Eicher Motors Ltd

DCF Analysis
Valuation Date: 13 March, 2019

Current Market Price : ₹ 22,717.6 Scenario :

Target as per DCF : NA
Up or (Down) side : #VALUE!

1 Base Case
2 Management Case
3 Upside Case
4 Downside Case (I)
5 Downside Case (II)
Upside Case
Eicher Motors Ltd
Discounted Cash Flow Analysis
(Rs in crores except per share figures, fiscal year ending March 31)

Operating Scenario 3
Mid-year Convention (Y/N) Y

Historical Period
2015-16 2016-17
Sales - -
% growth NA NA
COGS - -
Gross Profit - -
% margin - -
SG&A - -
EBITDA - -
% margin - -
Depreciation & Amortisation - -
EBIT - -
% margin - -
Taxes - -
EBIAT - -

Plus: Depreciation & Amortization

Less: Capital Expenditures
Less: Increase in Net Working Capital

Unlevered Free Cash Flow

WACC 10.0%
Discount Period
Discount Factor
Present Value of Free Cash Flow

Enterprise Value
Cumulative Present Value of FCF -

Terminal Growth Rate 3.0%

Terminal Value -
Discount Factor 0.65
Present Value of Terminal Value -
% of Enterprise Value -%

Enterprise Value -

Enterprise Value
Terminal Growth Rate
- 2.0% 2.5% 3.0%
9.0%
WACC
 9.5%

WACC
10.0%
10.5%
11.0%

Historical Period
Assumptions 2015-16 2016-17
Sales (% growth) NA NA
COGS (% sales) #DIV/0!
SG&A (% sales) #DIV/0!
Depreciation & Amortization (% sales) #DIV/0!
Capital Expenditures (% sales) 6.5%
Tax Rate #DIV/0!
Working Capital (% sales) -%

Prataap Snacks Limited

Sensitivity Analysis
(Rs in lakhs except per share figures)

Enterprise Value
Terminal Growth Rate
- 2.0% 2.5% 3.0%
9.0%
9.5%
WACC

10.0%
10.5%
11.0%

Implied Share Price

Terminal Growth Rate
NA 2.0% 2.5% 3.0%
9.0%
9.5%
WACC

10.0%
10.5%
11.0%

Implied Exit Multiple on Terminal EBITDA

Terminal Growth Rate
#DIV/0! 2.0% 2.5% 3.0%
9.0% #DIV/0! #DIV/0!
9.5% #DIV/0! #DIV/0! #DIV/0!
WACC

10.0% #DIV/0! #DIV/0! #DIV/0!

10.5% #DIV/0! #DIV/0! #DIV/0!
11.0% #DIV/0! #DIV/0! #DIV/0!
 Calculation of Implied Share Price
Enterprise Valuation -
Less: Total Debt -
Less: Preferred Securities -
Less: Noncontrolling Interest -
Plus: Cash and Cash Equivalents -
Implied Equity Value -

Options/Warrants
Number of Exercise In-the-Money
Tranche Shares Price Shares Proceeds
Options 1 - - - -
Options 2 - - - -
Options 3 - - - -
Options 4 - - - -
Options 5 - - - -
Total - - -

Basic Shares Outstanding -

Plus: Shares from In-the-Money Options -
Less: Shares Repurchased -
Net New Shares from Options -
Plus: Shares from Convertible Securities -
Fully Diluted Shares Outstanding 2.726

Implied Share Price ₹24,947.2

Scenario impact on Implied share price

Mid-year Convention
NA Y N
1
Operating
Scenario

2
3
4
5

Consolidated Income Statement Historical Period

2015-16 2016-17
Revenue from operations - -
Other income - -
TOTAL INCOME (I + II) - -
EXPENSES
(a) Cost of materials consumed - -
 (b) Purchases of stock-in-trade - -
(c) Changes in inventories of finished goods and stock-i - -
(d) Excise duty on sale of goods - -
(e) Employee benefits expense - -
(f) Finance costs - -
(g) Depreciation and amortisation expense - -
(h) Other expenses - -
TOTAL EXPENSES - -
Profit before tax and exceptional item (III - IV) - -
Exceptional item - -
Profit before tax (V + VI) - -
Tax expenses
(a) Current tax - -
(b) Deferred tax - -
Total tax expenses - -
Profit for the year (VII - VIII) - -
Discontinued operations:
Share of loss of Joint venture (refer note 9 (ii)) - -
Net Profit after tax - -
Other Comprehensive Income
Items that may be reclassified to profit or loss:- - -
Items that will not be reclassified to profit or loss:- - -
Total other comprehensive income for the year (net of tax) - -
Total comprehensive income for the year (IX + X) - -

Consolidated Balance Sheet Historical Period

2015-16 2016-17
ASSETS
NON-CURRENT ASSETS
(a) Property, plant and equipment - -
(b) Capital work-in-progress - -
(c) Investment property - -
(d) Intangible assets - -
(e) Intangible assets under development - -
(f) Investment in joint venture - -
(h) Financial assets
(i) Loans - -
(ii) Other non-current financial assets - -
(g) Deferred tax assets (net) - -
(h) Tax assets (net) - -
(i) Other non-current assets - -
TOTAL NON-CURRENT ASSETS - -
CURRENT ASSETS
(a) Inventories - -
(b) Financial assets
(i) Investment - -
(ii) Trade receivables - -
(iii) Cash and cash equivalents - -
(iv) Bank balance (other than (ii) above) - -
(v) Loans - -
(vi) Other current financial assets - -
(c) Other current assets - -
TOTAL CURRENT ASSETS - -
TOTAL ASSETS - -
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital - -
(b) Other equity - -
TOTAL EQUITY - -
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Other financial liabilities - -
(b) Provisions - -
(c) Deferred tax liabilities (net) - -
(d) Tax liabilities (net) - -
(e) Other non-current liabilities - -
TOTAL NON-CURRENT
CURRENT LIABILITIES LIABILITIES - -

(a) Financial liabilities

(i) Borrowings - -
(ii) Trade payables - -
(iii) Other current financial liabilities - -
(b) Provisions - -
(c) Current tax liabilities - -
(d) Other current liabilities - -
TOTAL CURRENT LIABILITIES - -
TOTAL LIABILITIES - -
TOTAL EQUITY AND LIABILITIES - -

