DATE

VRL LOGISTIC
NIFTY 50 VRL LOGISTIC
NIFTY 50 RETURN
4/30/2015
289.9 8572.55
5/1/2015
289.9
8592.2
0
0.0022922457
5/4/2015
278.96
8650.3 -0.0377371507
0.0067619013
5/5/2015
281.47
8632.6 0.0089977058
-0.0020461945
5/6/2015
275.26 8629.15 -0.022062742
-0.0003995573
5/7/2015
271.17
8666.9 -0.0148586791
0.0043747065
5/8/2015
276.99 8673.25 0.0214625512
0.0007326274
5/11/2015
275.95 8624.05 -0.0037546482
-0.0056726366
5/12/2015
258.06 8642.55 -0.0648305853
0.0021451639
5/13/2015
266.04 8592.15 0.0309230412
-0.0058315445
5/14/2015
268.31
8575.3 0.0085325515
-0.0019611605
5/15/2015
263.73 8678.25 -0.0170698073
0.0120054339
5/18/2015
274.67 8711.35 0.0414818185
0.003814088
5/19/2015
284.77 8683.15 0.0367713984
-0.0032370665
5/20/2015
296.95
8551.1 0.0427713593
-0.0152077041
5/21/2015
288.32 8544.85 -0.0290621317
-0.0007309002
5/22/2015
286.15
8622.9 -0.0075263596
0.0091342488
5/25/2015
292.95 8636.55 0.0237637603
0.0015829261
5/26/2015
315.58
8638.5 0.0772486772
0.0002258072
5/27/2015
300.45
8666.3 -0.0479434692
0.0032181287
5/28/2015
313.01
8615.8 0.0418039607
-0.0058271697
5/29/2015
304.93 8590.65 -0.0258138718
-0.0029189877
6/1/2015
302.17 8635.65 -0.0090512577
0.005238253
6/2/2015
296.85
8541.2 -0.0176059834
-0.0109372418
6/3/2015
280.68
8510.1 -0.0544719555
-0.0036412431
6/4/2015
285.76 8565.85 0.0180989027
0.0065510397
6/5/2015
286.3 8528.55 0.0018896976
-0.004354478
6/8/2015
281.22
8508.7 -0.0177436256
-0.0023274309
6/9/2015
285.66
8541.4 0.0157883508
0.0038431482
6/10/2015
285.31
8565 -0.0012252328
0.0027629672
6/11/2015
281.32
8519.5 -0.0139847885
-0.0053123176
6/12/2015
279.2 8521.05 -0.0075359022
0.0001819127
6/15/2015
285.81
8467.9 0.0236747851
-0.0062374256
6/16/2015
288.67
8323.2 0.0100066478
-0.0170880843
6/17/2015
289.5
8337.9 0.0028752555
0.0017661711
6/18/2015
307.64 8335.95 0.0626597582
-0.0002338953
6/19/2015
311.49
8370.7 0.0125146275
0.0041686909
6/22/2015
307.79 8328.35 -0.011878391
-0.0050593839
6/23/2015
312.32 8287.75 0.0147178271
-0.0048748685
6/24/2015
306.41
8204 -0.0189228996
-0.0101052759
6/25/2015
305.37 8127.85 -0.0033941451
-0.0092820456
6/26/2015
303.4
8094.7 -0.0064511904
-0.0040785574
6/29/2015
298.42
8088.6 -0.016413975
-0.0007535915

6/30/2015
7/1/2015
7/2/2015
7/3/2015
7/6/2015
7/7/2015
7/8/2015
7/9/2015
7/10/2015
7/13/2015
7/14/2015
7/15/2015
7/16/2015
7/17/2015
7/20/2015
7/21/2015
7/22/2015
7/23/2015
7/24/2015
7/27/2015
7/28/2015
7/29/2015
7/30/2015
7/31/2015
8/3/2015
8/4/2015
8/5/2015
8/6/2015
8/7/2015
8/10/2015
8/11/2015
8/12/2015
8/13/2015
8/14/2015
8/17/2015
8/18/2015
8/19/2015
8/20/2015
8/21/2015
8/24/2015
8/25/2015
8/26/2015
8/27/2015
8/28/2015
8/31/2015

