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31-Mar-11 31-Mar-12 31-Mar-13

Sales 726.62 977.78 1360.21


Sales Growth (%) 34.6% 39.1%
Expenses 653.59 884.24 1250.27
EBITDA 73.03 93.54 109.94
EBITDA Margin (%) 10.1% 9.6% 8.1%
Depreciation 7.94 9.69 11.41
EBIT 65.09 83.85 98.53
EBIT Margin (%) 9.0% 8.6% 7.2%
Other Income 5.35 2.35 3.62
Interest 11.33 17.03 19.97
Profit before tax 59.11 69.17 82.18
Tax 16.47 18.37 19.26
Tax Rate (%) 27.9% 26.6% 23.4%
Net profit 42.64 50.8 62.92

Opening Gross Block


Capex
Closing Gross Block
Accumulated Depreciation
Closing Net Block
Depreciation as a % of Gross Block
Capex as a % of Revenue

Current Assets
- Cash & Cash Eq.
Revised Current Assets

Current Liabilities
- Short Term Borrowing
- Current maturities of long-term borrowings
Revised Current Liabilities

Net Working Capital


Net Working Capital as % of sales

Change in Net Working Capital

Development Bank of Singapore (DBS) 5.60 11.2%


Axis Bank Ltd. 0.04 10.7%
BMW India Financial Services Private Limited 0.01 9.6%
HDFC Bank Ltd. 1.54 9.8%
Cost of Debt
Risk Free Rate
Market Risk Premium
Stock Beta
Cost of Equity
Total Debt
Shareholders Equity
WACC (%)

EBIT
EBIT (1-Tax Rate)
+ Depreciation
- Change in Net Working Capital
- Capex
Free Cash Flow
WACC
Terminal Growth Rate
Terminal Value
Total Cash Flow
NPV

1,468.72 15% 20%


8% 1,184.74 1,183.82
10% 1,720.93 1,852.06
12% 2,257.11 2,520.31
14% 2,793.30 3,188.55
16% 3,329.48 3,856.79
31-Mar-14 31-Mar-15 31-Mar-16 13-Mar-17 31-Mar-17 31-Mar-18 31-Mar-19
1517.56 1745.92 1862.28 2,260.65 2,744.24 3,331.28
11.6% 15.0% 6.7% 21.4% 21.4% 21.4% 21.4%
1395.01 1612.91 1684.28 2,061.14 2,502.06 3,037.29
122.55 133.01 178 199.51 242.19 294.00
8.1% 7.6% 9.6% 8.8% 8.8% 8.8% 8.8%
12.04 15.44 15.36 16.67 17.77 19.11
110.51 117.57 162.64 182.84 224.41 274.89
7.3% 6.7% 8.7% 7.9% 8.1% 8.2% 8.3%
4.84 4.49 7.23
21.06 20.61 8.92
94.28 101.45 160.96
24.15 30.72 49.28
25.6% 30.3% 30.6% 27.4%
70.13 70.72 111.68

208.25 218.91 229.27 242.46 258.47


10.66 10.36 13.19 16.01 19.44
218.91 229.27 242.46 258.47 277.90
63.37 74.07 90.74 108.51 127.62
155.54 155.20 151.72 149.95 150.28
7.1% 6.7% 6.9% 6.9% 6.9% 6.9%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6%

542.54 535.31
2.21 7.59
540.33 527.73

298.67 215.11
36.77 1.54
9.80 3.25
252.10 210.33

288.23 317.40 379.25 460.38 558.86


16.5% 17.0% 16.8% 16.8% 16.8% 16.8%

29.17 61.85 81.13 98.48

10.9%
6.8%
8.1%
0.87
13.9%
10.39
470.77
13.8%

182.84 224.41 274.89


132.75 162.94 199.58
16.67 17.77 19.11
61.85 81.13 98.48
13.19 16.01 19.44
74.38 83.57 100.77
13.8%
4.0%

0 74.38 83.57 100.77


1,468.72

25% 30% 35%


1,135.81 1,024.85 832.20
1,964.26 2,046.44 2,085.22
2,792.70 3,068.02 3,338.24
3,621.15 4,089.60 4,591.26
4,449.60 5,111.19 5,844.29
31-Mar-20 31-Mar-21 31-Mar-22
4,043.90 4,908.95 5,959.06
21.4% 21.4% 21.4%
3,687.01 4,475.72 5,433.15
356.89 433.23 525.90
8.8% 8.8% 8.8%
20.73 22.70 25.09
336.15 410.53 500.81
8.3% 8.4% 8.4%

277.90 301.49 330.13


23.59 28.64 34.77
301.49 330.13 364.90
148.35 171.05 196.15
153.14 159.08 168.76
6.9% 6.9% 6.9%
0.6% 0.6% 0.6%

678.41 823.54 999.70


16.8% 16.8% 16.8%

119.55 145.12 176.17

336.15 410.53 500.81


244.06 298.06 363.61
20.73 22.70 25.09
119.55 145.12 176.17
23.59 28.64 34.77
121.65 147.00 177.77