Consolidated Balance Sheet Historical Period

2015-16 2016-17

Income tax paid (including TDS) (net) - -

cal Period CAGR Pro-forma Projection Period
2017-18 ('15/16 - '17/18) 2018-19 2019-20 2020-21
- - - - -
- #DIV/0! - -
- - - -
- - - - -
- - - -
- - - -
- - - - -
- - - -
- - - -
- - - - -
- - - -
- - - -
- - - - -

- -
- -
- -

- -

0.5 1.5
0.95 0.87
- -

Implied Equity Value and Share Price

Enterprise Value -
Less: Total Debt (Currently FY18 figure) -
Less: Preferred Shares/Securities -
Less: Non-controlling Interest -
Plus: Cash and Cash Equivalent (FY18 figure) -

Implied Equity Value -

Share Capital -
Face Value 10.0
Number of Shares O/s -
Implied Share Price NA

e Implied Exit Multiple on Te

Growth Rate
3.5% 4.0% #DIV/0! 2.0%
9.0%
WACC
 9.5% #DIV/0!

WACC
10.0% #DIV/0!
10.5% #DIV/0!
11.0% #DIV/0!

cal Period Pro-forma Projection Period

2017-18 2018-19 2019-20 2020-21
0.0% 15.0% 25.0% 25.0%
#DIV/0! 55.0% 50.0% 50.0%
#DIV/0! 15.0% 15.0% 15.0%
#DIV/0! 2.5% 2.5% 2.5%
4.8% 5.0% 4.0% 4.0%
#DIV/0! 30.0% 30.0% 30.0%
-% -% -% -%

e Implied Equity V
Growth Rate
3.5% 4.0% - 2.0%
9.0%
9.5%
WACC

10.0%
10.5%
11.0%

ce PV of Terminal Value as % of
Growth Rate
3.5% 4.0% -% 2.0%
9.0%
9.5%
WACC

10.0%
10.5%
11.0%

minal EBITDA Implied Enterprise Value /

Growth Rate
3.5% 4.0% - 2.0%
#DIV/0! #DIV/0! 9.0%
#DIV/0! #DIV/0! 9.5%
WACC

#DIV/0! #DIV/0! 10.0%

#DIV/0! #DIV/0! 10.5%
#DIV/0! #DIV/0! 11.0%
cal Period CAGR Pro-forma Projection Period
2017-18 ('15/16 - '17/18) 2017-18 2017-18 2017-18
- - - -
- - - -
- - - -

- - - -
 - - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -

- - - -
- - - -

- - - -
- - - -
- - - -
- - - -

cal Period CAGR Pro-forma Projection Period

2017-18 ('15/16 - '17/18) 2018-19 2019-20 2020-21

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
 - - - -
- - - -

- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -

cal Period CAGR Pro-forma Projection Period

2017-18 ('15/16 - '17/18) 2018-19 2019-20 2020-21

- - - -
 Projection Period CAGR
2021-22 2022-23 2023-24 ('18/19 - '23/24)
- - - -
- - -
- - -
- - - -
- - -
- - -
- - - -
- - -
- - -
- - - -
- - -
- - -
- - - -

- - -
- - -
- - -

- - -

2.5 3.5 4.5

0.79 0.72 0.65
- - -

Implied Equity Value and Share Price

Terminal Year EBITDA (2023-24E) -
WACC 10.0%
Terminal Growth Rate 3.0%
Terminal Value -
Implied Exit Multiple on Terminal EBITDA #DIV/0!

Implied Equity Value and Share Price

Enterprise Value -
LTM EBITDA 3,401.2

Implied EV/EBITDA -

Implied Exit Multiple on Terminal EBITDA

Terminal Growth Rate
2.5% 3.0% 3.5% 4.0%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

Projection Period
2021-22 2022-23 2023-24
25.0% 25.0% 25.0%
50.0% 50.0% 50.0%
15.0% 15.0% 15.0%
2.5% 2.5% 2.5%
4.0% 4.0% 4.0%
30.0% 30.0% 30.0%
-% -% -%

Implied Equity Value

Terminal Growth Rate
2.5% 3.0% 3.5% 4.0%

PV of Terminal Value as % of Enterprise Value

Exit Multiple
2.5% 3.0% 3.5% 4.0%

Implied Enterprise Value / LTM EBITDA

Terminal Growth Rate
2.5% 3.0% 3.5% 4.0%
Projection Period CAGR
2017-18 2017-18 2017-18 ('18/19 - '23/24)
- - -
- - -
- - -

- - -
 - - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -

- - -
- - -

- - -
- - -
- - -
- - -

Projection Period CAGR

2021-22 2022-23 2023-24 ('18/19 - '23/24)

- - -
- - -
- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -
- - -

- - -

- - -
- - -
- - -
- - -
- - -
- - -
- - -
 - - -
- - -

- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

Projection Period CAGR

2021-22 2022-23 2023-24 ('18/19 - '23/24)

- - -
Term CF -
g #DIV/0!
wacc 10.0%
TV #DIV/0!

-
Eicher Motors Ltd
Working Capital Analysis
(Rs in crores except per share figures, fiscal year ending March 31)

Historical Period
2015-16 2016-17
Sales - -
Cost of Goods Sold - -

Current Assets
Accounts Receivable - -
Inventories - -
Prepaid Expenses and Other - -
Total Current Assets - -

Current Liabilities
Accounts Payable - -
Accrued Liabilities - -
Other Current Liabilities - -
Total Current Liabilities - -

Net Working Capital - -

% sales -% -%

(Increase)/Decrease in NWC -

Assumptions
Days Sales Outstanding - -
Days Inventory Held - -
Prepaids and Other CA (% of sales) 0.0% 0.0%

Days Payable Outstanding - -

Accrued Liabilities (% of sales) 0.0% 0.0%
Other Current Liabilities (% of sales) 0.0% 0.0%
cal Period Pro-forma Projection Period
2017-18 2018-19 2019-20 2020-21 2021-22
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
-% -% -% -% -%

