Particular 2015 2016 2017 2018

Gross Sale 5493.3 5822.16 5369.84 5609.06

Excise Duty 74.38 82.53 79.19 16.77
Net Sale 5418.92 5739.63 5290.65 5592.29
Sale of Services 0.1 0.07 0 0
Other Operating Revenue 12.26 10.3 0 0
Revenue from Operation 5431.28 5750 5290.65 5592.29
Other Income 137.85 196.64 274.64 283.23
Total Revenue 5569.13 5946.64 5565.29 5875.52

Cost of Material Consumed 1921.09 1847.75 1843.18 2060.26

Purchase of Stock-in-Trade 937.25 988.14 944.6 916.26
Change in inventory of FG, WIP & Stock-in-trade -8.19 -74.03
FG -40.66 -9.07 0 0
W-I-P 11.29 -9.62 0 0
Stock-in-Trade -2.88 -5.08 0 0
Employee Benefits expenses 392.99 431.77 425.3 461.13
Finance Cost 9.89 9.83 16.23 21.89
Depreciation & Amortisation 65.97 72.82 75.43 102.5
Other Expenses 1273.7 1407.36 974.39 999.64
Total Expenses 4568.64 4733.9 4270.94 4487.65

Profit before Exceptional, 1000.49 1212.74 1294.35 1387.87

Exceptional Items -23.96 0 0 -14.54
Profit before Extraordinary 976.53 1212.74 1294.35 1373.33
Extraordinary Items 0 0 0 0
PBT 976.53 1212.74 1294.35 1373.33
Tax Expenses
a) Current Tax 204.69 259.11 310.83 340.33
b) Deferred Tax 9.6 14.12 -14.81 -39.25
c) Earlier Year Tax -0.34 0 0 0
Total Tax 213.95 273.23 296.02 301.08
Profit/Loss of the year for 762.58 939.51 998.33 1072.25
 2019 2020 2021 2022 2023
5889.51 6183.99 6493.19 6817.85 7158.74
73.6 77.3 81.2 85.2 89.5
5815.89 6106.69 6412.02 6732.62 7069.26
0.02 0.02 0.03 0.03 0.03
3.48 3.65 3.84 4.03 4.23
5819.40 6110.37 6415.88 6736.68 7073.51
265.24 278.50 292.42 307.05 322.40
6084.63 6388.87 6708.31 7043.72 7395.91

2094.52 2199.24 2309.20 2424.66 2545.90

1037.57 1089.45 1143.92 1201.12 1261.18
-29.94 -31.44 -33.01 -34.66 -36.40
-3.30 -3.47 -3.64 -3.82 -4.02
-3.50 -3.68 -3.86 -4.06 -4.26
-1.85 -1.94 -2.04 -2.14 -2.25
480.07 504.08 529.28 555.74 583.53
22.67 23.80 24.99 26.24 27.55
91.32 95.89 100.68 105.71 111.00
1231.46 1293.04 1357.69 1425.57 1496.85
4919.01 5164.96 5423.21 5694.37 5979.09

1165.62 1223.90 1285.10 1349.35 1416.82

1165.62 1223.90 1285.10 1349.35 1416.82

1165.62 1223.90 1285.10 1349.35 1416.82

261.58 274.66 288.39 302.81 317.95

904.04 949.25 996.71 1046.54 1098.87
 Equity & Liabilities
2015 2016 2017 2018
1 Shareholder's Fund
Share Capital 175.65 175.91 176.15 176.15 176.15
Reserve & Surplus 2160.54 2695.87 3481.73 4050.71 4201.15
Total Shareholder Fund 2336.2 2871.8 3657.9 4226.9 4377.3

2 Non Current Liabilities

Long Term Borrowings 0 0 200.64 201.04 208.20
Deferred Tax Liabilities 50.35 64.47 98.28 96.03
Other Long Term Liabilities 0 0 3.71 4.25
Long Term Provisions 42.79 45.03 47.52 50.04
Total Non Current Liabiliti 93.14 109.5 350.15 351.36 363.87

3 Current Liabilities
Short Term Borrowings 129.13 86.51 83.04 85.49
Trade Payables 756.64 931.34 914.52 960.62
Other Financial Liabilities 0 0 76.52 81.6
Other Current Liabilities 168.1 187.75 70.4 38.48
Short Term Provisions 205.16 268.13 54.38 64.39
Current Tax Liabilities 0 0 10.13 3.9
Total Current Liabilities 1259 1473.7 1209 1234.5 1278.4
Total Liabilities 3688.4 4455 5217 5812.7 6019.6

Non Current Assets

1 Fixed Assets
Tangible Assets 662.43 673.49 980.53 1021.7
Intangible Assets 20.09 17.04 12.8 8.78
Capital Work-in-Progress 12.22 24.96 28.25 26.82
Total Fixed Assets 694.74 715.49 1021.6 1057.3 1094.9
2 Non Current Investment 1387 1763.39 2319.03 2719.69
Long Term Loan & Advance 12.3 23.66 8.92 9.61
Other Non Current Assets 2 0.02 78.6 63.98
Long Term Provisions 0 0 0 0
Non Current Tax Assets 0 0 3.28 3.28
Total Non Current Assets 2096 2502.6 3431.4 3853.9 3991

