Current Capacity 1500000

Capacity Expansion Proposed 1000000

4 phases of expansion in 2018, 2022, 2025 and 2028
Cost of Expansion 8500 crore
Goal of selling 2 million cars by 2022
70% Equity 30% Debt
Year 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012
Units Sold 635630 711820 722140 870790 1132740 1006320
Capacity 1500000 1500000 1500000 1500000 1500000 1500000
% Sales of Capacity 42.38% 47.45% 48.14% 58.05% 75.52% 67.09%
Average % Sales of Capacity 67.30%
Standard Deviation 16.2%
2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
1051050 1053690 1170700 1305350 1444540
1500000 1500000 1500000 1500000 1500000
70.07% 70.25% 78.05% 87.02% 96.30%
Date Close Date Close % Change Maruti % Change Nifty 50
3/8/2013 1428.949951 3/8/2013 5945.700195
3/11/2013 1417.949951 3/11/2013 5942.350098 -1% 0%
3/12/2013 1417 3/12/2013 5914.100098 0% 0%
3/13/2013 1374.25 3/13/2013 5851.200195 -3% -1%
3/14/2013 1418.800049 3/14/2013 5908.950195 3% 1%
3/15/2013 1406.699951 3/15/2013 5872.600098 -1% -1%
3/18/2013 1361.050049 3/18/2013 5835.25 -3% -1%
3/19/2013 1364.650024 3/19/2013 5745.950195 0% -2%
3/20/2013 1342.599976 3/20/2013 5694.399902 -2% -1%
3/21/2013 1306.949951 3/21/2013 5658.75 -3% -1%
3/22/2013 1305.550049 3/22/2013 5651.350098 0% 0%
3/25/2013 1285.199951 3/25/2013 5633.850098 -2% 0%
3/26/2013 1293.25 3/26/2013 5641.600098 1% 0%
3/28/2013 1281.199951 3/28/2013 5682.549805 -1% 1%
4/1/2013 1283.800049 4/1/2013 5704.399902 0% 0%
4/2/2013 1307.800049 4/2/2013 5748.100098 2% 1%
4/3/2013 1303.5 4/3/2013 5672.899902 0% -1%
4/4/2013 1311.099976 4/4/2013 5574.75 1% -2%
4/5/2013 1406.300049 4/5/2013 5553.25 7% 0%
4/8/2013 1420.150024 4/8/2013 5542.950195 1% 0%
4/9/2013 1407.400024 4/9/2013 5495.100098 -1% -1%
4/10/2013 1412.599976 4/10/2013 5558.700195 0% 1%
4/11/2013 1428.050049 4/11/2013 5594 1% 1%
4/12/2013 1408.449951 4/12/2013 5528.549805 -1% -1%
4/15/2013 1422.900024 4/15/2013 5568.399902 1% 1%
4/16/2013 1482.050049 4/16/2013 5688.950195 4% 2%
4/17/2013 1494.5 4/17/2013 5688.700195 1% 0%
4/18/2013 1524.599976 4/18/2013 5783.100098 2% 2%
4/22/2013 1540.449951 4/22/2013 5834.399902 1% 1%
4/23/2013 1536.349976 4/23/2013 5836.899902 0% 0%
4/25/2013 1590.949951 4/25/2013 5916.299805 4% 1%
4/26/2013 1673.150024 4/26/2013 5871.450195 5% -1%
4/29/2013 1683.5 4/29/2013 5904.100098 1% 1%
4/30/2013 1669.599976 4/30/2013 5930.200195 -1% 0%
5/2/2013 1679.800049 5/2/2013 5999.350098 1% 1%
5/3/2013 1665.400024 5/3/2013 5944 -1% -1%
5/6/2013 1692.400024 5/6/2013 5971.049805 2% 0%
5/7/2013 1692.800049 5/7/2013 6043.549805 0% 1%
5/8/2013 1680.849976 5/8/2013 6069.299805 -1% 0%
5/9/2013 1660.150024 5/9/2013 6050.149902 -1% 0%
5/10/2013 1727.949951 5/10/2013 6094.75 4% 1%
5/13/2013 1705 5/13/2013 5980.450195 -1% -2%
5/14/2013 1703.900024 5/14/2013 5995.399902 0% 0%
5/15/2013 1739.050049 5/15/2013 6146.75 2% 3%
5/16/2013 1728.199951 5/16/2013 6169.899902 -1% 0%
5/17/2013 1708.699951 5/17/2013 6187.299805 -1% 0%
5/20/2013 1742.25 5/20/2013 6156.899902 2% 0%
5/21/2013 1697.400024 5/21/2013 6114.100098 -3% -1%
5/22/2013 1687.599976 5/22/2013 6094.5 -1% 0%
5/23/2013 1647.5 5/23/2013 5967.049805 -2% -2%
5/24/2013 1674.900024 5/24/2013 5983.549805 2% 0%
5/27/2013 1648.75 5/27/2013 6083.149902 -2% 2%
5/28/2013 1655.099976 5/28/2013 6111.25 0% 0%
5/29/2013 1634.150024 5/29/2013 6104.299805 -1% 0%
5/30/2013 1637.5 5/30/2013 6124.049805 0% 0%
5/31/2013 1605.599976 5/31/2013 5985.950195 -2% -2%
6/3/2013 1568.550049 6/3/2013 5939.299805 -2% -1%
6/4/2013 1546.800049 6/4/2013 5919.450195 -1% 0%
6/5/2013 1568.25 6/5/2013 5923.850098 1% 0%
6/6/2013 1587.099976 6/6/2013 5921.399902 1% 0%
6/7/2013 1554.900024 6/7/2013 5881 -2% -1%
6/10/2013 1521.849976 6/10/2013 5878 -2% 0%
6/11/2013 1490.449951 6/11/2013 5788.799805 -2% -2%
6/12/2013 1479.650024 6/12/2013 5760.200195 -1% 0%
6/13/2013 1456.599976 6/13/2013 5699.100098 -2% -1%
6/14/2013 1514.150024 6/14/2013 5808.399902 4% 2%
6/17/2013 1535.25 6/17/2013 5850.049805 1% 1%
6/18/2013 1538.550049 6/18/2013 5813.600098 0% -1%
6/19/2013 1543.75 6/19/2013 5822.25 0% 0%
6/20/2013 1525.150024 6/20/2013 5655.899902 -1% -3%
6/21/2013 1554.650024 6/21/2013 5667.649902 2% 0%
6/24/2013 1544.449951 6/24/2013 5590.25 -1% -1%
6/25/2013 1545.199951 6/25/2013 5609.100098 0% 0%
6/26/2013 1544.75 6/26/2013 5588.700195 0% 0%
6/27/2013 1521.199951 6/27/2013 5682.350098 -2% 2%
6/28/2013 1537.75 6/28/2013 5842.200195 1% 3%
7/1/2013 1605.449951 7/1/2013 5898.850098 4% 1%
7/2/2013 1578.650024 7/2/2013 5857.549805 -2% -1%
7/3/2013 1560.949951 7/3/2013 5770.899902 -1% -1%
7/4/2013 1557.349976 7/4/2013 5836.950195 0% 1%
7/5/2013 1554.550049 7/5/2013 5867.899902 0% 1%
7/8/2013 1551.050049 7/8/2013 5811.549805 0% -1%
7/9/2013 1543.849976 7/9/2013 5859 0% 1%
7/10/2013 1543.5 7/10/2013 5816.700195 0% -1%
7/11/2013 1505.550049 7/11/2013 5935.100098 -2% 2%
7/12/2013 1447.949951 7/12/2013 6009 -4% 1%
7/15/2013 1446.599976 7/15/2013 6030.799805 0% 0%
7/16/2013 1411.25 7/16/2013 5955.25 -2% -1%
7/17/2013 1421.150024 7/17/2013 5973.299805 1% 0%
7/18/2013 1445.550049 7/18/2013 6038.049805 2% 1%
7/19/2013 1451.5 7/19/2013 6029.200195 0% 0%
7/22/2013 1448.449951 7/22/2013 6031.799805 0% 0%
7/23/2013 1448.699951 7/23/2013 6077.799805 0% 1%
7/24/2013 1416.050049 7/24/2013 5990.5 -2% -1%
7/25/2013 1414 7/25/2013 5907.5 0% -1%
7/26/2013 1375.400024 7/26/2013 5886.200195 -3% 0%
7/29/2013 1348.199951 7/29/2013 5831.649902 -2% -1%
7/30/2013 1342.400024 7/30/2013 5755.049805 0% -1%
7/31/2013 1326.300049 7/31/2013 5742 -1% 0%
8/1/2013 1340.300049 8/1/2013 5727.850098 1% 0%
8/2/2013 1337.699951 8/2/2013 5677.899902 0% -1%
8/5/2013 1343.900024 8/5/2013 5685.399902 0% 0%
8/6/2013 1331.949951 8/6/2013 5542.25 -1% -3%
8/7/2013 1330.849976 8/7/2013 5519.100098 0% 0%
8/8/2013 1385.050049 8/8/2013 5565.649902 4% 1%
8/12/2013 1380.199951 8/12/2013 5612.399902 0% 1%
8/13/2013 1396.949951 8/13/2013 5699.299805 1% 2%
8/14/2013 1391.199951 8/14/2013 5742.299805 0% 1%
8/16/2013 1325.099976 8/16/2013 5507.850098 -5% -4%
8/19/2013 1308.449951 8/19/2013 5414.75 -1% -2%
8/20/2013 1297.900024 8/20/2013 5401.450195 -1% 0%
8/21/2013 1284.449951 8/21/2013 5302.549805 -1% -2%
8/22/2013 1285.699951 8/22/2013 5408.450195 0% 2%
8/23/2013 1293 8/23/2013 5471.75 1% 1%
8/26/2013 1308.150024 8/26/2013 5476.5 1% 0%
8/27/2013 1260.25 8/27/2013 5287.450195 -4% -3%
8/28/2013 1236.349976 8/28/2013 5285 -2% 0%
8/29/2013 1250.599976 8/29/2013 5409.049805 1% 2%
8/30/2013 1243.550049 8/30/2013 5471.799805 -1% 1%
9/2/2013 1300 9/2/2013 5550.75 5% 1%
9/3/2013 1276.050049 9/3/2013 5341.450195 -2% -4%
9/4/2013 1276.5 9/4/2013 5448.100098 0% 2%
9/5/2013 1299.599976 9/5/2013 5592.950195 2% 3%
9/6/2013 1288.400024 9/6/2013 5680.399902 -1% 2%
9/10/2013 1336.650024 9/10/2013 5896.75 4% 4%
9/11/2013 1360.800049 9/11/2013 5913.149902 2% 0%
9/12/2013 1320.900024 9/12/2013 5850.700195 -3% -1%
9/13/2013 1315.900024 9/13/2013 5850.600098 0% 0%
9/16/2013 1359.900024 9/16/2013 5840.549805 3% 0%
9/17/2013 1375.800049 9/17/2013 5850.200195 1% 0%
9/18/2013 1401.849976 9/18/2013 5899.450195 2% 1%
9/19/2013 1480 9/19/2013 6115.549805 6% 4%
9/20/2013 1467.25 9/20/2013 6012.100098 -1% -2%
9/23/2013 1401.25 9/23/2013 5889.75 -4% -2%
9/24/2013 1410.800049 9/24/2013 5892.450195 1% 0%
9/25/2013 1393.199951 9/25/2013 5873.850098 -1% 0%
9/26/2013 1387.550049 9/26/2013 5882.25 0% 0%
9/27/2013 1366.949951 9/27/2013 5833.200195 -1% -1%
9/30/2013 1358.550049 9/30/2013 5735.299805 -1% -2%
10/1/2013 1380.199951 10/1/2013 5780.049805 2% 1%
10/3/2013 1412.349976 10/3/2013 5909.700195 2% 2%
10/4/2013 1428.5 10/4/2013 5907.299805 1% 0%
 10/7/2013 1410.199951 10/7/2013 5906.149902 -1% 0%
10/8/2013 1406.599976 10/8/2013 5928.399902 0% 0%
10/9/2013 1398.5 10/9/2013 6007.450195 -1% 1%
10/10/2013 1421.099976 10/10/2013 6020.950195 2% 0%
10/11/2013 1464 10/11/2013 6096.200195 3% 1%
10/14/2013 1446.900024 10/14/2013 6112.700195 -1% 0%
10/15/2013 1439.900024 10/15/2013 6089.049805 0% 0%
10/17/2013 1427.050049 10/17/2013 6045.850098 -1% -1%
10/18/2013 1468.75 10/18/2013 6189.350098 3% 2%
10/21/2013 1519.949951 10/21/2013 6204.950195 3% 0%
10/22/2013 1514.599976 10/22/2013 6202.799805 0% 0%
10/23/2013 1528.849976 10/23/2013 6178.350098 1% 0%
10/24/2013 1513.900024 10/24/2013 6164.350098 -1% 0%
10/25/2013 1508.699951 10/25/2013 6144.899902 0% 0%
10/28/2013 1513.349976 10/28/2013 6101.100098 0% -1%
10/29/2013 1635.25 10/29/2013 6220.899902 8% 2%
10/30/2013 1636.650024 10/30/2013 6251.700195 0% 0%
10/31/2013 1636.199951 10/31/2013 6299.149902 0% 1%
11/1/2013 1636.150024 11/1/2013 6307.200195 0% 0%
11/5/2013 1623.25 11/5/2013 6253.149902 -1% -1%
11/6/2013 1614.550049 11/6/2013 6215.149902 -1% -1%
11/7/2013 1610.800049 11/7/2013 6187.25 0% 0%
11/8/2013 1580.550049 11/8/2013 6140.75 -2% -1%
11/11/2013 1582.550049 11/11/2013 6078.799805 0% -1%
11/12/2013 1587.099976 11/12/2013 6018.049805 0% -1%
11/13/2013 1579.5 11/13/2013 5989.600098 0% 0%
11/14/2013 1612.599976 11/14/2013 6056.149902 2% 1%
11/18/2013 1629.349976 11/18/2013 6189 1% 2%
11/19/2013 1682.550049 11/19/2013 6203.350098 3% 0%
11/20/2013 1649.849976 11/20/2013 6122.899902 -2% -1%
11/21/2013 1647 11/21/2013 5999.049805 0% -2%
11/22/2013 1640.150024 11/22/2013 5995.450195 0% 0%
11/25/2013 1678.900024 11/25/2013 6115.350098 2% 2%
11/26/2013 1663.300049 11/26/2013 6059.100098 -1% -1%
11/27/2013 1659.949951 11/27/2013 6057.100098 0% 0%
11/28/2013 1666.650024 11/28/2013 6091.850098 0% 1%
11/29/2013 1676.150024 11/29/2013 6176.100098 1% 1%
12/2/2013 1661.400024 12/2/2013 6217.850098 -1% 1%
12/3/2013 1663.25 12/3/2013 6201.850098 0% 0%
12/4/2013 1639.75 12/4/2013 6160.950195 -1% -1%
12/5/2013 1700.150024 12/5/2013 6241.100098 4% 1%
12/6/2013 1701.5 12/6/2013 6259.899902 0% 0%
12/9/2013 1763.75 12/9/2013 6363.899902 4% 2%
12/10/2013 1751.800049 12/10/2013 6332.850098 -1% 0%
12/11/2013 1753 12/11/2013 6307.899902 0% 0%
12/12/2013 1714.800049 12/12/2013 6237.049805 -2% -1%
12/13/2013 1689.599976 12/13/2013 6168.399902 -1% -1%
12/16/2013 1701.599976 12/16/2013 6154.700195 1% 0%
12/17/2013 1701.900024 12/17/2013 6139.049805 0% 0%
12/18/2013 1729.949951 12/18/2013 6217.149902 2% 1%
12/19/2013 1780.550049 12/19/2013 6166.649902 3% -1%
12/20/2013 1809.650024 12/20/2013 6274.25 2% 2%
12/23/2013 1802.400024 12/23/2013 6284.5 0% 0%
12/24/2013 1788.800049 12/24/2013 6268.399902 -1% 0%
12/26/2013 1793.599976 12/26/2013 6278.899902 0% 0%
12/27/2013 1775.050049 12/27/2013 6313.799805 -1% 1%
12/30/2013 1777.199951 12/30/2013 6291.100098 0% 0%
12/31/2013 1763.900024 12/31/2013 6304 -1% 0%
1/2/2014 1768.400024 1/2/2014 6221.149902 0% -1%
1/3/2014 1798.599976 1/3/2014 6211.149902 2% 0%
1/6/2014 1807.699951 1/6/2014 6191.450195 1% 0%
1/7/2014 1845.75 1/7/2014 6162.25 2% 0%
1/8/2014 1837.5 1/8/2014 6174.600098 0% 0%
1/9/2014 1811.800049 1/9/2014 6168.350098 -1% 0%
1/10/2014 1794.099976 1/10/2014 6171.450195 -1% 0%
1/13/2014 1782.75 1/13/2014 6272.75 -1% 2%
1/14/2014 1773.349976 1/14/2014 6241.850098 -1% 0%
1/15/2014 1800.099976 1/15/2014 6320.899902 2% 1%
1/16/2014 1789.849976 1/16/2014 6318.899902 -1% 0%
1/17/2014 1775.199951 1/17/2014 6261.649902 -1% -1%
1/20/2014 1778.199951 1/20/2014 6303.950195 0% 1%
1/21/2014 1801.900024 1/21/2014 6313.799805 1% 0%
1/22/2014 1807.849976 1/22/2014 6338.950195 0% 0%
1/23/2014 1793.800049 1/23/2014 6345.649902 -1% 0%
1/24/2014 1774.25 1/24/2014 6266.75 -1% -1%
1/27/2014 1702.300049 1/27/2014 6135.850098 -4% -2%
1/28/2014 1566 1/28/2014 6126.25 -8% 0%
1/29/2014 1673.849976 1/29/2014 6120.25 7% 0%
1/30/2014 1635.900024 1/30/2014 6073.700195 -2% -1%
1/31/2014 1636.25 1/31/2014 6089.5 0% 0%
2/3/2014 1618.5 2/3/2014 6001.799805 -1% -1%
2/4/2014 1619.650024 2/4/2014 6000.899902 0% 0%
2/5/2014 1606.699951 2/5/2014 6022.399902 -1% 0%
2/6/2014 1639.699951 2/6/2014 6036.299805 2% 0%
2/7/2014 1664.949951 2/7/2014 6063.200195 2% 0%
2/10/2014 1688.849976 2/10/2014 6053.450195 1% 0%
2/11/2014 1678.150024 2/11/2014 6062.700195 -1% 0%
2/12/2014 1647.699951 2/12/2014 6084 -2% 0%
2/13/2014 1641.25 2/13/2014 6001.100098 0% -1%
2/14/2014 1643.400024 2/14/2014 6048.350098 0% 1%
2/17/2014 1665.699951 2/17/2014 6073.299805 1% 0%
2/18/2014 1708.449951 2/18/2014 6127.100098 3% 1%
2/19/2014 1698.099976 2/19/2014 6152.75 -1% 0%
2/20/2014 1683.300049 2/20/2014 6091.450195 -1% -1%
2/21/2014 1675.599976 2/21/2014 6155.450195 0% 1%
2/24/2014 1684.400024 2/24/2014 6186.100098 1% 0%
2/25/2014 1678 2/25/2014 6200.049805 0% 0%
2/26/2014 1664.050049 2/26/2014 6238.799805 -1% 1%
2/28/2014 1589 2/28/2014 6276.950195 -5% 1%
3/3/2014 1582.199951 3/3/2014 6221.450195 0% -1%
3/4/2014 1597.400024 3/4/2014 6297.950195 1% 1%
3/5/2014 1625.400024 3/5/2014 6328.649902 2% 0%
3/6/2014 1650.449951 3/6/2014 6401.149902 2% 1%
3/7/2014 1735.050049 3/7/2014 6526.649902 5% 2%
3/10/2014 1801.099976 3/10/2014 6537.25 4% 0%
3/11/2014 1754.150024 3/11/2014 6511.899902 -3% 0%
3/12/2014 1764.050049 3/12/2014 6516.899902 1% 0%
3/13/2014 1747.349976 3/13/2014 6493.100098 -1% 0%
3/14/2014 1738.449951 3/14/2014 6504.200195 -1% 0%
3/18/2014 1868.199951 3/18/2014 6516.649902 7% 0%
3/19/2014 1869.75 3/19/2014 6524.049805 0% 0%
3/20/2014 1856.550049 3/20/2014 6483.100098 -1% -1%
3/21/2014 1868.550049 3/21/2014 6493.200195 1% 0%
3/24/2014 1886.300049 3/24/2014 6583.5 1% 1%
3/25/2014 1901.699951 3/25/2014 6589.75 1% 0%
3/26/2014 1937.099976 3/26/2014 6601.399902 2% 0%
3/27/2014 1935.550049 3/27/2014 6641.75 0% 1%
3/28/2014 1931.400024 3/28/2014 6695.899902 0% 1%
3/31/2014 1971.75 3/31/2014 6704.200195 2% 0%
4/1/2014 1930.849976 4/1/2014 6721.049805 -2% 0%
4/2/2014 1933.199951 4/2/2014 6752.549805 0% 0%
4/3/2014 1939.699951 4/3/2014 6736.100098 0% 0%
4/4/2014 1927.199951 4/4/2014 6694.350098 -1% -1%
4/7/2014 1904.949951 4/7/2014 6695.049805 -1% 0%
4/9/2014 1932.5 4/9/2014 6796.200195 1% 2%
4/10/2014 1959.949951 4/10/2014 6796.399902 1% 0%
4/11/2014 1935.699951 4/11/2014 6776.299805 -1% 0%
4/15/2014 1927.199951 4/15/2014 6733.100098 0% -1%
4/16/2014 1935.25 4/16/2014 6675.299805 0% -1%
4/17/2014 1951.349976 4/17/2014 6779.399902 1% 2%
4/21/2014 1988.300049 4/21/2014 6817.649902 2% 1%
4/22/2014 1975.599976 4/22/2014 6815.350098 -1% 0%
4/23/2014 1982.050049 4/23/2014 6840.799805 0% 0%
4/25/2014 1956.199951 4/25/2014 6782.75 -1% -1%
4/28/2014 1950.449951 4/28/2014 6761.25 0% 0%
4/29/2014 1916.5 4/29/2014 6715.25 -2% -1%
4/30/2014 1923 4/30/2014 6696.399902 0% 0%
5/2/2014 1883.400024 5/2/2014 6694.799805 -2% 0%
5/5/2014 1897.849976 5/5/2014 6699.350098 1% 0%
5/6/2014 1910.25 5/6/2014 6715.299805 1% 0%
5/7/2014 1881.25 5/7/2014 6652.549805 -2% -1%
5/8/2014 1896.599976 5/8/2014 6659.850098 1% 0%
5/9/2014 1974.849976 5/9/2014 6858.799805 4% 3%
5/12/2014 2049.899902 5/12/2014 7014.25 4% 2%
5/13/2014 2090.350098 5/13/2014 7108.75 2% 1%
5/14/2014 2085.199951 5/14/2014 7108.75 0% 0%
5/15/2014 2117.850098 5/15/2014 7123.149902 2% 0%
5/16/2014 2152.149902 5/16/2014 7203 2% 1%
5/19/2014 2214.649902 5/19/2014 7263.549805 3% 1%
5/20/2014 2194 5/20/2014 7275.5 -1% 0%
5/21/2014 2169.199951 5/21/2014 7252.899902 -1% 0%
5/22/2014 2264.800049 5/22/2014 7276.399902 4% 0%
5/23/2014 2385.850098 5/23/2014 7367.100098 5% 1%
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5/27/2014 2302.050049 5/27/2014 7318 -2% -1%
5/28/2014 2309.949951 5/28/2014 7329.649902 0% 0%
5/29/2014 2305.850098 5/29/2014 7235.649902 0% -1%
5/30/2014 2271.800049 5/30/2014 7229.950195 -1% 0%
6/2/2014 2324.300049 6/2/2014 7362.5 2% 2%
6/3/2014 2336.850098 6/3/2014 7415.850098 1% 1%
6/4/2014 2372.050049 6/4/2014 7402.25 2% 0%
6/5/2014 2381.199951 6/5/2014 7474.100098 0% 1%
6/6/2014 2392.050049 6/6/2014 7583.399902 0% 1%
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6/24/2014 2414.600098 6/24/2014 7580.200195 1% 1%
6/25/2014 2471 6/25/2014 7569.25 2% 0%
6/26/2014 2486.899902 6/26/2014 7493.200195 1% -1%
6/27/2014 2454.699951 6/27/2014 7508.799805 -1% 0%
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7/9/2014 2516.449951 7/9/2014 7585 -3% -1%
7/10/2014 2531.699951 7/10/2014 7567.75 1% 0%
7/11/2014 2504.649902 7/11/2014 7459.600098 -1% -1%
7/14/2014 2509.649902 7/14/2014 7454.149902 0% 0%
7/15/2014 2518.449951 7/15/2014 7526.649902 0% 1%
7/16/2014 2572.149902 7/16/2014 7624.399902 2% 1%
7/17/2014 2560.350098 7/17/2014 7640.450195 0% 0%
7/18/2014 2524.600098 7/18/2014 7663.899902 -1% 0%
7/21/2014 2541.350098 7/21/2014 7684.200195 1% 0%
7/22/2014 2513.399902 7/22/2014 7767.850098 -1% 1%
7/23/2014 2490.050049 7/23/2014 7795.75 -1% 0%
7/24/2014 2498.699951 7/24/2014 7830.600098 0% 0%
7/25/2014 2509.300049 7/25/2014 7790.450195 0% -1%
7/28/2014 2505.5 7/28/2014 7748.700195 0% -1%
7/30/2014 2552.449951 7/30/2014 7791.399902 2% 1%
7/31/2014 2524.050049 7/31/2014 7721.299805 -1% -1%
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8/4/2014 2645.699951 8/4/2014 7683.649902 2% 1%
8/5/2014 2665.850098 8/5/2014 7746.549805 1% 1%
8/6/2014 2637 8/6/2014 7672.049805 -1% -1%
8/7/2014 2649.399902 8/7/2014 7649.25 0% 0%
8/8/2014 2622.600098 8/8/2014 7568.549805 -1% -1%
8/11/2014 2664.550049 8/11/2014 7625.950195 2% 1%
8/12/2014 2664.25 8/12/2014 7727.049805 0% 1%
8/13/2014 2650.949951 8/13/2014 7739.549805 0% 0%
8/14/2014 2666.550049 8/14/2014 7791.700195 1% 1%
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8/19/2014 2749.300049 8/19/2014 7897.5 2% 0%
8/20/2014 2737.850098 8/20/2014 7875.299805 0% 0%
8/21/2014 2750.550049 8/21/2014 7891.100098 0% 0%
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9/10/2014 2906.949951 9/10/2014 8094.100098 0% -1%
9/11/2014 2917.100098 9/11/2014 8085.700195 0% 0%
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9/16/2014 2950.350098 9/16/2014 7932.899902 0% -1%
9/17/2014 2967.199951 9/17/2014 7975.5 1% 1%
9/18/2014 3042.699951 9/18/2014 8114.75 3% 2%
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9/23/2014 3061.800049 9/23/2014 8017.549805 0% -2%
9/24/2014 3071.800049 9/24/2014 8002.399902 0% 0%
9/25/2014 3057.25 9/25/2014 7911.850098 0% -1%
9/26/2014 3038 9/26/2014 7968.850098 -1% 1%
 9/29/2014 3008.149902 9/29/2014 7958.899902 -1% 0%
9/30/2014 3062.850098 9/30/2014 7964.799805 2% 0%