1,887.94
121.65 147.00 2,065.72
31-Mar-11 31-Mar-12 31-Mar-13
Sales 2881.65 3615.61 4224.99
Sales Growth (%) 25.5% 16.9%
Expenses 2541.1 3159.92 3690.13
EBITDA 340.55 455.69 534.86
EBITDA Margin (%) 11.8% 12.6% 12.7%
Depreciation 29.34 44.66 57.88
EBIT 311.21 411.03 476.98
EBIT Margin (%) 10.8% 11.4% 11.3%
Other Income 18.19 7.17 8.75
Interest 19.11 44.39 28.55
Profit before tax 310.29 373.81 457.18
Tax 68.24 68.38 85.79
Tax Rate (%) 22.0% 18.3% 18.8%
Net profit 242.05 305.43 371.39

Opening Gross Block


Capex
Closing Gross Block
Accumulated Depreciation
Closing Net Block
Depreciation as a % of Gross Block
Capex as a % of Revenue

Current Assets
- Cash & Cash Eq.
Revised Current Assets

Current Liabilities
- Short Term Borrowing
- Current maturities of long-term borrowings
Revised Current Liabilities

Net Working Capital


Net Working Capital as % of sales

Change in Net Working Capital

Yes Bank Limited 9.58 11.8%


Itau Bank, Brazil 1.67 22.7%

Cost of Debt
Risk Free Rate
Market Risk Premium
Stock Beta
Cost of Equity
Total Debt
Shareholders Equity
WACC (%)

EBIT
EBIT (1-Tax Rate)
+ Depreciation
- Change in Net Working Capital
- Capex
Free Cash Flow
WACC
Terminal Growth Rate
Terminal Value
Total Cash Flow
NPV

5,376.38 15% 20%


8% 2,349.97 2,864.34
10% 3,642.38 4,459.88
12% 4,934.80 6,055.42
14% 6,227.21 7,650.96
16% 7,519.63 9,246.49
31-Mar-14 31-Mar-15 31-Mar-16 13-Mar-17 31-Mar-17 31-Mar-18 31-Mar-19
4977.59 5238.69 5436.88 6,188.97 7,045.11 8,019.67
17.8% 5.2% 3.8% 13.8% 13.8% 13.8% 13.8%
4312.22 4513.97 4659.58 5,378.44 6,122.45 6,969.38
665.37 724.72 777.3 810.54 922.66 1,050.29
13.4% 13.8% 14.3% 13.1% 13.1% 13.1% 13.1%
63.63 87.51 92.22 93.75 100.78 108.78
601.74 637.21 685.08 716.79 821.88 941.51
12.1% 12.2% 12.6% 11.7% 11.6% 11.7% 11.7%
44.06 52.21 271.13
50.7 43.17 42.02
595.1 646.25 914.19
116.41 181.31 198.84
19.6% 28.1% 21.8% 21.4%
478.69 464.94 715.35

2,862.13 3,067.90 2,906.74 3,111.84 3,345.31


205.77 (161.16) 205.10 233.47 265.77
3,067.90 2,906.74 3,111.84 3,345.31 3,611.07
1,940.29 1,748.62 1,842.37 1,943.14 2,051.93
1,127.61 1,158.12 1,269.47 1,402.16 1,559.14
2.9% 3.2% 3.0% 3.0% 3.0% 3.0%
2.7% 3.9% 3.3% 3.3% 3.3% 3.3%

2,961.17 2,688.18
777.47 1,465.26
2,183.70 1,222.92

2,317.41 1,481.45
69.63 83.79
123.10 48.22
2,124.68 1,349.44

59.02 (126.52) 69.73 79.37 90.35


1.1% -2.3% 1.1% 1.1% 1.1% 1.1%

(185.54) 196.25 9.65 10.98

13.4%
6.8%
8.1%
1.26
17.0%
133.68
2,557.90
16.8%

716.79 821.88 941.51


563.38 645.98 740.00
93.75 100.78 108.78
196.25 9.65 10.98
205.10 233.47 265.77
255.78 503.64 572.04
16.8%
4.0%

0 255.78 503.64 572.04


5,376.38

25% 30% 35%


3,478.60 4,208.38 5,071.09
5,440.20 6,609.52 7,997.07
7,401.80 9,010.65 10,923.05
9,363.40 11,411.78 13,849.03
11,325.00 13,812.92 16,775.01
31-Mar-20 31-Mar-21 31-Mar-22
9,129.05 10,391.89 11,829.42
13.8% 13.8% 13.8%
7,933.47 9,030.92 10,280.19
1,195.58 1,360.97 1,549.24
13.1% 13.1% 13.1%
117.90 128.27 140.08
1,077.69 1,232.70 1,409.15
11.8% 11.9% 11.9%

3,611.07 3,913.60 4,257.98


302.53 344.38 392.02
3,913.60 4,257.98 4,650.00
2,169.83 2,298.10 2,438.18
1,743.78 1,959.88 2,211.82
3.0% 3.0% 3.0%
3.3% 3.3% 3.3%