301.92
302.17
309.37
315.48
326.27
331.54
317.99
322.72
323.51
325.53
345.89
343.82
350.96
343.18
353.82
349.14
364.02
359.59
354.66
353.28
374.82
367.62
372.65
380.88
391.97
386.79
382.11
374.23
377.18
388.62
386.05
374.72
362.3
370.43
377.23
381.82
379.99
367.42
365.01
353.77
374.72
387.48
408.38
445.84
460.33

8270.45
8203.7
8219.9
8238.5
8170.2
8140.75
8206.6
8108.85
8110.6
8170.05
8203.6
8273.05
8266.45
8201.05
8220.8
8218.95
8179.95
8160.1
8178.5
8156.65
8069.65
7934.9
7748.85
7731.05
7749.7
7783.4
7870.15
7890.75
7860.75
7814.9
7900.4
7848.85
7887.8
7866.05
7733.45
7735.5
7706.55
7747
7805.9
7849.8
7847.25
7979.9
7962.65
7855.05
7899.3

0.0117284364
0.0008280339
0.0238276467
0.0197498141
0.0342018511
0.0161522665
-0.04086988
0.0148746816
0.0024479425
0.006244011
0.0625441588
-0.0059845616
0.0207666802
-0.0221677684
0.0310041378
-0.0132270646
0.0426190067
-0.012169661
-0.0137100587
-0.0038910506
0.0609714674
-0.0192092204
0.013682607
0.0220850664
0.0291167822
-0.0132152971
-0.0120995889
-0.0206223339
0.0078828528
0.0303303463
-0.0066131439
-0.02934853
-0.0331447481
0.0224399669
0.0183570445
0.0121676431
-0.0047928343
-0.0330798179
-0.006559251
-0.0307936769
0.0592192668
0.0340520922
0.0539382678
0.0917282923
0.0325004486

0.0224822707
-0.0080709028
0.0019747426
0.0022627536
-0.0082903204
-0.0036045867
0.0080888873
-0.0119110857
0.0002158136
0.0073298777
0.0041064381
0.0084658198
-0.000797724
-0.0079115447
0.0024082283
-0.0002249915
-0.0047451316
-0.002426677
0.0022548623
-0.002671651
-0.0106661437
-0.01669837
-0.023447026
-0.0022971528
0.0024124007
0.0043485175
0.011145515
0.0026174975
-0.00380192
-0.0058327892
0.0109406392
-0.0065249613
0.004962473
-0.0027574229
-0.0168572045
0.000265057
-0.0037425111
0.0052488073
0.0076029304
0.0056239388
-0.0003248242
0.0169039985
-0.0021616813
-0.0135131016
0.0056333188

9/1/2015
9/2/2015
9/3/2015
9/4/2015
9/7/2015
9/8/2015
9/9/2015
9/10/2015
9/11/2015
9/14/2015
9/15/2015
9/16/2015
9/17/2015
9/18/2015
9/21/2015
9/22/2015
9/23/2015
9/24/2015
9/25/2015
9/28/2015
9/29/2015
9/30/2015
10/1/2015
10/2/2015
10/5/2015
10/6/2015
10/7/2015
10/8/2015
10/9/2015
10/12/2015
10/13/2015
10/14/2015
10/15/2015
10/16/2015
10/19/2015
10/20/2015
10/21/2015
10/22/2015
10/23/2015
10/26/2015
10/27/2015
10/28/2015
10/29/2015
10/30/2015
11/2/2015

429.28
400.79
398.57
382.16
394.33
405.92
410.75
395.62
403.75
403.4
397.09
389.9
389.9
385.31
395.71
389.31
392.71
390.1
390.1
390.54
384.72
386.89
380.83
380.83
383.24
381.03
373.34
365.75
368.61
369.15
371.96
368.51
377.82
380.09
378.56
380.24
382.36
382.36
401.58
405.97
398.77
401.48
410.2
401.28
383.39