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10/13/2014 2972.850098 10/13/2014 7884.25 0% 0%
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10/29/2014 3205.399902 10/29/2014 8090.450195 2% 1%
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11/7/2014 3288.350098 11/7/2014 8337 0% 0%
11/10/2014 3307.800049 11/10/2014 8344.25 1% 0%
11/11/2014 3329 11/11/2014 8362.650391 1% 0%
11/12/2014 3359.75 11/12/2014 8383.299805 1% 0%
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11/26/2014 3284 11/26/2014 8475.75 0% 0%
11/27/2014 3263.449951 11/27/2014 8494.200195 -1% 0%
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12/10/2014 3323.399902 12/10/2014 8355.650391 0% 0%
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12/12/2014 3379.300049 12/12/2014 8224.099609 1% -1%
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12/16/2014 3309.850098 12/16/2014 8067.600098 -2% -2%
12/17/2014 3261.949951 12/17/2014 8029.799805 -1% 0%
12/18/2014 3385.300049 12/18/2014 8159.299805 4% 2%
12/19/2014 3359.399902 12/19/2014 8225.200195 -1% 1%
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12/23/2014 3398.699951 12/23/2014 8267 0% -1%
12/24/2014 3365.5 12/24/2014 8174.100098 -1% -1%
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1/7/2015 3437.75 1/7/2015 8102.100098 1% 0%
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1/9/2015 3468.199951 1/9/2015 8284.5 0% 1%
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2/26/2015 3496.850098 2/26/2015 8683.849609 -2% -1%
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5/13/2015 3604.100098 5/13/2015 8235.450195 1% 1%
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7/16/2015 4178.149902 7/16/2015 8608.049805 1% 1%
7/17/2015 4193 7/17/2015 8609.849609 0% 0%
7/20/2015 4176.049805 7/20/2015 8603.450195 0% 0%
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7/27/2015 4178.100098 7/27/2015 8361 -1% -2%
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8/25/2015 4199 8/25/2015 7880.700195 -1% 1%
8/26/2015 4207.049805 8/26/2015 7791.850098 0% -1%
8/27/2015 4203.75 8/27/2015 7948.950195 0% 2%
8/28/2015 4205.850098 8/28/2015 8001.950195 0% 1%
8/31/2015 4167.200195 8/31/2015 7971.299805 -1% 0%
9/1/2015 4061.449951 9/1/2015 7785.850098 -3% -2%
9/2/2015 4030 9/2/2015 7717 -1% -1%
9/3/2015 4143.25 9/3/2015 7823 3% 1%
9/4/2015 4063.300049 9/4/2015 7655.049805 -2% -2%
9/7/2015 4069.600098 9/7/2015 7558.799805 0% -1%
9/8/2015 4139.299805 9/8/2015 7688.25 2% 2%
9/9/2015 4305.149902 9/9/2015 7818.600098 4% 2%
9/10/2015 4301.450195 9/10/2015 7788.100098 0% 0%
9/11/2015 4317.75 9/11/2015 7789.299805 0% 0%
9/14/2015 4319.5 9/14/2015 7872.25 0% 1%
9/15/2015 4325 9/15/2015 7829.100098 0% -1%
9/16/2015 4355.600098 9/16/2015 7899.149902 1% 1%
9/18/2015 4400.850098 9/18/2015 7981.899902 1% 1%
9/21/2015 4490.25 9/21/2015 7977.100098 2% 0%
9/22/2015 4473.049805 9/22/2015 7812 0% -2%
9/23/2015 4497.649902 9/23/2015 7845.950195 1% 0%
9/24/2015 4566.649902 9/24/2015 7868.5 2% 0%
 9/28/2015 4536.25 9/28/2015 7795.700195 -1% -1%
9/29/2015 4682.299805 9/29/2015 7843.299805 3% 1%
9/30/2015 4685.600098 9/30/2015 7948.899902 0% 1%
10/1/2015 4580.350098 10/1/2015 7950.899902 -2% 0%
10/5/2015 4414.049805 10/5/2015 8119.299805 -4% 2%
10/6/2015 4354 10/6/2015 8152.899902 -1% 0%
10/7/2015 4364.5 10/7/2015 8177.399902 0% 0%
10/8/2015 4353.75 10/8/2015 8129.350098 0% -1%
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10/12/2015 4231.850098 10/12/2015 8143.600098 -1% -1%
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10/14/2015 4249.75 10/14/2015 8107.899902 -1% 0%
10/15/2015 4377.399902 10/15/2015 8179.5 3% 1%
10/16/2015 4447 10/16/2015 8238.150391 2% 1%
10/19/2015 4458.950195 10/19/2015 8275.049805 0% 0%
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10/26/2015 4385.149902 10/26/2015 8260.549805 0% 0%
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10/29/2015 4439.549805 10/29/2015 8111.75 -1% -1%
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11/2/2015 4495.75 11/2/2015 8050.799805 1% 0%
11/3/2015 4482.549805 11/3/2015 8060.700195 0% 0%
11/4/2015 4520.549805 11/4/2015 8040.200195 1% 0%
11/5/2015 4526.600098 11/5/2015 7955.450195 0% -1%
11/6/2015 4522.799805 11/6/2015 7954.299805 0% 0%
11/9/2015 4628.200195 11/9/2015 7915.200195 2% 0%
11/10/2015 4712.700195 11/10/2015 7783.350098 2% -2%
11/13/2015 4619.799805 11/13/2015 7762.25 -2% 0%
11/16/2015 4646.899902 11/16/2015 7806.600098 1% 1%
11/17/2015 4632.25 11/17/2015 7837.549805 0% 0%
11/18/2015 4533.25 11/18/2015 7731.799805 -2% -1%
11/19/2015 4650.350098 11/19/2015 7842.75 3% 1%
11/20/2015 4737.899902 11/20/2015 7856.549805 2% 0%
11/23/2015 4736.25 11/23/2015 7849.25 0% 0%
11/24/2015 4639.899902 11/24/2015 7831.600098 -2% 0%
11/26/2015 4606.549805 11/26/2015 7883.799805 -1% 1%
11/27/2015 4580.049805 11/27/2015 7942.700195 -1% 1%
11/30/2015 4555 11/30/2015 7935.25 -1% 0%
12/1/2015 4556.200195 12/1/2015 7954.899902 0% 0%
12/2/2015 4618.799805 12/2/2015 7931.350098 1% 0%
12/3/2015 4627.049805 12/3/2015 7864.149902 0% -1%
12/4/2015 4600.350098 12/4/2015 7781.899902 -1% -1%
12/7/2015 4564.200195 12/7/2015 7765.399902 -1% 0%
12/8/2015 4542.549805 12/8/2015 7701.700195 0% -1%
12/9/2015 4479.100098 12/9/2015 7612.5 -1% -1%
12/10/2015 4498.100098 12/10/2015 7683.299805 0% 1%
12/11/2015 4480.75 12/11/2015 7610.450195 0% -1%
12/14/2015 4576.799805 12/14/2015 7650.049805 2% 1%
12/15/2015 4620 12/15/2015 7700.899902 1% 1%
12/16/2015 4619.399902 12/16/2015 7750.899902 0% 1%
12/17/2015 4666.75 12/17/2015 7844.350098 1% 1%
12/18/2015 4620.450195 12/18/2015 7761.950195 -1% -1%
12/21/2015 4639.100098 12/21/2015 7834.450195 0% 1%
12/22/2015 4617.200195 12/22/2015 7786.100098 0% -1%
12/23/2015 4634.950195 12/23/2015 7865.950195 0% 1%
12/24/2015 4598.399902 12/24/2015 7861.049805 -1% 0%
12/28/2015 4640 12/28/2015 7925.149902 1% 1%
12/29/2015 4636.899902 12/29/2015 7928.950195 0% 0%
12/30/2015 4587.200195 12/30/2015 7896.25 -1% 0%
12/31/2015 4621.950195 12/31/2015 7946.350098 1% 1%
1/4/2016 4580.649902 1/4/2016 7791.299805 -1% -2%
1/5/2016 4566.950195 1/5/2016 7784.649902 0% 0%
1/6/2016 4480.799805 1/6/2016 7741 -2% -1%
1/7/2016 4267.899902 1/7/2016 7568.299805 -5% -2%
1/8/2016 4214.75 1/8/2016 7601.350098 -1% 0%
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1/12/2016 4269 1/12/2016 7510.299805 0% -1%
1/13/2016 4291.25 1/13/2016 7562.399902 1% 1%
1/14/2016 4248.25 1/14/2016 7536.799805 -1% 0%
1/15/2016 4273.350098 1/15/2016 7437.799805 1% -1%
1/18/2016 4236.200195 1/18/2016 7351 -1% -1%
1/19/2016 4198.149902 1/19/2016 7435.100098 -1% 1%
1/20/2016 4058.949951 1/20/2016 7309.299805 -3% -2%
1/21/2016 3891.699951 1/21/2016 7276.799805 -4% 0%
1/22/2016 4104.950195 1/22/2016 7422.450195 5% 2%
1/25/2016 4081.350098 1/25/2016 7436.149902 -1% 0%
1/27/2016 4111.950195 1/27/2016 7437.75 1% 0%
1/28/2016 4103.299805 1/28/2016 7424.649902 0% 0%
1/29/2016 4095.850098 1/29/2016 7563.549805 0% 2%
2/1/2016 3948.25 2/1/2016 7555.950195 -4% 0%
2/2/2016 3874.949951 2/2/2016 7455.549805 -2% -1%
2/3/2016 3828.350098 2/3/2016 7361.799805 -1% -1%
2/4/2016 3794.649902 2/4/2016 7404 -1% 1%
2/5/2016 3723.399902 2/5/2016 7489.100098 -2% 1%
2/8/2016 3732.550049 2/8/2016 7387.25 0% -1%
2/9/2016 3657.100098 2/9/2016 7298.200195 -2% -1%
2/10/2016 3678.550049 2/10/2016 7215.700195 1% -1%
2/11/2016 3541.449951 2/11/2016 6976.350098 -4% -3%
2/12/2016 3549.649902 2/12/2016 6980.950195 0% 0%
2/15/2016 3711.25 2/15/2016 7162.950195 5% 3%
2/16/2016 3705.199951 2/16/2016 7048.25 0% -2%
2/17/2016 3749.149902 2/17/2016 7108.450195 1% 1%
2/18/2016 3653.25 2/18/2016 7191.75 -3% 1%
2/19/2016 3579.149902 2/19/2016 7210.75 -2% 0%
2/22/2016 3520.800049 2/22/2016 7234.549805 -2% 0%
2/23/2016 3487.399902 2/23/2016 7109.549805 -1% -2%
2/24/2016 3489.699951 2/24/2016 7018.700195 0% -1%
2/25/2016 3414.149902 2/25/2016 6970.600098 -2% -1%
2/26/2016 3409.199951 2/26/2016 7029.75 0% 1%
2/29/2016 3236.5 2/29/2016 6987.049805 -5% -1%
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3/2/2016 3612.649902 3/2/2016 7368.850098 3% 2%
3/3/2016 3608.649902 3/3/2016 7475.600098 0% 1%
3/4/2016 3555.100098 3/4/2016 7485.350098 -1% 0%
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3/9/2016 3576.399902 3/9/2016 7531.799805 3% 1%
3/10/2016 3627.199951 3/10/2016 7486.149902 1% -1%
3/11/2016 3641.199951 3/11/2016 7510.200195 0% 0%
3/14/2016 3648.149902 3/14/2016 7538.75 0% 0%
3/15/2016 3654.550049 3/15/2016 7460.600098 0% -1%
3/16/2016 3667.350098 3/16/2016 7498.75 0% 1%
3/17/2016 3635.449951 3/17/2016 7512.549805 -1% 0%
3/18/2016 3621.399902 3/18/2016 7604.350098 0% 1%
3/21/2016 3669.550049 3/21/2016 7704.25 1% 1%
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3/23/2016 3736 3/23/2016 7716.5 1% 0%
3/28/2016 3638.949951 3/28/2016 7615.100098 -3% -1%
3/29/2016 3729.949951 3/29/2016 7597 3% 0%
3/30/2016 3727.449951 3/30/2016 7735.200195 0% 2%
3/31/2016 3716.300049 3/31/2016 7738.399902 0% 0%
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4/5/2016 3554.850098 4/5/2016 7603.200195 -3% -2%
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4/7/2016 3471 4/7/2016 7546.450195 -3% -1%
4/8/2016 3430.649902 4/8/2016 7555.200195 -1% 0%
4/11/2016 3478.649902 4/11/2016 7671.399902 1% 2%
4/12/2016 3573.699951 4/12/2016 7708.950195 3% 0%
4/13/2016 3731.600098 4/13/2016 7850.450195 4% 2%
4/18/2016 3718.949951 4/18/2016 7914.700195 0% 1%
4/20/2016 3670.050049 4/20/2016 7914.75 -1% 0%
4/21/2016 3705.300049 4/21/2016 7912.049805 1% 0%
4/22/2016 3816.050049 4/22/2016 7899.299805 3% 0%
4/25/2016 3727.949951 4/25/2016 7855.049805 -2% -1%
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4/27/2016 3859.399902 4/27/2016 7979.899902 0% 0%
4/28/2016 3747.949951 4/28/2016 7847.25 -3% -2%
4/29/2016 3794.649902 4/29/2016 7849.799805 1% 0%
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5/3/2016 3819.949951 5/3/2016 7747 0% -1%
5/4/2016 3811.550049 5/4/2016 7706.549805 0% -1%
 5/5/2016 3836.850098 5/5/2016 7735.5 1% 0%
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5/9/2016 3846.5 5/9/2016 7866.049805 1% 2%
5/10/2016 3844.800049 5/10/2016 7887.799805 0% 0%
5/11/2016 3890.050049 5/11/2016 7848.850098 1% 0%
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5/13/2016 3846.25 5/13/2016 7814.899902 0% -1%
5/16/2016 3881.600098 5/16/2016 7860.75 1% 1%
5/17/2016 3950.699951 5/17/2016 7890.75 2% 0%
5/18/2016 3914.899902 5/18/2016 7870.149902 -1% 0%
5/19/2016 3926.600098 5/19/2016 7783.399902 0% -1%
5/20/2016 3944.949951 5/20/2016 7749.700195 0% 0%
5/23/2016 3913.850098 5/23/2016 7731.049805 -1% 0%
5/24/2016 3924.199951 5/24/2016 7748.850098 0% 0%
5/25/2016 4060.949951 5/25/2016 7934.899902 3% 2%
5/26/2016 4118 5/26/2016 8069.649902 1% 2%
5/27/2016 4146.600098 5/27/2016 8156.649902 1% 1%
5/30/2016 4071.75 5/30/2016 8178.5 -2% 0%
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6/2/2016 4186.649902 6/2/2016 8218.950195 1% 0%
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6/8/2016 4160.100098 6/8/2016 8273.049805 1% 0%
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6/10/2016 4111.5 6/10/2016 8170.049805 -1% 0%
6/13/2016 4134.75 6/13/2016 8110.600098 1% -1%
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6/15/2016 4209.600098 6/15/2016 8206.599609 3% 1%
6/16/2016 4084.100098 6/16/2016 8140.75 -3% -1%
6/17/2016 4114.5 6/17/2016 8170.200195 1% 0%
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6/21/2016 4157.399902 6/21/2016 8219.900391 1% 0%
6/22/2016 4151.350098 6/22/2016 8203.700195 0% 0%
6/23/2016 4168.600098 6/23/2016 8270.450195 0% 1%
6/24/2016 4070.050049 6/24/2016 8088.600098 -2% -2%
6/27/2016 4025.100098 6/27/2016 8094.700195 -1% 0%
6/28/2016 4078.699951 6/28/2016 8127.850098 1% 0%
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6/30/2016 4187.200195 6/30/2016 8287.75 1% 1%
7/1/2016 4165.399902 7/1/2016 8328.349609 -1% 0%
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7/8/2016 4161.799805 7/8/2016 8323.200195 0% 0%
7/11/2016 4272.049805 7/11/2016 8467.900391 3% 2%
7/12/2016 4370.399902 7/12/2016 8521.049805 2% 1%
7/13/2016 4321.399902 7/13/2016 8519.5 -1% 0%
7/14/2016 4428.299805 7/14/2016 8565 2% 1%
7/15/2016 4472.049805 7/15/2016 8541.400391 1% 0%
7/18/2016 4454.75 7/18/2016 8508.700195 0% 0%
7/19/2016 4485.700195 7/19/2016 8528.549805 1% 0%
7/20/2016 4469.149902 7/20/2016 8565.849609 0% 0%
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7/22/2016 4414.700195 7/22/2016 8541.200195 0% 0%
7/25/2016 4550.549805 7/25/2016 8635.650391 3% 1%
7/26/2016 4471.299805 7/26/2016 8590.650391 -2% -1%
7/27/2016 4558.149902 7/27/2016 8615.799805 2% 0%
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7/29/2016 4757.600098 7/29/2016 8638.5 0% 0%
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8/17/2016 4889.850098 8/17/2016 8624.049805 1% 0%
8/18/2016 4915.850098 8/18/2016 8673.25 1% 1%
8/19/2016 4900.100098 8/19/2016 8666.900391 0% 0%
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8/23/2016 4833.799805 8/23/2016 8632.599609 0% 0%
8/24/2016 4948.549805 8/24/2016 8650.299805 2% 0%
8/25/2016 4933.700195 8/25/2016 8592.200195 0% -1%
8/26/2016 4920.899902 8/26/2016 8572.549805 0% 0%
8/29/2016 4927.399902 8/29/2016 8607.450195 0% 0%
8/30/2016 5067.649902 8/30/2016 8744.349609 3% 2%
8/31/2016 5053.649902 8/31/2016 8786.200195 0% 0%
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9/7/2016 5336.049805 9/7/2016 8917.950195 0% 0%
9/8/2016 5489.399902 9/8/2016 8952.5 3% 0%
9/9/2016 5403 9/9/2016 8866.700195 -2% -1%
9/12/2016 5329 9/12/2016 8715.599609 -1% -2%
9/14/2016 5363.899902 9/14/2016 8726.599609 1% 0%
9/15/2016 5452.399902 9/15/2016 8742.549805 2% 0%
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9/20/2016 5514.850098 9/20/2016 8775.900391 0% 0%
9/21/2016 5501.25 9/21/2016 8777.150391 0% 0%
9/22/2016 5597.100098 9/22/2016 8867.450195 2% 1%
 9/23/2016 5601.799805 9/23/2016 8831.549805 0% 0%
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9/27/2016 5511.399902 9/27/2016 8706.400391 -1% 0%
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9/30/2016 5477.299805 9/30/2016 8611.150391 1% 0%
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10/19/2016 5604.600098 10/19/2016 8659.099609 0% 0%
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10/25/2016 5781.450195 10/25/2016 8691.299805 1% 0%
10/26/2016 5869.100098 10/26/2016 8615.25 2% -1%
10/27/2016 5860.149902 10/27/2016 8615.25 0% 0%
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11/4/2016 5704.850098 11/4/2016 8433.75 -2% -1%
11/7/2016 5715.950195 11/7/2016 8497.049805 0% 1%
11/8/2016 5669 11/8/2016 8543.549805 -1% 1%
11/9/2016 5392.950195 11/9/2016 8432 -5% -1%
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11/17/2016 4925.549805 11/17/2016 8079.950195 -1% 0%
11/18/2016 4950.899902 11/18/2016 8074.100098 1% 0%
11/21/2016 4787.450195 11/21/2016 7929.100098 -3% -2%
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11/23/2016 4880.850098 11/23/2016 8033.299805 -1% 0%
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11/25/2016 4873.600098 11/25/2016 8114.299805 1% 2%
11/28/2016 4893.75 11/28/2016 8126.899902 0% 0%
11/29/2016 5088.149902 11/29/2016 8142.149902 4% 0%
11/30/2016 5266 11/30/2016 8224.5 3% 1%
12/1/2016 5252.100098 12/1/2016 8192.900391 0% 0%
12/2/2016 5068.100098 12/2/2016 8086.799805 -4% -1%
12/5/2016 5202.950195 12/5/2016 8128.75 3% 1%
 12/6/2016 5135.200195 12/6/2016 8143.149902 -1% 0%
12/7/2016 5116.649902 12/7/2016 8102.049805 0% -1%
12/8/2016 5234.600098 12/8/2016 8246.849609 2% 2%
12/9/2016 5235 12/9/2016 8261.75 0% 0%
12/12/2016 5144.399902 12/12/2016 8170.799805 -2% -1%
12/13/2016 5163.149902 12/13/2016 8221.799805 0% 1%
12/14/2016 5141.049805 12/14/2016 8182.450195 0% 0%
12/15/2016 5152.049805 12/15/2016 8153.600098 0% 0%
12/16/2016 5188.649902 12/16/2016 8139.450195 1% 0%
12/19/2016 5115.049805 12/19/2016 8104.350098 -1% 0%
12/20/2016 5108 12/20/2016 8082.399902 0% 0%
12/21/2016 5137.850098 12/21/2016 8061.299805 1% 0%
12/22/2016 5084.399902 12/22/2016 7979.100098 -1% -1%
12/23/2016 5197.149902 12/23/2016 7985.75 2% 0%
12/26/2016 5167.350098 12/26/2016 7908.25 -1% -1%
12/27/2016 5224 12/27/2016 8032.850098 1% 2%
12/28/2016 5231.25 12/28/2016 8034.850098 0% 0%
12/29/2016 5314.799805 12/29/2016 8103.600098 2% 1%
12/30/2016 5319.549805 12/30/2016 8185.799805 0% 1%
1/2/2017 5466 1/2/2017 8179.5 3% 0%
1/3/2017 5508.399902 1/3/2017 8192.25 1% 0%
1/4/2017 5502.149902 1/4/2017 8190.5 0% 0%
1/5/2017 5634.950195 1/5/2017 8273.799805 2% 1%
1/6/2017 5615.549805 1/6/2017 8243.799805 0% 0%
1/9/2017 5658.5 1/9/2017 8236.049805 1% 0%
1/10/2017 5674.850098 1/10/2017 8288.599609 0% 1%
1/11/2017 5762.350098 1/11/2017 8380.650391 2% 1%
1/12/2017 5777.350098 1/12/2017 8407.200195 0% 0%
1/13/2017 5699.5 1/13/2017 8400.349609 -1% 0%
1/16/2017 5676.899902 1/16/2017 8412.799805 0% 0%
1/17/2017 5669.399902 1/17/2017 8398 0% 0%
1/18/2017 5684.450195 1/18/2017 8417 0% 0%
1/19/2017 5718.350098 1/19/2017 8435.099609 1% 0%
1/20/2017 5668.950195 1/20/2017 8349.349609 -1% -1%
1/23/2017 5700 1/23/2017 8391.5 1% 1%
1/24/2017 5737.200195 1/24/2017 8475.799805 1% 1%
1/25/2017 5802.549805 1/25/2017 8602.75 1% 1%
1/27/2017 5915.899902 1/27/2017 8641.25 2% 0%
1/30/2017 5894.950195 1/30/2017 8632.75 0% 0%
1/31/2017 5894.25 1/31/2017 8561.299805 0% -1%
2/1/2017 6179.200195 2/1/2017 8716.400391 5% 2%
2/2/2017 6144.350098 2/2/2017 8734.25 -1% 0%
2/3/2017 6115.450195 2/3/2017 8740.950195 0% 0%
2/6/2017 6149.700195 2/6/2017 8801.049805 1% 1%
2/7/2017 6213.200195 2/7/2017 8768.299805 1% 0%
2/8/2017 6194.649902 2/8/2017 8769.049805 0% 0%
2/9/2017 6157.100098 2/9/2017 8778.400391 -1% 0%
2/10/2017 6112.25 2/10/2017 8793.549805 -1% 0%
2/13/2017 6022 2/13/2017 8805.049805 -1% 0%
2/14/2017 5939.850098 2/14/2017 8792.299805 -1% 0%
2/15/2017 5862.700195 2/15/2017 8724.700195 -1% -1%
2/16/2017 6024.549805 2/16/2017 8778 3% 1%
2/17/2017 5989.75 2/17/2017 8821.700195 -1% 0%
2/20/2017 6093.149902 2/20/2017 8879.200195 2% 1%
2/21/2017 6063.149902 2/21/2017 8907.849609 0% 0%
2/22/2017 6079.649902 2/22/2017 8926.900391 0% 0%
2/23/2017 6031 2/23/2017 8939.5 -1% 0%
