FY18 FY19 FY20 FY21

Net Sales 33,971 29,254 30,959

YoY -14% 6%
Other Operating Income
YoY
Total 33,971 29,254 30,959
YoY -14% 6%
Expenditure
Raw Material Consumed 23,503 20,004 21,968
Purchase of stock in trade 0 0 (256)
Chg in inventories of FG, WIP, Stock in trade -59 -173 31
COGS 23,444 19,831 21,744
% of sales 69.0% 67.8% 70.2%

Gross Profit 10,526 9,423 9,216

Gross Margins 31.0% 32.2% 29.8%

Employee Expenses 1,778 1,889 1,951

YoY 6% 3%
Other Expenses 3,730 3,473 3,165
% of sales 11.0% 11.9% 10.2%
TOTAL EXPENDITURE 28,952 25,193 26,860
YoY
EBITDA 5,018 4,061 4,100
YoY
EBITDA Margins 14.8% 13.9% 13.2%
Depreciation 624.44 845.76 715.12
EBIT 4,394 3,215 3,384
Interest Expense 37.18 46.64 46.41
YoY
EBT ( Before expectional and other items) 4,357 3,169 3,338
YoY
Other Income 686.73 730.56 557.9
YoY
PBT (Before extra ordinary item) 5,044 3,899 3,896
Exceptional Items - 677 -
Share of profits 61 35 (47)
PBT 5,104 4,611 3,849
YoY
Tax 1,638 952 913
Tax rate 32% 21% 24%
Profit After Tax 3,466 3,659 2,936
YoY 6% -20%
PAT Margin 10.2% 12.5% 9.5%

#N/A

39.95 39.95 39.96

Face Value 2 2 2
No Of sshares 19.975 19.975 19.98
EPS 174 183 147
Current Price 2786 2786
PE
Target Price 5874

BVPS 0 0
P/BV #DIV/0! #DIV/0!

P/BV
Target Price

Sales Per share 1465 1550

P/S
Target Price

EV EBITDA
FY22 FY23E FY24E FY25E FY26E FY27E
29,551 32,506 35,757 39,333 43,266 47,593
-5% 10.0% 10.0% 10.0% 10.0% 10.0%

29,551 32,506 35,757 39,333 43,266 47,593

-5% 10% 10% 10% 10% 10%

20,846 22000 25000 28000 30000 35000

46 86 126 150 200 220
29 35 28 37 39 42
20,920 22,429 24,672 27,140 29,854 32,839
70.8% 69.0% 69.0% 69.0% 69.0% 69.0%

8,631 10,077 11,085 12,193 13,412 14,754

29.2% 31.0% 31.0% 31.0% 31.0% 31.0%

1,996 2,116 2,242 2,377 2,520 2,671

2% 6% 6% 6% 6% 6%
3,190 3,576 3,933 4,327 4,759 5,235
10.8% 11.0% 11.0% 11.0% 11.0% 11.0%
26,107 28,121 30,848 33,843 37,132 40,745

3,445 4,386 4,909 5,490 6,134 6,848

11.7% 13.5% 13.7% 14.0% 14.2% 14.4%

689.52 645 669 693 717 741
2,755 3,741 4,240 4,797 5,417 6,107
53.1 63 73 82 92 102

2,702 3,678 4,168 4,714 5,325 6,005

555.01 0 0 0 0 0

3,257 3,678 4,168 4,714 5,325 6,005

-
(199) 0 0 0 0 0
3,058 3,678 4,168 4,714 5,325 6,005

729 920 1,042 1,179 1,331 1,501

24% 25% 25% 25% 25% 25%
2,329 2,759 3,126 3,536 3,994 4,504
-21% 18% 13% 13% 13% 13%
7.9% 8.5% 8.7% 9.0% 9.2% 9.5%

39.96 39.96 39.96 39.96 39.96 39.96

2 2 2 2 2 2
19.98 19.98 19.98 19.98 19.98 19.98
117 138 156 177 200 225
3000 3500 4000 6000 5800 6200

4675 6233 7072 7992 8991

 - -
Particulars FY18 FY19
ASSETS
Non-current assets
(a) Property, plant and equipment 4,771 4,793
(b) Capital work-in-progress 239 385
Right of use of assets
(c) Intangible assets 190 160
(d) Intangible assets under development 116 188
(e) Equity accounted investments in associates 1,160 1,706
(f) Financial assets
(i) Investments 918 1,234
(ii) Loans 46 60
(iii) Others 34
(g) Income tax assets (net) 395 856
(h) Other non-current assets 560 676
Total Non - Current Assets 8,395 10,091
Current assets
(a) Inventories 963 1,250
(b) Financial assets
(i) Investments 5,591 3,174
(ii) Trade receivables 1,427 2,745
(iii) Cash and cash equivalents 131 208
(iv) Bank balances other than (iii) above 107 96
(v) Loans 29 25
(vi) Others 543 654
(c) Other current assets 212 262
Total Current Assets 9,002 8,413
Total assets 17,397 18,504
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 40 40
(b) Other equity 11,932 13,080
Total Equity attributable to owners of the Company 11,971 13,120
Non-controlling interests 93 116
Total Equity 12,065 13,237
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 149.63 125
Lease liabilities
Other financial liabilities
(b) Provisions 119.18 121
(c) Deferred tax liabilities (net) 581.89 613
Total Non - Current Liabilities 850.7 858.66
Current liabilities
(a) Financial liabilities
(i) Borrowings 75.37 184
Lease liabilities
(ii) Trade payables 3,375.26 3,438
(iii) Other financial liabilities 205.49 227
(b) Other current liabilities 764.95 501
(c) Provisions 60.29 60
Total Current Liabilities 4,481 4,409
Total Equity and Liabilities 17,397 18,504