Current Assets
Current Investment 391.17 661.48 735.12 713.39 738.78
Inventories 550.6 615.36 599.27 704.79 729.87
Trade Receivables 338.79 420.69 333.25 321.34 332.78
Cash & Bank Balance 123.94 54.16 26.16 87.02 922.54
Short Term Loan & Advances 114.08 123.91 3.35 1.41 1.46
Other Current Assets 73.74 76.75 88.46 130.89 135.55
Total Current Assets 1592.3 1952.4 1785.6 1958.8 2028.6
Total Assets 3688.4 4454.9 5217 5812.7 6019.6

832.42
 176.15 176.15 176.15 176.15
4420 4649.82 4891.12 5144.48
4596.2 4826 5067.3 5320.6

218.60 229.54 241.01 253.06

382.06 401.16 421.22 442.28

1342.3 1409.5 1479.9 1553.9

6320.6 6636.6 6968.4 7316.8

1149.7 1207.2 1267.5 1330.9

4190.6 4400.1 4620.1 4851.1

775.72 814.51 855.23 897.99

766.37 804.69 844.92 887.17
 349.42 366.89 385.23 404.49
1735.12 2588.33 3484.19 4424.86
1.53 1.61 1.69 1.77
142.33 149.44 156.91 164.76
2130 2236.5 2348.3 2465.7
6320.6 6636.6 6968.4 7316.8

1640.49 2488.97 3379.87 4315.32

Particulars 2017 2018 2019
Profit Before Taxation 1373.33 1165.62
Add: Depreciation & Amortisation 102.5 91.32
Add: Interest Expense 21.89 22.67
Less: Other Income -283.23 -265.24
Operating Profit Before Wc change 1214.49 1014.37
Increase in Current Investment 21.73 -25.3901
Increase in Inventories -105.52 -25.08
Increase in Trade Receivables 11.91 -11.44
Increase in Short Term Loan & Advances 1.94 -0.05
Increase in Other Current Assets -42.43 -4.66
Increase in Short Term Borrowings 2.45
Increase in Trade Payables 46.1
Increase in Other Financial Liabilities 5.08
Increase in Other Current Liabilities -31.92
Increase in Short Term Provisions 10.01
Increase in Current Tax Liabilities -6.23 43.93612
Taxes -301.08 -261.58
Total Cash Flow from Operation 826.53 730.11

Change in Tangible Assets -143.67

Change in Intangible Assets 4.02
Change in Capital Work-in-Progress 1.43
Change in Non Current Investments -400.66
Change in Long Term Loan & Advance -0.69
Change in Other Non Current Assets 14.62
Change in Long Term Provisions 0
Change in Non Current Tax Assets 0 -137.162
Other Income 283.23 265.24
Total Cash Flow from Investments -241.72 128.076

Change in Long Term Borrowings 0.4

Change in Deferred Tax Liabilities (Net) -2.25
Change in other Long Term Liabilities 0.54
Change in Long Term Provisions 2.52
Increase in Share Capital 0 0
Dividend Paid -396.34
Tax on Dividend -80.69
Interest Paid -21.89 -22.67
Total Cash Flow from Financing -497.71 -22.67
Net Cash Increase/Decrease 87.10 835.52
113.26
 2020 2021 2022 2023
1223.90 1285.10 1349.35 1416.82
95.89 100.68 105.71 111.00
23.80 24.99 26.24 27.55
-278.50 -292.42 -307.05 -322.40
### ### ### ###
-36.939 -38.786 -40.725 -42.762
-36.49 -38.32 -40.23 -42.25
-16.64 -17.47 -18.34 -19.26
-0.07 -0.08 -0.08 -0.08
-6.78 -7.12 -7.47 -7.85