7912.05
7914.75
7914.7
7850.45
7708.95
7671.4
7555.2
7546.45
7614.35
7603.2
7758.8
7713.05
7738.4
7735.2
7597
7615.1
7716.5
7714.9
7704.25
7604.35
7512.55
7498.75
7460.6
7538.75
7510.2
7486.15
7531.8
7485.3
7485.35
7475.6
7368.85
7222.3
6987.05
7029.75
6970.6
7018.7
7109.55
7234.55
7210.75
7191.75
7108.45
7048.25
7162.95
6980.95
6976.35

-0.0674516108
0.0016140671
-0.06636694
0.0003412763
-0.0055390604 -6.292681386E-006
-0.0411721906
-0.0081178059
0.0318453004
-0.018024444
0.0293916263
-0.0048709996
0.0118988963
-0.015147132
-0.0368350578
-0.0011581427
0.0205500227
0.0089975951
-0.0008668731
-0.0014643276
-0.0156420426
0.0204650155
-0.0181067264
-0.0058965305
0
0.0032866502
-0.0117722493
-0.0004134843
0.0269912538
-0.0178664018
-0.0161734604
0.0023825323
0.0087334001
0.0133156361
-0.0066461256
-0.0002073606
0
-0.0013804329
0.0011279159
-0.0129668562
-0.0149024428
-0.0120720761
0.0056404658
-0.0018369003
-0.0156633668
-0.0050875015
0
0.0104750155
0.006328283
-0.0037870741
-0.0057666214
-0.0032023505
-0.0201821379
0.0060979146
-0.0203299941
-0.0061738232
0.0078195489 6.7189025571E-006
0.001464963
-0.0013025443
0.0076120818
-0.0142797901
-0.0092751909
-0.0198878103
0.0252639006
-0.032572727
0.006008152
0.006111334
-0.0040253624
-0.0084142255
0.0044378698
0.0069004241
0.005575426
0.0129439366
0
0.0175819853
0.0502667643
-0.0032897424
0.0109318193
-0.0026349548
-0.0177353006
-0.0115826892
0.0067958974
-0.0084688214
0.0217196373
0.0162735707
-0.02174549
-0.0254085251
-0.0445823365
-0.00065895

11/3/2015
11/4/2015
11/5/2015
11/6/2015
11/9/2015
11/10/2015
11/11/2015
11/12/2015
11/13/2015
11/16/2015
11/17/2015
11/18/2015
11/19/2015
11/20/2015
11/23/2015
11/24/2015
11/25/2015
11/26/2015
11/27/2015
11/30/2015
12/1/2015
12/2/2015
12/3/2015
12/4/2015
12/7/2015
12/8/2015
12/9/2015
12/10/2015
12/11/2015
12/14/2015
12/15/2015
12/16/2015
12/17/2015
12/18/2015
12/21/2015
12/22/2015
12/23/2015
12/24/2015
12/25/2015
12/28/2015
12/29/2015
12/30/2015
12/31/2015
1/1/2016
1/4/2016

370.13
374.18
364.81
364.47
383.49
381.52
381.52
381.52
384.13
415.18
400.3
392.95
406.36
404.39
413.56
428.64
428.64
430.9
434.8
439.09
431
426.62
428.34
423.26
429.92
414.74
403.55
411.44
418.14
410.99
402.37
401.38
414.49
402.91
401.14
401.53
404.14
401.23
401.23
400
398.47
403.85
410.7
425.48
412.47

7215.7
7298.2
7387.25
7489.1
7404
7361.8
7455.55
7555.95
7563.55
7424.65
7437.75
7436.15
7422.45
7276.8
7309.3
7435.1
7351
7437.8
7536.8
7562.4
7510.3
7563.85
7601.35
7568.3
7741
7784.65
7791.3
7946.35
7896.25
7928.95
7925.15
7861.05
7865.95
7786.1
7834.45
7761.95
7844.35
7750.9
7700.9
7650.05
7610.45
7683.3
7612.5
7701.7
7765.4