The notes referred to above form an integral part of the consolidated financials
statements

Non-current assets
(a) Property, plant and equipment #DIV/0!
(b) Capital work-in-progress #DIV/0!
(c) Intangible assets #DIV/0!
(d) Intangible assets under development #DIV/0!
(e) Equity accounted investments in associates #DIV/0!
(f) Financial assets #DIV/0!
(i) Investments #DIV/0!
(ii) Loans #DIV/0!
(iii) Others #DIV/0!
(g) Income tax assets (net) #DIV/0!
(h) Other non-current assets #DIV/0!
Total Non - Current Assets #DIV/0!
Current assets #DIV/0!
(a) Inventories #DIV/0!
(b) Financial assets #DIV/0!
(i) Investments #DIV/0!
(ii) Trade receivables #DIV/0!
(iii) Cash and cash equivalents #DIV/0!
(iv) Bank balances other than (iii) above #DIV/0!
(v) Loans #DIV/0!
(vi) Others #DIV/0!
(c) Other current assets #DIV/0!
Total Current Assets #DIV/0!
Total assets #DIV/0!
EQUITY AND LIABILITIES #DIV/0!
Equity #DIV/0!
(a) Equity share capital #DIV/0!
(b) Other equity #DIV/0!
Total Equity attributable to owners of the Company #DIV/0!
Non-controlling interests #DIV/0!
Total Equity #DIV/0!
Liabilities #DIV/0!
Non-current liabilities #DIV/0!
(a) Financial liabilities #DIV/0!
(i) Borrowings #DIV/0!
(b) Provisions #DIV/0!
(c) Deferred tax liabilities (net) #DIV/0!
Total Non - Current Liabilities #DIV/0!
Current liabilities #DIV/0!
(a) Financial liabilities #DIV/0!
(i) Borrowings #DIV/0!
(ii) Trade payables #DIV/0!
(iii) Other financial liabilities #DIV/0!
(b) Other current liabilities #DIV/0!
(c) Provisions #DIV/0!
Total Current Liabilities #DIV/0!
Total Equity and Liabilities #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
0 #DIV/0!
 - - - - - - -
FY20 FY21 FY22 FY23E FY24E FY25E FY26E

5,786 5,551 5,354 5,109 4,841 4,548 4,231

205 236 149 149 149 149 149
519 511 518 518 518 518 518
168 318 321 321 321 321 321
187 259 368 368 368 368 368
2,098 2,408 2,203 2,203 2,203 2,203 2,203

1,551 1,949 2,455 2,455 2,455 2,455 2,455

68 53 17 17 17 17 17
- 42 42 42 42 42
322 378 358 358 358 358 358
122 63 120 120 120 120 120
11,025 11,726 11,906 11,661 11,392 11,100 10,783

1,282 1,789 1,472 1,721 1,893 2,082 2,290

4,709 6,225 5,870 5,870 5,870 5,870 5,870

1,512 2,275 2,158 2,405 2,645 2,910 3,201
307 275 181 1,676 3,341 5,451 8,053
130 122 119 119 119 119 119
24 40 23 23 23 23 23
364 366 475 475 475 475 475
323 279 273 273 273 273 273
8,651 11,370 10,572 12,561 14,639 17,202 20,304
19,675 23,096 22,478 24,223 26,031 28,302 31,087

40 40 40 40 40 40 40
14,366 15,376 15,807 16,667 17,895 19,532 21,628
14,406 15,416 15,847 16,707 17,935 19,572 21,668
141 143 148 148 148 148 148
14,547 15,560 15,995 16,855 18,083 19,720 21,816

44.02 45 36.17 51 66 81 96
207.62 212 215.51 215.51 215.51 215.51 215.51
1.35 146 155.04 155.04 155.04 155.04 155.04
123.9 176 181.13 181.13 181.13 181.13 181.13
472.58 453 378.21 378.21 378.21 378.21 378.21
849.47 1031.95 966 981 996 1,011 1,026

166 285 317.31 367 417 467 517

33 30 36.18 36.18 36.18 36.18 36.18
3,128 5,264 4,343 5,162 5,678 6,246 6,870
261 179 145.58 145.58 145.58 145.58 145.58
 531 571 496.32 496.32 496.32 496.32 496.32
160 176 179.15 179.15 179.15 179.15 179.15
4,279 6,505 5,518 6,386 6,953 7,570 8,245
19,675 23,096 22,478 24,223 26,031 28,302 31,087

24,223

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #REF!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! Niveditha
#DIV/0! #DIV/0! Equity
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! Total Capital
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! Profit
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #REF! ROCE
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
 -
FY27E

3,890 FY22
149 Opening balance 5,551
518 Add: Capex 493
321 Less: Sold
368 Less: Dep 690
2,203 Closing 5,354

2,455
17
42
358
120 Step 1 Clone the balance sheet
10,442 Step 2 Link balance sheet cash with Cash flow ending balance
Step 3 Make a other equtiy schedule
2,519

5,870
3,521
11,203
119
23
475
273
24,003
34,445

40
24,234
24,274
148
24,422

1,000,000 150,000
111
215.51
155.04 100000 100000 100000
181.13
378.21
1,041

20.8
567
36.18
7,557
145.58
496.32
179.15
8,982
34,445

ROE Return on Equity PAT/Average Equity

ROCE EBIT 30% PAT/ Avg Total Capital ( D+E)

E

Rishabh
100,000.00 Equity 50000
Debt 50000
100,000.00 100,000
10000 Profit 10000
Interest 5000
PAT 5000
10%
5%
EBIT
100000 100000 100000 100000
T/Average Equity

T/ Avg Total Capital ( D+E)

