Revenue Assumptions

1
2
Cost Assumptions
1
2
3
4
5
6

Other P&L Assumptions

1
2
3
4
Balance Sheet Assumpitons
1

2
3
4
5
6
7
8
9
10
Revenue Assumptions
Other income decrease by 20%in FY 20 further decrease by 30% in FY 21 and increase by 20% in FY 22
Revenue by operation decrease by 10% in FY 21 and increase by 10% in FY 22
Cost Assumptions
Raw material cost to be be 60% of revenue from operation for the forcasted period
GST to be 2% of revenue from operations for the forecasted period
Assume stock in trade to be 7% of raw material cost for the forecasted period
Assume Employee Expenses to be 4% of revenue from operations for the forecasted period
Assume Finance cost to be 2.5% of revenue from operations for the forecasted period
Assume Depriciation and amortization expenses to be 2.% of revenue from operations for the forecasted period
Other P&L Assumptions
Corporate Tax rate for the forecasted period is 25%
Assume Depreciation for the year at 6% of gross block for the forecasted period
Assume no dividend paid during FY21 and FY22
Assume Interest Expense at 4% of total borrowings for the forecasted period
Balance Sheet Assumpitons
With no major capex planned and due to COVID-19 for FY20,FY21 and FY22 and low capital work in progress, assu
FY22 respectively
Assume Rs.25 crore capital work in progress each year during the forecasted period
Intangible Assets, Non-Current Investments and Other Non-Current Assets continue to remain same fore the next tw
Biological asset will be decease by 20% in FY20 and increase by 10% and 15% for FY21 and FY22 respectively
There would be no change in Other Current Assets during the forecasted period
Equity Share Capital to remain constant during the forecasted period
Management has decided to maintain Closing Inventories at 30%, 23% and 26% of revenue from operations forFY2
As per the management decision Receivables to be maintained at 6.5%,7% and 8% of revenue from operations for
There would be no change in Other Current Liabilities during the forecasted period
Face Value per share and number of equity shares will remain same for the forecasted period
 Paticulars
I Revenue from operation
II Other Income
III Total Income
% GROWTH
IV Expenses
Cost of Material Consumed
% to Sale
Excise duty on sales of goods
Purchase of stock in trade
Changes in finish goods, stock in trade and work in progress
Employee Benefits expenses
Finance Costs
Depriciation and amortization expenses
Other Expenses
Total Expenses(IV)
EBITDA
EBITDA MARGIN (% OF SALE)
V Profit/Loss before exceptional items and tax(III-IV)(EBIT)
VI Exceptional Items
VII Profit/Loss before tax(V-VI)(PBT)
VIII Tax Expense
1) Current Tax
2) Tax adjustments related to earlier year
3) Deffered Tax

IX Profit/Loss for the period (VII-VIII)(PAT)

PAT MARGIN (% of Sales)
X Other comprehensive income
A 1) Items that will not be reclassified to profit or loss
a) Remeasurement of Post-employment Benefits Obligation
b) Change in fair value of FVCOI equity investment
2)Income tax relating to items that will not be reclassifiedto profit or loss
B 1)Items that will be reclassified to profit or loss
2) Income tax relating to items that will be reclassified to profit or loss

XI Total comprehensive income for the period (IX+X)

Profit for the year attributable to
a) Owners of the parents
b) Pre acquisition profit attributable to owners
c) Non controlling interest
Other comprehensive income for the year attributable to:-
a) Owners of the parents
 b) Non controlling interest
Total comprehensive income for the year attributable to:-
a) Owners of the parents
b) Pre acquisition profit attributable to owners
c) Non controlling interest
XII Earning per equity share (Face Value of Rs 10 each)
(i) Basic (Rs)
(ii) Diluted (Rs)

Face Value (Rs.)

