Академический Документы
Профессиональный Документы
Культура Документы
Model
anagement - Pristine
odeling. It has
n all the major Indian
Tata Steel, the seventh-largest player in the global steel industry,is attempting to take advantage of strong domestic
demand from user industries by expanding its capacities here.
In India, the total steel output grew 7.4% year-on-year during the first 11 months of the calendar year 2010,which is
the fastest in BRIC countries, according to the global industry body. This pace of growth is expected to continue over
the next few years.
To part finance the expansion plan, Tata Steel is coming out with its FPO aggregating nearly 3,385 crore, which has
generated enormous interest in the investor community (both retail and institutional). Many potential investors want a
financial model in MS Excel which can help them in a thorough analysis of the company. Creating such models have
always been a time-taking and daunting exercise.
Pristine has created an integrated valuation model based on publically available information. It is available as an opensource model for any user. Kindly note that this model is meant for information purpose only.
The complete structure of the model and formulas, linkages etc. have been kept open to allow for any modification on
the part of the user.
Pristine conducts extensive trainings for financial modeling in MS Excel. These trainings are targeted towards
investors/ professionals who are looking for a career in finance (Investment Banking, PE, Broking, Equity Research,
etc.). At the completion of the trainings, the participants should be able to create models like these.
ge of strong domestic
ar year 2010,which is
pected to continue over
t is available as an open-
targeted towards
king, Equity Research,
hese.
anagement - Pristine
odeling. It has
n all the major Indian
INDEX
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Summary Sheet
DuPont Analysis
Assumption Sheet
Profit & Loss Account
Balance Sheet
Cash Flow
Reserves & Surplus
Debt Schedule
Asset Schedule
Valuation
1,500,000
Year
Asset
Cash Flow From Operations
Cash Flow From Investing
Cash Flow From Financing
Net Income
FY 07A
166,307
INR Millions
1,000,000
FY 08A
200,838
FY 09A
962,294
FY 10A
994,587
FY 11E
FY 12E
972,890 1,014,890
(185,401) (832,957)
217,574
408,364
41,390
74,845
(36,174)
(41,123)
35,042
32,817 (117,567)
(89,073)
27,632
(20,147)
71,717
(69,242)
(30,323)
71,797
500,000
FY 06A
(500,000)
(1,000,000)
FY 07A
FY 08A
FY 09A
FY 10A
FY 10A
(7,909)
(19,423)
94,380
(37,335)
(19,423)
117,577
FY 11A
Year
TRUE
FALSE
TRUE
TRUE
TRUE
FY 12A
FY 13A
FY 14A
FY 15A
FY 15A
Assets
CFO
CFI
CFF
Net Income
Asset
FY 16A
DuPont Analysis
Sales
1,050,259
Cost of Sales
440,163
Earnings
Available
68,625
Income Statement
Operating
Expense
divided by
477,361
Interest Expense
31,365
Sales
1,050,259
Tax Expense
30,304
Exceptional Items
-
Others
2,441
Sales
1,050,259
divided by
Current Assets
515,036
+
Net Fixed Assets
(PPE)
Total Assets
1,245,487
Balance Sheet
730,451
Total Liabilities
950,867
Current Liabilities
384,863
+
Long Term Debt
566,004
Stockholder
Equity (SE)
294,620
Analysis
Total Asset
Turnover
0.84
multiplied by
Return on
Common Equity
(ROE)
23.3%
Total Liab + SE =
Total Assets
1,245,487
divided by
Financial Leverage
multiplier
4.23
Common stock
equity
294,620
Assumptions
FY 06A
FY 07A
P&L Assumptions
Scroll Bar
23%
CAGR