5%
Predict cash flow from FY22 FY18
CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax and share in profit/(loss) of associates
Adjustments for:
Add: Depreciation and amortisation expense
Tax expense
Loss on property, plant and equipments sold/discarded
Finance cost
Employee Stock Compensation Cost
Loss allowance on trade receivables
Less: Interest income on financial assets carried at amortised cost
Dividend income
Profit on sale of investments
Gain on investments carried at fair value through profit or loss
Share of profit in associates
Profit on sale of property, plant and equipments
Foreign currency translation (net)
Operating profit before working capital changes
Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Inventories
Trade receivables
Loans–Current
Loans–Non-Current
Other financial assets
Other current assets
Other non-current assets

Adjustment for increase/(decrease) in operating liabilities:

Trade payables
Other financial liabilities–Current
Other current liabilities
Current provisions
Non-current provisions

Cash generated from operating activities

Less: Direct taxes paid (net of refund)
Net cash generated from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment, intangible assets and capital work-in-progress inclu
Proceeds from sale of property, plant and equipment
Deposits made
Sale of investments
Purchase of investments
Dividend income received from associates
Investment in associates
Interest income on financial assets carried at amortised cost
Dividend income
Net cash generated/(used) in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Interest paid
Payment of lease liabilities
Dividend paid
Tax on dividend
Additions to minority interest
Proceeds from issue of equity share capital
Proceeds/ Repayment of non-current borrowings
Proceeds/Repayment from current borrowings
Net cash (used) in financing activities
INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
(A+B+C)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
FY19 FY20 FY21 FY22 FY23E FY24E FY25E FY26E FY27E

3,466 3,659 2,759 3,126 3,536 3,994 4,504

624 846 645 669 693 717 741

1,638 952
6 9
37 47 47 54 62 69 76
7 10
53
288 278
72 48
145 136
175 222
60 35
1 0
-10 -19
5,048 4,875

-287 -33 -248 -172 -189 -208 -229

-1,318 1,180 -246 -240 -265 -291 -320
3 1
-14 -8
-111 291
-49 -64
47 43
-1,729 1,410 0

63 -311 819 516 568 625 687

2 5
-264 31
-19 57
2 3
-216 -215
3,103 6,071 0 3,775 3,953 4,404 4,905 5,459
2,070 553
1,032 5,518 0

-980 -1,275 -400 -400 -400 -400 -400

4 -13
-23 -4
42,020 47,232
-39,456 -49,353
0 20
-628 248
288 277
72 48
1,298 -2,819 0 -400 -400 -400 -400 -400

-37 -47 -47 -54 -62 -69 -76

0 -115
-1,929 -1,957 -1,898 -1,898 -1,898 -1,898 -1,898
-390 -401
18 17
2 0
-25 -81 15 15 15 15 15
108 -19 50 50 50 50 50
-2,252 -2,602 0 -1,880 -1,887 -1,895 -1,902 -1,909
78 97 0 1,495 1,665 2,110 2,603 3,150

131 208 181 1,676 3,341 5,451 8,053

208 305 275 181.02 1,676 3,341 5,451 8,053 11,203
PY-CY
Other Equity
FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
Opening Balance 11932 13080 14,366 15,376 15,807 16,667 17,895
ADD: Profit For the Year 3,046 3,184 2,908 2,329 2,759 3,126 3,536
Less: Dividends 1,898 1,898 1,898 1,898 1,898 1,898 1,898
Closing Balance 11,932 13,080 14,366 15,376 15,807 16,667 17,895 19,532

Dividend Payout Ratio 62% 60% 65% 82% 69% 61% 54%
Dividend Per Share 100 100 100 100 95 95 95
Number of shares 19.975 19.975 19.98 19.98 19.98 19.98 19.98

Tax on dividend
Tax
FY26E FY27E
19,532 21,628
3,994 4,504
1,898 1,898
21,628 24,234

48% 42%
95 95
19.98 19.98
 FY18 FY19 FY20
Gross Block
Opening
ADD: Capex
Less Sold
Other
Closing

Depreciation
Opening
Add: Dep for the year
Disposal
Others
Accumualted Depreciation

Net Fixed Assets

Depreciaiton rate
 FY21 FY22 FY23E FY24E FY25E FY26E FY27E

9,771.60 10,066.97 10,348 10,748 11,148 11,548 11,948

397.38 424.84 400 400 400 400 400
100.03 148.45 - - - - -
(1.98) 4.18 - - - - -
10,066.97 10,347.54 10,748 11,148 11,548 11,948 12,348

3,985.36 4,516.30 4,993 5,638 6,307 7,000 7,717 Dep

620.28 603.85 645 669 693 717 741 CFI
89.21 128.02 - NET Fixed Asset
(0.13) 1.07 - Tax/ CFO
4,516.30 4,993.20 5,638 6,307 7,000 7,717 8,457 PAT
Other Equity
5,550.67 5,354.34 5,109 4,841 4,548 4,231 3,890

6.16% 5.92% 6.00% 6.00% 6.00% 6.00% 6.00%

sales /Asset
3 1
Asset t/o
Opening 1000 5400
ADD: Capex 5000 1000
Less Sold 0
Less: dep 600 640
Closing 5400 5760
 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
Short Term
Opening Balance 317 367 417
Add 100 100 100
Repayment 50 50 50
Closing Balance 184 166 285 317 367 417 467

Long Term
Opening Balance 125 44 45 36 51 66
Add 50 50 50 50 50 50
Repayment 35 35 35 35 35 35
Closing Balance 125 44 45 36 51 66 81