-0.0345861916
0.0109421014
-0.0250414239
-0.000931992
0.0521853651
-0.005137031
0
0
0.0068410568
0.08083201
-0.0358398767
-0.0183612291
0.0341264792
-0.0048479181
0.0226761295
0.0364638746
0
0.0052724897
0.0090508239
0.0098666053
-0.0184244688
-0.010162413
0.004031691
-0.0118597376
0.0157350092
-0.0353088947
-0.026980759
0.0195514806
0.0162842699
-0.017099536
-0.0209737463
-0.002460422
0.032662315
-0.0279379478
-0.0043930406
0.0009722291
0.006500137
-0.0072004751
0
-0.0030655734
-0.003825
0.0135016438
0.0169617432
0.0359873387
-0.0305772304

0.0343087852
0.0114334019
0.0122016117
0.0137872819
-0.0113631941
-0.0056996482
0.0127346576
0.0134665307
0.0010057782
-0.01836438
0.0017644062
-0.000215132
-0.0018423118
-0.0196229528
0.004466249
0.017210991
-0.0113112261
0.0118078908
0.0133103878
0.00339668
-0.0068893602
0.007130247
0.0049577926
-0.0043479504
0.0228188892
0.0056387937
0.0008542328
0.0199004398
-0.0063047937
0.004141231
-0.0004792933
-0.0080881873
0.000623376
-0.0101513606
0.0062097965
-0.0092539997
0.0106158763
-0.0119130578
-0.0064508639
-0.006603137
-0.0051763859
0.0095723128
-0.0092147654
0.0117175954
0.008270863

1/5/2016
1/6/2016
1/7/2016
1/8/2016
1/11/2016
1/12/2016
1/13/2016
1/14/2016
1/15/2016
1/18/2016
1/19/2016
1/20/2016
1/21/2016
1/22/2016
1/25/2016
1/26/2016
1/27/2016
1/28/2016
1/29/2016
2/1/2016
2/2/2016
2/3/2016
2/4/2016
2/5/2016
2/8/2016
2/9/2016
2/10/2016
2/11/2016
2/12/2016
2/15/2016
2/16/2016
2/17/2016
2/18/2016
2/19/2016
2/22/2016
2/23/2016
2/24/2016
2/25/2016
2/26/2016
2/29/2016
3/1/2016
3/2/2016
3/3/2016
3/4/2016
3/7/2016

411.93
412.82
400.15
407.1
406.7
407.25
397.93
390.05
378.66
362.5
380.98
381.17
376.34
382.11
389.16
389.16
377.97
385.96
394.28
389.41
358.75
352.19
339.92
344.95
347.6
342.55
326.35
329.45
330.4
332.8
333.4
318.7
318.65
309.5
314.85
312
307.5
304.65
305.35
316.75
366.65
354.15
365.6
355.9
355.9

7781.9
7864.15
7931.35
7954.9
7935.25
7942.7
7883.8
7831.6
7849.25
7856.55
7842.75
7731.8
7837.55
7806.6
7762.25
7825
7783.35
7915.2
7954.3
7955.45
8040.2
8060.7
8050.8
8065.8
8111.75
8171.2
8232.9
8260.55
8295.45
8251.7
8261.65
8275.05
8238.15
8179.5
8107.9
8131.7
8143.6
8189.7
8129.35
8177.4
8152.9
8119.3
7950.9
7948.9
7843.3

-0.0013091861
0.0021605613
-0.0306913425
0.0173684868
-0.0009825596
0.0013523482
-0.0228852056
-0.0198024778
-0.0292013844
-0.0426768077
0.0509793103
0.0004987138
-0.0126715114
0.0153318807
0.0184501845
0
-0.0287542399
0.0211392439
0.021556638
-0.0123516283
-0.0787344958
-0.0182857143
-0.0348391493
0.0147975994
0.0076822728
-0.0145281933
-0.0472923661
0.0094990041
0.0028835939
0.0072639225
0.0018028846
-0.0440911818
-0.0001568874
-0.0287148909
0.0172859451
-0.0090519295
-0.0144230769
-0.0092682927
0.0022977187
0.0373342066
0.1575374901
-0.0340924587
0.0323309332
-0.0265317287
0

