Tata Motors Ltd (TTMT IN) - Standardized

In Millions of INR except Per Share FY 2011 FY 2012 FY 2013

12 Months Ending 03/31/2011 03/31/2012 03/31/2013
Cash from Operating Activities
+ Net Income 92736.2 135165 98926.1
+ Depreciation & Amortization 46510 56208.6 75967.6
+ Non-Cash Items -6936.8 -13090.7 8180.8
+ Deferred Income Taxes
+ Other Non-Cash Adj -6936.8 -13090.7 8180.8
+ Chg in Non-Cash Work Cap -40484 -22800.8 -28.6
+ (Inc) Dec in Accts Receiv 9319.3 -10068.6 -26975.7
+ (Inc) Dec in Inventories -24106.8 -27189.8 -26558.1
+ Inc (Dec) in Accts Payable 3439.9 58668.5 81321.9
+ Inc (Dec) in Other -29136.4 -44210.9 -27816.7
+ Net Cash From Disc Ops 0 0 0
Cash from Operating Activities 91825.4 155482.1 183045.9

Cash from Investing Activities

+ Change in Fixed & Intang -81127.7 -137828.5 -188258.8
+ Disp in Fixed & Intang 112.1 927 366.9
+ Acq of Fixed & Intang -81239.8 -138755.5 -188625.7
+ Net Change in LT Investment
+ Dec in LT Investment
+ Inc in LT Investment
+ Net Cash From Acq & Div -745.1 -3130.9 209.9
+ Cash from Divestitures 0 0 0
+ Cash for Acq of Subs -704.2 -3043.3 0
+ Cash for JVs -40.9 -87.6 209.9
+ Other Investing Activities 4903.3 -69844.9 -54940.2
+ Net Cash From Disc Ops 0 0 0
Cash from Investing Activities -76969.5 -210804.3 -242989.1

Cash from Financing Activities

+ Dividends Paid -10195.3 -15031.1 -15505.7
+ Cash From (Repayment) Debt -11108.7 124523.3 74684.6
+ Cash From (Repay) ST Debt -41288 -19135.8 18466.6
+ Cash From LT Debt 54136.2 190300.4 131602.4
+ Repayments of LT Debt -23956.9 -46641.3 -75384.4
+ Cash (Repurchase) of Equity 32528.8 0.2 1.6
+ Increase in Capital Stock 32528.8 0.2 1.6
+ Decrease in Capital Stock 0 0 0
+ Other Financing Activities -547 -10083.7 -29445.7
+ Net Cash From Disc Ops 0 0 0
Cash from Financing Activities 10677.8 99408.7 29734.8

Effect of Foreign Exchange Rates 2596.1 10789.6 5219.2

Net Changes in Cash 28129.8 54876.1 -24989.2

Cash Paid for Taxes 13912 18079.8 22400.7

Cash Paid for Interest 24690.7 33736.9 46655.6

Reference Items
EBITDA 154699.7 200382.5 224942.3
Trailing 12M EBITDA Margin 12.8967 12.309 12.169
Interest Received 3136.4 4672.5 7128.9
Net Cash Paid for Acquisitions 704.2 3043.3 0
Free Cash Flow 10585.6 16726.6 -5579.8
Free Cash Flow to Firm 25767.7187 15116.716
Free Cash Flow to Equity -411 142176.9 69471.7
Free Cash Flow per Basic Share 3.5081 5.2149 -1.7317
Price to Free Cash Flow 70.4147 52.2216
Cash Flow to Net Income 0.9902 1.1503 1.8503
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 Last 12M
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2017

139910.2 139862.9 110237.5 74543.6 74543.6

110736.4 133863.6 170141.8 179049.9 179049.9
-1652 63011.6 36991.8

-1652 63011.6 36991.8
57744.1 -36718.1 25515.3
21301.9 -30080.2 -1364
-28525.5 -36924.1 -52342.4
46939 35978.2 47414
18028.7 -5692 31807.7
0 0 0
306738.7 300020 342886.4

-269252 -318879.8 -326232.4 0

499.3 741.9 588.4
-269751.3 -319621.7 -326820.8



-1845.6 -1600 -1114.4
0 0 0
-1845.6 0 -1114.4
0 -1600 0
-34765.3 -35969.6 -67019.6
0 0 0
-305862.9 -356449.4 -394366.4

-7219.7 -7203.7 -1739.4

41173.3 130302.4 -51768.7
-24662.5 33515.8 -20999.5
233213.9 273933.8 108874.2
-167378.1 -177147.2 -139643.4
0.9 0 78616.6
0.9 0 78616.6
0 0 0
-11081.3 -8014.5 1
0 0 0
 22873.2 115084.2 25109.5