63.9208 67.1168 70.4727 73.9963

-274.66 -288.39 -302.81 -317.95
757.43 795.30 835.07 876.82

-199.55 -209.53 -220.01 -231.01

278.50 292.42 307.05 322.40
78.949 82.896 87.041 91.393

0 0 0 0

-23.80 -24.99 -26.24 -27.55

-23.80 -24.99 -26.24 -27.55
812.58 853.21 895.87 940.66
Particulars Assumptions Manual
Sales Manual 5%
Excise Duty as %age of Gross Sales Manual 1.25%
Sale of Services %age of Gross Sales Historical Growth Rate
Other Operating Revenue %age of GrosHistorical Growth Rate
Revenue from Operation %age of GrossHistorical Growth Rate
Other Income %age of Gross Sales Historical Growth Rate
Cost of Material Consumed %age of SaHistorical Growth Rate
Purchase of Stock-in-Trade %age of SalHistorical Growth Rate
Change in inventory of FG, WIP & StockHistorical Growth Rate
FG %age of Sales Historical Growth Rate
W-I-P %age of Sales Historical Growth Rate
Stock-in-Trade %age of Sales Historical Growth Rate
Employee Benefits expenses %age of SHistorical Growth Rate
Depreciation & Amortisation %age of SHistorical Growth Rate
Other Expenses as%age of Sales Historical Growth Rate
Tax as %age of PBT Historical Growth Rate
TNCL as%age of Sales Historical Growth Rate
TCL as%age of Sales Historical Growth Rate
TA as%age of Sales Latest Growth
TNCA as%age of Sales Latest Growth
TFA as%age of TNCA Latest Growth
TCL as%age of Sales Latest Growth
TNCL as%age of Sales Latest Growth
LTB as%age of TFA Latest Growth
FC %age of LTB Latest Growth
Current Investment as%age of Sales Latest Growth
Inventories as%age of Sales Latest Growth
Trade Receivables as%age of Sales Latest Growth
Short Term Loan & Advances as%age ofLatest Growth
Other Current Assets as%age of Sales Latest Growth
Value
5.00%
1.25%
0.00%
0.06%
100.06%
4.56%
34.42%
17.05%
-0.49%
-0.05%
-0.06%
-0.03%
7.89%
1.50%
20.24%
22.44%
4.70%
22.51%
98.93%
65.59%
27.43%
21.01%
5.98%
19.01%
10.89%
12.14%
12.00%
5.47%
0.02%
2.23%
 2015 2016 2017 2018
Sale Growth 5.99% -7.77% 4.45%
Excise Duty as %age of Gross Sales 1.35% 1.42% 1.47% 0.30%
Sale of Services %age of Gross Sales 0.00% 0.00% 0.00% 0.00%
Other Operating Revenue %age of Gross Sales 0.23% 0.18% 0.00% 0.00%
Revenue from Operation %age of Gross Sales 100.23% 100.18% 100.00% 100.00%
Other Income %age of Gross Sales 2.54% 3.43% 5.19% 5.06%
Cost of Material Consumed %age of Sales 34.50% 33.18% 33.10% 36.99%
Purchase of Stock-in-Trade %age of Sales 16.83% 17.74% 16.96% 16.45%
Change in inventory of FG, WIP & Stock-in-trade %ag 0.00% 0.00% -0.15% -1.33%
FG %age of Sales -0.73% -0.16% 0.00% 0.00%
W-I-P %age of Sales 0.20% -0.17% 0.00% 0.00%
Stock-in-Trade %age of Sales -0.05% -0.09% 0.00% 0.00%
Employee Benefits expenses %age of Sales 7.06% 7.75% 7.64% 8.28%
Depreciation & Amortisation %age of Sales 1.18% 1.31% 1.35% 1.84%
Other Expenses %age of Sales 22.87% 25.27% 17.50% 17.95%
Tax as %age of PBT 21.9% 22.5% 22.9% 21.9%
TNCL as%age of Sales 1.67% 1.84% 6.29% 5.98%
TCL as%age of Sales 22.61% 24.78% 21.72% 21.01%
TA as%age of Sales 66.23% 74.91% 93.74% 98.93%
TNCA as%age of Sales 37.64% 42.08% 61.66% 65.59%
TFA as%age of TNCA 33.15% 28.59% 29.77% 27.43%
TCL as%age of Sales 22.61% 24.78% 21.72% 21.01%
TNCL as%age of Sales 1.67% 1.84% 6.29% 5.98%
LTB as%age of TFA 0.00% 0.00% 19.64% 19.01%
FC %age of LTB #DIV/0! #DIV/0! 8.09% 10.89%
Current Investment as%age of Sales 7.02% 11.12% 13.21% 12.14%
Inventories as%age of Sales 9.89% 10.35% 10.77% 12.00%
Trade Receivables as%age of Sales 6.08% 7.07% 5.99% 5.47%
Short Term Loan & Advances as%age of 2.05% 2.08% 0.06% 0.02%
Other Current Assets as%age of Sales 1.32% 1.29% 1.59% 2.23%
 2014 2015 2016
GDP Growth Rate (IMF) 6.744 6.885
Industry Sales Growth 18.52% -9.67% 7.26%
Industry Sales 49607.52 58793.00 53105.32 56962.51
Company Sales 5493.3 5822.16 5369.84
9.3% 11.0% 9.4%

Company Sales Growth 5.99%

Average Growth 1.58%
Latest Growth 7.38%

Industry Sales Growth 18.52%

Average Growth 14.85%
Latest Growth 11.65%

Y=mx+c
0.4134232
-2.8591031
 2018 2019 2020 2021 2022 2023
6.946 7.012 7.05 7.1 7.25 7.31
-4.70% 4.0% 5.6% 7.6% 13.8% 16.3%
54284.24 56445.88 59580.36 64120.50 72982.94 84880.68
5609.06 5550.19 5560.49 5663.61 6081.49 6648.50
10.3% 9.83% 9.33% 8.83% 8.33% 7.83%

-7.77% 4.45% -1.05% 0.19% 1.85% 7.38%

16.43% 15.60% 15.24% 13.78% 12.72% 11.65%