0.0021248101
0.0105693984
0.0085451316
0.002969205
-0.0024701633
0.0009388734
-0.0074156633
-0.0066211355
0.0022536776
0.0009300003
-0.0017564714
-0.0141468484
0.0136772812
-0.0039489008
-0.0056811028
0.0080839963
-0.0053226712
0.0169400188
0.0049398131
0.0001446249
0.010653074
0.0025496878
-0.0012282295
0.0018631689
0.0056969174
0.0073288988
0.0075509343
0.003358405
0.0042249476
-0.0052739754
0.0012058359
0.001621881
-0.0044591168
-0.007119364
-0.0087536033
0.0029354448
0.0014633967
0.0056608989
-0.007369024
0.0059106575
-0.0029960624
-0.0041212449
-0.0207406928
-0.0002515439
-0.0132848694

3/8/2016
3/9/2016
3/10/2016
3/11/2016
3/14/2016
3/15/2016
3/16/2016
3/17/2016
3/18/2016
3/21/2016
3/22/2016
3/23/2016
3/24/2016
3/25/2016
3/28/2016
3/29/2016
3/30/2016
3/31/2016
4/1/2016
4/4/2016
4/5/2016
4/6/2016
4/7/2016
4/8/2016
4/11/2016
4/12/2016
4/13/2016
4/14/2016
4/15/2016
4/18/2016
4/19/2016
4/20/2016
4/21/2016
4/22/2016
4/25/2016
4/26/2016
4/27/2016
4/28/2016
4/29/2016
5/2/2016
5/3/2016
5/4/2016
5/5/2016
5/6/2016
5/9/2016

355
353.65
345.6
361.95
367.9
364.5
366.65
364.8
368.6
382.55
384.15
373.95
373.95
373.95
371.25
364
375.1
368.8
371.8
375.9
369.45
368.75
376.75
378.7
376.7
380.65
383.8
383.8
383.8
388.95
388.95
410.4
404.35
406.7
400.5
408.6
421.2
407.45
400.8
401.7
399.5
388.65
393.2
391.55
390.2

7795.7
7868.5
7845.95
7812
7977.1
7981.9
7899.15
7829.1
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7789.3
7788.1
7818.6
7688.25
7558.8
7655.05
7823
7717
7785.85
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8001.95
7948.95
7791.85
7880.7
7809
8299.95
8372.75
8495.15
8466.55
8477.3
8518.55
8355.85
8349.45
8462.35
8525.6
8564.6
8588.65
8567.95
8516.9
8543.05
8532.85
8421.8
8375.05
8337
8361
8521.55

-0.0025288002
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5/10/2016
5/11/2016
5/12/2016
5/13/2016
5/16/2016
5/17/2016
5/18/2016
5/19/2016
5/20/2016
5/23/2016
5/24/2016
5/25/2016
5/26/2016
5/27/2016
5/30/2016
5/31/2016
6/1/2016
6/2/2016
6/3/2016
6/6/2016
6/7/2016
6/8/2016
6/9/2016
6/10/2016
6/13/2016
6/14/2016
6/15/2016
6/16/2016
6/17/2016
6/20/2016
6/21/2016
6/22/2016
6/23/2016
6/24/2016
6/27/2016
6/28/2016
6/29/2016
6/30/2016
7/1/2016
7/4/2016
7/5/2016
7/6/2016
7/7/2016
7/8/2016
7/11/2016

395
389.95
398.25
392.7
389.65
396.7
392
394.6
399
393.4
314.75
276.2
290.85
276.8
278.55
276.8
274.75
266.45
276.05
275.8
282.2
304.9
306.6
309.95
310.75
301.25
300.5
299.8
298.45
303.25
304.9
308.55
309.55
308
311.15
309.8
318.55
318
313
313.35
312.35
311.1
311.7
314.65
316.55

8589.8
8633.5
8529.45
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8360.55
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8318.4
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8398
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8224.95
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8130.65
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8319
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7/12/2016
7/13/2016
7/14/2016
7/15/2016
7/18/2016
7/19/2016
7/20/2016
7/21/2016
7/22/2016
7/25/2016
7/26/2016
7/27/2016
7/28/2016
7/29/2016
8/1/2016