18616 -13655.9 8592

42365 44998.9 -17778.5

43083.3 41940.4 19939.4

61705.6 63069.8 57039

307838.4 372647.5 383048.4 334987.9 298578.8

13.5049 14.4134 14.1734 12.4211 10.8909455165
6532.3 6977.4 7681.4
1845.6 0 1114.4
36987.4 -19601.7 16065.6
67453.1201 6594.4279 46676.0372
78660 111442.6 -35114.7
11.385 -5.9622 4.7542
34.6438 81.3178 90.6674238363
2.1924 2.1451 3.1104
Tata Motors Ltd (TTMT IN) - Standardized

In Millions of INR except Per Share FY 2011 FY 2012 FY 2013

12 Months Ending 03/31/2011 03/31/2012 03/31/2013
Total Assets
+ Cash, Cash Equivalents & STI 121555.8 240356.7 273532.1
+ Cash & Cash Equivalents 109328.3 164769 198108.9
+ ST Investments 12227.5 75587.7 75423.2
+ Accounts & Notes Receiv 65256.5 82368.4 109596
+ Accounts Receivable, Net 65256.5 82368.4 109596
+ Notes Receivable, Net 0 0 0
+ Inventories 140705.1 182160.2 210368.2
+ Raw Materials 19645.7 20116.5 18975.2
+ Work In Process 11229.8 19248.4 21639.5
+ Finished Goods 107423 140130.8 166710.8
+ Other Inventory 2406.6 2664.5 3042.7
+ Other ST Assets 93370.8 139729.4 148039.2
+ Prepaid Expenses 41135.4 53520.2 55789.6
+ Derivative & Hedging Assets 3648.3 3950.4 2568.1
+ Taxes Receivable 4553.5 4515.4 2691.1
+ Misc ST Assets 44033.6 77743.4 86990.4
Total Current Assets 420888.2 644614.7 741535.5
+ Property, Plant & Equip, Net 250067.6 302400.9 370740.6
+ Property, Plant & Equip 614151.8 738060.4 801486.7
- Accumulated Depreciation 364084.2 435659.5 430746.1
+ LT Investments & Receivables 7834.7 8554.9 9031.7
+ LT Investments 6509.7 7229.9 7706.7
+ LT Receivables 1325 1325 1325
+ Other LT Assets 331351.3 493741.6 582474.6
+ Total Intangible Assets 217990.8 300661.5 368912.2
+ Goodwill 35847.9 40937.4 41023.7
+ Other Intangible Assets 182142.9 259724.1 327888.5
+ Prepaid Expense 3036.8 3459.6 3395.3
+ Deferred Tax Assets 6323.4 45393.3 44289.3
+ Derivative & Hedging Assets 0 1897 6194.6
+ Investments in Affiliates 6856.4 6685.5 4517.4
+ Misc LT Assets 97143.9 135644.7 155165.8
Total Noncurrent Assets 589253.6 804697.4 962246.9
Total Assets 1010141.8 1449312.1 1703782.4

Liabilities & Shareholders' Equity

+ Payables & Accruals 278836.7 401623.8 488658
+ Accounts Payable 225140.3 326075.8 405192.2
+ Accrued Taxes 28150 50346.6 48793.6
 + Interest & Dividends Payable 16287.8 20432.6 13848.7
+ Other Payables & Accruals 9258.6 4768.8 20823.5
+ ST Debt 209435.8 232652.2 259535.5
+ ST Borrowings 184886.5 148061.8 159959.4
+ ST Capital Leases 65.3 141.5 174.1
+ Current Portion of LT Debt 24484 84448.9 99402
+ Other ST Liabilities 62983.7 98404.7 117263.1
+ Deferred Revenue 753 753 1802.5
+ Derivatives & Hedging 429.4 9061.3 17049.7
+ Misc ST Liabilities 61801.3 88590.4 98410.9
Total Current Liabilities 551256.2 732680.7 865456.6
+ LT Debt 172560 279624.8 321552.9
+ LT Borrowings 172436.2 279302 321221.5
+ LT Capital Leases 123.8 322.8 331.4
+ Other LT Liabilities 92144.9 106950.3 136695.1
+ Accrued Liabilities 0 0 0
+ Deferred Revenue 3283.2 2862.5 4219.2
+ Deferred Tax Liabilities 20961.3 21650.7 20482.1
+ Derivatives & Hedging 0 2713.1 17335
+ Misc LT Liabilities 67900.4 79724 94658.8
Total Noncurrent Liabilities 264704.9 386575.1 458248
Total Liabilities 815961.1 1119255.8 1323704.6
+ Preferred Equity and Hybrid Capital 0 0 0
+ Share Capital & APIC 119883.9 118215.1 119666.4
+ Common Stock 6377.1 6347.5 6380.7
+ Additional Paid in Capital 113506.8 111867.6 113285.7
- Treasury Stock 0 0 0
+ Retained Earnings 64614.9 181959.6 273058.7
+ Other Equity 7215.9 26810.3 -16352.1
Equity Before Minority Interest 191714.7 326985 376373
+ Minority/Non Controlling Interest 2466 3071.3 3704.8
Total Equity 194180.7 330056.3 380077.8
Total Liabilities & Equity 1010141.8 1449312.1 1703782.4