2/27/2017 5951.5 2/27/2017 8896.700195 -1% 0%
2/28/2017 5922.5 2/28/2017 8879.599609 0% 0%
3/1/2017 5919.600098 3/1/2017 8945.799805 0% 1%
3/2/2017 5918.75 3/2/2017 8899.75 0% -1%
3/3/2017 5887.75 3/3/2017 8897.549805 -1% 0%
3/6/2017 5934.850098 3/6/2017 8963.450195 1% 1%
3/7/2017 5888.5 3/7/2017 8946.900391 -1% 0%
3/8/2017 5864.149902 3/8/2017 8924.299805 0% 0%
3/9/2017 5964.399902 3/9/2017 8927 2% 0%
3/10/2017 5955.600098 3/10/2017 8934.549805 0% 0%
3/14/2017 6132.399902 3/14/2017 9087 3% 2%
3/15/2017 6137.350098 3/15/2017 9084.799805 0% 0%
3/16/2017 6155.450195 3/16/2017 9153.700195 0% 1%
3/17/2017 6192.600098 3/17/2017 9160.049805 1% 0%
3/20/2017 6158.899902 3/20/2017 9126.849609 -1% 0%
3/21/2017 6076.299805 3/21/2017 9121.5 -1% 0%
3/22/2017 6005.799805 3/22/2017 9030.450195 -1% -1%
3/23/2017 6034.799805 3/23/2017 9086.299805 0% 1%
3/24/2017 6004.649902 3/24/2017 9108 0% 0%
3/27/2017 5985.799805 3/27/2017 9045.200195 0% -1%
3/28/2017 5974.25 3/28/2017 9100.799805 0% 1%
3/29/2017 5944.149902 3/29/2017 9143.799805 -1% 0%
3/30/2017 5956.600098 3/30/2017 9173.75 0% 0%
3/31/2017 6015.700195 3/31/2017 9173.75 1% 0%
4/3/2017 6072 4/3/2017 9237.849609 1% 1%
4/5/2017 6342.399902 4/5/2017 9265.150391 4% 0%
4/6/2017 6291.649902 4/6/2017 9261.950195 -1% 0%
4/7/2017 6259.350098 4/7/2017 9198.299805 -1% -1%
4/10/2017 6268.850098 4/10/2017 9181.450195 0% 0%
4/11/2017 6247.799805 4/11/2017 9237 0% 1%
4/12/2017 6154.5 4/12/2017 9203.450195 -1% 0%
4/13/2017 6077.950195 4/13/2017 9150.799805 -1% -1%
4/17/2017 6115.549805 4/17/2017 9139.299805 1% 0%
4/18/2017 6137.149902 4/18/2017 9105.150391 0% 0%
4/19/2017 6196.950195 4/19/2017 9103.5 1% 0%
4/20/2017 6273.5 4/20/2017 9136.400391 1% 0%
4/21/2017 6185.799805 4/21/2017 9119.400391 -1% 0%
4/24/2017 6318.350098 4/24/2017 9217.950195 2% 1%
4/25/2017 6337.200195 4/25/2017 9306.599609 0% 1%
4/26/2017 6406.299805 4/26/2017 9351.849609 1% 0%
4/27/2017 6374.049805 4/27/2017 9342.150391 -1% 0%
4/28/2017 6524.850098 4/28/2017 9304.049805 2% 0%
5/2/2017 6705.5 5/2/2017 9313.799805 3% 0%
5/3/2017 6644 5/3/2017 9311.950195 -1% 0%
5/4/2017 6639.799805 5/4/2017 9359.900391 0% 1%
5/5/2017 6654.149902 5/5/2017 9285.299805 0% -1%
5/8/2017 6630.549805 5/8/2017 9314.049805 0% 0%
5/9/2017 6629.299805 5/9/2017 9316.849609 0% 0%
5/10/2017 6737.75 5/10/2017 9407.299805 2% 1%
5/11/2017 6762.5 5/11/2017 9422.400391 0% 0%
5/12/2017 6730.200195 5/12/2017 9400.900391 0% 0%
5/15/2017 6823.899902 5/15/2017 9445.400391 1% 0%
5/16/2017 6953.950195 5/16/2017 9512.25 2% 1%
5/17/2017 6958.200195 5/17/2017 9525.75 0% 0%
5/18/2017 6831.049805 5/18/2017 9429.450195 -2% -1%
5/19/2017 6790.549805 5/19/2017 9427.900391 -1% 0%
5/22/2017 6701.700195 5/22/2017 9438.25 -1% 0%
5/23/2017 6878.850098 5/23/2017 9386.150391 3% -1%
5/24/2017 6869.649902 5/24/2017 9360.549805 0% 0%
5/25/2017 6985.700195 5/25/2017 9509.75 2% 2%
5/26/2017 7064.799805 5/26/2017 9595.099609 1% 1%
5/29/2017 7134.450195 5/29/2017 9604.900391 1% 0%
5/30/2017 7147.5 5/30/2017 9624.549805 0% 0%
5/31/2017 7211 5/31/2017 9621.25 1% 0%
6/1/2017 7146.600098 6/1/2017 9616.099609 -1% 0%
6/2/2017 7114.700195 6/2/2017 9653.5 0% 0%
6/5/2017 7125.700195 6/5/2017 9675.099609 0% 0%
6/6/2017 7112.100098 6/6/2017 9637.150391 0% 0%
6/7/2017 7205.700195 6/7/2017 9663.900391 1% 0%
6/8/2017 7249.5 6/8/2017 9647.25 1% 0%
6/9/2017 7464.850098 6/9/2017 9668.25 3% 0%
6/12/2017 7373.649902 6/12/2017 9616.400391 -1% -1%
6/13/2017 7348.950195 6/13/2017 9606.900391 0% 0%
6/14/2017 7351.049805 6/14/2017 9618.150391 0% 0%
6/15/2017 7312.299805 6/15/2017 9578.049805 -1% 0%
6/16/2017 7263.899902 6/16/2017 9588.049805 -1% 0%
6/19/2017 7249.25 6/19/2017 9657.549805 0% 1%
6/20/2017 7207.25 6/20/2017 9653.5 -1% 0%
6/21/2017 7268.200195 6/21/2017 9633.599609 1% 0%
6/22/2017 7316.100098 6/22/2017 9630 1% 0%
6/23/2017 7219.149902 6/23/2017 9574.950195 -1% -1%
6/27/2017 7183.350098 6/27/2017 9511.400391 0% -1%
6/28/2017 7225.049805 6/28/2017 9491.25 1% 0%
6/29/2017 7224.350098 6/29/2017 9504.099609 0% 0%
6/30/2017 7217.600098 6/30/2017 9520.900391 0% 0%
7/3/2017 7354 7/3/2017 9615 2% 1%
7/4/2017 7376.149902 7/4/2017 9613.299805 0% 0%
 7/5/2017 7377.649902 7/5/2017 9637.599609 0% 0%
7/6/2017 7474.049805 7/6/2017 9674.549805 1% 0%
7/7/2017 7432.799805 7/7/2017 9665.799805 -1% 0%
7/10/2017 7430.450195 7/10/2017 9771.049805 0% 1%
7/11/2017 7457 7/11/2017 9786.049805 0% 0%
7/12/2017 7476.649902 7/12/2017 9816.099609 0% 0%
7/13/2017 7567.549805 7/13/2017 9891.700195 1% 1%
7/14/2017 7557.25 7/14/2017 9886.349609 0% 0%
7/17/2017 7522.299805 7/17/2017 9915.950195 0% 0%
7/18/2017 7549.350098 7/18/2017 9827.150391 0% -1%
7/19/2017 7561.5 7/19/2017 9899.599609 0% 1%
7/20/2017 7490.950195 7/20/2017 9873.299805 -1% 0%
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7/24/2017 7554.549805 7/24/2017 9966.400391 0% 1%
7/25/2017 7504.850098 7/25/2017 9964.549805 -1% 0%
7/26/2017 7565.25 7/26/2017 10020.650391 1% 1%
7/27/2017 7599.600098 7/27/2017 10020.549805 0% 0%
7/28/2017 7630.450195 7/28/2017 10014.5 0% 0%
7/31/2017 7750.049805 7/31/2017 10077.099609 2% 1%
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8/3/2017 7737.399902 8/3/2017 10013.650391 -1% -1%
8/4/2017 7770.299805 8/4/2017 10066.400391 0% 1%
8/7/2017 7838.649902 8/7/2017 10057.400391 1% 0%
8/8/2017 7755.899902 8/8/2017 9978.549805 -1% -1%
8/9/2017 7661.600098 8/9/2017 9908.049805 -1% -1%
8/10/2017 7578.75 8/10/2017 9820.25 -1% -1%
8/11/2017 7457.399902 8/11/2017 9710.799805 -2% -1%
8/14/2017 7608.450195 8/14/2017 9794.150391 2% 1%
8/16/2017 7701.149902 8/16/2017 9897.299805 1% 1%
8/17/2017 7582.450195 8/17/2017 9904.150391 -2% 0%
8/18/2017 7598.799805 8/18/2017 9837.400391 0% -1%
8/21/2017 7501.899902 8/21/2017 9754.349609 -1% -1%
8/22/2017 7496.100098 8/22/2017 9765.549805 0% 0%
8/23/2017 7573.049805 8/23/2017 9852.5 1% 1%
8/24/2017 7612.850098 8/24/2017 9857.049805 1% 0%
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8/29/2017 7521.5 8/29/2017 9796.049805 -1% -1%
8/30/2017 7557.450195 8/30/2017 9884.400391 0% 1%
8/31/2017 7700.299805 8/31/2017 9917.900391 2% 0%
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9/5/2017 7817.200195 9/5/2017 9952.200195 0% 0%
9/6/2017 7846.649902 9/6/2017 9916.200195 0% 0%
9/7/2017 7919.200195 9/7/2017 9929.900391 1% 0%
9/8/2017 7970.75 9/8/2017 9934.799805 1% 0%
9/11/2017 8142.399902 9/11/2017 10006.049805 2% 1%
9/12/2017 8154.5 9/12/2017 10093.049805 0% 1%
 9/13/2017 8122.600098 9/13/2017 10079.299805 0% 0%
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9/18/2017 8157.850098 9/18/2017 10153.099609 1% 1%
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9/21/2017 8144.950195 9/21/2017 10121.900391 0% 0%
9/22/2017 8068.200195 9/22/2017 9964.400391 -1% -2%
9/25/2017 7964.950195 9/25/2017 9872.599609 -1% -1%
9/26/2017 7889.899902 9/26/2017 9871.5 -1% 0%
9/27/2017 7739.950195 9/27/2017 9735.75 -2% -1%
9/28/2017 7897.350098 9/28/2017 9768.950195 2% 0%
9/29/2017 7978.200195 9/29/2017 9788.599609 1% 0%
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10/9/2017 7896.700195 10/9/2017 9988.75 0% 0%
10/10/2017 7893.700195 10/10/2017 10016.950195 0% 0%
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10/12/2017 7904.25 10/12/2017 10096.400391 1% 1%
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10/17/2017 7838.899902 10/17/2017 10234.450195 0% 0%
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10/19/2017 7731.100098 10/19/2017 10146.549805 -1% -1%
10/23/2017 7818.5 10/23/2017 10184.849609 1% 0%
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10/25/2017 7870.200195 10/25/2017 10295.349609 0% 1%
10/26/2017 8068.049805 10/26/2017 10343.799805 3% 0%
10/27/2017 8114.450195 10/27/2017 10323.049805 1% 0%
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11/2/2017 8225.799805 11/2/2017 10423.799805 0% 0%
11/3/2017 8219.400391 11/3/2017 10452.5 0% 0%
11/6/2017 8310.200195 11/6/2017 10451.799805 1% 0%
11/7/2017 8220.299805 11/7/2017 10350.150391 -1% -1%
11/8/2017 8232 11/8/2017 10303.150391 0% 0%
11/9/2017 8204.799805 11/9/2017 10308.950195 0% 0%
11/10/2017 8183.5 11/10/2017 10321.75 0% 0%
11/13/2017 8109.200195 11/13/2017 10224.950195 -1% -1%
11/14/2017 8122.950195 11/14/2017 10186.599609 0% 0%
11/15/2017 8127.25 11/15/2017 10118.049805 0% -1%
11/16/2017 8163.700195 11/16/2017 10214.75 0% 1%
11/17/2017 8348.349609 11/17/2017 10283.599609 2% 1%
11/20/2017 8425.650391 11/20/2017 10298.75 1% 0%
11/21/2017 8424.799805 11/21/2017 10326.900391 0% 0%
11/22/2017 8513.150391 11/22/2017 10342.299805 1% 0%
11/23/2017 8463.400391 11/23/2017 10348.75 -1% 0%
11/24/2017 8487.950195 11/24/2017 10389.700195 0% 0%
11/27/2017 8508.599609 11/27/2017 10399.549805 0% 0%
11/28/2017 8624.150391 11/28/2017 10370.25 1% 0%
11/29/2017 8671.349609 11/29/2017 10361.299805 1% 0%
11/30/2017 8599.099609 11/30/2017 10226.549805 -1% -1%
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12/4/2017 8500.799805 12/4/2017 10127.75 -1% 0%
12/5/2017 8500.400391 12/5/2017 10118.25 0% 0%
12/6/2017 8612.400391 12/6/2017 10044.099609 1% -1%
12/7/2017 8882.400391 12/7/2017 10166.700195 3% 1%
12/8/2017 9042.25 12/8/2017 10265.650391 2% 1%
12/11/2017 9133.799805 12/11/2017 10322.25 1% 1%
12/12/2017 9131.349609 12/12/2017 10240.150391 0% -1%
12/13/2017 9120.650391 12/13/2017 10192.950195 0% 0%
12/14/2017 9112.75 12/14/2017 10252.099609 0% 1%
12/15/2017 9165.900391 12/15/2017 10333.25 1% 1%
12/18/2017 9309.099609 12/18/2017 10388.75 2% 1%
12/19/2017 9801.5 12/19/2017 10463.200195 5% 1%
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12/21/2017 9631.049805 12/21/2017 10440.299805 -1% 0%
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12/27/2017 9644.099609 12/27/2017 10490.75 0% 0%
12/28/2017 9629.200195 12/28/2017 10477.900391 0% 0%
12/29/2017 9729.549805 12/29/2017 10530.700195 1% 1%
1/2/2018 9554.049805 1/2/2018 10442.200195 -2% -1%
1/3/2018 9416.599609 1/3/2018 10443.200195 -1% 0%
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1/16/2018 9322.049805 1/16/2018 10700.450195 0% 0%
1/17/2018 9313.900391 1/17/2018 10788.549805 0% 1%
1/18/2018 9368.700195 1/18/2018 10817 1% 0%
1/19/2018 9323.950195 1/19/2018 10894.700195 0% 1%
1/22/2018 9310.099609 1/22/2018 10966.200195 0% 1%
1/23/2018 9393.400391 1/23/2018 11083.700195 1% 1%
1/24/2018 9434.950195 1/24/2018 11086 0% 0%
1/25/2018 9278.200195 1/25/2018 11069.650391 -2% 0%
1/29/2018 9630.700195 1/29/2018 11130.400391 4% 1%
1/30/2018 9571.549805 1/30/2018 11049.650391 -1% -1%
1/31/2018 9509.700195 1/31/2018 11027.700195 -1% 0%
 2/1/2018 9401.849609 2/1/2018 11016.900391 -1% 0%
2/2/2018 8990.599609 2/2/2018 10760.599609 -4% -2%
2/5/2018 9080.599609 2/5/2018 10666.549805 1% -1%
2/6/2018 8984.599609 2/6/2018 10498.25 -1% -2%
2/7/2018 8921.799805 2/7/2018 10476.700195 -1% 0%
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2/9/2018 8936.099609 2/9/2018 10454.950195 -1% -1%
2/12/2018 9117.849609 2/12/2018 10539.75 2% 1%
2/14/2018 9001.599609 2/14/2018 10500.900391 -1% 0%
2/15/2018 9020.25 2/15/2018 10545.5 0% 0%
2/16/2018 8836.950195 2/16/2018 10452.299805 -2% -1%
2/19/2018 8724.849609 2/19/2018 10378.400391 -1% -1%
2/20/2018 8722.650391 2/20/2018 10360.400391 0% 0%
2/21/2018 8782.75 2/21/2018 10397.450195 1% 0%
2/22/2018 8634.049805 2/22/2018 10382.700195 -2% 0%
2/23/2018 8698.799805 2/23/2018 10491.049805 1% 1%
2/26/2018 9005.349609 2/26/2018 10582.599609 4% 1%
2/27/2018 8891.200195 2/27/2018 10554.299805 -1% 0%
2/28/2018 8850.950195 2/28/2018 10492.849609 0% -1%
3/1/2018 8873.450195 3/1/2018 10458.349609 0% 0%
3/5/2018 8795.099609 3/5/2018 10358.849609 -1% -1%
3/6/2018 8616.5 3/6/2018 10249.25 -2% -1%
3/7/2018 8679.099609 3/7/2018 10154.200195 1% -1%
Rm Ratio Geom Mean
2013-2018
-20.5658772709 0.9994365513 Beta 0.97534869
-173.521415432 0.9952459886 Rm 0.16016216
-388.198782817 0.9893644169 Rf 7.64%
360.246604073 1.00986977
-224.537099944 0.9938482986 COE 0.15809732
-232.142246066 0.9936399385 Weight of Equity 97%
-558.578104194 0.9846964903 Equity 261.17
-327.462931394 0.9910284128 COD 0.2777667 Due to zero long-term borrowing
-228.508964139 0.9937394804 Long Term Borrowings 8.5
-47.7307573227 0.998692308 Weight oF Debt 3%
-113.026089151 0.9969033948 WACC 0.1618693
50.2098911188 1.0013756135
264.9362378645 1.0072585271
140.3469512574 1.003845122
279.6187471781 1.0076607876
-477.51554552 0.9869173823
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422.4497277756 1.0115739651
231.7885184128 1.0063503704
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263.0940466855 1.0072080561
790.1885230836 1.0216490006
-1.6039866209 0.9999560552
605.6913427304 1.0165942834
323.7783912209 1.0088706409
15.6399975203 1.0004284931
496.5129620446 1.0136030949
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202.9688441392 1.0055607903
161.3545713466 1.0044206732
425.6131962675 1.0116606355
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166.103277675 1.0045507747
443.1800246891 1.0121419185
155.5170438444 1.0042607409
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269.0683046484 1.0073717344
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91.2413426595 1.0024997628
921.4195328584 1.0252443708
137.4663721479 1.003766202
102.9346455514 1.0028201273
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15.7377034982 1.00043117
278.3580447428 1.0076262478
-524.275722257 0.9856362816
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856.7299683065 1.0234720539
423.4338899751 1.0116009285
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101.5129389918 1.0027811764
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284.7933073309 1.0078025564
818.7194565186 1.02243067
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 -7.1050159778 0.999805342
137.5049759108 1.0037672596
486.6972104103 1.0133341701
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464.3476810008 1.0127218543
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636.8779871428 1.017448712
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228.1231674719 1.0062499498
223.1982558383 1.0061150207
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0 1
73.9365462282 1.0020256588
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384.4083928362 1.0105317368
25.2641017173 1.0006921672
-245.995355868 0.9932604012
-308.145792843 0.9915576495
41.9102421368 1.0011482258
324.9875512257 1.0089037685
16.8554054808 1.0004617919
206.4385429977 1.0056558505
-429.886115308 0.9882222982
329.1935477251 1.0090190013
123.7050252551 1.0033891788
207.9321145301 1.0056967703
-225.236952091 0.9938291246
144.8923816716 1.0039696543
-132.031106113 0.9963827094
50.4283036008 1.0013815974
18.0091042164 1.0004934001
261.7692405529 1.00717176
317.3580045957 1.0086947399
-49.7248115977 0.9986376764
26.4346582754 1.0007242372
-4.3395652347 0.9998811078
245.0097528309 1.006712596
-19.95133051 0.9994533882
-23.0182276006 0.9993693636
-69.2845459252 0.9981017933
-567.951647214 0.9844396809
-336.269962217 0.9907871243
-4.0653657689 0.9998886201
-501.937395533 0.9862482905
124.4698269265 1.0034101322
73.416651399 1.0020114151
264.3753320057 1.0072431598
205.0929835691 1.0056189859
-96.451514013 0.9973574928
335.8884316949 1.0092024228
33.098978531 1.0009068213
103.0466392191 1.0028231956
-117.15035137 0.9967904013
407.9622494745 1.0111770479
256.8556857463 1.0070371421
227.5967490982 1.0062355274
12.845598755 1.0003519342
-84.1687997486 0.9976940055
-229.84794957 0.9937027959
137.7751918501 1.0037746628
81.8908890184 1.002243586
313.4108124146 1.0085865976
171.7699953049 1.0047060273
-73.2201912525 0.9979939674
143.5546100225 1.003933003
-99.8486392303 0.9972644208
371.5235348705 1.010178727
-58.3839009147 0.9984004411
100.4966650451 1.0027533333
-2.4450722315 0.9999330117
-354.982269104 0.9902744584
-165.746383887 0.9954590032
20.5464191016 1.0005629156
45.3191521603 1.0012416206
-342.305605396 0.9906217642
-136.900069174 0.9962493132
-245.623460432 0.9932705901
348.8376896263 1.009557197
246.0178397416 1.0067402148
53.7739014086 1.0014732576
99.7683477606 1.0027333794
 54.4285884165 1.0014911942
22.7640004582 1.0006236712
144.431174538 1.0039570185
34.6026120343 1.0009480168
-102.835497935 0.9971825891
-31.5018555483 0.9991369355
-474.687065577 0.9869948749
-373.867538212 0.9897570537
21.456867522 1.0005878594
-34.2376144751 0.9990619832
-267.485906308 0.992671619
445.5273805718 1.0122062296
355.2462534281 1.0097327741
201.2425564688 1.0055134947
-290.308385139 0.9920463456
-168.24041525 0.9953906736
211.8085117358 1.0058029729
288.9153816746 1.0079154899
196.0419035637 1.0053710111
261.5745029479 1.0071664247
-66.2799131313 0.998184112
-13.6309370121 0.9996265497
184.2434751327 1.0050477664
133.9226150767 1.0036691127
-141.231068699 0.9961306557
-44.7070732312 0.9987751487
183.9292963364 1.0050391588
-306.745984615 0.9915960004
3.4954319318 1.0000957653
215.2966258443 1.0058985377
187.8015652484 1.0051452484
223.8288343444 1.0061322968
46.0403525643 1.0012613795
-16.4701403121 0.9995487633
65.2263865692 1.0017870243
102.975989787 1.00282126
206.0566771211 1.0056453884
-139.657292684 0.9961737728
300.5140630908 1.008233262
96.2531699134 1.0026370731
262.1851823519 1.0071831557
239.543076293 1.006562824
391.0880636627 1.0107147415
7.5735432232 1.0002074943
-53.8301216399 0.9985252021
200.3112042096 1.0054879782
-264.804040867 0.9927450948
-72.5074663586 0.9980134941
-35.7456984711 0.9990206658
-849.14796458 0.9767356722
-319.017338321 0.991259799
-575.907204748 0.9842217204
-74.9237141905 0.9979472955
348.9126865294 1.0095592517
-420.666717925 0.9884748844
296.0504665034 1.0081109717
-134.539313409 0.9963139914
155.0234425512 1.0042472176
-322.583767247 0.9911620886
-258.06077718 0.9929298417
-63.3045532305 0.9982656287
130.5275660171 1.0035760977
-51.7795218927 0.998581383
380.8990619708 1.0104355907
318.5160596995 1.0087264674
-97.6076658066 0.9973258174
-212.513591185 0.9941777098
-120.010297195 0.9967120467
-347.258423726 0.9904860706
-386.180500683 0.9894197123
-338.49480523 0.9907261697
Due to zero long-term borrowing
all numbers in 1000 crores
Assuming 5% increase in price every year