- - - - -

- 2.5 2.0 2.0 2.0

- 30.0 30.0 30.0 30.0
0.0% 10.0% 10.0% 10.0% 10.0%

- 80.0 90.0 90.0 90.0

0.0% 2.0% 2.0% 2.0% 2.0%
0.0% 8.0% 8.0% 8.0% 8.0%
ion Period
2022-23 2023-24
- -
- -

- -
- -
- -
- -

- -
- -
- -
- -

- -
-% -%

- -

2.0 2.0
30.0 30.0
10.0% 10.0%

90.0 90.0
2.0% 2.0%
8.0% 8.0%
Eicher Motors Ltd
Weighted Average Cost of Capital
(Rs in crores except per share figures, fiscal year ending March 31)

WACC Calculation
Capital Structure
Debt-to-Total Capitalization 0.0% Company
Equity-to-Total Capitalization 100.0% Bajaj Auto
0.0% Eicher Motors
Cost of Debt Hero Motocorp
Pre-tax Cost of Debt 10.0% TVS Motor Co
Tax Rate 30.0%
After-tax Cost of Debt 7.0%

Cost of Equity Mean

Risk-free Rate (1) 7.5% Median
Market-risk Premium (2) 8.0%
Levered Beta 0.31
Size Premium 0.0%
Cost of Equity 10.0%

WACC 10.0% Relevered Beta for Eicher Motors Ltd

(1) Risk-free rate based on 10Y-GOI yield

(2) Market-risk Premium based on 10Y NSE NIFTY returns

Monthly Weig

Date NIFTY % chg Bajaj Auto % chg

Feb-19 10,792.5 (0.36%) 2,900.6 13.55%
Jan-19 10,831.0 (0.29%) 2,554.6 (6.09%)
Dec-18 10,862.6 (0.13%) 2,720.2 (0.93%)
Nov-18 10,876.8 4.72% 2,745.7 5.86%
Oct-18 10,386.6 (4.98%) 2,593.7 (3.49%)
1 Sep-18 10,930.5 (6.42%) 2,687.5 (2.09%)
Aug-18 11,680.5 2.85% 2,744.9 1.66%
Jul-18 11,356.5 5.99% 2,700.1 (3.92%)
Jun-18 10,714.3 (0.20%) 2,810.3 2.18%
May-18 10,736.2 (0.03%) 2,750.3 (6.85%)
Apr-18 10,739.4 6.19% 2,952.6 7.57%
 Mar-18 10,113.7 (3.61%) 2,744.7 (9.13%)
Feb-18 10,492.9 (4.85%) 3,020.6 (9.49%)
Jan-18 11,027.7 4.72% 3,337.2 0.11%
Dec-17 10,530.7 2.97% 3,333.6 0.85%
Nov-17 10,226.6 (1.05%) 3,305.5 1.49%
Oct-17 10,335.3 5.59% 3,257.1 4.75%
2 Sep-17 9,788.6 (1.30%) 3,109.4 10.48%
Aug-17 9,917.9 (1.58%) 2,814.5 0.21%
Jul-17 10,077.1 5.84% 2,808.6 0.62%
Jun-17 9,520.9 (1.04%) 2,791.2 (1.92%)
May-17 9,621.3 3.41% 2,846.0 (0.63%)
Apr-17 9,304.1 1.42% 2,864.0 2.09%
Mar-17 9,173.8 3.31% 2,805.5 1.80%
Feb-17 8,879.6 3.72% 2,755.9 (2.74%)
Jan-17 8,561.3 4.59% 2,833.5 7.65%
Dec-16 8,185.8 (0.47%) 2,632.2 (1.97%)
Nov-16 8,224.5 (4.65%) 2,685.2 (5.13%)
Oct-16 8,625.7 0.17% 2,830.4 0.10%
3 Sep-16 8,611.2 (1.99%) 2,827.6 (5.07%)
Aug-16 8,786.2 1.71% 2,978.5 10.28%
Jul-16 8,638.5 4.23% 2,700.8 0.40%
Jun-16 8,287.8 1.56% 2,690.0 2.73%
May-16 8,160.1 3.95% 2,618.4 5.07%
Apr-16 7,849.8 1.44% 2,492.0 3.57%
Mar-16 7,738.4 10.75% 2,406.0 9.30%
Feb-16 6,987.1 (7.62%) 2,201.2 (6.01%)
Jan-16 7,563.6 (4.82%) 2,342.0 (7.51%)
Dec-15 7,946.4 0.14% 2,532.0 2.13%
Nov-15 7,935.3 (1.62%) 2,479.3 (2.79%)
Oct-15 8,065.8 1.47% 2,550.5 10.31%
4 Sep-15 7,948.9 (0.28%) 2,312.1 3.56%
Aug-15 7,971.3 (6.58%) 2,232.7 (11.59%)
Jul-15 8,532.9 1.96% 2,525.3 (0.66%)
Jun-15 8,368.5 (0.77%) 2,542.0 9.75%
May-15 8,433.7 3.08% 2,316.1 18.86%