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP
Shares Outstanding 3207.1037 3207.5855 3224.3324
Number of Treasury Shares 0 0 0
Pension Obligations 0 0 0
Future Minimum Operating Lease Obligations 2556.4 3924 3809.9
Capital Leases - Total 189.1 464.3 505.5
Percent Of Foreign Ownership 44.67 44.53 17.5
Number Of Shareholders 359185 448876 457954
Options Granted During Period 0
Options Outstanding at Period End 0
Net Debt 260440 271920.3 307556.3
Net Debt to Equity 134.1225 82.386 80.9193
Tangible Common Equity Ratio -3.3171 2.2917 0.5589
Current Ratio 0.7635 0.8798 0.8568
Cash Conversion Cycle -18.9644 -17.5005 -28.8317
Number of Employees 52244 58618 62716
 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2014 03/31/2015 03/31/2016 03/31/2017

390316.2 462120 520929.2 511190.3

294592.8 321157.6 328799.8 360778.8
95723.4 140962.4 192129.4 150411.5
105742.3 125792 129899.6 208856.7
105742.3 125792 129899.6 140755.5
0 0 0 68101.2
272708.9 292723.4 333989.8 350853.1
17772.4 22018.2 26799
26570.4 33672.6 42807.5
225108.1 232908.1 259474.7
3258 4124.5 4908.6
189685.9 136948.6 168332.7 97418.5
53365.2 55346.8 58017.6
35912.4 16709 7267.7
3852.8 2120.8 1590.1 9354.7
96555.5 62772 101457.3 88063.8
958453.3 1017584 1153151.3 1168318.6
508315.9 616566.8 709158.5 697813.9
1055133.1 1176241.9 1344895.9
546817.2 559675.1 635737.4
8639.1 10325.5 8952.1 114438.9
7314.1 8579.1 8614 6907.6
1325 1746.4 338.1 107531.3
724574.9 742103.6 821714.1 756972.2
515226.4 554629 627713.4 598615.3
49788.3 46969.9 48365.2 6733.2
465438.1 507659.1 579348.2 591882.1
6532.8 5631.6 7826.3
23470.8 27332 27264.3 44573.4
43647 2322.8 15916.9
3829.8 3825.9 3917.5 46060.1
131868.1 148362.3 139075.7 67723.4
1241529.9 1368995.9 1539824.7 1569225
2199983.2 2386579.9 2692976 2737543.6

587744.4 574870.8 660768.5 590909.1

521536.9 533305.3 596515.6 576983.3
33267.4 27670.1 34864.2 13925.8
 14700.8 10047.2 10411.2
18239.3 3848.2 18977.5
205457.1 216158 225735.1 186941.8
148356.1 172013.2 151906.9 186941.8
223 155.7 142.7
56878 43989.1 73685.5 112236
130359.8 211691.2 221701 378444.3
3971.7 6813.1 10206.9 COMM
6438.7 64459.8 64766.9 INTER CORP DEPOSIT
119949.4 140418.3 146727.2 378444.3 SECURED LOAN
923561.3 1002720 1108204.6 1156295.2 UNSECURED
452586.1 560713.4 518763.1 606291.8
452429.7 560599.2 518379.3 606291.8
156.4 114.2 383.8
163594.8 256193.9 249299 389806
0 0 0
8244.7 10500.3 17388.9
15723.3 13432 31660.8 11740
5483.6 77219.4 77441.1
134143.2 155042.2 122808.2 378066
616180.9 816907.3 768062.1 996097.8
1539742.2 1819627.3 1876266.7 2152393
0 0 0 0
123268.7 124553.7 198914.4
6437.8 6437.8 6791.8 6792.2
116830.9 118115.9 192122.6
0 0 0 0
405304.8 544871.7 688503.9
127461 -106806.2 -79591.6
656034.5 562619.2 807826.7 580618.9
4206.5 4333.4 8882.6 4531.7
660241 566952.6 816709.3 585150.6
2199983.2 2386579.9 2692976 2737543.6

