In millions of INR

(except for per share items)

Income Statement

Fiscal data as of Mar 31 2019 2015 2016

REVENUE AND GROSS PROFIT
Total revenue 57,330 60,245
OPERATING EXPENSES
Cost of revenue total 33,646 33,155
Selling, general and admin. expenses, total 14,019 14,990
Depreciation/amortization 855 867
Unusual expense(income) -14 64
Other operating expenses, total 827 914
Total operating expense 49,336 50,060
Operating income 7,994 10,185
Other, net 91 34
INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS
Net income before taxes 8,217 10,287
Provision for income taxes 2,368 3,054
Tax on Operations 2,304 3,024
NET OPERATING PROFIT AFTER TAX (NOPAT) 5,913 7,263
 Income Statement

2017 2018 2019

59,359 63,331 73,340

30,874 36,177 40,170

15,240 14,415 11,250
894 853 1,320
5 33 0
1,234 1,292 8,640
48,324 52,831 61,380
11,035 10,500 11,960
52 11 1,030

11,487 11,170 12,580

3,377 2,896 1,260
3,244 2,722 1,198
8,243 8,448 11,382
Income Statement
 In millions of INR
(except for per share items)

Income Statement

Fiscal data as of Mar 31 2019

O REVENUE AND GROSS PROFIT
Total revenue
O OPERATING EXPENSES
Cost of revenue total
Selling, general and admin. expenses, total
Depreciation/amortization
Unusual expense(income)
Other operating expenses, total
Total operating expense
O Operating income
Other, net
INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS
Net income before taxes
Provision for income taxes
Net income after taxes
Minority interest
Net income before extra. Items
Total extraordinary items
Net income
Inc.avail. to common excl. extra. Items
Inc.avail. to common incl. extra. Items
EPS RECONCILIATION
Basic/primary weighted average shares
Basic/primary eps excl. extra items
Basic/primary eps incl. extra items
Dilution adjustment
Diluted weighted average shares
Diluted eps excl. extra items
Diluted eps incl. extra items
COMMON STOCK DIVIDENDS
DPS - common stock primary issue
Gross dividend - common stock
PRO FORMA INCOME
Pro forma net income
Interest expense, supplemental
SUPPLEMENTAL INCOME
Depreciation, supplemental
Total special items
NORMALISED INCOME
Normalized income before taxes
Effect of special items on income taxes
Income tax excluding impact of special items
Normalized income after tax
Normalized income avail. to common
Basic normalized EPS
Diluted normalized EPS

Balance Sheet
Fiscal data as of Mar 31 2019
ASSETS
Cash And Short Term Investments
Total Receivables, Net
Total Inventory
Prepaid expenses
Other current assets, total
Total current assets
Property, plant & equipment, net
Goodwill, net
Intangibles, net
Long term investments
Note receivable - long term
Other long term assets
Total assets
LIABILITIES
Accounts payable
Accrued expenses
Notes payable/short-term debt
Current portion long-term debt/capital leases
Other current liabilities, total
Total current liabilities
Total long term debt
Total debt
Deferred income tax
Minority interest
Other liabilities, total
Total liabilities
SHAREHOLDERS EQUITY
Common stock
Additional paid-in capital
Retained earnings (accumulated deficit)
Treasury stock - common
Unrealized gain (loss)
Other equity, total
Total equity
Total liabilities & shareholders' equity
Total common shares outstanding
Treasury shares - common primary issue
Cash Flow Statement
Fiscal data as of Mar 31 2019
OPERATIONS
Net income
Depreciation/depletion
Non-Cash items
Cash taxes paid, supplemental
Cash interest paid, supplemental
Changes in working capital
Total cash from operations
INVESTING
Capital expenditures
Other investing and cash flow items, total
Total cash from investing
FINANCING
Financing cash flow items
Total cash dividends paid
Issuance (retirement) of stock, net
Issuance (retirement) of debt, net
Total cash from financing
NET CHANGE IN CASH
Foreign exchange effects
Net change in cash
Net cash-begin balance/reserved for future use
Net cash-end balance/reserved for future use
SUPPLEMENTAL INCOME
Depreciation, supplemental
Cash interest paid, supplemental
Cash taxes paid, supplemental
 Income Statement

2015 2016 2017 2018 2019

57,330 60,245 59,359 63,331 73,340

33,646 33,155 30,874 36,177 40,170

14,019 14,990 15,240 14,415 11,250
855 867 894 853 1,320
-14 64 4.9 33 0
827 914 1,234 1,292 8,640
49,336 50,060 48,324 52,831 61,380
7,994 10,185 11,035 10,500 11,960
91 34 52 11 1,030

8,217 10,287 11,487 11,170 12,580

2,368 3,054 3,377 2,896 1,260 0.288183035 0.296879557
5,849 7,233 8,110 8,275 11,320
-114 -119 -124 -130 -170
5,735 7,115 7,986 8,145 11,150
-- -- -- -- --
5,735 7,115 7,986 8,145 11,150
5,735 7,115 7,986 8,145 11,150
5,735 7,115 7,986 8,145 11,150