316.05
313.65
329.55
314.9
313.2
312.2
314.3
349.3
356.05
362.95
351.6
348
360.65
361
354.3

8421
8423.25
8365.65
8373.65
8262.35
8224.2
8235.45
8126.95
8325.25
8191.5
8057.3
8097
8324.8
8331.95
8181.5

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VRL LOGISTIC
100
100
96.2262849258
97.0921007244
94.9499827527
93.5391514315
95.5467402553
95.1879958606
89.0169023801
91.7695757158
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107.4473956537
106.1710934805
107.7337012763
105.6950672646
105.33632287
104.6567781994
102.9389444636

NIFTY 50 RETURN
100
100.22922457
100.90696469
100.70048942
100.6602538
101.10061286
101.17468195
100.60075475
100.81655985
100.22864359
100.03207914
101.23300765
101.61911925
101.2901714
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99.676873315
100.58734667
100.74656901
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100.50451734
100.21114588
100.73607722
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99.271509674
99.921841271
99.486733807
99.255185313
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99.911930462
99.381166558
99.399245252
98.779249857
97.091301705
97.26278156
97.24003225
97.64539589
97.151370344
96.677770191
95.700814654
94.81251533
94.425817045
94.354658555

COV
VAR
BETA
ADJUSTED BETA

-0.00002
0.00010
-0.21824
0.18743

104.1462573301
104.2324939634
106.7161090031
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140.8692652639
153.7909624008
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96.475965531
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148.0786478096
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127.6750603656
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84.172158333
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90.584482781

142.0938254571
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90.776957603
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122.456019317
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90.937939963
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136.2538806485
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109.0203518455
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108.0372542256
107.6923076923
108.4166954122
120.4898240773
122.818213177
125.1983442566
121.2832011038
120.041393584
124.4049672301
124.5256985167
122.2145567437

98.232150195
98.258396762
97.586489216
97.679810342
96.381471055
95.936452772
96.067685605
94.802017834
97.115212969
95.555000395
93.989536232
94.452644594
97.109961381
97.193371687
95.438348987

2012
Equity and liabilities
Share capital
Reserves and surplus
Non-current liabilities
Long-term borrowings
Deferred tax liabilities (net)
Other long term liabilities
Long-term provisions
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
Total
Assets
Non-current assets
Fixed assets
Tangible assets
Intangible assets
Capital work-in-progress
Non-current investments
Long-term loans and advances
Other non-current assets
Current assets
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Other current assets
Total

2013

2014

70.7 181.1688
82.03 108.2397

85.5362
220.855

403.51 285.1625 252.8797

99.98 77.5993 83.3637
7.83
8.6599
8.8661
2.16
2.9126
2.64
72.9032
93.842 109.4249
35.7224 37.8492 38.6639
145.9107 132.6685 153.1588
7.6107 37.0808 22.2936
928.357 965.1833 977.6819

694.1964 710.0937 739.3635

0.3754
0.2009
0.972
10.0205 14.0284 14.0372
0.1275
0.0775
0.1075
87.6971
96.663 90.7466
1.2267
0.7159
2.5214
8.7311
77.8579
13.6003
15.8091
18.7197
928.36