IN GAAP IN GAAP IN GAAP IN GAAP

3253.2031 3253.2031 3395.6803 3396.1
0 0 0 0
0 0 0 0
9127.7 12791.6 1188.7
379.4 269.9 526.5
22.33 22.44 27.51
407687 432942 598810
0 0 0
0 0 0
 267727 314751.4 223569 282043.3
40.5499 55.5164 27.3744 48.2001
8.3578 0.4362 8.7211 -0.8414
1.0378 1.0148 1.0406 1.0104
-33.3375 -36.9401 -35.3392
66593 73485 76598
RP DEPOSIT
Tata Motors Ltd (TTMT IN) - Adjusted

In Millions of INR except Per Share FY 2011 FY 2012

12 Months Ending 03/31/2011 03/31/2012
Revenue 1208629.8 1637918.7
+ Sales & Services Revenue 1199525.8 1627934.4
Gross Profit
+ Other Operating Income 9104 9984.3
- Operating Expenses 1100015.2 1492977.6
+ Research & Development 1218.6 2433
+ Depreciation & Amortization 46555.1 56253.8
+ Prov For Doubtful Accts
+ Other Operating Expense 1052241.5 1434290.8
Operating Income (Loss) 108614.6 144941.1
- Non-Operating (Income) Loss 3991.5 7927.9
+ Interest Expense, Net 1137 544
+ Interest Expense 17184.9 24046.6
- Interest Income 16047.9 23502.6
+ Other Investment (Inc) Loss -670 -379.2
+ Foreign Exch (Gain) Loss -780.6 -4058.5
+ (Income) Loss from Affiliates
+ Other Non-Op (Income) Loss 4305.1 11821.6
Pretax Income (Loss), Adjusted 104623.1 137013.2
- Abnormal Losses (Gains) 251.4 1674.5
+ Disposal of Assets
+ Early Extinguishment of Debt
+ Asset Write-Down
+ Impairment of Goodwill 193.7 1391.8
+ Gain/Loss on Sale/Acquisition of Business
+ Restructuring 5.8 0
+ Sale of Investments -173.5 -484.5
+ Unrealized Investments
+ Other Abnormal Items 225.4 767.2
Pretax Income (Loss), GAAP 104371.7 135338.7
- Income Tax Expense (Benefit) 12163.8 -400.4
+ Current Income Tax 10312 22314.5
+ Deferred Income Tax 1851.8 -22714.9
+ Tax Allowance/Credit
- (Income) Loss from Affiliates -1013.5 -249.2
Income (Loss) from Cont Ops 93221.4 135988.3
- Net Extraordinary Losses (Gains) 0 0
+ Discontinued Operations 0 0
+ XO & Accounting Changes 0 0
Income (Loss) Incl. MI 93221.4 135988.3
 - Minority Interest 485.2 823.3
Net Income, GAAP 92736.2 135165
- Preferred Dividends 0 0
- Other Adjustments 0 0
Net Income Avail to Common, GAAP 92736.2 135165

Net Income Avail to Common, Adj 92968.8821 136747.7638

Net Abnormal Losses (Gains) 232.6821 1582.7639
Net Extraordinary Losses (Gains) 0 0

Basic Weighted Avg Shares 3017.4915 3207.4816

Basic EPS, GAAP 30.7329 42.1405
Basic EPS from Cont Ops 30.7329 42.1405
Basic EPS from Cont Ops, Adjusted 30.81 42.634

Diluted Weighted Avg Shares 3253.9037 3360.5364

Diluted EPS, GAAP 28.5 40.2213
Diluted EPS from Cont Ops 28.5 40.2213
Diluted EPS from Cont Ops, Adjusted 28.5715 40.6922

Reference Items
Accounting Standard IN GAAP IN GAAP
EBITDA 155124.6 201149.7
EBITDA Margin (T12M) 12.9322 12.3561
EBITA 123406.6 167658.3
EBIT 108614.6 144941.1
Gross Margin
Operating Margin 9.0548 8.9034
Profit Margin 7.7505 8.4001
Sales per Employee 22960068.142 27771919.888
Dividends per Share 3.9576 3.9576
Total Cash Common Dividends 12692.2798 12694.1863
Capitalized Interest Expense 5112.3 7777.6
Personnel Expenses 93426.7 122984.5
Depreciation Expense 31718 33491.4
Rental Expense 2223.4 3144.8
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
1862621.9 2304134.4 2611478.7 2733936.9 2696925.1
1848478.8 2279459 2585425 2702595.7 2696925.1

14143.1 24675.4 26053.7 31341.2 0
1713408.3 2106567.2 2362597.7 2513084 2540987.1
5001.5 4135.5 4561 5631.1
76012.8 110781.6 133886.3 170141.8 179049.9

1632394 1991650.1 2224150.4 2337311.1 2361937.2
149213.6 197567.2 248881 220852.9 155938
12422 6781.5 22024.1 56118.2 73935.7
-3630.3 9801.2 13175.8 9295.5
28615.3 40757.9 40436.5 38526.3
32245.6 30956.7 27260.7 29230.8
-378.9 -356.5 -589.7 -443.6
4332.7 -16291.2 394.8 37160.3 39101