Production Capacity(Annual Report and News Report) 1500000 1500000 1500000 1500000
Sales Volume(Statista) 1051050 1053690 1170700 1305350
% Sales of Capacity 70.07% 70.25% 78.05% 87.02%
Net Sales(since difficult to calculate average price of so many models)

Overall Company P&L

-5 -4 -3 -2
P&L Statement
2013 2014 2015 2016
Net Sales 44.3044 44.5418 50.8014 57.589
100% 100% 100% 100%
Increase/Decrease in Stock 0.0192 0.0204 -0.4609 0.0048
0.04% 0.05% -0.91% 0.01%
Raw Materials Consumed 33.0318 31.8326 36.0756 38.7012
74.56% 71.47% 71.01% 67.20%
Power & Fuel Cost 0.4951 0.5957 0.7138 0.6941
1.12% 1.34% 1.41% 1.21%
Employee Cost 1.1202 1.4237 1.671 2.0003
2.53% 3.20% 3.29% 3.47%
Other Manufacturing Expenses 2.7902 2.8335 3.031 3.7323
6.30% 6.36% 5.97% 6.48%
General and Administration Expenses 0.150119 0.146911 0.1595 0.224593
0.34% 0.33% 0.31% 0.39%
Selling and Distribution Expenses 1.1786 1.1964 1.4654 1.8198
2.66% 2.69% 2.88% 3.16%
Miscellaneous Expenses 1.235481 1.231889 1.371 1.583407
2.79% 2.77% 2.70% 2.75%
Total Expenditure 40.0207 39.2811 44.0264 48.7605
90.33% 88.19% 86.66% 84.67%
EBITDA 4.2837 5.2607 6.775 8.8285
9.67% 11.81% 13.34% 15.33%
Depreciation/Amortization 1.8897 2.116 2.5153 2.8218
4.27% 4.75% 4.95% 4.90%
EBIT 2.394 3.1447 4.2597 6.0067
5.40% 7.06% 8.39% 10.43%
Interest Expense 0.1978 0.1845 0.2178 0.0817

PBT 3.0701 3.7338 4.976 7.4658

6.93% 8.38% 9.80% 12.96%
Provision for Tax 0.6215 0.9022 1.1854 2.0875
1.40% 2.03% 2.33% 3.62%
PAT 2.4486 2.8316 3.7906 5.3783
5.53% 6.36% 7.46% 9.34%

Capital Expenditure
Fixed Assets
Net Assets after depreciation
Debt
Interest Expense for New Project
Interest Rate
Working Capital Assumptions:
Minimum Cash Balance as % of Sales
Days Sales Outstanding
Inventory Turnover (prod. cost/ending inv.)
Days Payable Outstanding (based on tot. op. exp.)

Capital Expenditures

Net Working Capital Accounts

Cash
Accounts Receivable
Inventory( Production Cost includes Increase/Decrease in Stock, Raw Materials
Consumed, Power & Fuel Cost and Other Manufacturing Cost)
Accounts Payable
Net Working Capital
ΔNWC

Free Cash Flows Calculations

EBIT(1-t)
plus depreciation
less ΔNWC
less capital expenditures
Free Cash Flows
Terminal value = Free cash flow*(1+4%)/(Discount rate - 4%)

WACC

2013-2018
Beta 0.975348687
Rm 0.160162164
Rf 0.0764

COE 0.158097317
Weight of Equity 97%

COD 28%
Weight of Debt 3%

Discount factor
Present value
Net Present Value 0.158097317
NPV without Terminal Value

IRR Analysis

Cash Flows
IRR
Payback Analysis

Cash flows
Cumulative cash flow
Payback period

Degree of Leverage
% Change in Sales 0.54% 14.05% 13.36%
% Change in EBIT 31.36% 35.456% 41.012%
% Change in PBT 21.62% 33.27% 50.04%

Operating Leverage 5852% 252% 307%

Financial Leverage 68.94% 93.83% 122.00%
 0.05 0.05 0.05 0.05 0.05 0.05
Average
1500000 (Conservative) 250000 250000 250000 250000 500000 500000
1444540 1205066
96.30% 60.30% 75.30% 60.30% 35.00% 82.30% 83.30%
53.06 6.6383611531 8.2896499622 6.6383611531 3.8530072212 18.120502813 18.340674654

ny P&L Project P&L

-1 0 1 2 3 4 5 6
2017 Average % of Sales 2019 2020 2021 2022 2023 2024
68.085 6.6383611531 8.2896499622 6.6383611531 3.8530072212 18.120502813 18.340674654
100%
-0.3793 -0.019055141 -0.023795097 -0.019055141 -0.011059898 -0.052014153 -0.052646147
-0.56% -0.27%
47.1215 4.9272696222 6.1529253223 4.9272696222 2.8598633002 13.449795965 13.613216725
69.21% 70.69%
0.5186 0.0812306705 0.1014367566 0.0812306705 0.0471475343 0.2217325268 0.2244266717
0.76% 1.17%
2.3603 0.2224093746 0.2777335884 0.2224093746 0.1290898321 0.6071031096 0.6144796714
3.47% 3.19%
4.3345 0.4387489315 0.5478874951 0.4387489315 0.2546566483 1.1976376495 1.212189458
6.37% 6.29%
0.292376 0.0251216002 0.0313705849 0.0251216002 0.0145809643 0.0685735555 0.0694067534
0.43% 0.36%
1.9709 0.1991486449 0.2486867645 0.1991486449 0.1155889457 0.5436091073 0.5502141899
2.89% 2.86%
1.611624 0.1863800764 0.2327420213 0.1863800764 0.1081778716 0.5087551913 0.514936784
2.37% 2.67%
57.8305 6.0612537794 7.5689874359 6.0612537794 3.5180451986 16.545192951 16.746224105
84.94% 86.96%
10.2545 0.5771073737 0.7206625262 0.5771073737 0.3349620226 1.5753098615 1.5944505485
15.06%
2.6039 20.478% 0.435167772 0.3460520121 0.3643015682 0.3605643359 0.7964974363 0.7072249488
3.82%
7.6506 0.1419396017 0.3746105142 0.2128058056 -0.025602313 0.7788124252 0.8872255998
11.24%
0.0894 0.0694416748 0.0694416748 0.0694416748 0.0694416748 0.1388833495 0.1388833495

9.9544 0.072497927 0.3051688394 0.1433641308 -0.095043988 0.6399290757 0.7483422502

14.62%
2.6162 0.0202994196 0.085447275 0.0401419566 -0.026612317 0.1791801412 0.2095358301
3.84% 28.00%
7.3382 0.0521985074 0.2197215644 0.1032221742 -0.068431671 0.4607489345 0.5388064202
10.78%

2.125 2.125
2.125 2.125 2.125 2.125 4.25 4.25 4.25
2.125 1.689832228 1.7789479879 1.7606984318 3.8894356641 3.4535025637 3.5427750512
0.6375 0.6375
0.0694416748 0.0694416748 0.0694416748 0.0694416748 0.1388833495 0.1388833495
11%
 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

2.125 2.125

0.1468152113 0.1833354171 0.1468152113 0.0852138135 0.4007563596 0.4056257203

0.1553421978 0.193983487 0.1553421978 0.090163008 0.4240321771 0.429184349

0.387658924 0.4840888753 0.387658924 0.2250032198 1.0581790386 1.0710363654

0.643053359 0.8030125403 0.643053359 0.3732380898 1.7553203166 1.7766482074
0.0467629741 0.058395239 0.0467629741 0.0271419516 0.1276472587 0.1291982274
0.0467629741 0.011632265 -0.011632265 -0.019621023 0.1005053071 0.0015509687

0 0.1021965133 0.2697195702 0.15322018 -0.018433666 0.5607449461 0.6388024318

0.435167772 0.3460520121 0.3643015682 0.3605643359 0.7964974363 0.7072249488
0.0467629741 0.011632265 -0.011632265 -0.019621023 0.1005053071 0.0015509687
2.125 0 0 0 2.125 0 0
-2.125 0.4906013111 0.6041393173 0.5291540131 -1.763248307 1.2567370753 1.3444764119

0.1618693021

1 0.8606820046 0.7407735131 0.6375704322 0.5487453977 0.4722952889 0.4064960560

-2.125 0.4222517199 0.4475304045 0.3373729528 -0.967574394 0.593551 0.5465243588
2.8593931159
2.635817796

-2.125 0.4906013111 0.6041393173 0.5291540131 -1.763248307 1.2567370753 1.3444764119

26%
 -2.125 0.4906013111 0.6041393173 0.5291540131 -1.763248307 1.2567370753 1.3444764119
-2.125 -1.634398689 -1.030259372 -0.501105358 -2.264353666 -1.00761659 0.3368598217
1 1 1 1 1 1 0.1128930615
6.112893061

18.23% 24.87% -19.92% -41.96% 370.30% 1.22%

27.368% 163.922% -43.193% -112.031% -3141.961% 13.920%
33.33% 320.93% -53.02% -166.30% -773.30% 16.94%

150% 659% 217% 267% -849% 1146%

121.80% 195.78% 122.76% 148.44% 24.61% 121.70%
 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

500000 750000 750000 750000 1000000 1000000 1000000 1000000

75.00% 61.30% 80.30% 53.30% 62.30% 69.30% 54.30% 75.30%

16.512888091 20.245341221 26.520238696 17.603279127 27.434131977 30.516537754 23.911382518 33.158599849

7 8 9 10 11 12 13 14
2025 2026 2027 2028 2029 2030 2031 2032
16.512888091 20.245341221 26.520238696 17.603279127 27.434131977 30.516537754 23.911382518 33.158599849

-0.047399562 -0.058113414 -0.076125248 -0.050529484 -0.07874854 -0.087596459 -0.068636634 -0.095180388

12.256557001 15.026940007 19.684431667 13.065890886 20.362761529 22.650652169 17.748029369 24.611701289

0.2020608611 0.2477332286 0.3245163558 0.2154034908 0.3356992611 0.3734172885 0.2925929441 0.4057470263

0.5532421375 0.6782929666 0.8885249789 0.5897742246 0.9191437459 1.0224156115 0.8011187565 1.1109343535

1.0913856356 1.3380745073 1.7528010488 1.1634528056 1.81320296 2.0169282786 1.5803740244 2.1915499803

0.0624898469 0.0766145975 0.1003607393 0.066616222 0.1038191926 0.115483964 0.0904880252 0.1254823395

0.4953811959 0.6073535587 0.7955984131 0.5280925673 0.8230149101 0.9154860667 0.7173335883 0.994747058

0.4636194495 0.5684126181 0.744588009 0.4942335062 0.7702466762 0.8567889734 0.6713411936 0.9309680853

15.077336566 18.485308069 24.214695964 16.072934219 25.049139734 27.863575893 21.832641267 30.275949744

1.4355515253 1.7600331517 2.3055427313 1.5303449076 2.3849922429 2.652961861 2.0787412508 2.882650105

0.7255066003 1.1569305673 1.0685814819 1.0866740347 1.5181367262 1.4297797106 1.4478738874 1.4441684744

0.710044925 0.6031025844 1.2369612494 0.4436708729 0.8668555167 1.2231821503 0.6308673635 1.4384816306

0.1388833495 0.2083250243 0.2083250243 0.2083250243 0.277766699 0.277766699 0.277766699 0.277766699

0.5711615755 0.3947775601 1.0286362251 0.2353458487 0.5890888176 0.9454154513 0.3531006644 1.1607149316

0.1599252411 0.1105377168 0.288018143 0.0658968376 0.1649448689 0.2647163264 0.098868186 0.3250001808

0.4112363343 0.2842398433 0.7406180821 0.1694490111 0.4241439487 0.6806991249 0.2542324784 0.8357147507

2.125 2.125
6.375 6.375 6.375 8.5 8.5 8.5 8.5 8.5
5.6494933997 5.2180694327 5.3064185181 7.4133259653 6.9818632738 7.0702202894 7.0521261126 7.0558315256
0.6375 0.6375
0.1388833495 0.2083250243 0.2083250243 0.2083250243 0.277766699 0.277766699 0.277766699 0.277766699
 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

2.125 2.125

0.3652020579 0.447749675 0.586526457 0.3893173458 0.6067382883 0.6749093391 0.5288285159 0.7333416683

0.3864128915 0.4737548512 0.62059175 0.4119287886 0.6419774788 0.7141078852 0.5595427286 0.7759339478

0.9642995133 1.1822627623 1.5486965773 1.0279748401 1.6020650034 1.7820675792 1.3963477739 1.9363555013

1.5995918132 1.9611519133 2.5689968023 1.7052172232 2.6575249994 2.9561154712 2.3162787459 3.2120501613
0.1163226495 0.1426153753 0.1868179821 0.1240037513 0.193255771 0.2149693322 0.1684402724 0.2335809562
-0.012875578 0.0262927257 0.0442026068 -0.062814231 0.0692520197 0.0217135612 -0.04652906 0.0651406837

0.511232346 0.4342338607 0.8906120995 0.3194430285 0.624135972 0.8806911482 0.4542245017 1.035706774

0.7255066003 1.1569305673 1.0685814819 1.0866740347 1.5181367262 1.4297797106 1.4478738874 1.4441684744
-0.012875578 0.0262927257 0.0442026068 -0.062814231 0.0692520197 0.0217135612 -0.04652906 0.0651406837
2.125 0 0 2.125 0 0 0 0
-0.875385476 1.5648717023 1.9149909746 -0.656068706 2.0730206786 2.2887572976 1.9486274489 2.4147345647

0.3498638404 0.3011215115 0.2591698661 0.2230628399 0.1919861722 0.1652390435 0.1422182712 0.1224047068

-0.306265724 0.4712165322 0.4963079545 -0.146344549 0.397991305 0.3781920668 0.2771304271 0.2955748764

-0.875385476 1.5648717023 1.9149909746 -0.656068706 2.0730206786 2.2887572976 1.9486274489 2.4147345647

-0.875385476 1.5648717023 1.9149909746 -0.656068706 2.0730206786 2.2887572976 1.9486274489 2.4147345647

-9.97% 22.60% 30.99% -33.62% 55.85% 11.24% -21.64% 38.67%

-19.970% -15.061% 105.100% -64.132% 95.383% 41.106% -48.424% 128.016%
-23.68% -30.88% 160.56% -77.12% 150.31% 60.49% -62.65% 228.72%

200% -67% 339% 191% 171% 366% 224% 331%

118.56% 205.04% 152.77% 120.25% 157.58% 147.15% 129.38% 178.67%
 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

70.30% 60.30% 61.30% 61.30% 56.30% 74.30% 74.30% 76.30%

30.956881437 26.553444612 26.993788295 26.993788295 24.792069883 32.718256166 32.718256166 33.598943531

15 16 17 18 19 20 21 22
2033 2034 2035 2036 2037 2038 2039 2040
30.956881437 26.553444612 26.993788295 26.993788295 24.792069883 32.718256166 32.718256166 33.598943531

-0.088860447 -0.076220564 -0.077484552 -0.077484552 -0.07116461 -0.0939164 -0.0939164 -0.096444377

22.977493689 19.709078489 20.035920009 20.035920009 18.401712409 24.284859769 24.284859769 24.938542809

0.3788055781 0.3249226818 0.3303109715 0.3303109715 0.3033695233 0.4003587367 0.4003587367 0.4111353159

1.0371687352 0.8896374985 0.9043906222 0.9043906222 0.8306250039 1.0961812299 1.0961812299 1.1256874772

2.0460318956 1.7549957261 1.7840993431 1.7840993431 1.6385812583 2.1624463634 2.1624463634 2.2206535973

0.1171503599 0.1004864007 0.1021527966 0.1021527966 0.093820817 0.1238159436 0.1238159436 0.1271487354

0.9286962319 0.7965945797 0.8098047449 0.8098047449 0.7437539188 0.9815368928 0.9815368928 1.0079572232

0.8691521587 0.7455203055 0.7578834908 0.7578834908 0.6960675642 0.9186049 0.9186049 0.9433312707

28.265638202 24.245015117 24.647077426 24.647077426 22.636765884 29.873887435 29.873887435 30.678012052

2.691243235 2.3084294949 2.3467108689 2.3467108689 2.1553039989 2.844368731 2.844368731 2.920931479

1.4449272868 1.4447718935 1.4448037157 1.444797199 1.4447985335 1.4447982602 1.4447983162 1.4447983047