102.85 117.08 133.27


1.1% 1.1% 1.1%

12.50 14.23 16.20

1,077.69 1,232.70 1,409.15


847.03 968.86 1,107.55
117.90 128.27 140.08
12.50 14.23 16.20
302.53 344.38 392.02
649.90 738.53 839.42

6,801.70
649.90 738.53 7,641.12
31-Mar-11 31-Mar-12 31-Mar-13
Sales 3608.27 4593.39 5585.2
Sales Growth (%) 27.3% 21.6%
Expenses 3194.69 4044.16 4940.4
EBITDA 413.58 549.23 644.8
EBITDA Margin (%) 11.5% 12.0% 11.5%
Depreciation 37.28 54.35 69.29
EBIT 376.3 494.88 575.51
EBIT Margin (%) 10.4% 10.8% 10.3%
Other Income 23.54 9.52 12.37
Interest 30.44 61.42 48.52
Profit before tax 369.4 442.98 539.36
Tax 84.71 86.75 105.05
Tax Rate (%) 22.9% 19.6% 19.5%
Net profit 284.69 356.23 434.31

Opening Gross Block


Capex
Closing Gross Block
Accumulated Depreciation
Closing Net Block
Depreciation as a % of Gross Block
Capex as a % of Revenue

Current Assets
- Cash & Cash Eq.
Revised Current Assets

Current Liabilities
- Short Term Borrowing
- Current maturities of long-term borrowings
Revised Current Liabilities

Net Working Capital


Net Working Capital as % of sales

Change in Net Working Capital

Cost of Debt
Risk Free Rate
Market Risk Premium
Stock Beta
Cost of Equity
Total Debt
Shareholders Equity
WACC (%)

EBIT
EBIT (1-Tax Rate)
+ Depreciation
- Change in Net Working Capital
- Capex
Free Cash Flow
WACC
Terminal Growth Rate
Terminal Value
Total Cash Flow
NPV
31-Mar-14 31-Mar-15 31-Mar-16 13-Mar-17 31-Mar-17 31-Mar-18 31-Mar-19
6495.15 6984.61 7299.16 8,449.63 9,789.35 11,350.95
16.3% 7.5% 4.5% 15.4% 15.8% 15.9% 16.0%
5707.23 6126.88 6343.86 7,439.58 8,624.50 10,006.66
787.92 857.73 955.3 1,010.05 1,164.85 1,344.29
12.1% 12.3% 13.1% 12.1% 12.0% 11.9% 11.8%
75.67 102.95 107.58 110.42 118.55 127.89
712.25 754.78 847.72 899.63 1,046.30 1,216.40
11.0% 10.8% 11.6% 10.8% 10.6% 10.7% 10.7%
48.9 56.7 278.36
71.76 63.78 50.94
689.38 747.7 1075.15
140.56 212.03 248.12
20.4% 28.4% 23.1% 22.3%
548.82 535.66 827.03

3,070.38 3,286.81 3,136.01 3,354.29 3,603.77


216.43 (150.80) 218.29 249.48 285.20
3,286.81 3,136.01 3,354.29 3,603.77 3,888.97
2,003.66 1,822.69 1,933.10 2,051.65 2,179.55
1,283.15 1,313.32 1,421.19 1,552.12 1,709.42
3.1% 3.4% 3.3%
2.2% 3.0% 2.6%

3,503.71 3,223.49
779.68 1,472.85
2,724.03 1,750.65

2,616.08 1,696.56
106.40 85.33
132.90 51.47
2,376.78 1,559.77

347.25 190.88 448.98 539.75 649.21


5.0% 2.6% 5.0%

(156.37) 258.10 90.77 109.46

13.2%
6.8%
8.1%
1.16
16.2%
138.47
2,557.90
16.1%

899.63 1,046.30 1,216.40


698.99 812.94 945.11
110.42 118.55 127.89
258.10 90.77 109.46
218.29 249.48 285.20
333.02 591.24 678.34
16.1%
4.0%

0 333.02 591.24 678.34


6,994.10
31-Mar-20 31-Mar-21 31-Mar-22
13,172.95 15,300.84 17,788.48
16.1% 16.2% 16.3%
11,620.48 13,506.64 15,713.34
1,552.47 1,794.20 2,075.14
11.8% 11.7% 11.7%
138.63 150.97 165.17
1,413.84 1,643.23 1,909.97
10.7% 10.7% 10.7%

3,888.97 4,215.10 4,588.12


326.12 373.02 426.78
4,215.10 4,588.12 5,014.90
2,318.18 2,469.15 2,634.33
1,896.92 2,118.96 2,380.57

781.26 940.61 1,132.98

132.05 159.35 192.36

1,413.84 1,643.23 1,909.97


1,098.51 1,276.74 1,483.99
138.63 150.97 165.17
132.05 159.35 192.36
326.12 373.02 426.78
778.97 895.35 1,030.02

8,886.03
778.97 895.35 9,916.05