 1.85

863 701 570

0 0 0
863 701 570
162 131 107
701 570 463

19% 19% 19%

Risk free rate 15-Sep-21

Cost of debt
Risk free rate 15-Sep-21
Add: Company risk premium Ashwath Damodran dataset
Add: Country risk premium Ashwath Damodran dataset
Cost of debt
Tax rates Marginal rate
Post tax cost of debt

Cost of equity
Risk free rate 15-Sep-21
Beta
Return of markets
Risk free rate 15-Sep-21

Cost of equity

Calculation of return of market

Start date 1-Oct-07
Valuation date 15-Sep-21
Years 13.96
CAGR

Calculation of market value weights

Shares outstanding
Price per share

Value of equity shares

Value of debt

Calculation of beta
Last 3 years weekly data

Date Adj Close Return of market Adj Close Return of jubilant foodworks
9/17/2018 11143.10 1289.41
9/24/2018 10930.45 -1.9% 1218.51 -5.5%
10/1/2018 10316.45 -5.6% 1141.52 -6.3%
10/8/2018 10472.50 1.5% 1176.45 3.1%
10/15/2018 10303.55 -1.6% 1256.71 6.8%
10/22/2018 10030.00 -2.7% 1045.90 -16.8%
10/29/2018 10553.00 5.2% 1070.23 2.3%
 11/5/2018 10585.20 0.3% 1079.39 0.9%
11/12/2018 10682.20 0.9% 1180.21 9.3%
11/19/2018 10526.75 -1.5% 1200.33 1.7%
11/26/2018 10876.75 3.3% 1246.55 3.9%
12/3/2018 10693.70 -1.7% 1232.03 -1.2%
12/10/2018 10805.45 1.0% 1235.16 0.3%
12/17/2018 10754.00 -0.5% 1301.49 5.4%
12/24/2018 10859.90 1.0% 1237.24 -4.9%
12/31/2018 10727.35 -1.2% 1201.02 -2.9%
1/7/2019 10794.95 0.6% 1226.29 2.1%
1/14/2019 10906.95 1.0% 1206.82 -1.6%
1/21/2019 10780.55 -1.2% 1186.90 -1.7%
1/28/2019 10893.65 1.0% 1345.54 13.4%
2/4/2019 10943.60 0.5% 1334.69 -0.8%
2/11/2019 10724.40 -2.0% 1288.96 -3.4%
2/18/2019 10791.65 0.6% 1283.36 -0.4%
2/25/2019 10863.50 0.7% 1265.08 -1.4%
3/4/2019 11035.40 1.6% 1327.35 4.9%
3/11/2019 11426.85 3.5% 1330.92 0.3%
3/18/2019 11456.90 0.3% 1417.32 6.5%
3/25/2019 11623.90 1.5% 1430.80 1.0%
4/1/2019 11665.95 0.4% 1404.64 -1.8%
4/8/2019 11643.45 -0.2% 1349.05 -4.0%
4/15/2019 11752.80 0.9% 1332.85 -1.2%
4/22/2019 11754.65 0.0% 1330.53 -0.2%
4/29/2019 11712.25 -0.4% 1314.23 -1.2%
5/6/2019 11278.90 -3.7% 1252.94 -4.7%
5/13/2019 11407.15 1.1% 1261.91 0.7%
5/20/2019 11844.10 3.8% 1304.91 3.4%
5/27/2019 11922.80 0.7% 1295.60 -0.7%
6/3/2019 11870.65 -0.4% 1302.39 0.5%
6/10/2019 11823.30 -0.4% 1293.57 -0.7%
6/17/2019 11724.10 -0.8% 1243.43 -3.9%
6/24/2019 11788.85 0.6% 1221.68 -1.7%
7/1/2019 11811.15 0.2% 1223.46 0.1%
7/8/2019 11552.50 -2.2% 1196.81 -2.2%
7/15/2019 11419.25 -1.2% 1204.79 0.7%
7/22/2019 11284.30 -1.2% 1203.05 -0.1%
7/29/2019 10997.35 -2.5% 1177.54 -2.1%
8/5/2019 11109.65 1.0% 1172.29 -0.4%
8/12/2019 11047.80 -0.6% 1102.88 -5.9%
8/19/2019 10829.35 -2.0% 1143.95 3.7%
8/26/2019 11023.25 1.8% 1178.33 3.0%
9/2/2019 10946.20 -0.7% 1193.99 1.3%
9/9/2019 11075.90 1.2% 1239.66 3.8%
 9/16/2019 11274.20 1.8% 1367.78 10.3%
9/23/2019 11512.40 2.1% 1362.43 -0.4%
9/30/2019 11174.75 -2.9% 1281.75 -5.9%
10/7/2019 11305.05 1.2% 1317.01 2.8%
10/14/2019 11661.85 3.2% 1352.58 2.7%
10/21/2019 11583.90 -0.7% 1527.32 12.9%
10/28/2019 11890.60 2.6% 1567.36 2.6%
11/4/2019 11908.15 0.1% 1605.86 2.5%
11/11/2019 11895.45 -0.1% 1614.37 0.5%
11/18/2019 11914.40 0.2% 1554.63 -3.7%
11/25/2019 12056.05 1.2% 1609.84 3.6%
12/2/2019 11921.50 -1.1% 1561.09 -3.0%
12/9/2019 12086.70 1.4% 1611.58 3.2%
12/16/2019 12271.80 1.5% 1569.55 -2.6%
12/23/2019 12245.80 -0.2% 1618.60 3.1%
12/30/2019 12226.65 -0.2% 1674.06 3.4%
1/6/2020 12256.80 0.2% 1718.88 2.7%