Apr-15 8,181.5 (3.65%) 1,948.7 (3.37%)
Mar-15 8,491.0 (4.62%) 2,016.6 (6.35%)
Feb-15 8,901.9 1.06% 2,153.5 (9.96%)
Jan-15 8,808.9 6.35% 2,391.7 (1.68%)
Dec-14 8,282.7 (3.56%) 2,432.5 (7.89%)
Nov-14 8,588.3 3.20% 2,640.8 1.14%
Oct-14 8,322.2 4.49% 2,611.1 11.03%
5 Sep-14 7,964.8 0.13% 2,351.6 4.11%
Aug-14 7,954.4 3.02% 2,258.7 8.81%
Jul-14 7,721.3 1.44% 2,075.9 (10.37%)
Jun-14 7,611.4 5.28% 2,316.2 19.15%
May-14 7,230.0 7.97% 1,944.0 1.66%
Apr-14 6,696.4 (0.12%) 1,912.2 (8.23%)
Mar-14 6,704.2 6.81% 2,083.6 7.05%
Feb-14 6,277.0 3.08% 1,946.4 2.36%
Jan-14 6,089.5 (3.40%) 1,901.5 (0.49%)
Dec-13 6,304.0 2.07% 1,910.9 (3.22%)
Nov-13 6,176.1 (1.95%) 1,974.5 (7.30%)
Oct-13 6,299.2 9.83% 2,129.9 7.17%
6 Sep-13 5,735.3 4.82% 1,987.5 8.19%
Aug-13 5,471.8 (4.71%) 1,837.0 (5.05%)
Jul-13 5,742.0 (1.72%) 1,934.8 0.56%
 Jun-13 5,842.2 (2.40%) 1,924.0 5.68%
May-13 5,986.0 0.94% 1,820.5 (3.19%)
Apr-13 5,930.2 4.36% 1,880.4 4.49%
Mar-13 5,682.6 (0.18%) 1,799.6 (8.79%)
Feb-13 5,693.1 (5.66%) 1,973.0 (2.67%)
Jan-13 6,034.8 2.20% 2,027.2 (4.88%)
Dec-12 5,905.1 0.43% 2,131.2 10.37%
Nov-12 5,879.9 4.63% 1,930.9 6.30%
Oct-12 5,619.7 (1.47%) 1,816.5 (0.75%)
7 Sep-12 5,703.3 8.46% 1,830.1 13.16%
Aug-12 5,258.5 0.56% 1,617.2 0.80%
Jul-12 5,229.0 (0.95%) 1,604.3 2.00%
Jun-12 5,278.9 7.20% 1,572.9 4.07%
May-12 4,924.3 (6.17%) 1,511.4 (6.96%)
Apr-12 5,248.2 (0.90%) 1,624.5 (3.24%)
Mar-12 5,295.6 (1.66%) 1,678.8 (6.82%)
Feb-12 5,385.2 3.58% 1,801.6 12.51%
Jan-12 5,199.3 12.43% 1,601.3 0.62%
Dec-11 4,624.3 (4.30%) 1,591.4 (4.65%)
Nov-11 4,832.1 (9.28%) 1,669.0 (3.52%)
Oct-11 5,326.6 7.76% 1,729.9 12.63%
8 Sep-11 4,943.3 (1.15%) 1,536.0 (2.39%)
Aug-11 5,001.0 (8.77%) 1,573.6 7.07%
Jul-11 5,482.0 (2.93%) 1,469.6 4.44%
Jun-11 5,647.4 1.57% 1,407.1 4.66%
May-11 5,560.2 (3.29%) 1,344.5 (8.79%)
Apr-11 5,749.5 (1.44%) 1,474.0 0.73%
Mar-11 5,833.8 9.38% 1,463.3 15.29%
Feb-11 5,333.3 (3.14%) 1,269.2 1.86%
Jan-11 5,505.9 (10.25%) 1,246.0 (19.15%)
Dec-10 6,134.5 4.64% 1,541.0 (2.26%)
Nov-10 5,862.7 (2.58%) 1,576.6 4.34%
Oct-10 6,017.7 (0.20%) 1,511.0 2.79%
9 Sep-10 6,030.0 11.62% 1,469.9 7.62%
Aug-10 5,402.4 0.65% 1,365.9 1.63%
Jul-10 5,367.6 1.04% 1,344.0 8.06%
Jun-10 5,312.5 4.45% 1,243.8 12.59%
May-10 5,086.3 (3.63%) 1,104.7 5.54%
Apr-10 5,278.0 0.55% 1,046.7 3.90%
Mar-10 5,249.1 6.64% 1,007.4 10.85%
Feb-10 4,922.3 0.82% 908.8 4.00%
Jan-10 4,882.1 (6.13%) 873.9 (0.40%)
Dec-09 5,201.1 3.35% 877.4 11.74%
Nov-09 5,032.7 6.81% 785.2 13.13%
Oct-09 4,711.7 (7.32%) 694.1 (7.13%)
### Sep-09 5,084.0 9.05% 747.4 22.95%
Aug-09 4,662.1 0.55% 607.9 (0.50%)
Jul-09 4,636.5 8.05% 610.9 21.80%
Jun-09 4,291.1 (3.55%) 501.5 (3.02%)
May-09 4,449.0 28.07% 517.1 61.19%
Apr-09 3,474.0 15.00% 320.8 3.75%
Mar-09 3,021.0 9.31% 309.2 15.59%
Feb-09 2,763.7 267.5
 Lev