Total Debt 309 210 330 353 418 483 548

Interest 37 47 46 53 63 73 82

Interest Rate/ Cost of debt 12% 18% 17% 16% 15% 15% 15%

Total debt/ Equity 0.02 0.01 0.02 0.02

FY26E FY27E

467 517
100 100
50 50
517 567

81 96
50 50
35 35
96 111

613 678

92 102

15% 15%
Working Capital FY18 FY19 FY20 FY21 FY22 FY23E
Net Sales 33,971 29,254 30,959 29,551 32,506
COGS 23,444 19,831 21,744 20,920 22,429
Purchases/Sales 23,444 19,831 21,744 20,920 22,429

Receivables 1,427 2,745 1,512 2,275 2,158 2405

Inventory 963 1,250 1,282 1,789 1,472 1721
Payables 3,375 3,438 3,128 5,264 4,343 5162

Days of sales

Turnover Ratios

Debtors T/o
Inventory T/o
Payables T/o

Days
Days of Receivables 22 27 22 27 27
Days of Inventory 17 23 26 28 28
Days of Payable 53 60 70 84 84
Cash conversion Cycle -13 -11 -22 -28 -29
FY24E FY25E FY26E FY27E
35,757 39,333 43,266 47,593
24,672 27,140 29,854 32,839
24,672 27,140 29,854 32,839

2645 2910 3201 3521

1893 2082 2290 2519
5678 6246 6870 7557

27 27 27 27
28 28 28 28
84 84 84 84
-29 -29 -29 -29
No of Units Sold
Domestic Apr-19 May-19 Jun-19 Jul-19
Maestro 3,407 13,423 10,012 11,922
Destini 16,301 16,752 11,292 11,158
Pleasure 10,689 9,020 8,474 17,629
Duet
Achiever - - - -
Hunk
HF Deluxe 182,029 183,255 193,194 169,632
Passion 59,138 69,663 56,143 43,439
Splendor 223,532 199,225 177,413 130,333
Super Splendor - - 65,330 -
Glamour 67,829 69,379 69,878 71,160
X Pulse 200T
Xpulse 200 0 1026 2674 2530
Xtreme 1,633 1,536 837 426
Total Domestic 564,558 563,279 595,247 458,229

Motorcycles
Scooters

Price of the Vehicles In Rs ( Domestic)

Maestro
Dsetini
Pleasure
Duet
Achiever
Hunk
HF Deluxe
Passion
Splendor
Super Splendor
Glamour
X Pulse 200T
Xpulse 200
Xtreme

Revenue Domestic
Maestro
Dsetini
Pleasure
Duet
Achiever
Hunk
HF Deluxe
Passion
Splendor
Super Splendor
Glamour
X Pulse 200T
Xpulse 200
Xtreme

Total Domestic Revenue

Total Revenue
 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan'20 Feb'20
12,724 14,191 11,807 7,143 3,608 656 2,102
9,735 9,982 10,371 7,744 3,388 394 7,304
16,308 20,425 16,347 18,474 11,391 4,239 8,435

- - - - - - -

160,684 195,093 185,751 159,544 138,951 191,875 175,997

41,157 40,672 45,928 39,525 26,960 26,905 34,797
170,258 192,593 222,178 181,757 162,593 188,629 184,502
- 62,016 41,959 41,532 31,133 33,949 30,694
60,706 62,016 40,896 43,370 28,606 40,318 35,752

3734 0 2769 2936 2311 139 5

429 530 347 1,237 653 114 605
475,735 597,518 578,353 503,262 409,594 488,069 480,193

462,352
17,841

65000
68000
62000
48000
66000
70000
55000
65000
68000
72000
75000
105000
100000
105000
Mar'20 April'20 May'20 June'20 July'20 Aug'20 Sep'20
3,538 - - 5,701 6,201 8,521 14,029
9,523 - - 12,475 13,184 13,609 19,644
13,898 - - 15,012 16,290 16,935 20,068
- - - - - -
- - - - - - -
- - - - - -
114,969 - 24,830 129,602 154,142 177,168 216,201
17,937 - 13,436 39,900 44,377 52,471 63,296
101,541 - 32,879 127,802 159,480 177,811 215,873
42,195 - 9,119 52,464 53,933 54,490 64,377
12,713 - 22,640 45,252 51,225 54,315 69,477
- - - - - -
20 - - - 1,475 1,317 1,398
194 - - - - - 12,930
316,528 - 102,904 428,208 500,307 556,637 697,293
Oct'20 Nov'20 Dec'20 Jan'21A Feb'21A Mar'21A April'21
23,240 12,412 3,911 6,388 5,899 6,629 6,000
26,714 15,515 5,789 9,484 12,031 13,520 12,000
23,392 19,707 19,090 18,603 23,106 25,965 23,000
- - - - - - -
- - - - - - -
- - - - - - -
233,061 179,426 141,168 134,860 126,309 141,937 130,000
75,540 53,768 36,624 43,162 34,417 38,675 35,000
243,407 197,899 163,845 188,157 213,146 239,518 210,000
72,391 50,499 31,085 37,225 34,276 38,517 34,000
78,439 39,899 19,238 22,681 27,375 30,762 27,000
- - - - - - -
2,473 1,372 1,018 1,750 2,861 3,215 2,800
12,480 5,460 3,265 5,443 4,985 5,602 5,000
791,137 575,957 425,033 467,753 484,405 544,340 484,800