1.2463159482 0.8636576014 0.9019071532 0.9019136699 0.7105054653 1.3995704708 1.3995704148 1.4761331743

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699

0.9685492491 0.5858909023 0.6241404542 0.6241469709 0.4327387663 1.1218037717 1.1218037158 1.1983664752

0.2711937898 0.1640494527 0.1747593272 0.1747611518 0.1211668546 0.3141050561 0.3141050404 0.3355426131

0.6973554594 0.4218414497 0.449381127 0.449385819 0.3115719117 0.8076987156 0.8076986753 0.8628238622

8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5

7.0550727132 7.0552281065 7.0551962843 7.055202801 7.0552014665 7.0552017398 7.0552016838 7.0552016953

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699

 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

0.6846480606 0.5872608452 0.5969995667 0.5969995667 0.548305959 0.7236029468 0.7236029468 0.7430803899

0.724412229 0.6213687912 0.631673135 0.631673135 0.5801514161 0.7656296041 0.7656296041 0.7862382916

1.8077822329 1.550635696 1.5763503497 1.5763503497 1.4477770812 1.9106408476 1.9106408476 1.962070155

2.9987712529 2.572213436 2.6148692177 2.6148692177 2.4015903093 3.1693943796 3.1693943796 3.254705943
0.2180712696 0.1870518964 0.1901538337 0.1901538337 0.1746441471 0.2304790188 0.2304790188 0.2366828935
-0.015509687 -0.031019373 0.0031019373 0 -0.015509687 0.0558348718 0 0.0062038746

0.8973474827 0.621833473 0.6493731503 0.6493778423 0.511563935 1.0076907389 1.0076906986 1.0628158855

1.4449272868 1.4447718935 1.4448037157 1.444797199 1.4447985335 1.4447982602 1.4447983162 1.4447983047
-0.015509687 -0.031019373 0.0031019373 0 -0.015509687 0.0558348718 0 0.0062038746
0 0 0 0 0 0 0 0
2.3577844561 2.0976247397 2.0910749287 2.0941750413 1.9718721552 2.3966541274 2.4524890149 2.5014103156

0.1053515284 0.0906741647 0.0780416218 0.0671690195 0.0578111664 0.0497570305 0.0428249808 0.0368586903

0.2483961961 0.190200371 0.1631908788 0.1406636842 0.1139962292 0.1192503926 0.105027795 0.0921987082

2.3577844561 2.0976247397 2.0910749287 2.0941750413 1.9718721552 2.3966541274 2.4524890149 2.5014103156

2.3577844561 2.0976247397 2.0910749287 2.0941750413 1.9718721552 2.3966541274 2.4524890149 2.5014103156

-6.64% -14.22% 1.66% 0.00% -8.16% 31.97% 0.00% 2.69%

-13.359% -30.703% 4.429% 0.001% -21.222% 96.982% 0.000% 5.470%
-16.56% -39.51% 6.53% 0.00% -30.67% 159.23% 0.00% 6.82%

201% 216% 267% #DIV/0! 260% 303% #DIV/0! 203%

123.93% 128.68% 147.41% 144.50% 144.50% 164.19% 124.76% 124.76%
 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

59.30% 51.30% 68.30% 60.30% 67.30% 78.30% 68.30% 71.30%

26.11310093 22.590351471 30.076194072 26.553444612 29.635850389 34.479630896 30.076194072 31.397225119

23 24 25 26 27 28 29 30
2041 2042 2043 2044 2045 2046 2047 2048
26.11310093 22.590351471 30.076194072 26.553444612 29.635850389 34.479630896 30.076194072 31.397225119

-0.074956575 -0.064844669 -0.08633247 -0.076220564 -0.085068482 -0.098972353 -0.08633247 -0.090124435

19.382236969 16.767504809 22.323810649 19.709078489 21.996969129 25.592225849 22.323810649 23.304335209

0.3195343922 0.2764280752 0.3680289989 0.3249226818 0.3626407093 0.4219118952 0.3680289989 0.3841938678

0.8748843749 0.7568593855 1.0076624879 0.8896374985 0.9929093642 1.1551937245 1.0076624879 1.0519218589

1.7258921092 1.4930631736 1.9878246617 1.7549957261 1.9587210447 2.2788608312 1.9878246617 2.0751355125

0.0988200048 0.0854888375 0.1138175681 0.1004864007 0.1121511722 0.1304815273 0.1138175681 0.1188167558

0.7833844144 0.6777030926 0.9022759014 0.7965945797 0.8890657362 1.0343775537 0.9022759014 0.9419063971

0.7331571202 0.6342516376 0.8444257881 0.7455203055 0.8320626028 0.9680576413 0.8444257881 0.8815153441

23.842952809 20.626454342 27.461513585 24.245015117 27.059451276 31.482136669 27.461513585 28.66770051

2.2701481209 1.9638971288 2.6146804869 2.3084294949 2.5763991129 2.997494227 2.6146804869 2.729524609

1.4447983071 1.4447983066 1.4447983067 1.4447983067 1.4447983067 1.4447983067 1.4447983067 1.4447983067

0.8253498138 0.5190988222 1.1698821802 0.8636311882 1.1316008062 1.5526959203 1.1698821803 1.2847263023

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 2.827766699

0.5475831148 0.2413321232 0.8921154812 0.5858644892 0.8538341072 1.2749292213 0.8921154812 -1.543040397

0.1533232721 0.0675729945 0.2497923347 0.164042057 0.23907355 0.356980182 0.2497923347 -0.432051311

0.3942598426 0.1737591287 0.6423231465 0.4218224322 0.6147605572 0.9179490393 0.6423231465 -1.110989086

8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5

7.0552016929 7.0552016934 7.0552016933 7.0552016933 7.0552016933 7.0552016933 7.0552016933 7.0552016933

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699

 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

0.5775221236 0.4996123513 0.6651706175 0.5872608452 0.655431896 0.762557833 0.6651706175 0.6943867822

0.6110644474 0.5286296973 0.7038035414 0.6213687912 0.6934991976 0.8068469792 0.7038035414 0.7347165727

1.5249210423 1.3192038128 1.7563529255 1.550635696 1.7306382718 2.0134994624 1.7563529255 1.8334968866

2.5295576544 2.1883114009 2.9134596895 2.572213436 2.8708039078 3.3400175064 2.9134596895 3.0414270346
0.183949959 0.1591344605 0.2118673949 0.1870518964 0.2087654576 0.2428867681 0.2118673949 0.2211732069
-0.052732934 -0.024815499 0.0527329345 -0.024815499 0.0217135612 0.0341213105 -0.031019373 0.009305812

0.5942518659 0.373751152 0.8423151698 0.6218144555 0.8147525805 1.1179410626 0.8423151698 0.9250029376

1.4447983071 1.4447983066 1.4447983067 1.4447983067 1.4447983067 1.4447983067 1.4447983067 1.4447983067
-0.052732934 -0.024815499 0.0527329345 -0.024815499 0.0217135612 0.0341213105 -0.031019373 0.009305812
0 0 0 0 0 0 0 0
2.0917831075 1.8433649572 2.234380542 2.0914282608 2.2378373259 2.5286180588 2.3181328497 2.3604954324
20.143836127

0.0317236115 0.0273039415 0.0235000111 0.0202260367 0.0174081858 0.0149829122 0.0128955229 0.0110989445

0.0663589146 0.050331129 0.0525079676 0.0423013047 0.0389566879 0.0378860625 0.0298935354 0.2497743278

2.0917831075 1.8433649572 2.234380542 2.0914282608 2.2378373259 2.5286180588 2.3181328497 22.504331559

2.0917831075 1.8433649572 2.234380542 2.0914282608 2.2378373259 2.5286180588 2.3181328497 22.504331559

-22.28% -13.49% 33.14% -11.71% 11.61% 16.34% -12.77% 4.39%

-44.087% -37.106% 125.368% -26.178% 31.028% 37.212% -24.655% 9.817%
-54.31% -55.93% 269.66% -34.33% 45.74% 49.32% -30.03% -272.96%

198% 275% 378% 223% 267% 228% 193% 223%

123.18% 150.73% 215.10% 131.14% 147.41% 132.53% 121.79% -2780.60%
 0 1 2 3 4
Discount Rate Cash Flows -2.125 0.490601311 0.604139317 0.529154013 -1.763248307
15.81% NPV ₹ 3.07

Change in Terminal Value 1.0% 1.5% 2.0% 2.5% 3.0%

Change in Discount Factor Terminal Value 15.70 16.31 16.97 17.68 18.44
15.81% NPV 3.01 3.02 3.03 3.04 3.05
13% NPV 5.00 5.01 5.03 5.05 5.07
13.500% NPV 4.57 4.59 4.60 4.62 4.63
14.000% NPV 4.18 4.20 4.21 4.22 4.24
14.500% NPV 3.83 3.84 3.85 3.86 3.87
15.000% NPV 3.50 3.50 3.51 3.52 3.54
15.500% NPV 3.19 3.20 3.21 3.22 3.23
16.000% NPV 2.91 2.92 2.92 2.93 2.94
16.500% NPV 2.65 2.66 2.66 2.67 2.68
17.000% NPV 2.41 2.41 2.42 2.43 2.43
 5 6 7 8 9 10 11 12
1.256737075 1.344476412 -0.875385476 1.564871702 1.914990975 -0.656068706 2.073020679 2.288757298

3.5% 4.0% 4.5% 5.0% 5.500% 6.000% 6.500%

19.26 20.14 21.11 22.16 23.30 24.56 25.95
3.06 3.07 3.08 3.09 3.11 3.12 3.14
5.09 5.11 5.13 5.16 5.19 5.22 5.26
4.65 4.67 4.69 4.72 4.74 4.77 4.80
4.25 4.27 4.29 4.31 4.33 4.36 4.38
3.89 3.90 3.92 3.94 3.96 3.98 4.00
3.55 3.56 3.58 3.59 3.61 3.63 3.65
3.24 3.25 3.26 3.28 3.29 3.31 3.33
2.95 2.96 2.97 2.98 3.00 3.01 3.03
2.69 2.70 2.70 2.72 2.73 2.74 2.75
2.44 2.45 2.46 2.47 2.48 2.49 2.50
 13 14 15 16 17 18 19 20 21
1.948627449 2.414734565 2.357784456 2.09762474 2.091074929 2.094175041 1.971872155 2.396654127 2.452489015
 22 23 24 25 26 27 28 29 30
2.501410316 2.091783107 1.843364957 2.234380542 2.091428261 2.237837326 2.528618059 2.31813285 22.50433156
all numbers in 1000 crores
Assuming 5% increase in price every year

Old Production Capacity(Annual Report and News Report) 1500000 1500000 1500000

Sales Volume(Statista) 1051050 1053690 1170700

% Sales of Capacity 70.07% 70.25% 78.05%
New Sales
Net Sales(since difficult to calculate average price of so many models)
Sales CAGR 0.089735
-5 -4 -3
2013 2014 2015
Net Sales 44.3044 44.5418 50.8014
100% 100% 100%
Increase/Decrease in Stock 0.0192 0.0204 -0.4609
0.04% 0.05% -0.91%
Raw Materials Consumed 33.0318 31.8326 36.0756
74.56% 71.47% 71.01%
Power & Fuel Cost 0.4951 0.5957 0.7138
1.12% 1.34% 1.41%
Employee Cost 1.1202 1.4237 1.671
2.53% 3.20% 3.29%
Other Manufacturing Expenses 2.7902 2.8335 3.031
6.30% 6.36% 5.97%
General and Administration Expenses 0.150119 0.146911 0.1595
0.34% 0.33% 0.31%
Selling and Distribution Expenses 1.1786 1.1964 1.4654
2.66% 2.69% 2.88%
Miscellaneous Expenses 1.235481 1.231889 1.371
2.79% 2.77% 2.70%
Total Expenditure 40.0207 39.2811 44.0264
90.33% 88.19% 86.66%
EBITDA 4.2837 5.2607 6.775
9.67% 11.81% 13.34%
Depreciation/Amortization 1.8897 2.116 2.5153
4.27% 4.75% 4.95%
EBIT 2.394 3.1447 4.2597
5.40% 7.06% 8.39%
Other Income 0.8739 0.7736 0.9341
1.97% 1.74% 1.84%
Interest Expense 0.1978 0.1845 0.2178
0.45% 0.41% 0.43%
PBT 3.0701 3.7338 4.976
6.93% 8.38% 9.80%
Provision for Tax 0.6215 0.9022 1.1854
1.40% 2.03% 2.33%
PAT 2.4486 2.8316 3.7906
5.53% 6.36% 7.46%

Capital Expenditure
Debt
Interest Expense for New Project
Interest Rate
Fixed Assets
Net Assets after depreciation
Working Capital Assumptions:
Minimum Cash Balance as % of Sales
Days Sales Outstanding
Inventory Turnover (prod. cost/ending inv.)
Days Payable Outstanding (based on tot. op. exp.)

Capital Expenditures

Net Working Capital Accounts

Cash
Accounts Receivable

Inventory( Production Cost includes Increase/Decrease in Stock, Raw

Materials Consumed, Power & Fuel Cost and Other Manufacturing Cost)
Accounts Payable
Net Working Capital
ΔNWC

WACC

2013-2018
Beta 0.975349
Rm 0.160162
Rf 0.0764

COE 0.158097
Weight of Equity 100%

COD 0%
Weight of Debt 0

Free Cash Flows

EBIT(1-t)
plus depreciation
less ΔNWC
less capital expenditures
Free Cash Flows
Terminal value = Free cash flow*(1+4%)/(Discount rate - 4%)

Discount factor
Present value
Net Present Value 0.158097
NPV without Terminal Value

IRR Analysis

Cash Flows
 IF(MOD(L12,5)=0,5%,0%)
0.05 0.05 0.05 0.05 0.05
Average
1500000 1500000 (Conservative) 1500000 1500000 1500000 1500000 1500000

1305350 1444540 1205066 1500000

87.02% 96.30% 60.30% 75% 60% 35% 82%
904524.54545 1129524.5455 904524.54545 525000 1234524.5455
53.06 39.830166919 49.737899773 39.830166919 23.118043327 54.361508438

-2 -1 0 1 2 3 4 5
2016 2017 2018 2019 2020 2021 2022 2023
57.589 68.085 74.1946103326 46.468528072 49.737899773 39.830166919 23.118043327 54.361508438
100% 100%
0.0048 -0.3793 -0.2129725581 -0.133385987 -0.142770583 -0.114330846 -0.066359387 -0.15604246
0.01% -0.56% -0.27%
38.7012 47.1215 55.07034661 34.490887355 36.917551934 29.563617733 17.159179801 40.349387894
67.20% 69.21% 70.69%
0.6941 0.5186 0.90788642 0.5686146932 0.6086205394 0.4873840228 0.2828852055 0.6651975805
1.21% 0.76% 1.17%
2.0003 2.3603 2.4857907704 1.5568656224 1.6664015303 1.3344562478 0.7745389925 1.8213093288
3.47% 3.47% 3.19%
3.7323 4.3345 4.9037413388 3.0712425207 3.2873249705 2.6324935892 1.5279398898 3.5929129485
6.48% 6.37% 6.29%
0.224593 0.292376 0.2807752235 0.1758512013 0.1882235093 0.1507296011 0.0874857857 0.2057206664
0.39% 0.43% 0.36%
1.8198 1.9709 2.2258138367 1.3940405144 1.492120587 1.1948918695 0.6935336743 1.6308273219
3.16% 2.89% 2.86%
1.583407 1.611624 2.0831040707 1.3046605347 1.396452128 1.1182804583 0.6490672294 1.5262655739
2.75% 2.37% 2.67%
48.7605 57.8305 67.7444857121 42.428776456 45.413924616 36.367522676 21.108271192 49.635578854
84.67% 84.94% 86.96%
8.8285 10.2545 6.4501246205 4.0397516161 4.3239751575 3.4626442423 2.0097721354 4.7259295846
15.33% 15.06% 13.04%
2.8218 2.6039 2.1162055163 2.6512457221 2.1083108073 1.6765607289 1.3332265186 1.4953697194
4.90% 3.82% 20.478%
6.0067 7.6506 4.3339191043 1.388505894 2.2156643502 1.7860835134 0.6765456168 3.2305598652
10.43% 11.24% 8.50%
1.5408 2.3932 1.7418733456 0.9350963068 1.1677010162 0.9350963068 0.5427443219 1.2762498805
2.68% 3.52% 2.35%
0.0817 0.0894 0.2318695253 0.1939170491 0.2248802323 0.1939170491 0.1416891023 0.3087713926
0.14% 0.13% 0.31%
7.4658 9.9544 5.8439229245 2.1296851517 3.158485134 2.5272627711 1.0776008365 4.1980383531
12.96% 14.62% 10.54%
2.0875 2.6162 1.6362984189 0.5963118425 0.8843758375 0.7076335759 0.3017282342 1.1754507389
3.62% 3.84% 28.00%
5.3783 7.3382 4.2076245057 1.5333733092 2.2741092965 1.8196291952 0.7758726022 3.0225876142
9.34% 10.78% 7.89%

2.125 2.125
0.6375 0.6375
0.0694416748 0.0694416748 0.0694416748 0.0694416748 0.1388833495 0.1388833495
11%
12.9377 12.9464944837 10.295248762 8.1869379543 6.5103772254 7.3021507069 5.8067809875
12.9377 12.9464944837 10.295248762 8.1869379543 6.5103772254 7.3021507069 5.8067809875
 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375

2.125 2.125

1.0277064791 1.1000125025 0.8808912678 0.5112828811 1.2022690787

1.0873953846 1.1639009217 0.9320531868 0.5409780481 1.2720965314

2.713612468 2.904533252 2.325953544 1.3500193187 3.1745371157

4.5013735131 4.818075242 3.8583201541 2.2394285385 5.2659609497
0.3273408186 0.3503714343 0.2805778445 0.1628517094 0.3829417761
0.3273408186 0.0230306156 -0.06979359 -0.117726135 0.2200900668

0.1580973168

3.1948851936 0.9997242437 1.5952783321 1.2859801297 0.4871128441 2.3260031029

2.6512457221 2.1083108073 1.6765607289 1.3332265186 1.4953697194
0.3273408186 0.0230306156 -0.06979359 -0.117726135 0.2200900668
2.125 0 0 0 2.125 0
1.0698851936 3.3236291471 3.6805585238 3.0323344483 -0.186934502 3.6012827556

1 0.8634852922 0.7456068498 0.6438205486 0.5559295745 0.4800370111

1.0698851936 2.8699048852 2.7442496465 1.9522792279 -0.103922418 1.72874901
18.4188678687
18.1023189539

1.0698851936 3.3236291471 3.6805585238 3.0323344483 -0.186934502 3.6012827556

 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

1500000 1500000 1500000 1500000 1500000 1500000 1500000 1500000

83% 75% 61% 80% 53% 62% 69% 54%

1249524.5455 1125000 919524.54545 1204524.5455 799524.54545 934524.54545 1039524.5455 814524.54545
55.022023962 49.538664272 40.490682442 53.040477391 35.206558253 41.151197966 45.774806631 35.867073777

6 7 8 9 10 11 12 13
2024 2025 2026 2027 2028 2029 2030 2031
55.022023962 49.538664272 40.490682442 53.040477391 35.206558253 41.151197966 45.774806631 35.867073777

-0.157938442 -0.142198685 -0.116226828 -0.152250495 -0.101058968 -0.118122811 -0.131394688 -0.102954951

40.839650174 36.769671002 30.053880013 39.368863334 26.131781773 30.544142293 33.975978253 26.622044053

0.673280015 0.6061825833 0.4954664572 0.6490327117 0.4308069817 0.5035488917 0.5601259328 0.4388894161

1.8434390143 1.6597264124 1.3565859333 1.7770499578 1.1795484493 1.3787156188 1.5336234173 1.2016781348

3.6365683739 3.2741569067 2.6761490146 3.5056020976 2.3269056112 2.71980444 3.025392418 2.3705610366

0.2082202603 0.1874695408 0.153229195 0.2007214786 0.1332324439 0.1557287888 0.173225946 0.1357320378

1.6506425697 1.4861435877 1.2147071173 1.5911968262 1.0561851346 1.2345223652 1.3732291 1.0760003825

1.5448103519 1.3908583486 1.1368252363 1.4891760179 0.9884670124 1.1553700142 1.2851834601 1.0070117904

50.238672316 45.232009697 36.970616139 48.429391929 32.145868438 37.573709601 41.79536384 32.7489619

4.7833516456 4.3066545758 3.5200663033 4.6110854626 3.0606898153 3.5774883644 3.9794427914 3.1181118763

1.1891406798 0.9456227033 1.1871412871 0.9440327558 0.7507091647 1.0321430851 0.8207758349 0.6526933919

3.5942109657 3.3610318725 2.3329250163 3.6670527067 2.3099806505 2.5453452792 3.1586669565 2.4654184844

1.2917568612 1.1630235469 0.9506032874 1.2452359193 0.8265474424 0.966110268 1.0746591324 0.842054423

0.3108356048 0.2936992656 0.3348646108 0.3740846429 0.3183509131 0.4063704978 0.4208199833 0.3898568001

4.5751322221 4.2303561538 2.9486636929 4.5382039831 2.8181771798 3.1050850495 3.8125061056 2.9176161073

1.2810370222 1.1844997231 0.825625834 1.2706971153 0.7890896103 0.8694238138 1.0675017096 0.81693251

3.2940951999 3.0458564308 2.1230378589 3.2675068679 2.0290875695 2.2356612356 2.7450043961 2.1006835973

2.125 2.125
0.6375 0.6375
0.1388833495 0.2083250243 0.2083250243 0.2083250243 0.277766699 0.277766699 0.277766699 0.277766699

4.6176403076 5.7970176044 4.6098763173 3.6658435615 5.0401343967 4.0079913116 3.1872154767 2.5345220848

4.6176403076 5.7970176044 4.6098763173 3.6658435615 5.0401343967 4.0079913116 3.1872154767 2.5345220848
 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

2.125 2.125

1.216877161 1.0956061737 0.8954993501 1.1730529141 0.7786346916 0.9101074324 1.0123640086 0.7932427739

1.287553047 1.1592386746 0.9475097025 1.2411835 0.8238575772 0.9629662182 1.0711618278 0.8393140929

3.2131090963 2.89289854 2.3645255245 3.0973931547 2.0559496802 2.403097505 2.6731013688 2.0945216608

5.3299446222 4.7987754397 3.9223038266 5.1379936046 3.4104344464 3.9862874991 4.4341732068 3.4744181189
0.3875946821 0.3489679486 0.2852307505 0.3736359642 0.2480075027 0.2898836565 0.3224539984 0.2526604086
0.004652906 -0.038626733 -0.063737198 0.0884052136 -0.125628461 0.0418761538 0.0325703419 -0.06979359

2.5878318953 2.4199429482 1.6797060117 2.6402779489 1.6631860684 1.832648601 2.2742402087 1.7751013087