1,290 1,287 1,287 1,288 1,289

4.45 5.53 6.21 6.32 8.65
4.45 5.53 6.21 6.32 8.65
-- -- -- -- --
1,291 1,287 1,289 1,288 1,290
4.44 5.53 6.2 6.32 8.64
4.44 5.53 6.2 6.32 8.64

1.25 2.38 3.5 4.25 4.75

1,612 4,354 4,516 5,486 5,890

-- -- -- -- --
166 105 92 96 --

749 826 853 823 1,320

-14 -128 -23 13 0

8,203 10,159 11,464 11,183 12,580

-4.03 -38 -6.7 3.34 0
2,364 3,016 3,371 2,899 1,260
 5,839 7,143 8,094 8,284 11,320
5,725 7,025 7,970 8,154 11,150
4.44 5.46 6.19 6.33 8.65
4.44 5.46 6.18 6.33 8.64

Balance Sheet
2015 2016 2017 2018 2019

5,115 7,865 7,662 6,855 9,410

1,943 2,764 2,859 4,564 7,280
10,678 10,137 13,057 16,362 14,990
108 131 137 139 160
299 172 180 15 160
18,143 21,069 23,895 27,934 32,000
5,597 5,611 5,584 5,613 6,170
4,892 4,974 4,795 4,858 5,030
301 287 281 605 550
529 741 1,048 867 760
422 471 620 818 890
0 3 0 14 10
31,265 33,812 36,328 40,815 47,420

5,644 6,690 6,966 8,217 9,440

617 628 623 684 830
1,654 1,528 2,388 2,895 3,350
934 1,785 0 34 30
2,292 2,507 2,515 2,747 3,210
11,141 13,138 12,492 14,576 16,860
1,684 0 0 198 140
4,272 3,313 2,388 3,127 3,520
163 228 220 294 120
137 143 133 125 110
136 128 225 192 200
13,260 13,638 13,071 15,386 17,430

645 1,290 1,291 1,291 1,290

4,080 4,085 4,113 4,155 4,160
21,004 22,229 25,454 27,556 32,280
-- -- -- -- --
-- -- -- -- --
-7724 -7430 -7601 -7574 -7740
18,005 20,174 23,257 25,429 29,990
31,265 33,812 36,328 40,815 47,420
1,290 1,290 1,290 1,291 1,290
0 0 0 0 1.08
 Cash Flow Statement
2015 2016 2017 2018 2019

8,217 10,287 11,487 11,170 12,630

843 949 903 890 960
-146 -388 -241 -460 -420
2,097 2,474 2,964 2,950 3,200
233 209 172 160 230
-2265 -2713 -5662 -6440 -3000
6,648 8,134 6,487 5,160 10,170

-591 -1007 -871 -1270 -1620

-1201 -961 -44 1,820 -1890
-1792 -1969 -915 550 -3510

-569 -546 18 -10 -110

-3001 -5023 -5088 -6360 -6820
6 5 0.3 0 0
-2692 -447 -670 700 400
-6255 -6010 -5740 -5670 -6530

-70 -14 -338 40 -160

-1468 141 -505 80 -30
2,242 791 932 430 510
774 932 427 510 480

843 949 903 890 960

233 209 172 160 230
2,097 2,474 2,964 2,950 3,200
 Income Statement

0.293984504 0.259265891 0.100158983

Balance Sheet
Cash Flow Statement
 Particulars Unit Value
Method-1: 52 Week Trading Range
52 week High Rs. 397
52 week Low Rs. 286

Method-2: Current Analyst Forecasts

Buy Target High (Bloomberg) Rs. 435
Buy Target Low (Bloomberg) Rs. 290

Method-3: Discounted Cash Flows (FCFF)

WACC 9.45%
EV 31,000
Price/Share Rs. 269

Method-4: Relative Valuation

Company Implied Growth Rate 8%

Median Implied Growth Rate 9%

PoR 84%
ke 11%
Median P/E 49.08
Earnings per Share 7.32

Price/Share Rs. 359

Method-5: Residual Earnings

Company Implied Growth Rate 0%

Residual Income 209

ke 0.00%
Value of Equity #DIV/0!
No. of Shares Outstandng Mn. -
Value per Share Rs. #DIV/0!
 #REF! 8.50% 8.75% 9.00% 9.25% 9.50% 9.75%
269 146 161 179 200 226 259

9% 9.50% 9.75% 10.00% 10.25% 10.50% 10.75%

359 182 198 217 241 270 306

0% 9.50% 9.75% 10.00% 10.25% 10.50% 10.75%

#DIV/0! 167 178 191 207 224 245
10.00%
301

11.00%
354

11.00%
271