1/13/2020 12352.35 0.8% 1740.26 1.2%
1/20/2020 12248.25 -0.8% 1800.75 3.5%
1/27/2020 11962.10 -2.3% 1867.75 3.7%
2/3/2020 12098.35 1.1% 1892.33 1.3%
2/10/2020 12113.45 0.1% 1803.24 -4.7%
2/17/2020 12080.85 -0.3% 1873.42 3.9%
2/24/2020 11201.75 -7.3% 1747.78 -6.7%
3/2/2020 10989.45 -1.9% 1683.41 -3.7%
3/9/2020 9955.20 -9.4% 1514.14 -10.1%
3/16/2020 8745.45 -12.2% 1468.76 -3.0%
3/23/2020 8660.25 -1.0% 1411.85 -3.9%
3/30/2020 8083.80 -6.7% 1295.69 -8.2%
4/6/2020 9111.90 12.7% 1420.29 9.6%
4/13/2020 9266.75 1.7% 1545.43 8.8%
4/20/2020 9154.40 -1.2% 1476.30 -4.5%
4/27/2020 9859.90 7.7% 1605.89 8.8%
5/4/2020 9251.50 -6.2% 1564.20 -2.6%
5/11/2020 9136.85 -1.2% 1663.59 6.4%
5/18/2020 9039.25 -1.1% 1617.67 -2.8%
5/25/2020 9580.30 6.0% 1653.91 2.2%
6/1/2020 10142.15 5.9% 1682.86 1.8%
6/8/2020 9972.90 -1.7% 1734.48 3.1%
6/15/2020 10244.40 2.7% 1686.35 -2.8%
6/22/2020 10383.00 1.4% 1766.97 4.8%
6/29/2020 10607.35 2.2% 1734.23 -1.9%
7/6/2020 10768.05 1.5% 1617.97 -6.7%
7/13/2020 10901.70 1.2% 1752.50 8.3%
7/20/2020 11194.15 2.7% 1723.05 -1.7%
 7/27/2020 11073.45 -1.1% 1717.65 -0.3%
8/3/2020 11214.05 1.3% 1869.31 8.8%
8/10/2020 11178.40 -0.3% 1866.61 -0.1%
8/17/2020 11371.60 1.7% 1974.84 5.8%
8/24/2020 11647.60 2.4% 2164.58 9.6%
8/31/2020 11333.85 -2.7% 2242.75 3.6%
9/7/2020 11464.45 1.2% 2323.52 3.6%
9/14/2020 11504.95 0.4% 2356.96 1.4%
9/21/2020 11050.25 -4.0% 2310.44 -2.0%
9/28/2020 11416.95 3.3% 2362.35 2.2%
10/5/2020 11914.20 4.4% 2298.16 -2.7%
10/12/2020 11762.45 -1.3% 2314.98 0.7%
10/19/2020 11930.35 1.4% 2216.49 -4.3%
10/26/2020 11642.40 -2.4% 2171.22 -2.0%
11/2/2020 12263.55 5.3% 2259.47 4.1%
11/9/2020 12719.95 3.7% 2471.68 9.4%
11/16/2020 12859.05 1.1% 2613.95 5.8%
11/23/2020 12968.95 0.9% 2496.74 -4.5%
11/30/2020 13258.55 2.2% 2557.94 2.5%
12/7/2020 13513.85 1.9% 2643.85 3.4%
12/14/2020 13760.55 1.8% 2753.77 4.2%
12/21/2020 13749.25 -0.1% 2703.10 -1.8%
12/28/2020 13981.75 1.7% 2788.26 3.2%
1/4/2021 14347.25 2.6% 2907.87 4.3%
1/11/2021 14433.70 0.6% 2728.61 -6.2%
1/18/2021 14371.90 -0.4% 2741.74 0.5%
1/25/2021 13634.60 -5.1% 2585.94 -5.7%
2/1/2021 14924.25 9.5% 2745.78 6.2%
2/8/2021 15163.30 1.6% 2784.77 1.4%
2/15/2021 14981.75 -1.2% 2946.45 5.8%
2/22/2021 14529.15 -3.0% 2990.03 1.5%
3/1/2021 14938.10 2.8% 3068.06 2.6%
3/8/2021 15030.95 0.6% 2967.02 -3.3%
3/15/2021 14744.00 -1.9% 2863.39 -3.5%
3/22/2021 14507.30 -1.6% 2876.12 0.4%
3/29/2021 14867.35 2.5% 2945.95 2.4%
4/5/2021 14834.85 -0.2% 2876.67 -2.4%
4/12/2021 14617.85 -1.5% 2816.07 -2.1%
4/19/2021 14341.35 -1.9% 2840.03 0.9%
4/26/2021 14631.10 2.0% 2887.00 1.7%
5/3/2021 14823.15 1.3% 2736.10 -5.2%
5/10/2021 14677.80 -1.0% 2800.69 2.4%
5/17/2021 15175.30 3.4% 3015.24 7.7%
5/24/2021 15435.65 1.7% 3115.53 3.3%
5/31/2021 15670.25 1.5% 3169.34 1.7%
 6/7/2021 15799.35 0.8% 3212.77 1.4%
6/14/2021 15683.35 -0.7% 3286.85 2.3%
6/21/2021 15860.35 1.1% 3112.78 -5.3%
6/28/2021 15722.20 -0.9% 3140.64 0.9%
7/5/2021 15689.80 -0.2% 3103.70 -1.2%
7/12/2021 15923.40 1.5% 3140.09 1.2%
7/19/2021 15856.05 -0.4% 3563.55 13.5%
7/26/2021 15763.05 -0.6% 3769.01 5.8%
8/2/2021 16238.20 3.0% 3709.81 -1.6%
8/9/2021 16529.10 1.8% 3781.50 1.9%
8/16/2021 16450.50 -0.5% 3968.20 4.9%
8/23/2021 16705.20 1.5% 3812.35 -3.9%
8/30/2021 17323.60 3.7% 4113.10 7.9%
9/6/2021 17369.25 0.3% 4097.70 -0.4%
9/13/2021 17380.00 0.1% 4116.00 0.4%
 6.198%