Stock Period Bajaj Auto

01-Y 0.2421
02-Y 0.2526
05-Y 0.2955
10-Y 0.4081

Period 10-Y 0.4081

 Comparable Companies Unlevered Beta
Calculated Market Common Current Market
Levered Beta Value of Debt Shares O/s Market Price Value of Equity
0.4081 ₹166.5 28.9 ₹2,996.1 ₹86,698.1
0.2384 - 2.7 22,462.0 61,253.7
0.3633 149.6 20.0 2,808.5 56,084.7
0.2320 2,360.9 47.5 497.0 23,612.5

0.31
0.30

Eicher Motors Ltd: Relevered Beta

Mean
Unlevered
Beta
red Beta for Eicher Motors Ltd 0.31

WACC Sensitivity
Pre-tax Cost of Debt
₹0.1 11.0% 11.5%
-10.0%
Debt to Total

0.0%
Cap

10.0%
20.0%
30.0%

Monthly Weighted Share Price (10Y data)

Eicher Motors % chg Hero Motocorp % chg TVS Motor Co

19,869.1 4.54% 2,628.1 0.54% 453.0
19,005.8 (17.93%) 2,614.0 (15.79%) 500.0
23,158.4 (1.06%) 3,104.3 1.61% 571.3
23,405.3 7.05% 3,055.2 10.60% 557.4
21,864.6 (9.60%) 2,762.4 (5.83%) 544.7
24,185.4 (13.81%) 2,933.3 (9.85%) 560.1
28,059.8 0.94% 3,253.8 (1.23%) 569.4
27,798.6 (2.77%) 3,294.5 (5.15%) 516.6
28,590.5 (7.12%) 3,473.5 (2.01%) 552.9
30,780.7 (1.31%) 3,544.9 (5.02%) 587.4
31,188.6 9.92% 3,732.3 5.35% 667.4
28,372.7 3.41% 3,542.8 (1.50%) 619.3
27,437.8 1.91% 3,596.7 (2.57%) 681.0
26,923.6 (11.26%) 3,691.5 (2.48%) 696.8
30,340.9 1.33% 3,785.2 4.17% 770.7
29,944.1 (7.10%) 3,633.7 (5.62%) 716.3
32,233.4 3.27% 3,849.9 2.00% 723.3
31,213.3 (0.76%) 3,774.6 (5.52%) 657.1
31,450.9 4.55% 3,995.1 9.28% 603.7
30,081.2 11.25% 3,655.8 (1.23%) 582.1
27,039.4 (4.91%) 3,701.4 (1.18%) 549.2
28,435.0 9.08% 3,745.5 12.86% 538.3
26,068.0 1.88% 3,318.6 3.00% 496.0
25,587.5 6.04% 3,222.0 2.67% 430.8
24,130.1 4.78% 3,138.1 (1.08%) 428.7
23,028.5 5.62% 3,172.4 4.23% 386.2
21,803.1 0.85% 3,043.7 (3.87%) 360.5
21,619.8 (9.98%) 3,166.1 (5.55%) 374.1
24,017.0 (3.27%) 3,352.1 (1.80%) 409.1
24,827.8 9.13% 3,413.7 (3.60%) 365.9
22,751.0 1.29% 3,541.4 10.56% 326.1
22,460.9 16.85% 3,203.2 0.78% 291.8
19,222.4 3.98% 3,178.3 2.56% 309.5
18,485.9 (7.73%) 3,098.9 6.95% 284.7
20,035.0 4.45% 2,897.4 (1.64%) 319.8
19,180.6 1.48% 2,945.7 17.83% 322.8
18,900.6 14.23% 2,499.9 (2.56%) 268.2
16,546.6 (1.83%) 2,565.7 (4.77%) 292.3
16,855.6 0.76% 2,694.1 (0.19%) 289.8
16,728.9 (5.71%) 2,699.2 4.56% 307.0
17,742.5 (0.28%) 2,581.4 7.81% 265.5
17,791.6 (6.43%) 2,394.5 (0.11%) 230.1
19,014.8 (0.30%) 2,397.2 (10.64%) 223.7
19,071.2 (2.63%) 2,682.7 6.31% 238.0
19,586.7 3.65% 2,523.5 (6.43%) 244.1
18,896.5 24.39% 2,696.9 15.80% 238.2
15,191.6 (4.50%) 2,328.9 (11.78%) 235.7
15,908.2 (2.14%) 2,639.8 (1.67%) 263.9
16,255.6 (0.13%) 2,684.7 (6.31%) 278.4
16,275.9 7.97% 2,865.5 (7.76%) 308.2
15,075.0 3.83% 3,106.7 (1.29%) 268.5
14,518.7 13.67% 3,147.4 2.71% 229.2
12,772.8 6.69% 3,064.3 7.91% 259.2
11,972.0 22.71% 2,839.6 9.01% 228.0
9,756.0 14.79% 2,604.8 0.29% 186.5
8,499.0 6.31% 2,597.2 (1.42%) 147.3
7,994.6 19.76% 2,634.7 12.31% 162.5
6,675.5 7.65% 2,345.9 6.61% 130.1
6,201.3 4.02% 2,200.4 (3.27%) 95.4
5,961.5 15.98% 2,274.8 15.64% 97.1
5,140.3 10.64% 1,967.2 (0.10%) 86.0
4,646.1 (6.63%) 1,969.2 (5.11%) 77.7
4,975.9 6.16% 2,075.3 1.09% 76.0
4,687.3 18.43% 2,053.0 (1.22%) 54.8
3,957.9 11.16% 2,078.4 3.44% 50.8
3,560.4 11.62% 2,009.3 (1.82%) 36.9
3,189.8 (8.58%) 2,046.5 12.48% 30.7
3,489.3 6.48% 1,819.4 9.40% 31.2
3,276.9 (11.47%) 1,663.1 (4.22%) 32.9
3,701.6 25.12% 1,736.4 5.59% 35.9
2,958.4 15.46% 1,644.5 6.64% 38.4
2,562.2 (7.52%) 1,542.0 (7.52%) 32.3
2,770.7 (1.76%) 1,667.5 (8.49%) 38.5
2,820.4 (2.97%) 1,822.1 (4.13%) 43.9
2,906.6 6.15% 1,900.6 4.05% 41.9
2,738.3 18.03% 1,826.7 (2.84%) 39.0
2,320.0 0.38% 1,880.0 (0.02%) 38.6
2,311.2 7.76% 1,880.3 6.65% 42.3
2,144.8 9.64% 1,763.0 (12.07%) 38.7
1,956.3 (2.18%) 2,005.0 (6.72%) 37.9
1,999.9 (12.83%) 2,149.4 17.45% 36.5
2,294.4 0.46% 1,830.1 (18.34%) 34.0
2,284.0 14.58% 2,241.1 9.04% 41.0
1,993.4 14.74% 2,055.3 5.61% 41.0
1,737.3 3.94% 1,946.1 4.49% 47.3
1,671.5 12.33% 1,862.5 (2.24%) 52.5
1,488.0 (7.78%) 1,905.2 (4.73%) 52.0
1,613.5 (4.59%) 1,999.7 (8.33%) 59.3
1,691.1 5.31% 2,181.4 12.34% 68.7
1,605.9 19.46% 1,941.8 (5.36%) 61.0
1,344.3 1.81% 2,051.8 14.94% 55.3
1,320.3 1.53% 1,785.1 (4.91%) 49.4
1,300.5 (2.58%) 1,877.2 1.21% 53.7
1,334.9 7.01% 1,854.8 8.46% 54.2
1,247.5 (7.20%) 1,710.0 7.58% 56.4
1,344.3 26.92% 1,589.5 8.48% 59.9
1,059.2 3.54% 1,465.2 (10.28%) 50.7
1,022.9 (17.19%) 1,633.1 (17.86%) 54.5
1,235.3 4.09% 1,988.2 0.27% 70.7
1,186.7 (7.36%) 1,982.7 6.30% 81.7
1,281.0 4.76% 1,865.3 0.39% 73.1
1,222.7 (2.63%) 1,858.0 3.71% 71.6
1,255.7 27.60% 1,791.6 (1.28%) 71.1
984.1 7.32% 1,814.9 (11.41%) 69.6
917.0 8.05% 2,048.6 5.73% 59.8
848.7 5.96% 1,937.5 1.15% 52.1
800.9 22.96% 1,915.4 (1.49%) 48.2
651.4 11.53% 1,944.4 9.38% 41.2
584.0 2.84% 1,777.7 14.03% 35.2
567.9 (13.33%) 1,559.0 (9.24%) 36.8
655.2 12.09% 1,717.7 (0.45%) 32.3
584.5 16.74% 1,725.4 10.20% 28.7
500.7 (13.78%) 1,565.8 (6.38%) 27.0
580.8 30.64% 1,672.4 10.70% 31.7
444.6 17.82% 1,510.7 (5.89%) 24.2
377.3 21.08% 1,605.3 14.86% 29.5
311.6 9.60% 1,397.6 4.52% 22.6
284.3 38.92% 1,337.2 13.06% 22.4
204.7 (5.89%) 1,182.7 10.41% 16.5
217.5 (0.41%) 1,071.2 15.21% 11.4
218.4 929.7 9.7
Levered Stock Beta