8%
Scroll Bar
53%
Scroll Bar
33%
CAGR
7%
CAGR
26%
Scroll Bar
0%
Scroll Bar
0%
Scroll Bar
0%
Scroll Bar
0%
Scroll Bar
34%
Scroll Bar
0%
Scroll Bar
0%
Scroll Bar
0%
CAGR
0%
CAGR
0%
Balance Sheet
CWIP as % of Sales
Scroll Bar
12%
Scroll Bar
132
CAGR
19
CAGR
7%
CAGR
3%
Creditor No of days
Scroll Bar
160
Advances as % of Sales
CAGR
1%
Scroll Bar
374%
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
389%
12%
-31%
FY 03A
3%
FY 06E
6%
FY 08E
8%
FY 08E
8%
2%
2%
2%
FY 06A
3%
2%
2%
2%
122%
-44%
346%
FY 10A
10%
FY 10E
10%
FY 10E
10%
FY 10E
10%
45%
49%
42%
FY 41A
41%
FY 41E
41%
FY 41E
41%
FY 40E
40%
13%
12%
16%
FY 10A
12%
FY 15E
13%
FY 15E
13%
FY 15E
14%
29%
24%
32%
28%
28%
28%
29%
0%
0%
3%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
4%
0%
0%
0%
0%
0%
33%
18%
126%
3000%
30%
3000%
30%
3000%
30%
3000%
30%
-4%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
12
7%
6%
9%
12%
82
112
167
160
28
38
43
32
12%
9%
7%
9%
1%
1%
1%
1%
14
14%
16
16
16%
16
160
35
14
14%
16
160
34
16
160
35
35
35
37
37
9%
8%
8%
1%
1%
1%
38
39
20
93
119
181
200
0%
0%
1%
1%
-80%
90%
-15%
20%
20
200
38
20
200
0
0%
20
200
0
0%
20
20%
20
0
1%
20
20%
20
20%
FY 15E
FY 08E
8%
3%
FY 10E
10%
FY 40E
40%
FY 15E
13%
28%
0%
0%
0%
0%
3000%
30%
0%
0%
0%
0%
0%
0%
14
14%
16
160
35
35
8%
1%
20
200
0
1%
20
20%
Income Statement
FY 06A
FY 07A
Income
Sales and Other Operating Income
Less: Excise Duty
Net Income from Operations
Other Income
Total Income
222,682
19,500
203,182
1,402
204,584
274,421
22,249
252,172
2,146
254,317
Expenditure
Cost of Material
Accreation/(Reduction) in Stocks
Payment to and Provisions for Employees
Manufacturing, Selling and Other Expenses
Finance Charges
Depreciation
Total
81,776
67,107
(470)
17,267
56,376
551
8,604
149,434
97,541
91,769
(5,402)
20,380
72,454
1,877
10,110
191,187
55,150
63,130
16,200
1,450
290
17,939
21,455
(155)
174
21,474
37,211
41,656
(428)
144
(284)
(582)
196
(386)
36,927
41,270
191
322
672
792
37,057
37,057
19,861
41,390
41,390
33,349
56,918
74,739
7,186
1,034
15,287
62
23,569
9,429
1,634
15,247
40
26,349
33,349
48,390
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
1,340,868
25,531
1,315,336
4,759
1,320,095
1,499,849
26,557
1,473,293
2,657
1,475,949
1,042,298
18,367
1,023,931
11,859
1,035,790
1,073,567
36,352
1,037,215
13,044
1,050,259
1,137,981
25,101
1,112,880
14,349
1,127,229
1,229,020
28,036
1,200,984
15,784
1,216,767
1,327,341
31,973
1,295,368
17,362
1,312,730
576,595
602,287
(16,492)
168,996
382,721
40,854
41,370
1,219,736
605,293
729,377
19,762
179,751
363,127
32,902
42,654
1,367,572
547,506
440,915
6,600
164,630
331,359
30,221
44,917
1,018,642
477,361
440,163
6,600
128,317
297,773
31,365
44,671
948,889
521,087
466,572
6,600
148,891
319,436
38,209
46,159
1,025,869
559,088
503,898
6,600
162,279
343,540
32,862
46,670
1,095,848
615,557
530,937
6,600
179,307
383,438
33,033
46,211
1,179,526
100,359
108,378
17,148
101,370
101,360
120,919
133,204
(1,500)
5,783
59,068
63,351
(40,945)
(40,945)
(16,837)
(16,837)
33,537
6,746
210
40,493
19,971
(1,219)
188
18,940
21,625
(107)
21,518
30,411
(107)
30,304
30,408
(107)
30,301
36,276
(107)
36,169
39,961
(107)
39,854
123,218
48,492
(21,208)
71,066
71,059
84,750
93,350
(52,885)
245
3,989
(48,651)
(16,560)
(64)
2,141
(14,483)
(118)
40
(78)
74,567
34,009
(21,286)
71,066
71,059
84,750
93,350
1,403
1,682
(425)
607
130
1,269
895
1,546
490
1,228
340
1,272
553
1,583
74,845
11,494
48,390
35,042