No. of Shares (Cr.)
PAT growth (%)
EPS
DPS
PAYOUT RATIO
EBT
EPS GROWTH
EBIT
EBIT MARGIN(% OF SALE)
PROFIT OF THE YEAR
(Rs in Crore)
As at March As at March As at March As at March
31,2017 31,2018 31,2019 31,2020 FY21
2715.73 3395.81 2954.06 3080.96 2772.86
25 27.33 18.43 14.74 10.32
2740.73 3423.14 2972.49 3095.70 2783.18
15.52% 24.90% -13.16% 4.15% -10.10%

1815.16 2294.75 2365.21 1857.42 1669.91

66.23% 67.04% 79.57% 0.60 0.60
132.06 43.99 0 61.91 55.66
95.4 90.07 253.65 130.02 116.89
-198.69 255.37 -541.08 0.00 0.00
125.36 126.54 149.68 123.83 111.33
167.2 121.52 91.31 77.39 69.58
54.27 57.73 70.75 61.91 55.66
230.3 230.59 263.82 282.37 254.13
2421.06 3220.56 2653.34 2594.86 2333.17
373.94 260.31 389.90 562.76 505.68
14% 8% 13% 18% 18%
319.67 202.58 319.15 500.84 450.01
0.00 0.00 0.00 0.00 0.00
319.67 202.58 319.15 500.84 450.01

64.42 44.55 69.33 125.21 112.50

0 0 -4.06 0 0
25.72 6.77 2.96 0 0
90.14 51.32 68.23 125.21 112.50
229.53 151.26 250.92 375.63 337.51
8% 4% 8% 12% 12%

-3.55 -0.64 0.01 2.17 3.95

0.85 0.12 -0.95 -1.79 -2.69
1.23 0.09 0.03 -0.75 -1.35
-0.03 -0.28 0.86 1.07 1.52
0 0 0.04 0.05 0.07
-1.5 -0.71 -0.01 0.75 1.50
228.03 150.55 250.91 376.38 339.01

228.55 151.7 251.04 232.92 244.17

0.35 0 0 -0.23 -0.41
0.63 -0.44 -0.12 -0.73 -1.10

-1.5 -0.7 -0.01 0.75 1.50

 0 0

227.05 151 251.03 227.05 245.27

0.35 0 0 -0.23 -0.41
0.63 -0.44 -0.12 -0.73 -1.10

35.16 22.85 37.81 56.53 50.79

35.16 22.85 37.81 56.53 50.79

10 10 10 10.00 10.00
6.645 6.645 6.645 6.645 6.645
51.74% -34% 66% 50% -10%
70.32 45.70 75.62 113.06 101.58
0.00 0.00 8.43 16.81 20.77
0.00% 0.00% 11.15% 14.87% 20.44%
319.67 202.58 319.15 500.84 450.01
-35.01% 65.47% 49.51% -10.15%
319.67 202.58 319.15 500.84 450.01
11.66% 5.92% 10.74% 16.18% 16.17%
229.53 151.26 250.92 375.63 337.51
FY22
3050.15
12.38
3062.53
10.04%

1837.52
0.60
61.25
128.63
0.00
122.50
76.56
61.25
279.54
2567.26
556.53
18%
495.28
0.00
495.28

123.82
0
0
123.82
371.46
12%

5.73
-3.59
-1.95
1.96
0.09
2.24
373.70

255.41
-0.58
-1.48

2.24
251.03
-0.58
-1.48

55.90
55.90

10.00
6.645
10%
111.80
29.09
26.02%
495.28
10.06%
495.28
16.17%
371.46
 Paticulars
ASSETS
1) Non current aseests
a) Property, plant and equipment
b) Capital work in progress
c) Other intangible assets
d) Biological assets
e) Financial assets
i) Investments
ii) Loans
iii) Other financial assets
f) Deffered tax assets
g) Other non current assets
Total Non current assets
2) Current assets
a) Inventories
% to Sales
b) Financial assets
i) Investments
ii) Trade receivable
% to Sales
iii) Cash and cash equivalent
iv) Bank balances other than (iii) above
v) Loans
vi) Other financial assets
c) Other currrent assets
Total Current assets
d) Asset held for sale
Total assets
EQUITY AND LIABILITIES
EQUITY
a) Equity share capital
b) Other equity
Equity attributable to the owners of the parent
Non controlling Interest
Total equity
LIABILITIES
1) Non current Liabilities
a) Financial liabilities
i) Borrowings
ii) Trade payables
iii) Other financial liabilities
 b) Proviasion
c) Differed tax liabilities
d) Other non current liabilities
Total Non current liabilities
2) Cureent liabilities
a) Financial liabilities
i) Borrowings
ii) Trade payables
iii) Other financial liabilities
b) Proviasion
c) Other current liabilities
d) Current tax liabilities
Total current liabilities
Total equity and liabilities