443,369 498,227 443,800

41,036 46,113 41,000
May'21E June'21 July'21 Aug'21 Sep'21 Oct'21 Nov'21
6,000 6,000 6,000 6,000 6,000 6,000 6,000
12,000 12,000 12,000 12,000 12,000 12,000 12,000
23,000 23,000 23,000 23,000 23,000 23,000 23,000
- - - - - - -
- - - - - - -
- - - - - - -
130,000 130,000 130,000 130,000 130,000 130,000 130,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
100,000 100,000 100,000 100,000 100,000 100,000 100,000
34,000 34,000 34,000 34,000 34,000 34,000 34,000
27,000 27,000 27,000 27,000 27,000 27,000 27,000
- - - - - - -
2,800 2,800 2,800 2,800 2,800 2,800 2,800
5,000 5,000 5,000 5,000 5,000 5,000 5,500
374,800 374,800 374,800 374,800 374,800 374,800 375,300

333,800 333,800 333,800 333,800 333,800 333,800 334,300

41,000 41,000 41,000 41,000 41,000 41,000 41,000
Dec'21 Jan'22 Feb'22 March'22 Q1FY22E Q2FY22E Q3FY22E
6,000 6,000 6,000 6,000 18,000 18,000 18,000
12,000 12,000 12,000 12,000 36,000 36,000 36,000
23,000 23,000 23,000 23,000 69,000 69,000 69,000
- - - - - - -
- - - - - - -
- - - - - - -
130,000 130,000 130,000 130,000 390,000 390,000 390,000
35,000 35,000 35,000 35,000 105,000 105,000 105,000
100,000 100,000 100,000 100,000 410,000 300,000 300,000
34,000 34,000 34,000 34,000 102,000 102,000 102,000
27,000 27,000 27,000 27,000 81,000 81,000 81,000
- - - - - - -
2,800 2,800 2,800 2,800 8,400 8,400 8,400
6,050 7,000 7,000 8,000 15,000 15,000 16,550
375,850 376,800 376,800 377,800 1,234,400 1,124,400 1,125,950

334,850 335,800 335,800 336,800 1,111,400 1,001,400 1,002,950

41,000 41,000 41,000 41,000 123,000 123,000 123,000

Q1FY22 Q2FY22 Q3FY22

65000 65000 66300
68000 68000 69360
62000 62000 63240
48000 48000 48960
66000 66000 67320
70000 70000 71400
50000 50000 51000
65000 65000 66300
60000 60000 61200
72000 72000 73440
70000 70000 71400
105000 105000 107100
100000 100000 102000
100000 100000 102000

Q1FY22E Q2FY22E Q3FY22E

117 117 119
245 245 250
428 428 436
0 0 0
0 0 0
0 0 0
1950 1950 1989
683 683 696
2460 1800 1836
734 734 749
567 567 578
 0 0 0
84 84 86
150 150 169

7418 6758 6908

7729 7237 7388

Q4FY22E FY20 FY21 FY22E
18,000 72,000
36,000 144,000
69,000 276,000
- -
- -
- -
390,000 1,560,000
105,000 420,000
300,000 1,310,000
102,000 408,000
81,000 324,000
- -
8,400 33,600
22,000 68,550
1,131,400 6,231,458 5,599,930 4,616,150

1,008,400 4,124,150
123,000 492,000

Q4FY22 FY20 FY21 FY22

67626 65000 65981.5
70747 68000 69026.8
64505 62000 62936.2
49939 48000 48724.8
68666 66000 66996.6
72828 70000 71057
52020 55000 50755
67626 65000 65981.5
62424 68000 60906
74909 72000 73087.2
72828 70000 71057
109242 105000 106585.5
104040 100000 101510
104040 100000 101510

Q4FY22E FY20 FY21 FY22E

122
255
445
0
0
0
2029
710
1873
764
590
 0
87
229

7103 28187

7583 29937
Cost of equity 15%

Debt to Equity 1.3

INCOME
Revenue from operations
Other income
Total Income
EXPENSES
Cost of materials consumed
Purchase of stock in trade
Change in inventories of finished goods and work-in-progress
Excise duty on sale of goods

Employee benefits expenses

Finance costs
Depreciation and amortisation expenses
Other expenses
Total expenses
Profit before share of profit/(loss)of associates, exceptional items and tax
Profit/(loss) from associates
Share in profit/(loss) of associates, net of tax
Profit before tax and exceptional items
Exception item–NCCD income
Exception item–VRS expenses
Profit before tax
Tax expense
Current tax
Deferred tax
Total tax expense
Net profit after taxes and share of profit/(loss) of associates

Equity Capital
Face Value
No Of Shares
(a) Basic
(b) Diluted
The notes referred to above form an integral part of the consolidated
FY19 FY20 FY21 FY22 FY23

33,972 29,255 30,959 29,551 31,000

687 731 558 555 600
34,659 29,986 31,517 30,106 31,600

23,503 20,004 21,968.04 20,845.74 22000

-255.57 45.95
(59) (173) 31.14 28.67 50.2
1 1

1,778 1,889 1,951.02 1,995.78 2080

37 47 46.41 53.1 60
624 846 715.12 689.52 790
3,730 3,473 3,165.05 3,190.37 3530
29,615 26,087 27,621 26,849 28,510
5,044 3,899 3,896 3,257 3,090