9.6842
84.42
15.4363
19.5203
14.3425
965.18

13.4758
77.7014
15.0924
22.0602
1.6039
977.68

2015

2016

85.5362
270.6527

91.24
422.29

191.7975
88.7515
8.5127
5.8991

115.69
90.38
8.21
3.59

99.6733
4.4722
189.2825
8.5288
953.11

49.72
5.29
148.57
8.61
943.59

705.1456
1.7103
9.0742
0.1075
81.9875
2.5271

715.89
1.67
16.23
0.0575
56.19
0

14.997
90.1715
16.608
25.88713
4.8952
953.11

18.33
73.02
19.59
40.55
2.06
943.59

Year
2012
2013
2014
2015
2016
CAGR

Revenue
1135.2783
1335.3233
1503.7785
1678.861
1729.4298
11.1%

Sustainable growth rate

Indusrty Prediction
Revenue CAGR
Average revenue Growth rate
Average Tax %

8.66%
9%
11.1%
9.45%
0.291833

2012
Revenue
Revenue from operations
1130.4
Other income
4.9
Total revenue
1135.3
Expenses
Operating expenses
791.1
Employee benefits expense
128.9
Finance costs
65.1
Depreciation and amortisation expens
69.6
Other expenses
18.4
Total expenses
1073.2
Exceptional Item
0.0
Profit before tax
62.1
Tax expense
Current tax (minimum alternate tax)
12.6
Less: Minimum alternate tax (MAT) cre
-5.4
Deferred tax
7.7
Tax adjustments pertaining to earlier
6.1
MAT credit entitlement pertaining to ea
0.0
Profit for the year
41.1

2013

2014

2015

1325.5
9.8
1335.3

1493.8
10.0
1503.8

1671.2
7.7
1678.9

962.6
148.3
59.1
82.3
19.4
1271.7
0.0
63.6

1091.2
174.5
59.8
86.6
21.6
1433.6
6.6
76.8

1179.4
198.0
58.6
87.7
21.0
1544.6
3.7
138.0

12.8
-3.3
-22.4
0.0
-3.8
80.3

16.1
-2.2
5.8
0.0
0.0
57.0

41.0
0.0
5.9
0.0
-0.2
91.3

2016
1722.5
6.9
1729.43
1185.0
245.5
30.7
90.0
24.3
1575.445
0.0
153.9851
49.8
0.0
1.6
0.2
0.0
102.3

Revenue
Revenue from operations
Other income
Total revenue
Expenses
Operating Expenses
EBIT
EBIT as % of Revenue
Finance Cost
PBT
TAX Paid
Tax as % PBT
PAT

2012

2013

1130.4
4.9
1135.3

1325.5
9.8
1335.3

1008.079 1212.613
127.2
122.7
11.2%
9.2%
65.142
59.123
62.1
63.6
12.5644 -16.7048
0.202464 NILL
49.5
80.3

2014

2015

1493.8
10.0
1503.8

1671.2
7.7
1678.9

2016 2017E

2018E

2019E

2020E

2021E

1722.5 1885.358 2063.588 2258.666 2472.186

6.9
7.9
8.4
8.2
7.8
1729.43 1893.215 2072.037 2266.839 2479.995

2705.89
7.8
2713.73

1373.801 1485.987 1544.752 1700.138 1860.708 2035.533 2226.823

130.0
192.9
184.7 193.076 211.329 231.306 253.172
8.6%
11.5%
10.7%
59.84 58.5998 30.6932 54.6796 52.58712 51.27994 49.56793
70.1
134.3
154.0
138.4
158.7
180.0
203.6
19.7554 46.6787
51.672 40.38875
46.326 52.53762 59.41852
0.281665 0.347637 0.335565
50.4
87.6
102.3
98.0
112.4
127.5
144.2

2436.624
277.106
47.76156
229.3
66.93021
162.4

R.I
R.I RATE
0.359625
0.08664

44.49037
0.240907

Current Asset
Inventories
Trade receivables
Short-term loans and advances
Other current assets
Total Current Asset

2012
2013
2014
2015
8.7311
9.6842 13.4758
14.997
77.8579
84.42 77.7014 90.1715
15.8091 19.5203 22.0602 25.88713
18.7197 14.3425
1.6039
4.8952
121.118 127.967 114.841 135.951

Current Liabilities
Trade payables
Other current liabilities
Short-term provisions
Total Current liabilities

2012
2013
2014
2015
35.7224
5.8492
9.4639
4.4722
145.9107 132.6685 153.1588 189.2825
7.6107
5.9808
4.3936
8.5288
189.2438 144.4985 135.9163 202.2835