75,987
92,740
(20,147)
(3,310)
105,552
71,717
71,717
65,983
71,797
71,797
118,277
85,683
85,683
170,652
94,380
94,380
236,913
123,235
127,782
85,405
137,700
190,075
256,335
331,293
222
1,095
459
459
459
459
459
11,679
2,078
15,491
63
963
30,495
11,679
2,176
6,722
42
515
22,230
7,092
1,543
5,526
486
4,000
317
19,423
7,092
1,543
5,526
486
4,000
317
19,423
7,092
1,543
5,526
486
4,000
317
19,423
7,092
1,543
5,526
486
4,000
317
19,423
7,092
1,543
5,526
486
4,000
317
19,423
92,740
105,552
65,983
118,277
170,652
236,913
311,871
FY 15E
1,433,529
36,848
1,396,680
19,098
1,415,778
642,113
573,411
6,600
185,459
403,708
33,869
46,347
1,249,394
166,385
-
49,915
(107)
49,809
116,576
116,576
701
1,702
117,577
117,577
311,871
429,447
459
7,092
1,543
5,526
486
4,000
317
19,423
410,025
Balance Sheet
FY 06A
FY 07A
Assets
Fixed Assets
Gross Block
Less: Acculated Depreciation
Less: Impairment
Net Block
166,307
71,058
942
94,307
200,838
90,892
1,004
108,942
13,574
33,264
107,881
142,205
1,140
2,197
Investments
34,789
164,975
27,733
12,187
7,768
16
11
11,372
59,087
38,881
16,865
108,880
69
12
19,633
184,341
202,897
493,717
25,034
8,740
49,612
199,643
9,938
1,277
14,026
32,309
10,947
68,496
7,929
6,021
175
11,183
54,408
20,637
100,352
102,270
349,607
5,530
97,657
(2,560)
100,627
5,800
1,471
138,938
(2,098)
144,110
Total Assets
Liabilities
Loans Fund
Secured Loans
Unsecured Loans
Current Liabilities & Provisions
Deferred Tax Liabilities
Minority Interest
Waarants Issued by Subsidiary Company
Provision for Employee Separation Compensation
Current Liabilities
Provisions
Total Current Liabilities & Provisions
Total Liabilities
Net Worth represented by
Share Capital
Share Warrants
Reserves & Surplus
Add/(Less) Foreign Currency Monetary Item
Less: Miscellaneous Expenditure
Net Worth
202,897
TRUE
493,717
TRUE
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
962,294
599,389
31,717
331,187
994,587
598,581
31,830
364,175
972,890
579,029
28,610
365,252
1,014,890
623,699
391,191
1,040,640
669,858
370,782
1,040,640
716,528
324,112
1,040,640
762,739
277,901
88,476
88,883
92,706
128,828
159,317
196,643
185,828
419,663
453,059
457,958
520,019
530,099
520,755
463,729
180,500
153,649
145,418
145,418
145,418
145,418
145,418
33,674
64,111
54,178
65,013
78,016
93,619
112,343
230,643
185,583
42,319
297
90
155,823
614,755
216,684
129,535
61,484
1,074
68
130,768
539,614
186,866
115,124
68,151
1,488
76
68,460
440,166
199,030
73,202
149,820
1,488
76
91,421
515,036
210,020
146,211
56,867
1,488
76
100,778
515,441
231,754
103,606
193,727
1,488
76
100,345
630,995
233,725
163,929
215,073
1,488
76
106,533
720,825
1,248,592
1,210,432
1,097,721
1,245,487
1,268,975
1,390,788
1,442,315
354,150
182,098
342,439
256,566
280,593
250,410
290,593
275,410
279,693
275,410
279,693
275,410
279,693
275,410
24,841
8,368
175
10,801
263,328
64,504
372,017
18,168
8,974
175
10,424
230,717
71,480
339,938
18,029
8,843
175
9,637
233,788
65,974
336,446
18,029
14,409
175
9,637
276,640
65,974
384,863
18,029
10,668
175
9,637
262,393
65,974
366,876
18,029
11,073
175
9,637
317,542
65,974
422,429
18,029
11,494
175
9,637
293,690
65,974
398,998
908,264
938,943
867,450
950,867
921,980
977,533
954,102
62,026
279,858
(1,556)
340,328
62,028
215,233
(4,717)
(1,055)
271,489
8,867
219,334
2,070
230,271
9,437
285,183
294,620
9,437
337,557
346,995
9,437
403,818
413,256
9,437
478,776
488,213
1,248,592
1,210,432
1,097,721