61 35 -46.56 -199.05 -250

5,104 3,934 3,849 3,058 2,840
- 737
- (60)
5,104 4,611 3,849 3,058 2,840

1,609 1,097 931.38 805.44 1,200

29 (145) -18.11 -76.38 -56
1,638 952 913 729 1,144
3,466 3,659 2,936 2,329 1,696

40 40 40 40 40
2 2 2 2 2
20 20 20 20 20
174 183 147 116 85
Profit & Loss Statement
FY22 FY23E FY24E FY25E
Sales 10,000,000 20,000,000 50,000,000 55,000,000
COGS / Direct/ Raw material
cost 5,000,000 10,000,000 25,000,000 27,500,000
% of total cost 50% 50% 50% 50%
Gross Profit 5,000,000 10,000,000 25,000,000 27,500,000
Gross Margins 50% 50% 50% 50%
Employee exp 100,000 110,000 121,000 133,100
YoY Growth 10% 10% 10%
Other Expenses 500,000 1,000,000 2,500,000 2,750,000
% of sales 5.00% 5% 5% 5%
Operating Profit/ EBITDA 4,400,000 8,890,000 22,379,000 24,616,900
EBITDA margins 44.0% 44.5% 44.8% 44.8%
Depreciation 200,000 300,000 302,000 301,200
EBIT 4,200,000 8,590,000 22,077,000 24,315,700
Interest 100,000 300,000 500,000 700,000
Other Income 0 0 0 0
EBT 4,100,000 8,290,000 21,577,000 23,615,700
Tax 1,230,000 2,487,000 6,473,100 7,084,710
Tax rate 30% 30% 30% 30%
PAT 2,870,000 5,803,000 15,103,900 16,530,990
29% 29% 30% 30%

Other Equity FY22 FY23E FY24E FY25E

Opening balance 0 2,370,000 7,673,000 22,276,900
Add: Profit for the year 2,870,000 5,803,000 15,103,900 16,530,990
Less: Dividends 500000 500000 500000 500000
Closing balance 2,370,000 7,673,000 22,276,900 38,307,890

Dividend Pay out ratio 17% 9% 3% 3%

Dividend per share 5 5 5 5
Number of shares 100,000 100,000 100,000 100,000

Face Value 1
500%

Maruti Maruti Hyundai

Volumes/ Units 50 150
Sale price/ Units #REF! 110
Cost price / Units 0 0
Total sales #REF! 16500
Total Cost 0 0
Profit #REF! 16500
Profit Margin #REF! 100%

Hero 120 16%

Bajaj 120 16%

3W
Total Margin 18%

TVS 120 16%

3W

Full Year
Opening
Purhcase 30
Sold 25
End of day 5

Inventory T/o 5
 Liabilities FY22
Sources of Funds
100% Equity Capital 10,000,000

Other Equity/ R&S 2,370,000

Loan 1,000,000
Payables 1,000,000

Earnings before Interest , Tax, Depreicaiton, Amortization

Total 14,370,000
-

P&L PAT
Crl + { BS Other
30,000 CF Fin

Long Term Debt Schedule

FY22
Opening 0
Additional Borrowings 1,000,000
Repayment 0
Closing 1,000,000

Interest Expense 100,000

Interest Rate 10%

Understated by 1000

P&L
BS
CF CF
Pat
Dep 1000
PAT -600

R&S -600
 PPE -1000
Cash 400

10 3

15%

20 40
Ending 1 1.972602739726 0.972602739726027

20 20

Days of inventory 18.25 18

DOI = 365/ 365/ 365/

Inv t/o COGS/ COGS
Inventories
18 = 365 X Inventories
40
1.97260273972603
 FY23E FY24E FY25E Assets
Applications of Funds
10,000,000 10,000,000 10,000,000 PPE

7,673,000 22,276,900 38,307,890 Inventories

3,000,000 5,000,000 7,000,000 Investment in Equity
2,027,397 5,068,493 5,575,342 Receivables

Cash At bank

22,700,397 42,345,393 60,883,232 Total

- - -

Debt Cash Inventory schedule

Opening balance
Add: Purchased
Sold: COGS
Closing

PPE, Net

Gross Block ( Historical Cost)

FY23E FY24E FY25E Opening Balance
1,000,000 3,000,000 5,000,000 Add: Capex
2000000 2000000 2000000 Sold:
0 0 0 Closing Gross Block
3,000,000 5,000,000 7,000,000

300,000 500,000 700,000 Accumulated Depreciation

Opening balance
10% 10% 10% Add: Depreciation for the year
Accumulated Depreciation/ Closing

Net Fixed Assets

Depreciation rate

P&L
BS
CF
 Opening balance
Add: Capex
Sold:
Less: Depreciation
Closing

SLM
WDV

Useful
SLM

Working capital Schedules

Sales
COGS
Sales

Receivables
Inventories
Payables

Receivable t/o
Inventory t/o
Payables t/o

DOR
DOI
X Inventories DOP
Operating Cycle

Cash conversion cycle

Stand Alone
Tata Motors
Sales Car
Buses
Trucks

10,000
 FY22 FY23E FY24E FY25E

800,000 1,000,000 708,000 402,802

1,000,000 1,369,863 3,424,658 3,767,123

150,000 150,000 150,000 150,000
2000000 4,383,562 10,958,904 12,054,795

10,420,000 15,796,973 27,103,832 44,508,513

14,370,000 22,700,397 42,345,393 60,883,232

- - - -

FY22 FY23E
0 2,500,000
5,000,000
2,500,000
2,500,000

FY22 FY23E FY24E FY25E

- 1,000,000 1,500,000 1,510,000
1,000,000 500,000 10,000 1,155
- 5,153
1,000,000 1,500,000 1,510,000 1,506,002

- 200,000 500,000 802,000

200,000 300,000 302,000 301,200
200,000 500,000 802,000 1,103,200

800,000 1,000,000 708,000 402,802 200,000

20% 20% 20% 20%

PAT Decrease
ASSet Reduceds R&S Decrease
Year 1 Year2 Year3 Year4
- 800,000 600,000 400,000
1,000,000
-
200,000 200,000 200,000 200,000
800,000 600,000 400,000 200,000
20%

1,000,000 100000
5 5 5
200000 0 20000

FY22 FY23E FY24E FY25E

10,000,000 20,000,000 50,000,000 55,000,000
5,000,000 10,000,000 25,000,000 27,500,000
10,000,000 20,000,000 50,000,000 55,000,000