12098.5 13628 9043.2 10106 34834.7
136791.6 190785.7 226856.9 164734.7 82002.3
318.3 2096 9831.3 24926 -11145.6


1639.4
253.6 221.6 25.9

0 535 929.9 327.2 676.1
-800.9 -1145.8 -1195.7 -1813.9
4.1
861.5 2485.2 10097.1 24747.4 -11821.7
136473.3 188689.7 217025.6 139808.7 93147.9
37766.6 47647.9 76429.1 28726 32512.3
27167.4 43684.2 45588.1 19612.1 31376.6
10599.2 3963.7 30841 9113.9 1135.7

-1056.1 537.1 -134.2 -213.4 -14930
99762.8 140504.7 140730.7 111296.1 75565.6
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
99762.8 140504.7 140730.7 111296.1 75565.6
 836.7 594.5 867.8 1058.6 1022
98926.1 139910.2 139862.9 110237.5 74543.6
0 0 0 0 0
0 0 0 0 0
98926.1 139910.2 139862.9 110237.5 74543.6

99222.4085 141369.0914 146291.5871 126545.5754 66741.68

296.3085 1458.8914 6428.6871 16308.0754 -7801.92
0 0 0 0 0

3222.1671 3248.7847 3287.6735 3379.2521 3397.611

30.7017 43.0654 42.5416 32.6219 21.94
30.7017 43.0654 42.5416 32.6219 21.94
30.7937 43.5145 44.497 37.4478 19.6437

3253.8984 3249.5261 3288.4053 3380.1309 3399.161

30.4023 43.0556 42.5321 32.6134 21.93
30.4023 43.0556 42.5321 32.6134 21.93
30.4934 43.5045 44.4871 37.4381 19.6348

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

225181.2 308303.6 382744.6 390994.7 334987.9
12.182 13.5253 14.8039 14.4674 12.4211
185107.4 253261.4 317763.3 308789.6
149213.6 197567.2 248881 220852.9 155938

8.0722 8.6673 9.6263 8.1719 5.7821
5.3678 6.2019 5.6583 4.6824 2.4747
29473799.349 34229708.828 35183030.55 35282849.422
1.9788 1.9788 0 0.2 0
6380.2315 6437.3601 0 679.1361 0
12737.5 14747.2 16517.1 11845.1
166321.9 215564.2 255489.6 291988.9 283328.9
40073.8 55042.2 64981.3 82205.1
5892.1 6622.4 7326.7 7859.6
 Last 12M FY 2018 Est FY 2019 Est
03/31/2017 03/31/2018 03/31/2019
2741532.4 3008081.488 3403690.949
2741532.4
1101619.60253536 1252898.6383269

2645909.7

179049.9

2466859.8
119528.9 213005.091 283457.1
34074.7

34744.1
85454.1991210938 158567.872 221425.027
-7693.699949646

-8369.8
93147.8999023438 158567.872 221425.027
32512.3

-14930
75565.6 125589.973 175824.2
0
0
0
75565.6
 1022
74543.6 125589.973 175824.2
0
0
74543.600402832 125589.973 175824.2

69549.9424609375 125761.45 174674.974

-4993.65702
0

3398.6155
21.89 38.637 53.243
21.89 38.637 53.243
20.457045 36.544 50.215

3401.3064133017
21.88 38.637 53.243
21.88 38.637 53.243
20.446914 36.544 50.215

298578.8 399161.897 489415.919

10.8909455165 13.2696503932 14.378976421

119528.9 213005.091 283457.1

36.622 36.81
4.3599302346 7.0810944401 8.3279329483
2.5369002745 4.1807860093 5.1319281514

1.365 2.535

283322
Tata Motors Ltd (TTMT IN) - Profitability

In Millions of INR except Per Share FY 2011 FY 2012 FY 2013

12 Months Ending 03/31/2011 03/31/2012 03/31/2013
Returns
Return on Common Equity 67.7452 52.1169 28.1297
Return on Assets 9.8638 10.9915 6.2749
Return on Capital 20.0135 21.4636 13.3584
Return on Invested Capital 17.2014 19.8299 12.1435

Margins
EBITDA Margin 12.8967 12.309 12.169
Operating Margin 9.0194 8.8562 8.0593
Pretax Margin 8.7011 8.3135 7.383
Income before XO Margin 7.7715 8.3534 5.397
Net Income Margin 7.7311 8.3029 5.3518
Net Income to Common Margin 7.7311 8.3029 5.3518