1,245,487
1,268,975
1,390,788
1,442,315
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FY 15E
1,040,640
809,086
231,554
200,694
432,248
145,418
134,812
268,992
113,119
396,087
1,488
76
120,281
900,044
1,612,523
279,693
275,410
18,029
12,002
175
9,637
365,235
65,974
471,052
1,026,155
9,437
576,930
586,367
1,612,523
TRUE
Reserves
FY 06A
FY 07A
8,292
11
646
208
160
110
47,375
2
13
110
371
100
0
196
6,714
64,308
22,594
11
646
208
160
159
59,316
2
13
(52)
15
427
100
0
236
6,714
90,548
33,349
48,390
97,657
138,938
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
63,921
11
646
208
165
162
76,972
2
13
397
(12,733)
465
100
0
299
963
59,068
(3,542)
187,117
61,128
11
646
208
193
165
78,394
2
13
14
(48,712)
572
100
0
341
1,478
4,103
11,025
109,680
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
(13,554)
153,352
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
166,905
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
166,905
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
166,905
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
166,905
92,740
105,552
65,983
118,277
170,652
236,913
311,871
279,858
215,233
219,334
285,183
337,557
403,818
478,776
FY 15E
140,315
4
1,046
208
216
202
83,919
2
13
14
(59,970)
729
100
0
827
1,795
(3,131)
615
166,905
410,025
576,930
Revenue
FY 06A
FY 07A
Revenue Extracted
External Sales
Steel
Others
Unallocable
Elimainations
Total External Sales
171,089
32,093
203,182
213,430
38,742
252,172
FY 08A
FY 09A
FY 10A
1,177,332
133,860
4,144
1,315,336
1,334,818
131,755
6,719
1,473,293
937,062
82,972
3,898
1,023,931
FY 11E
FY 12E
FY 13E
FY 14E
FY 15E
FY 06A
FY 07A
41,390
19,834
(11,148)
(4,678)
(53)
(8,262)
(1)
22,099
4,745
175
(2,843)
(2,009)
9,690
68,939
(34,531)
62
(19,690)
(1,057)
(130,186)
(185,401)
26,240
(26,349)
24,578
190,903
1,471
462
270
217,574
101,112
Cash Balance
Opening Cash Balance
Net Cashflow
Closing Cash Balance
Cash Balance in Balance Sheet
7,768
101,112
108,880
7,768
108,880
Check
TRUE
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
74,845
508,497
(191,762)
(168,718)
(228)
(136,190)
(78)
208,920
2,347
(383)
16,913
43,868
358,032
35,042
(808)
13,959
56,048
(777)
25,055
22
(32,611)
606
(376)
(6,673)
6,975
96,461
(20,147)
(19,552)
29,818
14,411
(414)
62,309
(8)
3,070
(131)
(787)
(139)
(5,506)
62,923
71,717
44,671
(12,163)
41,923
(22,961)
42,852
5,565
171,604
71,797
46,159
(10,991)
(73,010)
(9,358)
(14,246)
(3,740)
6,612
85,683
46,670
(21,733)
42,606
434
55,148
405
209,212
94,380
46,211
(1,972)
(60,323)
(6,189)
(23,852)
421
48,678
(761,456)
30,713
(55,212)
(178,303)
131,301
(832,957)
(32,293)
113
(408)
26,850
(30,437)
(36,174)
21,697
(3,221)
(3,823)
8,231
9,933
32,817
(42,000)
(28,610)
(36,122)
(10,836)
(117,567)
(25,750)
(30,489)
(13,003)
(69,242)
(37,326)
(15,603)
(52,929)
10,815
(18,724)
(7,909)
96,570
(30,495)
304,538
(17,546)
(1,471)
541
56,226
408,364
(77,437)
(22,230)
(11,711)
74,469
502
(4,717)
2
(41,123)
43,671
(19,423)
(61,846)
(6,156)
1,055
6,786
(53,160)
(89,073)
13,554
(19,423)
10,000
25,000
(2,070)
570
27,632
(19,423)
(10,900)
(30,323)
(19,423)
(19,423)
(19,423)
(19,423)
(66,561)
19,165
6,667
81,669
(92,953)
136,860
21,347
108,880
(66,561)
42,319
42,319
19,165
61,484
61,484
6,667
68,151
68,151
81,669
149,820
149,820
(92,953)
56,867
56,867
136,860
193,727
193,727
21,347
215,073
42,319
61,484
68,151
149,820
56,867
193,727
215,073
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FY 15E