Working Capital
(Rs in Crore)

As at March As at March As at March As at March

31,2017 31,2018 31,2019 31,2020 FY21

1491.32 1594.13 1593.91 1657.6664 1740.54972

27.13 24.13 33.95 25 25
2.58 3.28 3.25 3.25 3.25
0.4 0.42 0.72 0.576 0.6336

1.82 1.94 11.76 11.76 11.76

3.28 3.15 3.68 0 0
0 0 0.41 0 0
0 0 0 0 0
17.48 21.56 28.58 28.58 28.58
1544.01 1648.61 1676.26 1726.83 1809.77

1476.87 1145.94 1674.11 928.71 640.13

54% 33% 56% 30% 23%

1.32 0 0 0 0
216.02 245.16 391.25 201.22 194.82
8% 7% 13% 7% 7%
20.23 38.79 13.18 17.02 13.49
7.64 8.15 7.06 7.04 6.75
2.7 2.2 7.72 9.23 11.74
3.23 2.26 0.73 -0.43 -1.68
54.78 44.61 154.67 184.58 234.52
1782.79 1487.11 2248.72 1347.36 1099.77
4.58 0 1.64 -0.87 -2.34
3331.38 3135.72 3926.62 3073.33 2907.21

66.45 66.45 66.45 66.45 66.45

835.57 934.85 1158.25 1298.90 1460.24
902.02 1001.3 1224.7 1365.35 1526.69
1.68 1.24 1.12 0.79 0.51
903.7 1002.54 1225.82 1366.14 1527.2

523.05 422.98 531.04 500.35 504.34

0 0 0 0.00 0.00
0 0 0 0.00 0.00
 24.99 26.27 29.05 30.83 32.86
30.76 37.27 40.16 45.46 50.16
8.13 6.75 22.88 27.34 34.71
586.93 493.27 623.13 603.98 622.08

1274.16 930.5 1144.92 987.29 922.67

263.08 525.08 666.43 888.21 1089.89
173.15 136.16 195.85 191.09 202.44
5.78 8.96 7.57 9.23 10.12
124.58 39.21 48.4 -5.45 -43.54
0 0 14.5 19.33 26.58
1840.75 1639.91 2077.67 2089.70 2208.16
3331.38 3135.72 3926.62 4059.81 4357.43

-57.96 -152.80 171.05 -742.34 -1108.38

 FY22

1862.3882004
25
3.25
0.72864

11.76
0
0
0
28.58
1931.71

796.26
26%
Interest Expense 100.87
0 Rate 5.84%
245.00
8%
9.97
6.46
14.25
-2.93
284.47
1353.47
-3.81
3281.37

66.45
1621.58
1224.70
0.23
1224.92666666667

508.34
0.00
0.00
 34.89
54.86
42.09
640.18

858.05
1291.56
213.79
11.02
-81.63
33.83
2326.62
4191.72

-973.15
 Paticulars
A Cash flow from operating activities
Net profit before tax as statement of profit and Loss
Adjustment to reconcile profit before exceptional items and extra ordinary items and
tax to netcash flow provided by operating activities
Depreciation and impairment of property, plant and equipment
Gain/Loss on disposal of property, plant and equipment
Interest costs
Transfer of storage fund for molasses
Governtment grant
Finance income
Devident income
Provision for impairment of investment reversed
Provision for employee benfits
Loss on material held for disposal
Provision for impairment allowance
Foreign currency translation income
Profit on sale on investment
Operating profit before working capital adjustment

Working capital adjustment

Increase/Decrease in trade receivable
Increase/Decrease in other receivable
Increase/Decrease in other financial assets
Increase/Decrease in government grant
Increase/Decrease in asset held for sale
Increase/Decrease in inventories
Increase/Decrease in trade and other financial liabilities
Increase/Decrease in provision and other liabilities
Cash generation from operations
Tax Expenses
Net cash from operting activities