Additional
Effective Tax Rate 11.6543 27.6733
Dvd Payout Ratio 13.6864 9.3916 6.4495
Sustainable Growth Rate 58.4733 47.2222 26.3154
 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2014 03/31/2015 03/31/2016 03/31/2017

27.1037 22.9537 16.0878 10.7377 32.1249571429

7.168 6.0988 4.3404 2.7454
15.001 12.5409 9.7697 7.0182 14.1664714286
12.8247 11.5698 11.5498 7.9028

13.5049 14.4134 14.1734 12.4211

8.6469 9.2358 7.8779 5.7821
8.2778 8.3942 5.1731 3.4539
6.1639 5.4432 4.1181 2.8019
6.1379 5.4097 4.0789 2.764
6.1379 5.4097 4.0789 2.764

25.252 35.2166 20.5466 34.904

4.6011 0 0.6161 0
25.8566 22.9537 15.9887 10.7377
Particulars (Rs. Million) 2011 2012 2013
Revenue 1208629.80 1637918.70 1862621.90
%YOY Growth 36% 14%
Less: Operating Expenses (excluding Dep.) 1052756.44 1436307.29 1635959.44
EBITDA 155873.36 201611.41 226662.46
EBITDA Margin 12.90% 12% 12%
%YOY Growth 29% 12%
Less: Depreciation and Amortisation 46555.10 56253.80 76012.80
EBIT 109318.26 145357.61 150649.66
EBIT Margin 9% 9% 8%
%YOY Growth 33% 4%
Tax 10800.72 23966.41 29989.45
Effective Tax Rate 10% 16% 20%
EBIT(1-T) 98517.54 121391.21 120660.21
NOPAT Margin 8% 7% 6%
%YOY Growth 23% -1%
Less: Abnormal Loss 3841.18 3559.54 3413.81
Add: Adjustment of R&D 1218.60 1946.40 4001.20
Less: Net Capex 35903.30 84690.98 116884.08
Less: Change in Non-cash WC 0.00 -53282.50 -42147.20
FCFF 59991.65 88369.59 46510.71
FCFF Margin 4.96% 5.40% 2.50%
%YOY Growth 47.30% -47.37%

2017
FCFF (2017) 120809.22
Growth 6.70%
Stable Growth 4.00%
WACC 10.8700%
0 1 2
2017 2018 2019
Projected Cash Flow 120809.22 128904.08 137541.34
Discount Factor 1.00 0.90 0.81
Present Value of Cash Flow 120809.22 116265.97 111893.58
Value of Prepeuity at stable growth
Present value factor
Present Value of prepeuity 1509869.29
Value of enterprise 2169898.05
Less: Debt Value 793233.60
Less: Cash 511190.30
Value of Equity 1887854.75
No of shares 3396.00
Value of Share 555.91
Calculation of R&D
R&D Expneses 1218.60 2433.00 5001.50
Life of R&D assumed 5 Years
Unamortised Portion of R&D (%) 0% 20%
Unamortised Portion of R&D 0.00 1000.30
Value of Research Assets this year
Amortisation this year (20% of Face Value) 486.60 1000.30

Calculation of Net Capex

Purchase of Fixed Assets 81239.80 138755.50 188625.70
Capex as % of Revenue 7% 8% 10%
Add: R&D 1218.60 2433.00 5001.50
Less: Depreciation 46555.10 56253.80 76012.80
Less: Amortisation of R&D 243.72 730.32
Net Capex 35903.30 84690.98 116884.08
Net Capex as % of Revenue 3% 5% 6%
Net Capes as % of NOPAT 36% 70% 97%

Calculation in Change in Non-Cash WC

Current Assets 420888.20 644614.70 741535.50
Less: Cash and Marketable Securities 121555.80 240356.70 273532.10
Non Cash Current Assets 299332.40 404258.00 468003.40

Current Liabilities 551256.20 732680.70 865456.60

Less: Interest Bearing Liabilities 209435.80 232652.20 259535.50
Non- interest bearing current liabiliites 341820.40 500028.50 605921.10

Non Cash Working Capital -42488.00 -95770.50 -137917.70

Change in Non-Cash Working Capital -53282.50 -42147.20
Change in Non-Cash Working Capital (%) of revenue 0% -3% -2%
Change in Non-Cash Working Capital (%) of NOPAT 0% -44% -35%