2,000,000 4,383,562 10,958,904 12,054,795

1,000,000 1,369,863 3,424,658 3,767,123
1,000,000 2,027,397 5,068,493 5,575,342

5.00
5.00
10.00

73 80 80 80
73 50 50 50
37 37 37 37
146 130 130 130

110 93 93 93

Arther
10-20 30-40
Consolidated
> JLR
20,000 30,000
Cash Flow Statement/ Bank Statement
FY22 FY23E FY24E
Cash flow from Operations 1,140,000 4,586,973 10,166,859

PAT 2,870,000 5,803,000 15,103,900

Add: Depreciation 200,000 300,000 302,000
Add: Interest *(1-t) 70,000 210,000 350,000

Inventories (1,000,000) (369,863) (2,054,795)

Receivables -2000000 (2,383,562) (6,575,342)
Payables 1,000,000 1,027,397 3,041,096
Working capital changes (2,000,000) (1,726,027) (5,589,041)
% of sales 20.0% 8.6% 11.2%

Cash flow from Investing (1,150,000) (500,000) (10,000)

Purhcash of Plant/Property/Equipment (1,000,000) (500,000) (10,000)
Assets sold - - -
Purchase of Investment (150,000) - -

Cash Flow from Financing / Loan taken and Repaid 10,430,000 1,290,000 1,150,000
Proceeds from Equity holders 10,000,000
Proceeds from debt holders 1,000,000 2,000,000 2,000,000
Repayment debt 0 - -
Interest paid (70,000) (210,000) (350,000)
Dividends Paid -500000 (500,000) (500,000)

Cash earned for the year 10,420,000 5,376,973 11,306,859

Opening balance 0 10,420,000 15,796,973
Closing balance 10,420,000 15,796,973 27,103,832
Year5
200,000

200,000
-
FY25E
16,390,683

16,530,990
301,200
490,000

(342,466) PY-CY
(1,095,890) PY-CY
506,849 CY-PY
(931,507)
1.7%

3,998
(1,155)
5,153
-

1,010,000

2,000,000
-
(490,000)
(500,000)

17,404,681
27,103,832
44,508,513
CFO
PAT
ADD: Dep Non Cash expenses
ADD: Interest*(1-T) NoN operating expenses & Losses adjusted for taxes
Less: Non Operating gains and Income adjusted for taxes
Less: WC Working capital

Cash available after paying all the operating and capital expenses but
Free cash to firm FCFF before paying to debt and equity holders.
Cash available to equity and debt holders
CFO FY23E FY24E FY25E
PAT 2,759 3,126 3,536
Dep 645 669 693
Interest*(1-T) 47 54 62
NPG 0 0 0
WC 324 104 114
Less: Capex -400 -400 -400
FCFF 3,375 3,553 4,004
Terminal value
Total Cash flows 3,375 3,553 4,004

Inflation rate 12% 12% 12% 12%

Terminal Growth/
GDP growth 6% 6% 6% 6%

1 2 3

PV of FCFF 3,013 2,832 2,850

Enterprise value ( Value of the firm) 65,156 94,874 92,042

Equity 64,865 96,012 94,780
Net Debt value ( Debt- Cash) 291.18 -1138.623 -2738.722

Number of shares 19.98 19.98 19.98

Value per share/ Intrinsic Value 3,246 4,805 4,744

Current price 2651 2700 2500

Updside/Downside 22% 78% 90%

Liab
E
Debt

Equity
Debt
 FY26E FY27E FY28E
3,994 4,504 4,000
717 741 800
69 76 72
0 0 0
125 138 130
-400 -400 -400
4,505 5,059 4,602
89,392 60,000
4,505 94,451 64,602

12% 12% 12%

6% 6% 6%

4 5 6

2,863 53,597 32,731

89,191 86,328 32,731

93,975 93,649 43,137
-4783.320711 -7321.036 -10405.58889

19.98 19.98 19.98

4,703 4,687 2,159

2750 2800 2500

71% 67% -14%

Assets
1,000,000 FA 2,000,000
Cash 100,000
1,000,000

2,000,000 2,000,000

1,000,000
900,000
FD's
5
Interest rate 10%
Inflation 9% PV

FV= PV *(1+r)n
PV= FV/(1+r)^n

Weighted Average cost of capital

Equity
Debt

Cost of equity/ Required return/

Opportunity cost

Capital Asset Pricing Model (CAPM)

Risk Free Rate (GOI) 7%

Beta (Risk) 1.5

Market risk premium (RM-RF) 5%
Nifty 12%

Cost of equity 14.5%

 1 2 3
10,000 10,000 10,000

9,174 8,417 7,722

111111.11 111,111 111,111

Equity 100,000
Debt 300,000
Total capital 400,000

Weights
Equity 25%
Debt 75%
Stock Nifty
1 1% 1%

D/E 3

D 3
E 1
Total capital 4

Weights
D 0.75
E 0.25
 4 5 6 7 8 9 10 11
10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

7,084 6,499 5,470 5,019 4,604 4,224 3,875 62,089

111,111 111,111 111,111 111,111 111,111 111,111 111,111 111,111

Interest rate Interest exp

10% 10,000
14% 42,000
13.0% 52,000

10% 2.500%
14% 10.500%
13.000%

2.5

2.5
1
3.5

71%
29%
Debt 353
Mkt value Equity 53000
Debt 0.007
Equity 1
Total capital 1.007

Weights
Debt 1%
Equity 99%

Cost of Debt 16%

Tax Rate 24%
After tax cost of debt 11.8%

CAPM
Rf (GOI) 6%
Beta 1
Market risk premium 6%
Market returns (Nifty) 12%

Cost of equity 12.0%

WACC 12%
 Inputs
Equity 1,000,000 Profit & Loss Statement
FY22
FA 500000 Sales 2,000,000
COGS / Direct/ Raw material
cost 600,000