1.1891406798 0.9456227033 1.1871412871 0.9440327558 0.7507091647 1.0321430851 0.8207758349 0.6526933919
0.004652906 -0.038626733 -0.063737198 0.0884052136 -0.125628461 0.0418761538 0.0325703419 -0.06979359
0 2.125 0 0 2.125 0 0 0
3.7723196692 1.279192385 2.9305844969 3.495905491 0.4145236946 2.8229155323 3.0624457017 2.4975882904

0.4145048988 0.3579188836 0.3090576918 0.2668667713 0.2304355320 0.1989776927 0.1718143111 0.1483591306

1.5636449826 0.4578471104 0.9057196802 0.9329410112 0.0955209881 0.5616972192 0.5261719985 0.3705400274

3.7723196692 1.279192385 2.9305844969 3.495905491 0.4145236946 2.8229155323 3.0624457017 2.4975882904

 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

1500000 1500000 1500000 1500000 1500000 1500000 1500000 1500000

75% 70% 60% 61% 61% 56% 74% 74%

1129524.5455 1054524.5455 904524.54545 919524.54545 919524.54545 844524.54545 1114524.5455 1114524.5455
49.737899773 46.435322155 39.830166919 40.490682442 40.490682442 37.188104824 49.077384249 49.077384249

14 15 16 17 18 19 20 21
2032 2033 2034 2035 2036 2037 2038 2039
49.737899773 46.435322155 39.830166919 40.490682442 40.490682442 37.188104824 49.077384249 49.077384249

-0.142770583 -0.13329067 -0.114330846 -0.116226828 -0.116226828 -0.106746916 -0.1408746 -0.1408746

36.917551934 34.466240534 29.563617733 30.053880013 30.053880013 27.602568613 36.427289654 36.427289654

0.6086205394 0.5682083672 0.4873840228 0.4954664572 0.4954664572 0.455054285 0.600538105 0.600538105

1.6664015303 1.5557531028 1.3344562478 1.3565859333 1.3565859333 1.2459375058 1.6442718448 1.6442718448

3.2873249705 3.0690478434 2.6324935892 2.6761490146 2.6761490146 2.4578718875 3.2436695451 3.2436695451

0.1882235093 0.1757255399 0.1507296011 0.153229195 0.153229195 0.1407312256 0.1857239154 0.1857239154

1.492120587 1.3930443478 1.1948918695 1.2147071173 1.2147071173 1.1156308781 1.4723053392 1.4723053392

1.396452128 1.3037282381 1.1182804583 1.1368252363 1.1368252363 1.0441013464 1.37790735 1.37790735

45.413924616 42.398457302 36.367522676 36.970616139 36.970616139 33.955148826 44.810831153 44.810831153

4.3239751575 4.0368648524 3.4626442423 3.5200663033 3.5200663033 3.2329559983 4.2665530965 4.2665530965

0.5190316841 0.4127418669 0.3282185922 0.2610044024 0.2075546592 0.1650506128 0.1312507505 0.1043725873

3.8049434734 3.6241229856 3.1344256501 3.259061901 3.3125116442 3.0679053855 4.135302346 4.1621805092

1.1677010162 1.090166113 0.9350963068 0.9506032874 0.9506032874 0.8730683843 1.1521940355 1.1521940355

0.4332052566 0.4228841955 0.4022420734 0.4043062856 0.4043062856 0.3939852245 0.4311410444 0.4311410444

4.539439233 4.2914049031 3.6672798835 3.8053589028 3.858808646 3.5469885453 4.8563553372 4.8832335003

1.2710429852 1.2015933729 1.0268383674 1.0655004928 1.0804664209 0.9931567927 1.3597794944 1.3673053801

3.2683962478 3.0898115302 2.6404415161 2.73985841 2.7783422251 2.5538317526 3.4965758428 3.5159281202

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699

2.0154904007 1.6027485338 1.2745299416 1.0135255392 0.8059708801 0.6409202673 0.5096695168 0.4052969295

2.0154904007 1.6027485338 1.2745299416 1.0135255392 0.8059708801 0.6409202673 0.5096695168 0.4052969295
 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

1.1000125025 1.0269720909 0.8808912678 0.8954993501 0.8954993501 0.8224589385 1.0854044202 1.0854044202

1.1639009217 1.0866183434 0.9320531868 0.9475097025 0.9475097025 0.8702271242 1.1484444061 1.1484444061

2.904533252 2.7116733493 2.325953544 2.3645255245 2.3645255245 2.1716656218 2.8659612715 2.8659612715

4.818075242 4.4981568794 3.8583201541 3.9223038266 3.9223038266 3.6023854639 4.7540915695 4.7540915695
0.3503714343 0.3271069043 0.2805778445 0.2852307505 0.2852307505 0.2619662206 0.3457185283 0.3457185283
0.0977110256 -0.02326453 -0.04652906 0.004652906 0 -0.02326453 0.0837523077 0

2.7395593009 2.6093685496 2.2567864681 2.3465245687 2.3850083838 2.2088918776 2.9774176891 2.9967699666

0.5190316841 0.4127418669 0.3282185922 0.2610044024 0.2075546592 0.1650506128 0.1312507505 0.1043725873
0.0977110256 -0.02326453 -0.04652906 0.004652906 0 -0.02326453 0.0837523077 0
0 0 0 0 0 0 0 0
3.1608799593 3.0453749464 2.6315341201 2.6028760651 2.592563043 2.3972070203 3.0249161319 3.1011425539

0.1281059272 0.1106175840 0.0955166569 0.0824772284 0.0712178736 0.0614955864 0.0531005344 0.0458515305

0.4049274581 0.336872019 0.2513553416 0.2146780036 0.1846368272 0.1474176515 0.1606246631 0.1421921323

3.1608799593 3.0453749464 2.6315341201 2.6028760651 2.592563043 2.3972070203 3.0249161319 3.1011425539

 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

1500000 1500000 1500000 1500000 1500000 1500000 1500000 1500000

76% 59% 51% 68% 60% 67% 78% 68%

1144524.5455 889524.54545 769524.54545 1024524.5455 904524.54545 1009524.5455 1174524.5455 1024524.5455
50.398415297 39.169651395 33.885527206 45.114291108 39.830166919 44.453775584 51.719446344 45.114291108

22 23 24 25 26 27 28 29
2040 2041 2042 2043 2044 2045 2046 2047
50.398415297 39.169651395 33.885527206 45.114291108 39.830166919 44.453775584 51.719446344 45.114291108

-0.144666565 -0.112434863 -0.097267003 -0.129498705 -0.114330846 -0.127602723 -0.14845853 -0.129498705

37.407814214 29.073355453 25.151257213 33.485715973 29.563617733 32.995453693 38.388338774 33.485715973

0.6167029739 0.4793015883 0.4146421128 0.5520434983 0.4873840228 0.5439610639 0.6328678428 0.5520434983

1.6885312158 1.3123265623 1.1352890783 1.5114937318 1.3344562478 1.4893640463 1.7327905868 1.5114937318

3.3309803959 2.5888381637 2.2395947604 2.9817369925 2.6324935892 2.9380815671 3.4182912468 2.9817369925

0.1907231031 0.1482300072 0.1282332562 0.1707263521 0.1507296011 0.1682267582 0.1957222909 0.1707263521

1.5119358349 1.1750766216 1.016554639 1.3534138522 1.1948918695 1.3335986043 1.5515663305 1.3534138522

1.414996906 1.0997356803 0.9513774564 1.2666386821 1.1182804583 1.2480939042 1.4520864619 1.2666386821

46.017018078 35.764429214 30.939681513 41.192270377 36.367522676 40.589176915 47.223205003 41.192270377

4.3813972185 3.4052221813 2.9458456932 3.9220207304 3.4626442423 3.8645986694 4.4962413405 3.9220207304

0.0829986644 0.0660017967 0.0524856297 0.0417373688 0.0331901886 0.0263933414 0.0209883853 0.0166902823

4.2983985541 3.3392203846 2.8933600635 3.8802833617 3.4294540537 3.838205328 4.4752529552 3.9053304481

1.1832079968 0.9195893262 0.7955334811 1.0591521518 0.9350963068 1.0436451712 1.214221958 1.0591521518

0.4352694688 0.4001778612 0.3836641634 0.4187557711 0.4022420734 0.4166915589 0.4393978932 0.4187557711

5.0463370821 3.8586318496 3.3052293812 4.5206797424 3.9623082871 4.4651589403 5.25007702 4.5457268288

1.412974383 1.0804169179 0.9254642267 1.2657903279 1.1094463204 1.2502445033 1.4700215656 1.2728035121

3.6333626991 2.7782149317 2.3797651545 3.2548894145 2.8528619667 3.214914437 3.7800554544 3.2729233167

0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699 0.277766699

0.3222982651 0.2562964684 0.2038108387 0.16207347 0.1288832814 0.10248994 0.0815015547 0.0648112723

0.3222982651 0.2562964684 0.2038108387 0.16207347 0.1288832814 0.10248994 0.0815015547 0.0648112723
 2% 2% 2% 2% 2% 2% 2% 2%
8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125 8.54125
14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025 14.0025
38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375 38.72375

1.1146205848 0.8662831855 0.7494185269 0.9977559263 0.8808912678 0.983147844 1.1438367495 0.9977559263

1.1793574374 0.9165966712 0.7929445459 1.0557053121 0.9320531868 1.0402487965 1.2102704687 1.0557053121

2.9431052325 2.2873815634 1.9788057192 2.6345293882 2.325953544 2.5959574077 3.0202491936 2.6345293882

4.8820589145 3.7943364815 3.2824671013 4.3701895343 3.8583201541 4.3062058618 5.0100262596 4.3701895343
0.3550243402 0.2759249385 0.2387016907 0.3178010924 0.2805778445 0.3131481864 0.3643301522 0.3178010924
0.009305812 -0.079099402 -0.037223248 0.0790994017 -0.037223248 0.0325703419 0.0511819658 -0.04652906

3.094846959 2.4042386769 2.0832192457 2.7938040204 2.4692069187 2.7635078362 3.2221821277 2.8118379226

0.0829986644 0.0660017967 0.0524856297 0.0417373688 0.0331901886 0.0263933414 0.0209883853 0.0166902823
0.009305812 -0.079099402 -0.037223248 0.0790994017 -0.037223248 0.0325703419 0.0511819658 -0.04652906
0 0 0 0 0 0 0 0
3.1685398114 2.5493398753 2.1729281233 2.7564419875 2.5396203551 2.7573308357 3.1919885473 2.8750572648

0.0395921222 0.0341872152 0.0295201575 0.0254902218 0.0220104316 0.0190056840 0.0164111286 0.0141707682

0.1254492153 0.0871548309 0.0641451804 0.0702623177 0.0558981402 0.0524049585 0.0523841345 0.04074177

3.1685398114 2.5493398753 2.1729281233 2.7564419875 2.5396203551 2.7573308357 3.1919885473 2.8750572648

 0.05

1500000

71%
1069524.5455
47.095837678

30
2048
47.095837678

-0.135186653

34.956502814

0.5762908017

1.5778827883

3.1127032688

0.1782251337

1.4128595957

1.3222730161

43.001550765

4.0942869135

0.0132723656

4.0810145478

1.1056730937

2.9749484077

2.2117392337

0.6192869854

1.5924522483

0.277766699

0.0515389067
0.0515389067
 2%
8.54125
14.0025
38.72375

1.0415801733
1.1020748591

2.7502453299
4.5621405519
0.3317598103
0.0139587179

2.9383304744
0.0132723656
0.0139587179
0
2.9376441221
25.869765452

0.0122362499
0.3524946624

28.807409575
 Sales CAGR
all numbers in 1000 crores
-5 -4 -3 -2 -1
2013 2014 2015 2016 2017
Net Sales 44.3044 44.5418 50.8014 57.589 68.085
1 1 1 1 1
Increase/Decrease in Stock 0.0192 0.0204 -0.4609 0.0048 -0.3793
0.000433366 0.000457997 -0.009072585 8.334925072496E-05 -0.005570977
Raw Materials Consumed 33.0318 31.8326 36.0756 38.7012 47.1215
0.745564775 0.71466802 0.7101300358 0.6720241713 0.6920981127
Power & Fuel Cost 0.4951 0.5957 0.7138 0.6941 0.5186
0.011174962 0.013373954 0.0140507939 0.0120526489 0.0076169494
Employee Cost 1.1202 1.4237 1.671 2.0003 2.3603
0.02528417 0.031963235 0.0328927943 0.0347340638 0.0346669604
Other Manufacturing Expenses 2.7902 2.8335 3.031 3.7323 4.3345
0.062977943 0.063614403 0.0596637101 0.0648092518 0.0636630682
General and Administration Expenses 0.150119 0.146911 0.1595 0.224593 0.292376
0.003388354 0.003298273 0.0031396773 0.0038999288 0.0042942792
Selling and Distribution Expenses 1.1786 1.1964 1.4654 1.8198 1.9709
0.026602324 0.026860163 0.0288456617 0.0315997847 0.028947639
Miscellaneous Expenses 1.235481 1.231889 1.371 1.583407 1.611624
0.027886192 0.02765692 0.0269874452 0.0274949556 0.0236707645
Total Expenditure 40.0207 39.2811 44.0264 48.7605 57.8305
0.903312086 0.881892963 0.8666375336 0.8466981542 0.8493867959
EBITDA 4.2837 5.2607 6.775 8.8285 10.2545
0.096687914 0.118107037 0.1333624664 0.1533018458 0.1506132041
Depreciation/Amortization 1.8897 2.116 2.5153 2.8218 2.6039
0.042652648 0.047505938 0.049512415 0.0489989408 0.038244841
EBIT 2.394 3.1447 4.2597 6.0067 7.6506
0.054035265 0.070601098 0.0838500514 0.1043029051 0.1123683631
Other Income 0.8739 0.7736 0.9341 1.5408 2.3932
0.019724903 0.017367955 0.0183872885 0.0267551095 0.0351501799
Interest Expense 0.1978 0.1845 0.2178 0.0817 0.0894
0.004464568 0.004142177 0.0042872834 0.0014186737 0.0013130646
PBT 3.0701 3.7338 4.976 7.4658 9.9544
0.0692956 0.083826877 0.0979500565 0.1296393408 0.1462054784
Provision for Tax 0.6215 0.9022 1.1854 2.0875 2.6162
0.014027952 0.020255131 0.0233340026 0.0362482419 0.0384254975
PAT 2.4486 2.8316 3.7906 5.3783 7.3382
0.055267648 0.063571746 0.0746160539 0.093391099 0.1077799809

PAT from New Project

Capital Expenditure

Sales from New Project

EBIT from New Project

Dividend Policy

P/E (money control) 35.4

PAT excluding new project
Capital Structure
Equity Share Capital 0.151
Reserves 36.9241
Debt 0
Capital Employed 37.0751
Weight of Equity 100%
Weight of Debt 0%
Cost of Equity 0.1580973168
Cost of Debt 0.277766699
WACC 0.1580973168

50% Payout
Equity Share Capital 0.151
Reserves 36.9241
Payout 3.6691
Free Cash Flow 6.273
Project Investment 0
11% Debt
Capital Employed
Weight of Equity
Weight of Debt
Cost of Equity 0.1580973168
Cost of Debt 0
D/E
Unlevered Beta
Levered Beta
WACC

Expected EBIT
EBIT
Interest Expense
PBT
Tax
PAT
IRR
Outstanding Shares 0.030208
Dividend Per Share
Earning Per Share
Market Price

25% Payout
Equity Share Capital 0.151
Reserves 36.9241
Payout 1.56825
Free Cash Flow 4.70475
Project Investment 0
11% Debt
Capital Employed
Weight of Equity
Weight of Debt
Cost of Equity 0.1580973168
Cost of Debt 0
D/E
Unlevered Beta
Levered Beta
WACC

Expected EBIT
EBIT
Interest Expense
PBT
Tax
PAT
IRR
Outstanding Shares 0.030208
Dividend Per Share
Earning Per Share
Market Price
 75% Payout
Equity Share Capital 0.151
Reserves 36.9241
Payout 3.5285625
Free Cash Flow 1.1761875
Project Investment 0
11% Debt
Capital Employed
Weight of Equity
Weight of Debt
Cost of Equity 0.1580973168
Cost of Debt 0
D/E
Unlevered Beta
Levered Beta
WACC

Expected EBIT
EBIT
Interest Expense
PBT
Tax
PAT
IRR
Outstanding Shares 0.030208
Dividend Per Share
Earning Per Share
Market Price

0% Payout
Equity Share Capital 0.151
Reserves 36.9241
Payout 0
Free Cash Flow 1.1761875
Project Investment 0
11% Debt
Capital Employed
Weight of Equity
Weight of Debt
Cost of Equity 0.1580973168
Cost of Debt 0
D/E
Unlevered Beta
Levered Beta
WACC

Expected EBIT
EBIT
Interest Expense
PBT
Tax
PAT
IRR
Outstanding Shares 0.030208
Dividend Per Share
Earning Per Share
Market Price
 0.089735042

0 1 2 3 4 5
2018 2019 2020 2021 2022 2023
74.1946103326 46.468528072 49.737899773 39.8301669185 23.118043327 54.361508438

-0.2129725581 -0.133385987 -0.142770583 -0.1143308456 -0.066359387 -0.15604246

55.07034661 34.490887355 36.917551934 29.5636177332 17.159179801 40.349387894

0.90788642 0.5686146932 0.6086205394 0.4873840228 0.2828852055 0.6651975805

2.4857907704 1.5568656224 1.6664015303 1.3344562478 0.7745389925 1.8213093288

4.9037413388 3.0712425207 3.2873249705 2.6324935892 1.5279398898 3.5929129485

0.2807752235 0.1758512013 0.1882235093 0.1507296011 0.0874857857 0.2057206664

2.2258138367 1.3940405144 1.492120587 1.1948918695 0.6935336743 1.6308273219

2.0831040707 1.3046605347 1.396452128 1.1182804583 0.6490672294 1.5262655739

67.7444857121 42.428776456 45.413924616 36.3675226762 21.108271192 49.635578854

`
6.4501246205 4.0397516161 4.3239751575 3.4626442423 2.0097721354 4.7259295846

2.1162055163 2.6512457221 2.1083108073 1.6765607289 1.3332265186 1.4953697194

4.3339191043 1.388505894 2.2156643502 1.7860835134 0.6765456168 3.2305598652

1.7418733456 0.9350963068 1.1677010162 0.9350963068 0.5427443219 1.2762498805

0.2318695253 0.1939170491 0.2248802323 0.1939170491 0.1416891023 0.3087713926

5.8439229245 2.1296851517 3.158485134 2.5272627711 1.0776008365 4.1980383531

1.6362984189 0.5963118425 0.8843758375 0.7076335759 0.3017282342 1.1754507389

4.2076245057 1.5333733092 2.2741092965 1.8196291952 0.7758726022 3.0225876142

0.0521985074 0.2197215644 0.1032221742 -0.068431671 0.4607489345

2.125 2.125

6.6383611531 8.2896499622 6.6383611531 3.8530072212 18.120502813

0.1419396017 0.3746105142 0.2128058056 -0.025602313 0.7788124252

1.4811748018 2.0543877321 1.716407021 0.8443042736 2.5618386798

 0.7885 0.7885 0.7885 0.7885 1.426 1.426
39.0279122528 39.768499654 40.79569352 41.6538970303 42.076049167 43.356968507
2.1038122528 0.7405874009 1.0271938661 0.8582035105 0.4221521368 1.2809193399
4.2200177691 3.4440316304 3.3552262378 2.6379864136 1.686946984 3.2370379938
2.125 2.125
0.438053016
43.940102183
0.9900306783
0.0099693217
0.1254520092
0.0648
0.0100697099
0.5813953488
0.5856105762
0.1248473498

-0.025602313
0.6765456168
0.1388833495
0.5376622673
0.1505454348
0.3871168325
26%
0.1879497748 0.1879497748 0.1879497748 0.1879497748 0.5278564063 0.5278564063
0.7997480599
0.7333752662
5.2894361012

0.7885 0.7885 0.7885 0.7885 1.426 1.426

37.9760061264 39.768499654 40.79569352 41.6538970303 41.847865181 43.356968507
1.0550044423 0.3702937004 0.513596933 0.4291017553 0.1939681506 0.6404596699
3.1650133268 3.0737379299 2.8416293047 2.2088846583 1.9835626416 2.5965783238
2.125 2.125
0.1414373584
43.415302539
0.9967422234
0.0032577766
0.1252135342
0.0648
0.0032684244
0.5813953488
0.5827635265
0.1250167204

-0.025602313
0.6765456168
0.1388833495
0.5376622673
0.1505454348
0.3871168325
26%
0.1879497748 0.1879497748 0.1879497748 0.1879497748 0.5278564063 0.5278564063
0.3674638562
0.7333752662
9.0771767708
 0.7885 0.7885 0.7885 0.7885 1.426 1.426
40.0798183792 39.768499654 40.79569352 41.6538970303 42.235801482 43.356968507
2.3737599951 1.1108811013 1.5407907991 1.2873052658 0.5819044517 1.9213790098
0.7912533317 1.9628568286 1.3008385056 0.9215793926 1.5956263405 0.675199314
2.125 2.125
0.5293736595
44.191175141
0.9880208286
0.0119791714
0.1255240537
0.0648
0.0121244118
0.5813953488
0.586470684
0.1247966299

-0.025602313
0.6765456168
0.1388833495
0.5376622673
0.1505454348
0.3871168325
26%
0.1879497748 0.1879497748 0.1879497748 0.1879497748 0.5278564063 0.5278564063
1.1023915685
0.7333752662
2.6217109077

0.7885 0.7885 0.7885 0.7885 1.426 1.426

36.9241 39.768499654 40.79569352 41.6538970303 41.65389703 43.356968507
0 0 0 0 0 0
0.7912533317 1.9628568286 1.3008385056 0.9215793926 2.1775307922 0.675199314
2.125 2.125
-0.052530792
43.027366238
1.0012208693
-0.001220869
0.1250561772
0.0648
-0.001219381
0.5813953488
0.5808849104
0.1251297422

-0.025602313
0.6765456168
0.1388833495
0.5376622673
0.1505454348
0.3871168325
26%
0.1879497748 0.1879497748 0.1879497748 0.1879497748 0.5278564063 0.5278564063
0
0.7333752662
12.279546415
 6 7 8 9 10 11 12 13
2024 2025 2026 2027 2028 2029 2030 2031
55.02202396 49.538664272 40.490682442 53.040477391 35.206558253 41.151197966 45.774806631 35.867073777

-0.157938442 -0.142198685 -0.116226828 -0.152250495 -0.101058968 -0.118122811 -0.131394688 -0.102954951

40.83965017 36.769671002 30.053880013 39.368863334 26.131781773 30.544142293 33.975978253 26.622044053

0.673280015 0.6061825833 0.4954664572 0.6490327117 0.4308069817 0.5035488917 0.5601259328 0.4388894161

1.843439014 1.6597264124 1.3565859333 1.7770499578 1.1795484493 1.3787156188 1.5336234173 1.2016781348

3.636568374 3.2741569067 2.6761490146 3.5056020976 2.3269056112 2.71980444 3.025392418 2.3705610366