Consta
555.91 2%
9%
10%
11%
WACC

12%
13%
WACC
14%
15%

Constant Growth
0% 555.91
0.02
-0.02
 2014 2015 2016 2017 Trailing 12 Months Average Growth
2304134.40 2611478.70 2733936.90 2696925.10 2741532.40
24% 13% 5% -1% 15%
1992963.35 2235075.83 2346445.09 2361937.34
311171.05 376402.87 387491.81 334987.76
14% 14% 14% 12%
37% 21% 3% -14% 15%
110781.60 133886.30 170141.80 179049.90 179049.90
200389.45 242516.57 217350.01 155937.86 -179049.90
9% 9% 8% 6%
33% 21% -10% -28% 9%
46392.85 50942.70 30489.45 52527.22
23% 21% 14% 34%
153996.60 191573.87 186860.56 103410.65
7% 7% 7% 4%
28% 24% -2% -45% 5%
3275.52 3366.97 3664.39 2826.56
3308.40 3648.80 4504.88 -522.30
161374.58 186826.48 158840.18 41230.26
-12049.40 -81130.90 -19149.40 -61977.70
4704.30 86160.13 48010.27 120809.22
0.20% 3.30% 1.76% 4.48%
-89.89% 1731.52% -44.28% 151.63% 291%

3 4 5 6
2020 2021 2022 2023
146757.34 156590.86 167083.28 173766.61
0.73 0.66 0.60
107685.61 103635.90 99738.48
2529353.85
0.60
 4135.50 4561.00 5631.10 3830.12

40% 60% 80% 100%

1654.20 2736.60 4504.88 3830.12
13726.10
827.10 912.20 1126.22 4352.42

269751.30 319621.70 326820.80 220802.47

12% 12% 12%
4135.50 4561.00 5631.10 3830.12
110781.60 133886.30 170141.80 179049.90
1730.62 3469.92 3469.92 4352.42
161374.58 186826.48 158840.18 41230.26
7% 7% 6% 2%
105% 98% 85% 40% 0.76

958453.30 1017584.00 1153151.30 1168318.60

390316.20 462120.00 520929.20 511190.30
568137.10 555464.00 632222.10 657128.30

923561.30 1002720.00 1108204.60 1156295.20

205457.10 216158.00 225735.10 186941.80
718104.20 786562.00 882469.50 969353.40

-149967.10 -231098.00 -250247.40 -312225.10

-12049.40 -81130.90 -19149.40 -61977.70
-1% -3% -1% -2%
-8% -42% -10% -60% -0.28 6.7005306178

Constant Growth
3% 4% 5% 6%
 WACC Growth
0% 555.91 0% 555.91
0.02 0.02
-0.02 -0.02
Geometric Growth Fundamental Growth Rate (Firm) Expert Opinion

14.31% 6.70% 9.86%

13.60%

6.10%

0.81%

12.37%
Particulars (Rs. Million) 2011 2012
Revenue 1208629.80 1637918.70
%YOY Growth
Less: Operating Expenses (excluding Dep.) 1053460.10 1436723.80
EBITDA 155169.70 201194.90
EBITDA Margin
%YOY Growth
Less: Depreciation and Amortisation 46555.10 56253.80
EBIT 108614.60 144941.10
EBIT Margin
%YOY Growth
Less: Interest 17184.90 24046.60
EBT 91429.70 120894.50
EBT Margin
`
EffectiveTax Rate 10% 16%
Tax 9033.32 19932.96
NI 82396.38 100961.54
NI Margin
%YOY Growth
Less: Abnormal Loss 3841.18 3559.54
Add: Adjustment of R&D 1218.60 2189.28
Less: Net Capex 34572.60 81818.42
Less: Change in Non-cash WC 0.00 -53282.50
Less: Net debt repayment 11108.70 -124523.30
FCFE 34092.50 195578.67
FCFF Margin
%YOY Growth

FCFF (2017) 146822.85

Growth 1.41%
Stable Growth 2.0%
WACC 13.20%
0 1
2017 2018
Projected Cash Flow 146822.85 148886.18
Discount Factor 1.00 0.88
Present Value of Cash Flow 146822.85 131524.90
Value of Prepeuity at stable growth
Present value factor
Present Value of prepeuity 771342.68
Add: Cash 511190.30
Value of Equity 1963490.48
No of shares 3396.00
Value of Share 578.18

Calculation of R&D
R&D Expneses 1218.60 2433.00
Life of R&D assumed 5 Years
Unamortised Portion of R&D (%) 0% 0%
Unamortised Portion of R&D 0.00 0.00
Value of Research Assets this year
Amortisation this year (20% of Face Value) 0.00 243.72
Adjustment for R&D 1218.60 2189.28

Calculation of Net Capex

Purchase of Fixed Assets 81127.70 137828.50
Capex as % of Revenue
Add: R&D 1218.60 2433.00
Less: Depreciation 46555.10 56253.80
Less: Amortisation of R&D 1218.60 2189.28
Net Capex 34572.60 81818.42
Net Capex as % of Revenue
Net Capes as % of NI 42% 81%