Dep 10% % of total cost 30%

Gross Profit 1,400,000
Sales 2,000,000 Gross Margins 70%
COGS 30% of sales Employee exp 10000
Other Expenses 10000
Employe 10000 Operating Profit/ EBITDA 1,380,000
Other 10000 EBITDA margins 69%
Tax 30% Depreciation 50,000
EBIT 1,330,000
Interest 0
Other Income 0
EBT 1,330,000
Tax 399000
Tax rate 30%
PAT 931,000

Other Equity FY22

Opening balance 0
Add: Profit for the year 931,000
Less: Dividends 0
Closing balance 931,000

Maruti Maruti
Volumes/ Units 50
Sale price/ Units 0
Cost price / Units 0
Total sales 0
Total Cost 0
Profit 0
Profit Margin #DIV/0!

Hero 120

Bajaj 120
3W
Total Margin

TVS 120
3W
 Liabilities FY22
FY23 Sources of Funds
4,000,000 Equity Capital 1,000,000

1,200,000 -700 Other Equity/ R&S 931,000

30% Loan
2,800,000
70%
20000
30000
2,750,000 Earnings before Interest , Tax, Depreicaiton, Amortization
69% Total 1,931,000
80,000 Overstated By 1000 -
2,670,000 40%
0
0 FA 10000
2,670,000
1068000 Sold loss of 2000
40% Liab Asset
1,602,000 R&S PPE
P&L -2000 -10000
BS
CF 8000

Long Term Debt Schedule

FY22 FY23
FY22 Opening
931,000 Additional Borrowings
0 Repayment
0 Closing
931,000
Interest Expen 0 0

Interest Rate

Understated by 1000

P&L
BS
CF CF
Hyundai Pat
150 Dep 1000
110 PAT -600
0
 R&S -600
16500
0 PPE -1000
16500 Cash 400
100%

16%

16%

18%

16%

10 3

15%
 FY23E Assets FY22 FY23E
Applications of Funds
2,000,000 PPE 450,000 1,540,000

1,540,000 Inventories

Investment in Equity

Cash At bank 1,481,000 2,000,000

3,540,000 Total 1,931,000 3,540,000

-

Inventory schedule FY22 FY23E

Opening balance 0 2,500,000
Add: Purchased 5,000,000 5,000,000
Sold: COGS 2,500,000 3,500,000
Closing 2,500,000 4,000,000

PPE, Net

Gross Block ( Historical Cost) FY22 FY23E

Opening Balance - 500,000
Add: Capex 500,000 3,000,000
Sold: -
Closing Gross Block 500,000 3,500,000

Accumulated Depreciation
Opening balance - 50,000
Add: Depreciation for the year 50,000 700,000
Accumulated Depreciation/ Closing 50,000 750,000

Net Fixed Assets 450,000 2,750,000

Depreciation rate 10% 20%

P&L PAT Decrease

BS ASSet Reduceds
CF
 Year 1 Year2
Opening balance - 800,000
Add: Capex 1,000,000
Sold: -
Less: Depreciation 200,000 200,000
Closing 800,000 600,000
20% 25%

SLM
WDV
1,000,000
Useful 5 5
SLM 200000 0

FY22 FY23E
Sales 2,000,000 4,000,000
COGS 600,000 1,200,000
Sales 2,000,000 4,000,000

Receivables 0 668,493
Inventories 0 200,548
Payables - 131,507

DOR 0.00 61
DOI 0.00 61
DOP 0.00 12
Cash conversion cycle 0.00 110.00
 Cash Flow Statement/ Bank Statement
FY22 FY23
Opening balance - 2,500,000

Proceeds from Equity holders 1,000,000.0 2,000,000

Purhcash of
Plant/Property/Equipment (500,000.0) 1,000,000
Purhcashe of inventories
Purchase of Investment
PAT 931,000.0 1,602,000
Add: Depreciation 50,000.0 80,000
Proceeds from debt holders

Closing balance 1,481,000.0 7,182,000.0

Increase/ decrease in cash - 2,500,000

Opening Balance - -
Closing balance - 2,500,000

Change in Capex CF 1000000 800000

Dep 50000 80000
PAT 931,000.00 1602000
R&S - CF
Net asset 450000 2750000

R&S Decrease
Year3 Year4 Year5
600,000 400,000 200,000

200,000 200,000 200,000

400,000 200,000 -
33% 50%

100000
5
20000

100%

#DIV/0!
Non-current assets
(a) Property, plant and equipment 5,354.34
(b) Capital work-in-progress 149.13
(c) Right of use of assets 517.9
(d) Other Intangible assets 321.3
(e) Intangible assets under development 368.09
(f) Equity accounted investments in associates 2,202.51
(g) Financial assets
(i) Investments 2,455.05
(ii) Loans 17.43
(iii) Others 42.01
(h) Income tax assets (net) 358.07
(i) Other non-current assets 120.34
Total Non - Current Assets 11,906.17 0.00
Current assets
(a) Inventories
(b) Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Others
(c) Other current assets
Total Current Assets
Total Assets
EQUITY AND LIABILITIES
Equity
(a) Equity share capital
(b) Other equity
Total Equity attributable to owners of the Company
Non-controlling interests
Total Equity
LIABILITIES
Non-current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Other financial liabilities
(b) Provisions
(c) Deferred tax liabilities (net)
Total Non - Current Liabilities
Current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables
Total outstanding dues of micro and small enterprises
Total outstanding dues of creditors other than micro and small enterprises
(iv) Other Financial liabilities
(b) Other current liabilities
(c) Provisions
Total Current Liabilities
Total Equity and Liabilities