B Investment activities
Purchase of property, plant and equipment
Sale of property, plant and equipment
Sale/purchase of financial instrument
Interest received
Pre-acquisition profit of subsidiary company
Purchase/maturity of fixed deposit
Divident received
Net cash flow from/(used in) investing activities
C Financing activities
Proceed from issuance of equity share including securities premium
Equity share issue expenses
Repayment of longterm borrowing(including preference shares)
Receipt of long term borrowing(net)
Proceed from short term borrowing(net)
Divident including divident distribution tax
Finance cost paid
Net cash flow from/(used in) financing activities

Net increase in cash and cash equivalent(A+B+C)

Opening cash and cash equivalents
Opening cash and cash equivalents of subsidiary company(i.e. DETS Limited)
Closing cash and cash equivalent for the purpose of cash flow statement
(Rs in Crore)

As at March As at March As at March As at March

31,2017 31,2018 31,2019 31,2020 FY21

319.67 202.58 319.15 500.84 450.01

54.27 57.73 70.75 61.91 55.66

-0.58 -0.04 -1.23 -1.27 -1.59
167.2 121.52 91.31 50.79 12.84
0.18 0.22 0.38 0.46 0.56
-14.05 -2.16 -28.72 -29.65 -36.98
-3.28 -3.54 0 1.01 2.65
-0.02 -0.03 -0.06 -0.08 -0.10
0 0.5 1 1.50 2.00
2.05 3.73 2.12 2.70 2.74
0 0 1.6 2.13 2.93
0 0 6 8.00 11.00
-0.03 -0.28 0.86 1.07 1.52
-0.01 -0.04 0 -0.01 0.00
525.4 380.19 463.16 599.43 503.24

35.21 -29.14 -152.09 -235.97 -329.62

4.09 0.07 -5.55 -10.10 -14.92
-3.35 -0.01 3.24 6.55 9.85
33.95 15.26 -72.2 -113.81 -166.89
-4.58 4.58 -1.6 2.45 3.94
-215.75 330.93 -528.17 -450.08 -606.29
-162.97 245.42 148.65 388.65 544.46
-189.63 -86.22 -0.38 97.17 191.80
22.37 861.08 -144.94 284.28 135.56
-70.59 -55.93 -56.98 -47.56 -40.75
-48.22 805.15 -201.92 236.72 94.81

-56.6 -146.51 -88.24 -128.76 -144.58

1.47 1.51 7.16 9.07 11.92
-0.97 0.86 -11.77 -14.76 -20.16
0.76 5.07 0.62 2.01 1.94

-0.43 -0.81 0.9 1.22 1.88

0.02 0.03 0.06 0.08 0.10
-55.75 -139.85 -91.27 -131.14 -148.90
 60.91 0 0 -40.61 -71.06
-1.66 0 0 1.11 1.94
-318.27 -190.8 -133.5 -29.42 62.97
218.32 68.32 317.99 301.21 351.05
345.69 -343.66 214.42 -59.12 -124.76
-19.8 -51.33 -27.63 -40.75 -44.67
-179.52 -129.27 -103.7 -61.68 -23.77
105.67 -646.74 267.58 70.75 151.70

1.70000000000002 18.5599999999999 -25.61 176.32 97.61

18.5 20.23 38.79 13.18 189.48
0.03 0 0 -0.02 -0.04
20.23 38.79 13.18 189.48 287.05
FY22

495.28

61.25
-1.92
-25.10
0.66
-44.32
4.29
-0.12
2.50
2.77
3.73
14.00
1.96
0.00
514.99

-423.27
-19.74
13.14
-219.96
5.43
-762.50
700.27
286.42
94.77
-33.95
60.83

-160.40
14.76
-25.56
1.87

2.55
0.12
-166.66
-101.52
2.77
155.35
400.88
-190.39
-48.58
14.14
232.66

126.82
287.05
-0.05
413.82
 RATIO
FY17 FY18 FY19 FY20 FY21
Earnings Per Share (Rs) 70.32 45.70 75.62 113.06 101.58
BVPS (Rs) 10 10 10 10 10
Core EBITDA Margin (%) 14% 8% 13% 18% 18%
EBIT Margin (%) 11.66% 5.92% 10.74% 16.18% 16.17%
PAT Margin (%) 8.37% 4.42% 8.44% 12.13% 12.13%
EBITDA 373.94 260.31 389.90 562.76 505.68