Calculation in Change in Non-Cash WC

Current Assets 420888.20 644614.70
Less: Cash and Marketable Securities 121555.80 240356.70
Non Cash Current Assets 299332.40 404258.00

Current Liabilities 551256.20 732680.70

Less: Interest Bearing Liabilities 209435.80 232652.20
Non- interest bearing current liabiliites 341820.40 500028.50

Non Cash Working Capital -42488.00 -95770.50

Change in Non-Cash Working Capital -53282.50
Change in Non-Cash Working Capital (%) of revenue
Change in Non-Cash Working Capital (%) of NI -53%

Net Debt Repayment

New Debt Issued 54136.2 190300.4
Debt Payment 65244.9 65777.1
Net Debt Repayment 11108.7 -124523.3
Net Debt Repayment % of NI 13.48% -123.34%
 2013 2014 2015 2016 2017 Trailing 12 Months
1862621.90 2304134.40 2611478.70 2733936.90 2696925.10

1637395.50 1995785.60 2228711.40 2342942.20 2361937.20

225226.40 308348.80 382767.30 390994.70 334987.90

76012.80 110781.60 133886.30 170141.80 179049.90

149213.60 197567.20 248881.00 220852.90 155938.00

28615.30 40757.90 40436.50 38526.30 31594.58

120598.30 156809.30 208444.50 182326.60 124343.42

20% 23% 21% 14% 34%

24007.20 36303.46 43785.57 25576.43 41884.72
96591.10 120505.84 164658.93 156750.17 82458.70

3413.81 3275.52 3366.97 3664.39 2826.56

4271.18 2404.88 2003.28 2161.18 -522.30
112976.32 160201.02 187551.22 159560.52 45565.72
-42147.20 -12049.40 -81130.90 -19149.40 -61977.70
-74684.60 -41173.30 -130302.40 51768.70 -51301.03
101303.94 12656.88 187177.33 -36932.86 146822.85

2 3 4 5 6
2019 2020 2021 2022 2023
150978.51 153100.24 155251.79 157433.57 160582.24
0.78 0.69 0.61 0.54
117820.88 105544.74 94547.68 84696.45
1433770.02
0.54
 5001.50 4135.50 4561.00 5631.10 3830.12

20% 40% 60% 80% 100%

1000.30 1654.20 2736.60 4504.88 3830.12
13726.10
730.32 1730.62 2557.72 3469.92 4352.42
4271.18 2404.88 2003.28 2161.18 -522.30

188258.80 269252.00 318879.80 326232.40 220263.20

5001.50 4135.50 4561.00 5631.10 3830.12

76012.80 110781.60 133886.30 170141.80 179049.90
4271.18 2404.88 2003.28 2161.18 -522.30
112976.32 160201.02 187551.22 159560.52 45565.72

117% 133% 114% 102% 55% 0.92

741535.50 958453.30 1017584.00 1153151.30 1168318.60

273532.10 390316.20 462120.00 520929.20 511190.30
468003.40 568137.10 555464.00 632222.10 657128.30

865456.60 923561.30 1002720.00 1108204.60 1156295.20

259535.50 205457.10 216158.00 225735.10 186941.80
605921.10 718104.20 786562.00 882469.50 969353.40

-137917.70 -149967.10 -231098.00 -250247.40 -312225.10

-42147.20 -12049.40 -81130.90 -19149.40 -61977.70

-44% -10% -49% -12% -75% -0.41

131602.4 233213.9 273933.8 108874.2 165343.483333

56917.8 192040.6 143631.4 160642.9 114042.45
-74684.6 -41173.3 -130302.4 51768.7 -51301.033333
-77.32% -34.17% -79.13% 33.03% -62.21% -0.47
Average Growth Geometric Growth Fundamental Growth Rate (Equity) Expert Opinion

1.41%
 Diluted EPS, GAAP Dividends per Share ROE (%) Rention Ratio

FY 2011 28.50 3.96 67.75 86.11%

FY 2012 40.22 3.96 52.12 90.16%
FY 2013 30.40 1.98 28.13 93.49%
FY 2014 43.06 1.98 27.10 95.40%
FY 2015 42.53 0.00 22.95 100.00%
FY 2016 32.61 0.20 16.09 99.39%
FY 2017 21.93 0.00 10.74 100.00%
1.72 32.12 94.94%
Cost of Equity 13.13%
Growth 30%
Dividend 1.72
Announce Divi
ment den
d
Date
5/30/2016 0.20
5/29/2014 2.00
5/29/2013 2.00
5/29/2012 4.00
5/26/2011 4.00
5/27/2010 3.00
5/29/2009 1.20
5/16/2008 3.00
5/18/2007 3.00
5/19/2006 2.60
5/17/2005 2.50
5/20/2004 0.80
1/14/2004 0.80
5/27/2003 0.80