Eicher Motors Hero Motocorp

0.2794 0.3092
0.2308 0.2503
0.1708 0.3201
0.2384 0.3633

0.2384 0.3633
Beta
Debt/ Marginal Unlevered
Equity Tax Rate Beta
0.2% 30.0% 0.41
0.0% 30.0% 0.24
0.3% 30.0% 0.36
10.0% 30.0% 0.22

2.6% 0.31
0.2% 0.30

a
Target Target
Debt/ Marginal Relevered
Equity Tax Rate Beta
0.0% 30.0% 0.31

Pre-tax Cost of Debt

12.0% 12.5% 13.0%

% chg - % chg
(9.41%)
(12.47%)
2.48%
2.34%
(2.75%)
(1.63%)
10.21%
(6.56%)
(5.87%)
(11.99%)
7.77%
 (9.05%)
(2.27%)
(9.59%)
7.59%
(0.97%)
10.08%
8.84%
3.71%
5.99%
2.02%
8.53%
15.13%
0.49%
11.00%
7.13%
(3.64%)
(8.56%)
11.82%
12.21%
11.76%
(5.74%)
8.73%
(10.99%)
(0.93%)
20.38%
(8.25%)
0.85%
(5.60%)
15.63%
15.41%
2.86%
(6.03%)
(2.50%)
2.50%
1.06%
(10.69%)
(5.21%)
(9.69%)
14.81%
17.12%
(11.56%)
13.69%
22.23%
26.61%
(9.35%)
24.90%
36.37%
(1.75%)
12.91%
10.68%
2.30%
38.72%
7.88%
37.72%
20.23%
(1.61%)
(5.18%)
 (8.50%)
(6.39%)
18.73%
(15.99%)
(12.31%)
4.78%
7.31%
1.04%
(8.75%)
9.30%
2.11%
3.98%
7.36%
(17.20%)
0.00%
(13.23%)
(9.91%)
0.87%
(12.24%)
(13.69%)
12.63%
10.32%
11.84%
(8.01%)
(0.92%)
(3.82%)
(5.85%)
18.16%
(6.98%)
(22.98%)
(13.46%)
11.84%
2.10%
0.59%
2.27%
16.40%
14.79%
7.92%
17.12%
17.06%
(4.48%)
13.92%
12.65%
6.49%
(14.85%)
30.89%
(17.98%)
30.56%
0.89%
35.39%
45.64%
17.25%
TVS Motor Co 0
0.2023 #VALUE!
0.1525 NA
0.1510 #VALUE!
0.2320 #VALUE!

0.2320 #VALUE!
Eicher Motors Ltd
Weighted Average Cost of Capital
(Rs in crores except per share figures, fiscal year ending March 31)

Trad
Current Shares Market Market
Company Market Price O/s Capitalisation Value of Debt
Eicher Motors ₹22,661.0 0 - -
Bajaj Auto 3,012.9 28.9 87,182.8 120.8
Hero Motocorp 2,813.0 20.0 56,175.6 227.9
TVS Motor Co 498.2 47.5 23,667.1 6,927.5

Mean
Median

Peer Per

Eicher Motors FY16 FY17 FY18

Sales 7,149.2 - -
% growth - -100.0% -
EBITDA 2,015.6 - -
% margin 28.2% - -
PAT 1,338.0 - -
% margin 18.7% - -
Current Asset 1,048.8 - -
% growth - -100.0% -
Current Liabilities 1,205.0 - -
% growth - -100.0% -
Net Block 888.6 - -
% growth - -100.0% -
Equity 3,653.1 - -
% growth - -100.0% -
LT + ST Debt 22.6 - -
% growth - -100.0% -
Cash and Eqv 49.2 - -

Hero Motocorp FY16 FY17 FY18

Sales 28,870.0 29,132.4 32,981.5
% growth - 0.9% 13.2%
EBITDA 4,810.5 5,097.9 5,848.2
% margin 16.7% 17.5% 17.7%
PAT 3,078.0 3,229.3 3,672.5
% margin 10.7% 11.1% 11.1%
Current Asset 6,303.3 7,570.5 9,002.2
% growth - 20.1% 18.9%
Current Liabilities 3,571.5 4,176.7 4,481.4
% growth - 16.9% 7.3%
Net Block 3,783.7 4,598.9 4,961.0
% growth - 21.5% 7.9%
Equity 8,834.1 10,315.5 11,971.5
% growth - 16.8% 16.1%
LT + ST Debt 232.2 260.6 227.9
% growth - 12.2% -12.6%
Cash and Eqv 179.1 195.4 237.6
 Trading Comp Analysis
Cash and Enterprise Debt/ LTM or Last FY LTM or Last FY
Cash equiv. Valuation Equity Sales EBITDA
- - #DIV/0! - -
792.7 86,511.0 0.01 31,116.0 6,620.9
237.6 56,165.9 0.02 32,981.5 5,848.2
172.9 30,421.7 2.59 16,439.9 1,642.1