ROA (%) 6.89% 4.82% 6.39% 12.22% 11.61%

ROE (%) 25.35% 15.15% 20.49% 15.47% 13.04%
ROCE (%) 21.45% 13.54% 17.26% 25.42% 20.94%

Net Sales Growth (%) 15.52% 24.90% -13.16% 4.15% -10.10%

EBIT Growth (%) -36.63% 57.54% 56.93% -10.15%
PAT Growth (%) 51.74% -34.10% 65.89% 49.70% -10.15%
EPS Growth (%) -35.01% 65.47% 49.51% -10.15%

Total Debt/Equity (x) 1.98 1.36 1.37 0.61 0.55

Current Ratio (x) 0.97 0.91 1.08 0.64 0.50
Quick Ratio (x) 0.17 0.21 0.28 0.20 0.21
FY22
111.80
10
18%
16.17%
12.13%
556.53
EQUITY SHARE CAPITAL 66.45 66.45 66.45 66.45 66.45
11.32% SURPLUS 838.99 931.97 1158.15 2361.69 2521.82
10.61% SHAREHOLDER'S FUND 905.44 998.42 1224.60 2428.14 2588.27
26.55%

10.04%
10.06%
10.06%
10.06%

0.39
0.58
0.24
 66.45
3434.57
3501.02
 DHAMPUR SUGAR MILL
VALUATION MODEL
(Rs in Crore, except per share data)

Growth Assumption Enterprise value(EV)

Long term growth rate 7% Current market prise
Dilluted share
CAPM Assumption Market capitalisation
KE 8.4% Long term liabilities
Risk free rate 0.76% Less:cash & cash equivalent
Beta value 1.460 Net Debt
Market risk premium 6% Enterprise value(EV)

Calculation of free cash flow

FY19 FY20 FY21
Revenues 2972 3096 2783
EBITDA 390 563 506
EBIT 319 501 450
Tax Enpenses 68 125 113
Net operating profit after tax 251 376 338
Depericiation 71 62 56
Working capital 171 (742) (1108)
Operating cash flow 151 1180 1502
Capex 71 126 139
FCF 221 1306 1640

Diluted shares 38 57 51

Projected year 1 2
Discount Factor 0.93 0.86
Present value of FCF 1208 1404

Terminal value Calculated equity value

Sum of PV of FCF 3872 Enterprise value
WACC 8.06% Less:Debt
Long term growth in EBIT 7% Add:Cash
Terminal Value 1700 Net Debt
PV of terminal value 159923 Equity Value
Terminal value as of % of total value 98%
PUR SUGAR MILL
ALUATION MODEL
ore, except per share data)

Dept equity weightage

e 96.95 E/(D+E) 90%
56.530 E/(D+E) 10%
n 5481
604 Interest rate(%) 6%
Less:cash & cash equivalent 17 Effective tax rate 22%
587
nterprise value(EV) 6068 WACC calculation
WACC calculation 8.06%

FY22
3063
557
495
124
371
61
(973)
1406
183
1589

56

3
0.79
1259

Intrinsic value
Enterprise value 163794 Equity Value 163207
Less:Debt (604) Diljuted shares 57
Add:Cash 17
Net Debt (587) Intrinsic value 2887
Equity Value 163207
NAME OF COMPANY Dhampur Sugar mill
Current Market Price 96.95
Current PE (TTM) 2.92
TTM EPS 33.17

Year End EPS % Change Forward PE at CMP

FY17 70.32 - 1.38
FY18 45.70 -35.0% 2.12
FY19 75.62 65.5% 1.28
FY20 113.06 49.5% 0.86
FY21 101.58 -10.1% 0.95
FY22 111.80 10.1% 0.87
CAGR in EPS 9.72%
ur Sugar mill

PE Share Price
1.38 97.0
2.12 97.0
1.28 97.0
0.86 97.0
0.95 97.0
0.87 97.0
9.72%