Net working capital

Investment in woking capital
Working capital ratio as% of sale

-68.126 -16.5315
51.5945
0.041189

Depreciation
As % of Gross block

2012
2013
1009.498 1105.678
96.18
7%
69.599 82.3359
7%
7%

Average capex %
Average Depreciation %

0.055214
0.070329

Gross block
Capex

-21.075 -66.33267
-4.5435 -45.25767

2014
1216.69
111.012
7%
86.61
7%

2015
1248.82
32.1299
2%
87.6603
7%

2016
18.33
73.02
40.55
2.06
133.96
2016
5.29
148.57
8.61
162.47
-28.51
37.82267

2016 2017E
2018E
2019E
2020E
2021E
1345.438 1449.969 1564.374 1689.534 1826.464 1976.299
96.6181 104.5312 114.4046 125.1604 136.9295 149.8348
6%
89.9504 101.9751 110.0211 118.8236 128.4537 138.9915
7%

2017E
EBIT
LESS: Tax
ADD: Depreciation
LESS: Capex
LESS: Investment in W.C
FCFF
Terminal value

Long term growth rate

Country defalut spread
Company default spread
Rf
Cost of debt (Rd)
Rf
Adjusted Beta
Market risk premium
Cost of equity(Re)
Book value of debt
Market value of equity
D/V
E/V
Cost of capital(WACC)

0.065
0.0244
0.0225
0.0522
10%
0.072
0.4
0.096
11%
249.80794
2,685.75
8.5%
91.5%
11%

Present value of FCFF

Present value of Terminal value
FCFF
LESS: Debt
ADD: Cash and cash equivalents
Value of equity
No of share
Share price
Year

Average

2018E
193.1
211.3
40.4
46.3
102.0
110.0
104.5
114.4
77.7
85.0
72.5
75.6

294.15
1340.7
$1,634.86
115.69
19.59
1538.76
9.1352040816
168.4427852744

Operating margin
2012
0.11
2013
0.09
2014
0.09
2015
0.11
2016
0.11
0.10

2019E
2020E
2021E
231.3
253.2
277.1
52.5
59.4
66.9
118.8
128.5
139.0
125.2
136.9
149.8
93.0
101.8
111.5
79.4
83.5
87.9
2228.7

Sensitivi
Op

Growth %

FCFE
Relative method
EVA
Final share price

168.44
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%

9.0%

Share Price Weighted

168.4
0.4
508.8
0.4
375.7
0.2
346.0

Sensitivity Analysis
Operating Margin %
9.5%
10.0%
10.5%
11.0%

11.5%

12.0%

Transport corp
Snowman Logistic
Navkar Corp
Allcorgo

C.M.P
Sales
PAT
346.85
2257.77
85.06
74.69
240.13
20.61
202.19
347.26
103.5
192.53
1205.28
124.15
P/E

Transport corp
Snowman Logistic
Navkar Corp
Allcorgo
Average

31.23
60.55
27.86
39.09
39.68
EPS

VRL LOGISTIC
EV
LESS: value of debt
Equity value
No of share

P/S

P/B
1.18
5.20
8.30
4.03
4.68

2.51
2.68
4.42
3.25
3.22

SALES/SHARE BPS
11.20
189.31 56.2144

4909.446
115.69
4793.756
9.135204

EPS
No of share
11.1077289
7.66
1.23348604
16.71
7.25765203
14.26
4.92471779
25.21

P/E
P/S
P/B
EV/EBDITA

Share Price
444.44295243
885.22296164
180.72929025
524.75628176

Share Price 508.7878715

EV/EBDITA
12.16
27.23
NIL
14.24
17.88
EBDITA
274.6287

EBIT(1-T)
ADD:Depreciation
LESS:Capex
LESS:NWC
Invested Capital
WACC
EVA
TV

2016
133.006
89.950
96.618
37.823
44.490
0.107

2017E
152.688
101.975
104.531
77.656
80.212

2018E
165.003
107.892
114.405
84.997
91.510

2019E
178.769
119.876
125.160
93.032
98.317

147.928

156.420

168.978

2020E
193.754
133.416
136.930
101.827
105.340

2021E
210.176
148.713
149.835
111.453
112.575

183.235

198.905
5044.526

PV of EVA
627.51
PV of TV
3034.56
Total Value
3662.08
LESS:Value of debt
249.8079
ADD: Cash and cash equivalents
19.59
Intrinsic value
3431.86
No of shares outstanding
9.135204

Share price

375.674