0.20822026 0.1874695408 0.153229195 0.2007214786 0.1332324439 0.1557287888 0.173225946 0.1357320378

1.65064257 1.4861435877 1.2147071173 1.5911968262 1.0561851346 1.2345223652 1.3732291 1.0760003825

1.544810352 1.3908583486 1.1368252363 1.4891760179 0.9884670124 1.1553700142 1.2851834601 1.0070117904

50.23867232 45.232009697 36.970616139 48.429391929 32.145868438 37.573709601 41.79536384 32.7489619

4.783351646 4.3066545758 3.5200663033 4.6110854626 3.0606898153 3.5774883644 3.9794427914 3.1181118763

1.18914068 0.9456227033 1.1871412871 0.9440327558 0.7507091647 1.0321430851 0.8207758349 0.6526933919

3.594210966 3.3610318725 2.3329250163 3.6670527067 2.3099806505 2.5453452792 3.1586669565 2.4654184844

1.291756861 1.1630235469 0.9506032874 1.2452359193 0.8265474424 0.966110268 1.0746591324 0.842054423

0.310835605 0.2936992656 0.3348646108 0.3740846429 0.3183509131 0.4063704978 0.4208199833 0.3898568001

4.575132222 4.2303561538 2.9486636929 4.5382039831 2.8181771798 3.1050850495 3.8125061056 2.9176161073

1.281037022 1.1844997231 0.825625834 1.2706971153 0.7890896103 0.8694238138 1.0675017096 0.81693251

3.2940952 3.0458564308 2.1230378589 3.2675068679 2.0290875695 2.2356612356 2.7450043961 2.1006835973

0.53880642 0.4112363343 0.2842398433 0.7406180821 0.1694490111 0.4241439487 0.6806991249 0.2542324784

2.125 2.125

18.34067465 16.512888091 20.245341221 26.520238696 17.603279127 27.434131977 30.516537754 23.911382518

0.8872256 0.710044925 0.6031025844 1.2369612494 0.4436708729 0.8668555167 1.2231821503 0.6308673635

2.75528878 2.6346200964 1.8387980156 2.5268887858 1.8596385584

 1.426 2.0635 2.0635 2.0635 2.701
44.7346129 46.051922945 46.971321953 48.234766346 49.164585625
1.37764439 1.3173100482 0.9193990078 1.2634443929 0.9298192792
3.10559149 2.6741690858 2.3907801381 2.9480952308 1.849977455
2.125 2.125
-0.549169086 0.275022545
47.566253859 52.14060817
1.0115453508 0.9947253675
-0.011545351 0.0052746325
0.1246987358 0.0764
0.0648 0.0648
-0.011413577 0.0053026017
0.5813953488
0.5766175724
0.1253902877 0.0763388143

0.710044925 0.4436708729
3.3610318725 2.3099806505
0.2083250243 0.277766699
3.1527068483 2.0322139515
0.8827579175 0.5690199064
2.2699489308 1.4631940451
26% 26%
0.527856406 1.2916934992 1.2916934992 1.2916934992 2.9824442339
1.019831755 0.3117641794
1.7573433111 0.4906023148
20.430798241 12.129332122

1.426 2.0635 2.0635 2.0635 2.701

44.7346129 46.051922945 46.971321953 48.234766346 49.164585625
0.688822195 0.6586550241 0.4596995039 0.6317221964 0.4649096396
2.416769295 2.0155140617 1.9310806342 2.3163730343 1.3850678154
2.125 2.125
0.1094859383 0.7399321846
48.224908883 52.60551781
0.9977296808 0.9859343237
0.0022703192 0.0140656763
0.1251787185 0.0764
0.0648 0.0648
0.0022754853 0.014266342
0.5813953488
0.5823478776
0.1250416396 0.0762368382

0.710044925 0.4436708729
3.3610318725 2.3099806505
0.2083250243 0.277766699
3.1527068483 2.0322139515
0.8827579175 0.5690199064
2.2699489308 1.4631940451
26% 26%
0.527856406 1.2916934992 1.2916934992 1.2916934992 2.9824442339
0.5099158775 0.1558820897
1.7573433111 0.4906023148
24.994185501 17.143054037
 1.426 2.0635 2.0635 2.0635 2.701
44.7346129 46.051922945 46.971321953 48.234766346 49.164585625
2.066466585 1.9759650723 1.3790985117 1.8951665893 1.3947289188
0.35030271 0.9223069069 0.5519821225 0.421206445 0.559358803
2.125 2.125
1.2026930931 1.565641197
49.318116038 53.431226822
0.9756135637 0.9706980114
0.0243864363 0.0293019886
0.1259753732 0.0764
0.0648 0.0648
0.0249959996 0.0301865134
0.5813953488
0.5918587905
0.1244835239 0.0760600969

0.710044925 0.4436708729
3.3610318725 2.3099806505
0.2083250243 0.277766699
3.1527068483 2.0322139515
0.8827579175 0.5690199064
2.2699489308 1.4631940451
26% 26%
0.527856406 1.2916934992 1.2916934992 1.2916934992 2.9824442339
1.5297476326 0.4676462691
1.7573433111 0.4906023148
16.139258533 7.188683108

1.426 2.0635 2.0635 2.0635 2.701

44.7346129 46.051922945 46.971321953 48.234766346 49.164585625
0 0 0 0 0
0.35030271 1.8050648244 0.5519821225 0.421206445 1.1283787094
2.125 2.125
0.3199351756 0.9966212906
48.435358121 52.862206916
0.9933945946 0.9811468089
0.0066054054 0.0188531911
0.1253320796 0.0764
0.0648 0.0648
0.0066493269 0.0192154639
0.5813953488
0.584178788
0.1249322406 0.076181303

0.710044925 0.4436708729
3.3610318725 2.3099806505
0.2083250243 0.277766699
3.1527068483 2.0322139515
0.8827579175 0.5690199064
2.2699489308 1.4631940451
26% 26%
0.527856406 1.2916934992 1.2916934992 1.2916934992 2.9824442339
0 0
1.7573433111 0.4906023148
29.517849913 22.162051804
 14 15 16 17 18 19 20 21
2032 2033 2034 2035 2036 2037 2038 2039
49.737899773 46.435322155 39.830166919 40.490682442 40.490682442 37.188104824 49.077384249 49.07738425

-0.142770583 -0.13329067 -0.114330846 -0.116226828 -0.116226828 -0.106746916 -0.1408746 -0.1408746

36.917551934 34.466240534 29.563617733 30.053880013 30.053880013 27.602568613 36.427289654 36.42728965

0.6086205394 0.5682083672 0.4873840228 0.4954664572 0.4954664572 0.455054285 0.600538105 0.600538105

1.6664015303 1.5557531028 1.3344562478 1.3565859333 1.3565859333 1.2459375058 1.6442718448 1.644271845

3.2873249705 3.0690478434 2.6324935892 2.6761490146 2.6761490146 2.4578718875 3.2436695451 3.243669545

0.1882235093 0.1757255399 0.1507296011 0.153229195 0.153229195 0.1407312256 0.1857239154 0.185723915

1.492120587 1.3930443478 1.1948918695 1.2147071173 1.2147071173 1.1156308781 1.4723053392 1.472305339

1.396452128 1.3037282381 1.1182804583 1.1368252363 1.1368252363 1.0441013464 1.37790735 1.37790735

45.413924616 42.398457302 36.367522676 36.970616139 36.970616139 33.955148826 44.810831153 44.81083115

4.3239751575 4.0368648524 3.4626442423 3.5200663033 3.5200663033 3.2329559983 4.2665530965 4.266553096

0.5190316841 0.4127418669 0.3282185922 0.2610044024 0.2075546592 0.1650506128 0.1312507505 0.104372587

3.8049434734 3.6241229856 3.1344256501 3.259061901 3.3125116442 3.0679053855 4.135302346 4.162180509

1.1677010162 1.090166113 0.9350963068 0.9506032874 0.9506032874 0.8730683843 1.1521940355 1.152194036

0.4332052566 0.4228841955 0.4022420734 0.4043062856 0.4043062856 0.3939852245 0.4311410444 0.431141044

4.539439233 4.2914049031 3.6672798835 3.8053589028 3.858808646 3.5469885453 4.8563553372 4.8832335

1.2710429852 1.2015933729 1.0268383674 1.0655004928 1.0804664209 0.9931567927 1.3597794944 1.36730538

3.2683962478 3.0898115302 2.6404415161 2.73985841 2.7783422251 2.5538317526 3.4965758428 3.51592812

0.8357147507 0.6973554594 0.4218414497 0.449381127 0.449385819 0.3115719117 0.8076987156 0.807698675

33.158599849 30.956881437 26.553444612 26.993788295 26.993788295 24.792069883 32.718256166 32.71825617

1.4384816306 1.2463159482 0.8636576014 0.9019071532 0.9019136699 0.7105054653 1.3995704708 1.399570415
 22 23 24 25 26 27 28 29
2040 2041 2042 2043 2044 2045 2046 2047
50.398415297 39.16965139 33.885527206 45.114291108 39.830166919 44.453775584 51.719446344 45.114291108

-0.144666565 -0.112434863 -0.097267003 -0.129498705 -0.114330846 -0.127602723 -0.14845853 -0.129498705

37.407814214 29.07335545 25.151257213 33.485715973 29.563617733 32.995453693 38.388338774 33.485715973

0.6167029739 0.479301588 0.4146421128 0.5520434983 0.4873840228 0.5439610639 0.6328678428 0.5520434983

1.6885312158 1.312326562 1.1352890783 1.5114937318 1.3344562478 1.4893640463 1.7327905868 1.5114937318

3.3309803959 2.588838164 2.2395947604 2.9817369925 2.6324935892 2.9380815671 3.4182912468 2.9817369925

0.1907231031 0.148230007 0.1282332562 0.1707263521 0.1507296011 0.1682267582 0.1957222909 0.1707263521

1.5119358349 1.175076622 1.016554639 1.3534138522 1.1948918695 1.3335986043 1.5515663305 1.3534138522

1.414996906 1.09973568 0.9513774564 1.2666386821 1.1182804583 1.2480939042 1.4520864619 1.2666386821

46.017018078 35.76442921 30.939681513 41.192270377 36.367522676 40.589176915 47.223205003 41.192270377

4.3813972185 3.405222181 2.9458456932 3.9220207304 3.4626442423 3.8645986694 4.4962413405 3.9220207304

0.0829986644 0.066001797 0.0524856297 0.0417373688 0.0331901886 0.0263933414 0.0209883853 0.0166902823

4.2983985541 3.339220385 2.8933600635 3.8802833617 3.4294540537 3.838205328 4.4752529552 3.9053304481

1.1832079968 0.919589326 0.7955334811 1.0591521518 0.9350963068 1.0436451712 1.214221958 1.0591521518

0.4352694688 0.400177861 0.3836641634 0.4187557711 0.4022420734 0.4166915589 0.4393978932 0.4187557711

5.0463370821 3.85863185 3.3052293812 4.5206797424 3.9623082871 4.4651589403 5.25007702 4.5457268288

1.412974383 1.080416918 0.9254642267 1.2657903279 1.1094463204 1.2502445033 1.4700215656 1.2728035121

3.6333626991 2.778214932 2.3797651545 3.2548894145 2.8528619667 3.214914437 3.7800554544 3.2729233167

0.8628238622 0.394259843 0.1737591287 0.6423231465 0.4218224322 0.6147605572 0.9179490393 0.6423231465

33.598943531 26.11310093 22.590351471 30.076194072 26.553444612 29.635850389 34.479630896 30.076194072

1.4761331743 0.825349814 0.5190988222 1.1698821802 0.8636311882 1.1316008062 1.5526959203 1.1698821803
 30
2048
47.095837678

-0.135186653

34.956502814

0.5762908017

1.5778827883

3.1127032688

0.1782251337

1.4128595957

1.3222730161

43.001550765

4.0942869135

0.0132723656

4.0810145478

1.1056730937

2.9749484077

2.2117392337

0.6192869854

1.5924522483

-1.110989086

31.397225119
1.2847263023
 Previous Years »
Tata Moto
-------------------
Consolidate in Rs. Cr. -------------------
Mar 17 Mar-16 Mar-15 Mar-14 Mar-13

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

Revenue Fro 271,228.30 277,181.45 264,283.25 234,469.87 192,419.16

Less: Excise 4,799.61 4,535.61 3,548.92 3,792.77 4,766.32
Revenue Fro 266,428.69 272,645.84 260,734.33 230,677.10 187,652.84
Other Opera 3,263.82 2,915.27 2,062.00 2,156.56 1,164.79
Total Opera 269,692.51 275,561.11 262,796.33 232,833.66 188,817.63
Other Incom 754.54 981.72 898.74 828.59 811.53
Total Reven 270,447.05 276,542.83 263,695.07 233,662.25 189,629.16
EXPENSES
Cost Of Mat 159,369.55 152,445.39 149,956.54 135,550.04 111,600.44
Purchase Of 13,924.53 12,850.27 13,293.82 10,876.95 11,752.07
Operating An 3,413.57 3,480.43 2,875.17 2,565.21 2,021.59
Changes In I -7,399.92 -2,876.62 -3,330.35 -2,840.58 -3,031.43
Employee Be 28,332.89 29,198.89 25,548.96 21,556.42 16,584.05
Finance Cos 4,238.01 4,623.35 4,861.49 4,733.78 3,553.34 0.0699005 0.0891226 0.0867019
Depreciation 17,904.99 17,014.18 13,388.63 11,078.16 7,569.30
Other Expen 59,340.16 60,424.95 50,617.72 43,825.77 35,535.58
Less: Amount 16,876.96 16,718.43 15,404.18 13,537.85 10,191.97
Total Expen 262,246.82 260,442.41 241,807.80 213,807.90 175,392.97
Profit/Loss 8,200.23 16,100.42 21,887.27 19,854.35 14,236.19
Exceptional 1,114.56 -2,119.55 -184.71 -985.38 -602.71
Profit/Loss 9,314.79 13,980.87 21,702.56 18,868.97 13,633.48

Tax Expenses-Continued

Current Tax 3,137.66 1,961.21 4,558.81 4,368.42 2,778.63

Less: MAT Cr 0 0 0 0 61.89

Deferred Tax 113.57 911.39 3,084.10 396.37 1,054.25
Total Tax E 3,251.23 2,872.60 7,642.91 4,764.79 3,770.99
Profit/Loss 6,063.56 11,108.27 14,059.65 14,104.18 9,862.49
Profit/Loss 6,063.56 11,108.27 14,059.65 14,104.18 9,862.49
Profit/Loss 6,063.56 11,108.27 14,059.65 14,104.18 9,862.49
Minority Inte -102.2 -105.86 -86.78 -59.45 -83.67
Share Of Pro 1,493.00 21.34 13.42 -53.71 113.79
Consolidate 7,454.36 11,023.75 13,986.29 13,991.02 9,892.61

OTHER ADDITIONAL IN

EARNINGS PER SHARE

Basic EPS (R 22 33 43 44 31
Diluted EPS 22 33 43 44 31
DIVIDEND AND DIVIDEN

Equity Share 73 73 0 648.56 645.2

Preference S 0 0.76 2.27 0 0
Tax On Divi 0 37.52 60.21 117.21 110.94
 -------------------
Consolidate in Rs. Cr. -------------------
Mar 17 Mar-16 Mar-15 Mar-14

12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILIT

SHAREHOLDER'S FUN
Equity Share 679.22 679.18 643.78 643.78
Total Share 679.22 679.18 643.78 643.78
Revaluation 0 22.87 22.87 22.87
Reserves an 57,382.67 80,080.62 55,595.27 64,936.80
Total Reser 57,382.67 80,103.49 55,618.14 64,959.67
Total Share 58,061.89 80,782.67 56,261.92 65,603.45
Minority Inte 453.17 888.26 433.34 420.65
NON-CURRENT LIABILI
Long Term B 60,629.18 51,876.31 56,071.34 45,258.61
Deferred Tax 1,174.00 3,166.08 1,343.20 1,572.33
Other Long Te 28,802.14 9,946.52 9,141.92 2,596.86
Long Term Pr 9,004.46 11,817.30 15,134.27 12,190.29
0.104594 0.1106612 9% Total Non-Cu 99,609.78 76,806.21 81,690.73 61,618.09
CURRENT LIABILITIES
Short Term B 13,859.94 11,223.63 13,140.14 9,695.86
Trade Payab 57,698.33 63,632.89 57,407.28 57,315.73
Other Current 38,263.49 27,261.82 23,688.58 17,373.86
Short Term P 5,807.76 8,702.12 6,036.00 7,970.68
Total Current115,629.52 110,820.46 100,272.00 92,356.13
Total Capita 273,754.36 269,297.60 238,657.99 219,998.32

ASSETS

NON-CURRENT ASSET

Tangible Ass 59,594.56 63,107.34 52,326.21 40,694.29

Intangible As 35,676.20 38,482.89 31,456.29 23,418.55
Capital Work 10,186.83 7,808.51 9,330.47 10,137.30
Intangible A 23,512.01 19,451.93 19,309.62 23,125.26
Fixed Asset 128,969.60 128,850.67 112,422.59 97,375.40
Non-Current 5,296.77 1,253.15 1,240.50 1,114.39
Deferred Tax 4,457.34 2,726.43 2,733.20 2,347.08
Long Term L 753.66 13,940.82 14,948.31 13,268.84
Other Non-Cu 16,771.81 2,374.88 858 5,068.45

Total Non-C 156,922.50 153,982.47 136,899.59 124,152.99

CURRENT ASSETS

Current Inve 15,041.15 19,212.94 14,096.24 9,572.28

Inventories 35,085.31 33,398.98 29,272.34 27,270.89
Trade Recei 14,075.55 12,989.96 12,579.20 10,574.23

Cash And Ca 36,077.88 32,879.98 32,115.76 29,711.79

Short Term 710.45 14,757.51 10,746.44 14,055.24
OtherCurren 15,841.52 2,075.76 2,948.42 4,660.90
Total Curren 116,831.86 115,315.13 101,758.40 95,845.33
Total Assets 273,754.36 269,297.60 238,657.99 219,998.32

OTHER ADDITIONAL I

CONTINGENT LIABILIT

Contingent Li 44,108.39 34,026.19 22,345.82 28,191.10

BONUS DETAILS
Bonus Equity 111.29 111.29 111.29 111.29

NON-CURRENT INVES

Non-Current 285.38 210.5 210.61 252.49

Non-Current 405.38 387.42 395.83 432.3

CURRENT INVESTMEN

Current Inve 0 0 0 27.9

Current Inve 15,041.15 19,212.94 14,096.24 9,550.43
 Mar-13

12 mths

638.07
638.07
39.6
36,959.63
36,999.23
37,637.30
370.48

32,110.07
2,019.49
3,284.06
8,319.15
45,732.77

11,612.21
44,780.14
22,140.96
7,752.59
86,285.90
170,026.45

32,385.76
18,680.15
4,309.26
14,108.44
69,483.61
1,515.40
4,428.93
15,465.46
1,023.95

96,019.72

7,542.32
20,969.01
 10,942.66

21,112.67
12,608.46
831.61
74,006.73
170,026.45

21,360.25

111.29

210.48
468.63

0
7,542.32
Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar 17 Mar-16 Mar-15

12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 270.89 296.32 295.7

Total Share Capital 270.89 296.32 295.7
Revaluation Reserves 0 13.67 13.67
Reserves and Surplus 29,467.10 28,309.65 25,547.01
Total Reserves and Surplus 29,467.10 28,323.32 25,560.68
Total Shareholders Funds 29,737.99 28,619.64 25,856.38
Minority Interest 6,356.90 6,327.03 5,892.23

NON-CURRENT LIABILITIES

Long Term Borrowings 30,157.33 25,096.30 22,327.03

Deferred Tax Liabilities [Net] 1,787.45 1,552.03 1,286.83
Other Long Term Liabilities 3,589.65 2,980.44 2,508.76
Long Term Provisions 3,313.18 3,590.33 3,239.95
Total Non-Current Liabilities 38,847.61 33,219.10 29,362.57
CURRENT LIABILITIES
Short Term Borrowings 10,124.08 8,250.69 7,177.44
Trade Payables 15,544.60 13,627.62 11,355.20
Other Current Liabilities 12,826.29 15,868.23 12,786.45
Short Term Provisions 1,388.14 2,310.58 2,413.71
Total Current Liabilities 39,883.11 40,057.12 33,732.80
Total Capital And Liabilities 114,825.61 108,222.89 94,843.98

ASSETS

NON-CURRENT ASSETS

Tangible Assets 17,976.36 19,578.42 17,247.09

Intangible Assets 2,123.43 2,171.49 1,035.38
Capital Work-In-Progress 1,887.86 806 1,272.54
Intangible Assets Under Development 2,391.08 1,630.03 1,759.60
Fixed Assets 24,378.73 24,185.94 21,314.61
Non-Current Investments 9,872.02 8,744.17 7,898.99
Deferred Tax Assets [Net] 906.67 709.14 467.77
Long Term Loans And Advances 27,140.51 26,604.06 24,066.47
Other Non-Current Assets 3,082.75 655.13 581.76

Total Non-Current Assets 65,939.29 61,677.90 55,093.87

CURRENT ASSETS

Current Investments 4,639.34 3,432.68 2,128.15

Inventories 8,886.01 10,628.99 8,453.39

Trade Receivables 7,199.26 6,419.04 5,476.16

Cash And Cash Equivalents 4,654.03 4,906.48 4,911.83

Short Term Loans And Advances 21,509.11 20,018.29 17,811.80
OtherCurrentAssets 1,998.57 1,139.51 968.78
Total Current Assets 48,886.32 46,544.99 39,750.11
Total Assets 114,825.61 108,222.89 94,843.98

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 7,621.74 6,744.45 7,303.14

BONUS DETAILS
Bonus Equity Share Capital 170.61 170.61 170.61

NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market Value 16,608.84 15,566.22 19,997.59

Non-Current Investments Unquoted Book Value 2,661.48 2,026.82 2,127.86

CURRENT INVESTMENTS

Current Investments Quoted Market Value 22.19 137.46 58.09

Current Investments Unquoted Book Value 4,617.15 3,295.65 2,070.94

Source : Dion Global Solutions Limited

 Mar-14 Mar-13

12 mths 12 mths

295.16 295.16
295.16 295.16
13.67 13.99
22,998.03 19,651.55
23,011.70 19,665.54
23,306.86 19,960.70
5,733.10 5,296.97

25,491.75 19,860.26 0.1209809 0.1343999 0.1413842 0.1158779 0.1156581 0.1256602

1,201.97 893.5
2,388.10 2,103.40
2,590.12 2,251.63
31,671.94 25,108.79

2,780.65 3,368.48
11,799.84 11,900.28
10,479.33 8,802.87
2,498.54 2,031.70
27,558.36 26,103.33
88,270.26 76,469.79

16,058.29 15,530.98
978.68 779.02
1,243.60 1,119.50
947.45 511.7
19,228.02 17,941.20
5,852.37 4,626.20
381.67 338.36
21,364.41 16,972.59
505.37 574