Peer Performance Snapshot

LTM Bajaj Auto FY16 FY17

Sales 23,571.1 22,990.2
NA % growth - -2.5%
EBITDA 5,765.7 5,641.6
- % margin 24.5% 24.5%
PAT 3,839.8 3,824.9
- % margin 16.3% 16.6%
Current Asset 4,732.9 9,468.5
NA % growth - 100.1%
Current Liabilities 2,781.1 3,212.8
NA % growth - 15.5%
Net Block 2,025.7 1,943.3
NA % growth - -4.1%
Equity 14,020.3 17,856.6
NA % growth
LT + ST Debt 117.9 119.9
NA % growth - 1.7%
Cash and Eqv 867.0 301.4

LTM TVS Motor Co FY16 FY17

Sales 11,468.4 12,628.1
NA % growth - 10.1%
EBITDA 907.5 1,034.2
- % margin 7.9% 8.2%
PAT 423.8 509.1
- % margin 3.7% 4.0%
Current Asset 2,052.0 2,434.3
NA % growth - 18.6%
Current Liabilities 2,624.6 3,208.6
NA % growth - 22.3%
Net Block 2,038.1 2,329.5
NA % growth - 14.3%
Equity 1,818.5 2,216.0
NA % growth - 21.9%
LT + ST Debt 1,091.5 1,310.8
NA % growth - 20.1%
Cash and Eqv 53.6 51.3
Price/ Price/ EV/
Sales Book EBITDA
#DIV/0! #DIV/0! #DIV/0!
2.8 4.3 13.1
1.7 4.7 9.6
1.4 8.8 18.5

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!

FY18 LTM
26,377.2 31,116.0
14.7% NA
5,993.9 6,620.9
22.7% 21.3%
3,931.3 4,352.1
14.9% 14.0%
9,250.8 8,324.3
-2.3% NA
4,111.4 5,757.0
28.0% NA
1,821.2 1,779.8
-6.3% NA
20,425.2 20,385.2

120.8 -
0.7% NA
792.7 518.1

FY18 LTM
16,439.9
30.2% NA
1,642.1
10.0% -
664.2
4.0% -
6,372.9
161.8% NA
7,853.1
144.7% NA
2,955.5
 26.9% NA
2,677.2
20.8% NA
6,927.5
428.5% NA
172.9
Eicher Motors Ltd
Assumption Page 1: Income Statement and Cash Flow Statement
(Rs in crores except per share figures, fiscal year ending March 31)

Operating Scenario 3

Historical Period
2015-16 2016-17

Income Statement Assumptions

Sales (% growth)
Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Cost of Goods Sold (% sales)

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

SG&A (% sales)
Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Depreciation & Amortisation (% sales)

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Cash Flow Statement Assumptions

Capital Expenditures (% sales)
Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5
cal Period Pro-forma Projection Period
2017-18 2018-19 2019-20 2020-21

25.0% 25.0%
17.0% 17.0%
20.0% 20.0%
25.0% 25.0%
12.0% 12.0%
10.0% 10.0%

50.0% 50.0%
55.0% 55.0%
53.0% 53.0%
50.0% 50.0%
57.0% 57.0%
60.0% 60.0%

15.0% 15.0%
15.0% 15.0%
15.0% 15.0%
15.0% 15.0%
17.0% 17.0%
17.0% 17.0%

2.5% 2.5%
2.5% 2.5%
2.5% 2.5%
2.5% 2.5%
2.5% 2.5%
2.5% 2.5%

4.0% 4.0%
4.5% 4.5%
4.0% 4.0%
4.0% 4.0%
5.0% 5.0%
5.5% 5.5%
Projection Period
2021-22 2022-23 2023-24

25.0% 25.0% 25.0%

17.0% 17.0% 17.0%
20.0% 20.0% 20.0%
25.0% 25.0% 25.0%
12.0% 12.0% 12.0%
10.0% 10.0% 10.0%

50.0% 50.0% 50.0%

55.0% 55.0% 55.0%
53.0% 53.0% 53.0%
50.0% 50.0% 50.0%
57.0% 57.0% 57.0%
60.0% 60.0% 60.0%

15.0% 15.0% 15.0%

15.0% 15.0% 15.0%
15.0% 15.0% 15.0%
15.0% 15.0% 15.0%
17.0% 17.0% 17.0%
17.0% 17.0% 17.0%

2.5% 2.5% 2.5%

2.5% 2.5% 2.5%
2.5% 2.5% 2.5%
2.5% 2.5% 2.5%
2.5% 2.5% 2.5%
2.5% 2.5% 2.5%

4.0% 4.0% 4.0%

4.5% 4.5% 4.5%
4.0% 4.0% 4.0%
4.0% 4.0% 4.0%
5.0% 5.0% 5.0%
5.5% 5.5% 5.5%
Eicher Motors Ltd
Assumption Page 2: Balance Sheet
(Rs in crores except per share figures, fiscal year ending March 31)

Operating Scenario 3

Historical Period
2015-16 2016-17

Current Assets
Days Sales Outstanding (DSO)
Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Days Inventories Outstanding

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Prepaid Expenses and Other (% sales)

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Current Liabilities
Days Payable Outstanding
Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Accrued Liabilities (% sales)

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5

Other Current Liabilities (% sales)

Base 1
Management 2
Upside 3
Downside 1 4
Downside 2 5
cal Period Pro-forma Projection Period
2017-18 2018-19 2019-20 2020-21

2.0 2.0
2.5 2.5
2.5 2.5
2.0 2.0
3.0 3.0
3.0 3.0

30.0 30.0
30.0 30.0
30.0 30.0
30.0 30.0
30.0 30.0
30.0 30.0

10.0% 10.0%
10.0% 10.0%
10.0% 10.0%
10.0% 10.0%
10.0% 10.0%
10.0% 10.0%

90.0 90.0
75.0 75.0
80.0 80.0
90.0 90.0
75.0 75.0
75.0 75.0

2.0% 2.0%
2.0% 2.0%
2.0% 2.0%
2.0% 2.0%
2.0% 2.0%
2.0% 2.0%

8.0% 8.0%
8.0% 8.0%
8.0% 8.0%
8.0% 8.0%
8.0% 8.0%
8.0% 8.0%
Projection Period
2021-22 2022-23 2023-24