WACC Calculation
6.198%
0.69%
2.13% Kd 6.3% Wd 4%
9.02% Ke 7.6% We 96%
30.00%
6.31% WACC 7.55%

6.198%
0.73
8.11%
6.20%

7.6%

5900.65
17519.45

8.11%

13
2,646.19

34,921.54

1469.3

foodworks
beta = cov(return of market & stock)/variance of market
cov(m&s) 0.000597
variance 0.000814
beta 0.733062
Figures in Cr. 0 1 2
2022 2023
EBIT 565 524
Less: taxes -171 -158
NOPAT (net operating profit after tax) 393 365
Add: Depreciation and amortization 412 354
Add/Less: Working capital changes -165 -66
Less: Investment in fixed assets 25 -53
FCFF 665 601
Discount factor 0.96 0.90

Present value of Explicit period 2,267.37

Exit multiple
EV/EBITDA 59.47
EBITDA 811
Enterprise value (Terminal value) 48,216.67
Present value of terminal value 33,512.23

Total Present value of operations 35,779.60

Add: Non Operating assets including cash 620.63
Value of firm 36,400.23
Less: Debt -1469.3
Less: Non-controlling interest -9.39
Value of equity 34,921.54
Shares outstanding 13.20
Value per share (15-09-2021) 2,646.2
 3 4 5
2024 2025 2026
508 515 543
-153 -155 -163
355 360 380
312 284 268
-35 -20 1
-112 -169 -232
521 455 417
0.83 0.78 0.72