48,675.83 42,449.69

2,229.98 1,814.21
 8,353.54 8,416.90

5,725.42 5,176.97

6,522.79 4,760.20
15,842.14 13,006.56
920.56 845.26
39,594.43 34,020.10
88,270.26 76,469.79

6,334.18 5,319.43

170.61 170.61

12,685.25 6,844.81
1,917.13 1,728.45

76.17 90.13
2,154.04 1,724.08
Mahindra and Mahindra Previous Years »
Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar 17 Mar-16

12 mths 12 mths

INCOME

Revenue From Operations [Gross] 87,279.35 74,436.05

Less: Excise/Sevice Tax/Other Levies 5,209.98 4,650.08
Revenue From Operations [Net] 82,069.37 69,785.97
Other Operating Revenues 1,703.68 8,229.63
Total Operating Revenues 83,773.05 78,015.60
Other Income 730.1 541
Total Revenue 84,503.15 78,556.60

EXPENSES

Cost Of Materials Consumed 45,230.68 43,173.41

Purchase Of Stock-In Trade 4,849.82 2,690.53
Changes In Inventories Of FG,WIP And Stock-In Trade -13.83 -524.37
Employee Benefit Expenses 8,910.63 7,992.24
Finance Costs 3,648.46 3,372.94
Depreciation And Amortisation Expenses 2,809.11 2,581.64
Other Expenses 15,022.93 15,524.95
Less: Amounts Transfer To Capital Accounts 958.4 488.55
Total Expenses 79,499.40 74,322.79
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 5,003.75 4,233.81
Exceptional Items 447.11 5.03
Profit/Loss Before Tax 5,450.86 4,238.84

Tax Expenses-Continued Operations

Current Tax 2,059.33 1,879.38

Less: MAT Credit Entitlement 0 54.42

Deferred Tax 240.4 38.69
Total Tax Expenses 2,299.73 1,863.65
Profit/Loss After Tax And Before ExtraOrdinary Items 3,151.13 2,375.19
Profit/Loss From Continuing Operations 3,151.13 2,375.19
Profit/Loss For The Period 3,151.13 2,375.19
Minority Interest -352.49 -139.86
Share Of Profit/Loss Of Associates 899.4 975.93
Consolidated Profit/Loss After MI And Associates 3,698.04 3,211.26

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 68 54

Diluted EPS (Rs.) 68 52

DIVIDEND AND DIVIDEND PERCENTAGE

Equity Share Dividend 773.67 745.31

Tax On Dividend 0 96.37

Source : Dion Global Solutions Limited

 Mar-15 Mar-14 Mar-13

12 mths 12 mths 12 mths

67,403.78 71,160.67 67,921.93

3,541.23 4,229.70 5,278.39
63,862.55 66,930.97 62,643.54
8,086.04 7,069.96 6,092.12
71,948.59 74,000.93 68,735.66
525.03 505.09 388.94
72,473.62 74,506.02 69,124.60

40,386.83 43,252.55 39,062.01

2,188.73 1,879.01 3,001.94
274.13 -238.97 -220.36
7,146.55 6,885.94 6,819.07
3,156.69 2,953.93 2,297.00
2,123.83 2,169.57 2,079.86
13,443.84 12,341.91 11,223.19
284.78 239.67 265.98
68,435.82 69,004.27 63,996.73
4,037.80 5,501.75 5,127.87
274.9 317.85 452.5
4,312.70 5,819.60 5,580.37

1,770.11 1,793.91 1,754.11

92.72 490.71 21.11

42.63 193.02 201.63
1,720.02 1,496.22 1,934.63
2,592.68 4,323.38 3,645.74
2,592.68 4,323.38 3,645.74
2,592.68 4,323.38 3,645.74
-243.91 -486.87 -29.95
788.7 830.42 483.41
3,137.47 4,666.93 4,099.20

53 79 70
 51 76 67

745.31 862.25 798.17

101.58 104.04 92.98
Management Development Institute Delhi

Management Development Institute Delhi

Financial Ratios Consolidated

Company Name: Maruti Suzuki India Ltd.

NULL
Year End 201703 201603 201503 201403 201303 201203 201103
Operational & Financial Ratios
Earnings Per Share (Rs) 248.67 181.99 126.07 94.47 81.76 58.17 82.44
CEPS(Rs) 329.21 271.53 208.8 163.83 143.65 96.76 115.52
Adjusted EPS (Rs.) 248.67 181.99 126.07 94.47 81.76 58.17 82.44
DPS(Rs) 75 35 25 12 8 7.5 7.5
Adjusted DPS(Rs) 75 35 25 12 8 7.5 7.5
Book NAV/Share(Rs) 1227.65 1013.77 805.25 711.8 630.06 542.38 495.11
Adjusted Book Value (Rs) 1227.65 1013.77 805.25 711.8 630.06 542.38 495.11
Tax Rate(%) 26.28 27.96 23.82 24.16 20.24 23.84 26.41
Dividend Pay Out Ratio(%) 30.16 19.23 19.83 12.7 9.78 12.89 9.1
Margin Ratios
Core EBITDA Margin(%) 13.26 13.56 12.09 10.56 8.59 6.2 8.88
EBIT Margin(%) 12.99 11.59 9.27 7.87 6.55 5.51 7.63
Pre Tax Margin(%) 12.87 11.47 8.88 7.5 6.15 5.36 7.56
PAT Margin (%) 9.49 8.26 6.76 5.69 4.91 4.08 5.57
Cash Profit Margin (%) 12.86 12.6 11.25 9.93 8.7 6.98 8.05
Performance Ratios
ROA (%) 15.5 13.93 11.49 9.6 9.68 7.74 12.82
ROE (%) 21.68 19.58 16.55 13.97 14.11 10.9 17.42
ROCE (%) 29.37 27.04 21.42 17.77 17.34 13.85 22.72
Asset Turnover(x) 1.63 1.69 1.7 1.69 1.97 1.9 2.3
Inventory Turnover(x) 24.18 22.15 24.87 27.28 26.78 24.45 31.1
Debtors Turnover(x) 61.22 52.77 42.57 32.93 39.25 42.43 47.91
Sales/Fixed Asset(x) 4.54 3.08 2.24 2.3 2.83 2.97 3.67
Working Capital/Sales(x) -17.42 -21.05 -195.99 7.93 11.59 8.77 7.35
Efficiency Ratios
Fixed Capital/Sales(x) 0.22 0.32 0.45 0.43 0.35 0.34 0.27
Receivable days 5.96 6.92 8.57 11.08 9.3 8.6 7.62
Inventory Days 15.1 16.48 14.68 13.38 13.63 14.93 11.74
Payable days 48.86 47.41 42.15 42.35 34.9 33.14 27.18
Growth Ratio
Net Sales Growth(%) 18.23 13.36 14.05 0.54 22.76 -2.87 25.56
Core EBITDA Growth(%) 21.97 34.51 27.75 17 53.07 -19.69 -7.7
EBIT Growth(%) 33.07 45.32 32.55 19.9 48.08 -30.26 -14.57
PAT Growth(%) 36.44 41.89 33.87 15.64 49.87 -29.18 -9.35
EPS Growth(%) 36.64 44.35 33.46 15.54 40.55 -29.43 -9.23
Financial Stability Ratios
Total Debt/Equity(x) 0.01 0.01 0.03 0.09 0.08 0.09 0.03
Current Ratio(x) 0.66 0.72 0.97 1.76 1.63 1.68 2.37
Quick Ratio(x) 0.42 0.44 0.67 1.56 1.36 1.44 2.09
Interest Cover(x) 112.35 92.38 23.85 21.24 16.52 35.83 107.63
201003

90.82
117.18
90.82
6
6
421.54
421.54
30.6
6.61

10.79
11.41
11.29
7.84
10.43

16.48
23.4
31.64
2.1
30.22
35.52
3.33
5.85

0.3
10.28
12.08
33.8
 43.22
83.87
110.98
107.32
113.84

0.07
2.52
2.22
99.05
Management Development Institute Delhi

Management Development Institute Delhi

Consolidate Balance Sheet

Company Name: Maruti Suzuki India Ltd.

(Indian Rupee .in Millions)

Year End Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013 Mar-2012

SOURCES OF FUNDS
Share Capital 1510 1510 1510 1510 1510 1445
Share warrants & Outstandings 0 0 0 0 0 0
Reserve 369241 304650 241674 213454 188768 155302
Shareholder's Funds 370751 306160 243184 214964 190278 156747
Minority Interest 154 144 134 122 106 0
Secured Loans 0 0 0 0 0 0
Unsecured Loans 11274 8223 6800 10757 11896 4419
Total Debts 11274 8223 6800 10757 11896 4419
Total Liabilities 382179 314527 250118 225843 202280 161166
Net_Block 186802 153426 269019 231051 201524 150557
Less: Accumulated Depreciation 53695 28130 144124 120714 101307 73102
Less: Impairment of Assets 0 0 0 0 0 0
Lease Adjustment A/c 0 0 0 0 0 0
Capital Work in Progress 12523 10069 18901 26395 19665 9427
Pre-operative Expenses pending 0 0 0 0 0 0
Assets in transit 0 0 0 0 0 0
Investments 307783 223792 147085 122342 96038 79231
Current Assets, Loans & Advances
Inventories 32637 31326 27453 17632 18872 18378
Sundry Debtors (Debotrs) 12026 13234 11443 14891 15355 10066
Cash and Bank 235 507 432 6486 8148 24634
Other Current Assets 1739 2354 2543 3833 5532 3811
Loans and Advances 19555 20677 12017 12839 11343 7990
Total Current Assets 66192 68098 53888 55681 59250 64879
Less : Current Liabilities and Provisions
Current Liabilities 119834 98491 76242 76221 62295 61521
Provisions 12534 11950 13565 6729 6419 5236
Total Current Liabilities 132368 110441 89807 82950 68714 66757
Net Current Assets -66176 -42343 -35919 -27269 -9464 -1878
Miscellaneous Expenses not written of 0 0 0 0 0 0
Deferred Tax Assets / Liabilities -5058 -2287 -4844 -5962 -4176 -3069
Total Assets 382179 314527 250118 225843 202280 161166
Contingent Liabilities 89333 85146 69214 52643 47861 39156

Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------

Mar 17 Mar-16 Mar-15 Mar-14 Mar-13

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 151 151 151 151 151
Total Share Capital 151 151 151 151 151
Reserves and Surplus 36,924.10 27,597.70 24,167.40 21,345.40 18,876.80
Total Reserves and Surplus 36,924.10 27,597.70 24,167.40 21,345.40 18,876.80
Total Shareholders Funds 37,075.10 27,748.70 24,318.40 21,496.40 19,027.80
Minority Interest 15.4 14.4 13.4 12.2 10.6
NON-CURRENT LIABILITIES
Long Term Borrowings 0 147.1 278.3 627.4 704.9
Deferred Tax Liabilities [Net] 505.8 475.1 484.4 596.2 417.6
Other Long Term Liabilities 1,105.50 122.4 105.9 247.6 112.1
Long Term Provisions 21.9 302.1 295.8 200.7 225.9
Total Non-Current Liabilities 1,633.20 1,046.70 1,164.40 1,671.90 1,460.50
CURRENT LIABILITIES
Short Term Borrowings 483.6 90.7 52.5 1,237.90 863.9
Trade Payables 8,369.20 7,127.10 5,656.80 4,999.80 4,286.80
Other Current Liabilities 3,934.20 2,407.80 1,916.60 1,320.50 1,179.30
Short Term Provisions 449.8 1,834.50 1,356.50 672.7 641.9
Total Current Liabilities 13,236.80 11,460.10 8,982.40 8,230.90 6,971.90
Total Capital And Liabilities 51,960.50 40,269.90 34,478.60 31,411.40 27,470.80
ASSETS
NON-CURRENT ASSETS
Tangible Assets 12,937.70 12,625.10 12,194.70 10,849.30 9,797.70 20.625%
Intangible Assets 373 350.8 294.8 184.4 224 12.9377
Capital Work-In-Progress 1,252.30 1,013.40 1,890.10 2,639.50 1,967.90 2.668373
Fixed Assets 14,563.00 13,989.30 14,379.60 13,673.20 11,989.60
Non-Current Investments 26,971.80 17,511.70 9,991.80 1,521.20 2,146.00
Long Term Loans And Advances 0.3 1,355.50 1,366.60 1,653.90 1,286.50
Other Non-Current Assets 1,627.40 9.1 44.2 9.5 894.6
Total Non-Current Assets 43,162.50 32,865.60 25,782.20 16,857.80 16,316.70
CURRENT ASSETS
Current Investments 2,178.80 874.8 3,305.90 9,005.90 5,275.40
Inventories 3,263.70 3,199.80 2,674.40 1,763.20 1,887.20
Trade Receivables 1,202.60 1,387.30 1,144.30 1,489.10 1,489.20
Cash And Cash Equivalents 23.5 76.8 43.2 648.6 814.8
Short Term Loans And Advances 2.5 1,595.70 1,201.70 1,283.20 1,134.30
OtherCurrentAssets 2,126.90 269.9 326.9 363.6 553.2
Total Current Assets 8,798.00 7,404.30 8,696.40 14,553.60 11,154.10
Total Assets 51,960.50 40,269.90 34,478.60 31,411.40 27,470.80
Mar-2011 Mar-2010

1445 1445
0 0
141643 120381
143088 121826
0 0
0 362
5198 8693
5198 9055
148286 130881
119526 106085
62808 54372 133107
0 0
0 0
8792 3922
0 0
0 0
68045 73968

14386 12276
8813 8494
25320 1627 0.03% 0.09% 0.09% 1.46% 1.84% 6.83% 6.81% 0.55%
1958 883
7031 15952
57508 39232

37286 30260
3761 6233
41047 36493
 16461 2739
0 0
-1730 -1461
148286 130881
33646 23224

22.351% 20.626% 19.504% 19.287% 20.478%

1.26251 1.21947 1.08493 0.97977 2.06E-05
Year End Y201703 Y201603 Y201503 Y201403 Y201303 Y201203
Net Sales 680850 575890 508014 445418 443044 360899
EXPENDITURE :
Increase/Decrease in Stock -3793 48 -4609 204 192 -1506
Raw Materials Consumed 471215 387012 360756 318326 330318 286625
Power & Fuel Cost 5186 6941 7138 5957 4951 2295
Employee Cost 23603 20003 16710 14237 11202 8779
Other Manufacturing Expenses 43345 37323 30310 28335 27902 19847
General and Administration Expenses 2923.76 2245.93 1595 1469.11 1501.19 1085.85
Selling and Distribution Expenses 19709 18198 14654 11964 11786 9959
Miscellaneous Expenses 16116.24 15834.07 13710 12318.89 12354.81 8990.15
Total Expenditure 578305 487605 440264 392811 400207 336075
PBIDT (Excl OI) 102545 88285 67750 52607 42837 24824
Other Income 23932 15408 9341 7736 8739 8870
Operating Profit 126477 103693 77091 60343 51576 33694
Interest 894 817 2178 1845 1978 616
PBDT 125583 102876 74913 58498 49598 33078
Depreciation 26039 28218 25153 21160 18897 11625
Profit Before Taxation & Exceptional Items 99544 74658 49760 37338 30701 21453
Exceptional Income / Expenses 0 0 0 0 0 0
Profit Before Tax 99544 74658 49760 37338 30701 21453
Provision for Tax 26162 20875 11854 9022 6215 5115
PAT 73382 53783 37906 28316 24486 16338
Extra items 0 0 0 0 0 0
Minority Interest -11 -11 -12 -16 -13 0
Appropriations 332452 271076 217005 185998 162715 139767
Dividend(%) 1500 700 500 240 160 150
EPS 248.67 181.99 126.07 94.47 81.76 58.17
Adjusted EPS 248.67 181.99 126.07 94.47 81.76 58.17
Y201103 Y201003
371558 295915

-600 -1941
288207 226849
2102 2166
7319 5529
20475 13557
1114.7 771.7
9618 9990
6767.3 4255.3
334746 260881
36812 35034
5145 10423
41957 45457
294 374
41663 45083
10313 8414
31350 36669
0 0
31350 36669
8279 11219
23071 25450
0 0
0 0
127762 108457
150 120
82.44 90.82
82.44 90.82
(Indian Rupee .in Millions)
Year End Y201703 Y201603 Y201503 Y201403 Y201303
Net Sales 680850 575890 508014 445418 443044 68.085

Increase/Decrease in Stock -3793 48 -4609 204 192 -0.3793

-0.005571 8.335E-05 -0.00907 0.000458 0.000433 -0.00557
Raw Materials Consumed 471215 387012 360756 318326 330318 47.1215
0.692098 0.672024 0.71013 0.714668 0.745565 0.692098
Power & Fuel Cost 5186 6941 7138 5957 4951 0.5186
0.007617 0.012053 0.01405 0.013374 0.011175 0.007617
Employee Cost 23603 20003 16710 14237 11202 2.3603
0.034667 0.034734 0.03289 0.031963 0.025284 0.034667
Other Manufacturing Expenses 43345 37323 30310 28335 27902 4.3345
0.063663 0.064809 0.05966 0.063614 0.062978 0.063663
General and Administration Expenses 2923.76 2245.93 1595 1469.11 1501.19 0.292376
0.004294 0.0039 0.00314 0.003298 0.003388 0.004294
Selling and Distribution Expenses 19709 18198 14654 11964 11786 1.9709
0.028948 0.0316 0.02885 0.02686 0.026602 0.028948
Miscellaneous Expenses 16116.24 15834.07 13710 12318.89 12354.81 1.611624
0.023671 0.027495 0.02699 0.027657 0.027886 0.023671
Total Expenditure 578305 487605 440264 392811 400207 57.8305
0.849387 0.846698 0.86664 0.881893 0.903312 0.849387
EBITDA 102545 88285 67750 52607 42837 10.2545
0.150613 0.153302 0.13336 0.118107 0.096688 0.150613
Depreciation/Amortization 26039 28218 25153 21160 18897 2.6039
0.038245 0.048999 0.04951 0.047506 0.042653 0.038245
EBIT 76506 60067 42597 31447 23940 7.6506
0.112368 0.104303 0.08385 0.070601 0.054035 0.112368
Other Income 23932 15408 9341 7736 8739 2.3932
0.03515 0.026755 0.01839 0.017368 0.019725 0.03515
Interest Expense 894 817 2178 1845 1978 0.0894
0.001313 0.001419 0.00429 0.004142 0.004465 0.001313
PBT 99544 74658 49760 37338 30701 9.9544
0.146205 0.129639 0.09795 0.083827 0.069296 0.146205
Provision for Tax 26162 20875 11854 9022 6215 2.6162
0.038425 0.036248 0.02333 0.020255 0.014028 0.038425
PAT 73382 53783 37906 28316 24486 7.3382
0.10778 0.093391 0.07462 0.063572 0.055268 0.10778
 Average
57.589 50.8014 44.5418 44.3044

0.0048 -0.4609 0.0204 0.0192

8.33E-05 -0.00907 0.000458 0.000433 -0.00273
38.7012 36.0756 31.8326 33.0318
0.672024 0.71013 0.714668 0.745565 0.706897
0.6941 0.7138 0.5957 0.4951
0.012053 0.014051 0.013374 0.011175 0.011654
2.0003 1.671 1.4237 1.1202
0.034734 0.032893 0.031963 0.025284 0.031908
3.7323 3.031 2.8335 2.7902
0.064809 0.059664 0.063614 0.062978 0.062946
0.224593 0.1595 0.146911 0.150119
0.0039 0.00314 0.003298 0.003388 0.003604
1.8198 1.4654 1.1964 1.1786
0.0316 0.028846 0.02686 0.026602 0.028571
1.583407 1.371 1.231889 1.235481
0.027495 0.026987 0.027657 0.027886 0.026739
48.7605 44.0264 39.2811 40.0207
0.846698 0.866638 0.881893 0.903312 0.869586
8.8285 6.775 5.2607 4.2837
0.153302 0.133362 0.118107 0.096688 0.130414
2.8218 2.5153 2.116 1.8897
0.048999 0.049512 0.047506 0.042653 0.045383
6.0067 4.2597 3.1447 2.394
0.104303 0.08385 0.070601 0.054035 0.085032
1.5408 0.9341 0.7736 0.8739
0.026755 0.018387 0.017368 0.019725 0.023477
0.0817 0.2178 0.1845 0.1978
0.001419 0.004287 0.004142 0.004465 0.003125
7.4658 4.976 3.7338 3.0701
0.129639 0.09795 0.083827 0.069296 0.105383
2.0875 1.1854 0.9022 0.6215
0.036248 0.023334 0.020255 0.014028 0.026458
5.3783 3.7906 2.8316 2.4486
0.093391 0.074616 0.063572 0.055268 0.078925
Revenue 3/31/2017 3/31/2016 3/31/2015 3/31/2014
Total revenue 680,850,000 575,890,000 499,050,000 438,011,000
Cost of revenue 472,843,000 392,643,000 359,903,000 354,487,000
Gross profit 208,007,000 183,247,000 139,147,000 83,524,000
Operating expenses
Research development - - - -
Selling general and administrative 37,779,000 32,107,000 24,571,000 26,756,000
Non-recurring - - - -
Others 66,017,000 59,891,000 45,009,000 863,000
Total operating expenses 602,676,000 512,859,000 454,601,000 403,266,000
Operating income or loss 78,174,000 63,031,000 44,449,000 34,745,000
Income from continuing operations
Total other income/expenses net 23,098,000 12,816,000 5,491,000 2,822,000
Earnings before interest and taxes 78,174,000 63,031,000 44,449,000 34,745,000
Interest expense -893,000 -814,000 -2,173,000 -1,840,000
Income before tax 101,272,000 75,847,000 49,940,000 37,567,000
Income tax expense 26,162,000 20,875,000 11,854,000 9,022,000
Minority interest 154,000 144,000 134,000 122,000
Net income from continuing ops 75,110,000 54,972,000 38,086,000 28,545,000
Non-recurring events
Discontinued operations - - - -
Extraordinary items - - - -
Efect of accounting changes - - - -
Other items - - - -
Net income
Net income 75,099,000 54,961,000 38,074,000 28,529,000
Preferred stock and other adjustments - - - -
Net income applicable to common shares 75,099,000 54,961,000 38,074,000 28,529,000
 68.085 57.589 49.905 43.8011
47.2843 39.2643 35.9903 35.4487
20.8007 18.3247 13.9147 8.3524
0 0 0 0
0 0 0 0
3.7779 3.2107 2.4571 2.6756
0 0 0 0
6.6017 5.9891 4.5009 0.0863
60.2676 51.2859 45.4601 40.3266
7.8174 6.3031 4.4449 3.4745
0 0 0 0
2.3098 1.2816 0.5491 0.2822
7.8174 6.3031 4.4449 3.4745
-0.0893 -0.0814 -0.2173 -0.184
10.1272 7.5847 4.994 3.7567
2.6162 2.0875 1.1854 0.9022
0.0154 0.0144 0.0134 0.0122
7.511 5.4972 3.8086 2.8545
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
7.5099 5.4961 3.8074 2.8529
0 0 0 0
7.5099 5.4961 3.8074 2.8529