2.0 2.0 2.0

2.5 2.5 2.5
2.5 2.5 2.5
2.0 2.0 2.0
3.0 3.0 3.0
3.0 3.0 3.0

30.0 30.0 30.0

30.0 30.0 30.0
30.0 30.0 30.0
30.0 30.0 30.0
30.0 30.0 30.0
30.0 30.0 30.0

10.0% 10.0% 10.0%

10.0% 10.0% 10.0%
10.0% 10.0% 10.0%
10.0% 10.0% 10.0%
10.0% 10.0% 10.0%
10.0% 10.0% 10.0%

90.0 90.0 90.0

75.0 75.0 75.0
80.0 80.0 80.0
90.0 90.0 90.0
75.0 75.0 75.0
75.0 75.0 75.0

2.0% 2.0% 2.0%

2.0% 2.0% 2.0%
2.0% 2.0% 2.0%
2.0% 2.0% 2.0%
2.0% 2.0% 2.0%
2.0% 2.0% 2.0%

8.0% 8.0% 8.0%

8.0% 8.0% 8.0%
8.0% 8.0% 8.0%
8.0% 8.0% 8.0%
8.0% 8.0% 8.0%
8.0% 8.0% 8.0%
Eicher Motors Ltd
Historical financials
(Rs in crores except per share figures, fiscal year ending March 31)

Consolidated Income Statement

Revenue from operations

Other income
TOTAL INCOME (I + II)
EXPENSES
(a) Cost of materials consumed
(b) Purchases of stock-in-trade
(c) Changes in inventories of finished goods and stock-in-trade
(d) Excise duty on sale of goods
(e) Employee benefits expense
(f) Finance costs
(g) Depreciation and amortisation expense
(h) Other expenses
TOTAL EXPENSES
Profit before tax and exceptional item (III - IV)
Share of profit of joint venture
Profit before tax and after share of profit of Joint venture from continuing operation (V + VI)
Tax expenses
(a) Current tax
(b) Deferred tax
Total tax expenses
Profit for the year (VII - VIII)
Discontinued operations:
Share of loss of Joint venture (refer note 9 (ii))
Net Profit after tax
Other Comprehensive Income
Items that may be reclassified to profit or loss:-
Items that will not be reclassified to profit or loss:-
Total other comprehensive income for the year (net of tax)
Total comprehensive income for the year (IX + X)

Consolidated Balance Sheet

ASSETS
NON-CURRENT ASSETS
(a) Property, plant and equipment
(b) Capital work-in-progress
(c) Investment property
(d) Intangible assets
(e) Intangible assets under development
(f) Investment in joint venture
(h) Financial assets
(i) Loans
(ii) Other non-current financial assets
 (g) Deferred tax assets (net)
(h) Tax assets (net)
(i) Other non-current assets
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
(a) Inventories
(b) Financial assets
(i) Investment
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balance (other than (ii) above)
(v) Loans
(vi) Other current financial assets
(c) Other current assets
TOTAL CURRENT ASSETS
TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital
(b) Other equity
TOTAL EQUITY
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Other financial liabilities
(b) Provisions
(c) Deferred tax liabilities (net)
(d) Tax liabilities (net)
(e) Other non-current liabilities
TOTAL NON-CURRENT
CURRENT LIABILITIES LIABILITIES

(a) Financial liabilities

(i) Borrowings
(ii) Trade payables
(iii) Other current financial liabilities
(b) Provisions
(c) Current tax liabilities
(d) Other current liabilities
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES

Consolidated Cash Flow Statement

Income tax paid (including TDS) (net)

CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES

Profit before tax and after share of profit of Joint venture from continuing operation
Profit/(loss) before tax from discontinued operations
Profit before tax
Adjustments for:
 Share of profit of joint venture
Share of loss of joint venture from discontinued operation (refer note 9 (ii))
Depreciation and amortisation expenses
Gain on disposal of property, plant and equipment
Property, plant and equipment discarded
Rent income
Loss on sale of property, plant and equipment
Net gain on financial instruments at fair value through profit or loss
Interest income recognised in profit or loss
Expenses recognised in respect of equity-settled share-based payments
Re-measurement gains/(losses) on defined benefit plans
Exchange difference on conversion
Finance costs recognised in profit or loss
Operating profit before changes in working capital
Changes in working capital:
Adjustments for (increase) / decrease in non-current assets:
Other financial assets
Other assets
Adjustments for (increase) / decrease in current assets:
Inventories
Trade receivables
Loans
Other financial assets
Other assets
Adjustments for increase / (decrease) in non-current liabilities:
Other financial liabilities
Provisions
Other liabilities
Adjustments for increase / (decrease) in current liabilities:
Trade payables
Other financial liabilities
Provisions
Other liabilities
Cash generated from operating activities
Direct taxes paid
Net cash flow from/(used in) operating activities (A)
CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES
Payment for property, plant and equipment
Proceeds from disposal of property, plant and equipment
Investment in a joint venture company
Investment in equity shares of a company
Proceeds from sale of investments
Purchases of investments
Investments in fixed deposit
Maturity proceeds from fixed deposit
Dividend from joint venture company
Rent received
Interest received
Net cash flow from/(used in) investing activities (B)
CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES
Short-term borrowings availed
Re-payment of short-term borrowings
Bank overdraft repaid
Interest paid
Proceeds from issue of equity share capital under ESOP Scheme (including security premium)
Dividend paid
Tax on dividend paid
Net cash flow from/(used in) financing activities ©
Net Increase/(decrease) in cash and cash equivalents (A)+(B)+©
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
 CAGR Pro-forma Projection Period
('15/16 - '17/18) 2018-19 2019-20 2020-21
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('15/16 - '17/18) 2018-19 2019-20 2020-21

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('15/16 - '17/18) 2018-19 2019-20 2020-21

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Projection Period CAGR
2021-22 2022-23 2023-24 ('18/19 - '23/24)
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Projection Period CAGR

2021-22 2022-23 2023-24 ('18/19 - '23/24)

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Projection Period CAGR

2021-22 2022-23 2023-24 ('18/19 - '23/24)

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