Mar 18 Mar-17 Mar-16

Revenue From Operations [Gross] 103,881.30 98,066.20 96,514.80

Less: Excise/Sevice Tax/Other Levies 2548.9 9899.2 10,029.70
Revenue From Operations [Net] 101,332.40 88,167.00 86,485.10
Other Operating Revenues 1664.6 1170.7 1086.7
Total Operating Revenues 102,997.00 89,337.70 87,571.80
Other Income 1218.5 1353.3 2037.9
Total Revenue 104,215.50 90,691.00 89,609.70
0.15 0.01 0.00
EXPENSES
Cost Of Materials Consumed 62,811.50 53,132.30 46,411.30
Purchase Of Stock-In Trade 2517.6 2209.6 2244
Changes In Inventories Of FG,WIP And Stock-In Trade 125.5 -3181.5 1266.2
Employee Benefit Expenses 7096.8 6207.8 5659.4
Finance Costs 1375.4 887.8 901.4
Depreciation And Amortisation Expenses 3643.8 2882 2651.4
Other Expenses 17,971.80 17,696.80 16,330.60
Total Expenses 95,542.30 79,834.70 75,464.40
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 8673.1 10,856.30 14,145.30
Exceptional Items 0 0 0
Profit/Loss Before Tax 8673.1 10,856.30 14,145.30
Tax Expenses-Continued Operations
Current Tax 1884.7 2310.3 3700.8
Less: MAT Credit Entitlement 0 0 0
Deferred Tax 564.6 518.5 423
Total Tax Expenses 2449.2 2828.8 4123.8
Profit/Loss After Tax And Before ExtraOrdinary Items 6223.9 8027.6 10,021.50
Profit/Loss From Continuing Operations 6223.9 8027.6 10,021.50
Profit/Loss For The Period 6223.9 8027.6 10,021.50
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 11.55 15.77 19.69
Diluted EPS (Rs.) 11.55 15.77 19.69
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
Imported Raw Materials 2,594.18 2,157.20 1,976.05
Indigenous Raw Materials 3,686.97 3,156.03 2,665.08
STORES, SPARES AND LOOSE TOOLS
Imported Stores And Spares 6.17 5.51 5.32
Indigenous Stores And Spares 73.7 70.88 59.36
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 152.71 101.81 101.81
Tax On Dividend 31.09 20.73 20.73
Equity Dividend Rate (%) 300% 300% 200%
Face Value 1 1 1
Dividend per share 3 3 2
Dividend Paid Ratio 25.97% 19.02% 10.16%
 Mar-15 Mar-14 Mar 13 Mar-12 Mar-11
98,772.70 95,892.80 94,529.10 89,065.40 60,009.60
9990 9792 9454.1 7486.6 5104.7
88,782.70 86,100.80 85,074.90 81,578.80 54,904.90
595.5 1016.5 0 0 0
89,378.20 87,117.30 85,074.90 81,578.80 54,904.90
375.5 792.3 573.8 181.9 485.5
89,753.60 87,909.60 85,648.70 81,760.70 55,390.40
0.02 0.03 0.05 0.48 0.10

54,007.10 57,243.10 58,673.60 59,733.80 40,868.00

2492.2 2502.8 2539 2383.8 1594.6
197.3 -1158.7 -73.7 234.5 -3746.6
5451.3 4866.7 4268.5 3686.5 3068.5
1720.9 2446.1 2609.7 2413 1589.5
2467.8 2480.5 2200.7 1856.9 1473.5
14,075.60 12,674.30 10,685.70 8877 7907.4
80,412.20 81,054.70 80,903.50 79,185.60 52,754.90
9341.4 6854.9 4745.2 2575.1 2635.5
0 -710.5 0 0 0
9341.4 6144.5 4745.2 2575.1 2635.5

2544.7 1327.2 1060.1 515.2 532.7 0.217304

0 0 0 301.3 315.9
345.9 391.1 559.8 547.9 436.2
2890.6 1718.3 1619.9 761.8 653
6450.8 4426.2 3125.3 1813.3 1982.5
6450.8 4426.2 3125.3 1813.3 1982.5
6450.8 4426.2 3125.3 1813.3 1982.5 9237.7
64663.9

12.7 8.78 6.2 3.6 3.93

12.69 8.77 6.2 3.6 3.93

2,483.83 2,533.27 2,624.38 2,703.81 1,823.87

2,946.40 3,213.35 3,271.33 3,296.46 2,287.42

5.86 3.96 4.4 3.28 2.89

54.73 49.93 48.85 43.01 34.82

101.81 37.8 25.2 25.2 25.2

20.73 6.42 4.28 4.09 4.09
200% 75% 50% 50% 50%
1 1 1 1 1
2 0.75 0.5 0.5 0.5
15.75% 8.54% 8.06% 13.89% 12.72%
Lambda (Assumption) 50% Beta (bot 0.5420571
Europe CRP 1.07% Debt 25,449.45
India ERP 7.27% Equity 72,606.11
D/E 0.3505139
Levered Beta 0.73 Tax 30%
Country Default Spread 1.95% ROIC 17.28%
Company Default Spread Dividends 1,837.95
US ERP 3.87% Net Profit 6223.9 NOPAT
10 Yrs Ind Govt Bond Yield 7.792% Equity 72,606.11 NOPAT after tax
Riskfree rate 6.40% DPR 29.531% Invested Capital
10 Yrs US Govt Bond Yield 2.982% RR 70.469%
Risk free rate 6.680% Growth 12.179%
Cost of equity 10.048%

htp://www.market-risk-premia.com/us.html
Region Revenue Share
India 60%
Europe 32% Company Beta
Other 8% Goodyear 0.529
Govind Rubber 0.624
21643 TVS 0.322
16946.47 MRF 0.531
98,055.56 Balkrishna Inds 0.569
CEAT 0.624
JK 0.597
0.542
 2017 2018 2019 2020 2021
Sales 90,691.00 104,215.50 116,907.80 131,145.89 147,118.01
COGS 55,341.90 48,655.30 54,946.67 61,638.57 69,145.47
SGA 23,904.60 21,990.00 21,043.40 23,606.26 26,481.24
Depreciation 2,882.00 2,651.40 2,338.16 2,622.92 2,942.36
Taxable income 8,562.50 30,918.80 38,579.57 43,278.14 48,548.94
Tax 2,568.75 9,275.64 11,573.87 12,983.44 14,564.68
NOPAT 5,993.75 21,643.16 27,005.70 30,294.70 33,984.26
Operationg CF 8,875.75 24,294.56 29,343.86 32,917.62 36,926.62
WC 3,128.00 3,751.76 4,208.68 4,721.25 5,296.25
Change in WC -623.76 -456.92 -512.57 -575.00
CapExp -21,499.66 -24,118.08 -27,055.40 -30,350.45
FCFF 2,171.14 4,768.86 5,349.65 6,001.18
206,850.99
Present Value of CFs 1,990.50 4008.311974 4,122.36 146,134.33

Firm Value 156,255.51

Debt and other liabilities 25,449.45
Equity Value 130,806.06
Cost of equity 10.048%
Cost of debt (Assumptio 9%
Weight of Equity 74.046% Debt 25,449.45
Weight of debt 25.954% Equity 72,606.11
Perpetual Growth 6.000% Tax 30%
Initial Growth 12.18%
WACC 9.08%
Outstanding stocks 572049980
Stock Price 228.66