117,577
46,347
(35,267)
50,809
(13,748)
71,545
509
237,771
(14,866)
(22,469)
(37,335)
(19,423)
(19,423)
181,014
215,073
181,014
396,087
396,087
TRUE
Debt Schedule
FY 06A
Unsecured Loans
Opening Balance
Add: New Issued
Less: Repayments
Closing Balance
8,740
190,903
Secured Loans
Opening Balance
Add: New Issued
Less: Repayments
Closing Balance
Average Loan Outstanding
Interest Rate
Interest Expense
8,740
199,643
25,034
25,034
24,578
49,612
70,757
3%
1,877
FY 07A
635
16,093
4,625
2,953
722
0
7
25,034
TRUE
27,357
16,502
1,750
1,221
2,738
0
44
49,612
TRUE
8,102
369
124
6
140
8,740
TRUE
198,813
241
87
5
497
199,643
TRUE
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
199,643
17,546
182,098
182,098
74,469
256,566
256,566
6,156
250,410
250,410
25,000
275,410
275,410
275,410
275,410
275,410
275,410
275,410
49,612
304,538
354,150
354,150
11,711
342,439
342,439
61,846
280,593
280,593
10,000
290,593
290,593
10,900
279,693
279,693
279,693
279,693
279,693
196,376
21%
40,854
283,813
12%
32,902
282,502
11%
30,221
274,252
11.44%
31,365
280,277
13.63%
38,209
277,552
11.84%
32,862
277,552
11.90%
33,033
327,261
17,006
834
1,200
3,687
0
4,161
354,150
TRUE
317,512
17,524
868
500
2,352
0
3,682
342,439
TRUE
256,729
18,055
450
900
1,146
0
3,312
280,593
TRUE
130,088
144
55
43,299
7,931
5
576
182,098
TRUE
162,421
68
32,500
30
54,739
6,339
5
464
256,566
TRUE
145,462
64
54,009
12
21,168
24,572
4,496
38
588
250,410
TRUE
FY 15E
275,410
275,410
279,693
279,693
277,552
12.20%
33,869
Sundry Debtors
FY 06A
FY 07A
1,573
11,355
741
12,187
2,927
15,818
1,880
16,865
FY 08A
FY 09A
FY 10A
7,523
182,815
4,754
185,583
8,043
126,362
4,870
129,535
7,819
112,467
5,162
115,124
FY 11E
FY 12E
FY 13E
FY 14E
FY 15E
Current Liabilities
FY 06A
FY 07A
29,662
289
2,056
302
32,309
50,766
498
2,910
234
54,408
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
256,300
3,186
3,368
475
263,328
217,933
5,502
6,783
499
230,717
220,102
7,712
5,453
521
233,788
262,268
7,712
6,138
521
276,640
249,044
7,712
5,116
521
262,393
303,173
7,712
6,135
521
317,542
278,675
7,712
6,782
521
293,690
FY 15E
349,721
7,712
7,281
521
365,235
Assets Schedule
FY 06A
FY 07A
166,307
166,307
34,531
200,838
8,604
71,058
942
94,307
10,110
90,892
1,004
108,942
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
200,838
761,456
962,294
962,294
32,293
994,587
994,587
21,697
972,890
972,890
42,000
1,014,890
1,014,890
25,750
1,040,640
1,040,640
1,040,640
1,040,640
1,040,640
41,370
599,389
31,717
331,187
42,654
598,581
31,830
364,175
44,917
579,029
28,610
365,252
44,671
623,699
391,191
46,159
669,858
370,782
46,670
716,528
324,112
46,211
762,739
277,901
FY 15E
1,040,640
1,040,640
46,347
809,086
231,554
Valuation
Risk Free Rate
Market Risk Premium
Beta
Cost of Equity
Tax Rate
Terminal Growth Rate
No of shares Outstanding
Tax Rate
(Unless otherwise specified, all financials are in INR Million)
Millions
6.38%
9%
1.54
20%
34%
2%
943.74
34%
FY 06A
Net Income
Add: Depreciation
Add: Interest*(1-Tax Rate)
Less: Fixed Capital Investment
Less: Increase in Work in Progress
Working Capital Investment
Inventories
Sundry Debtors
Deferred Tax Assets
Interest Accrued on Investments
Loans and Advances
Deferred Tax Liabilities
Minority Interest
Waarants Issued by Subsidiary Company
Provision for Employee Separation Compensation
Current Liabilities
Provisions
Less:Total Working Capital Investment
Free Cash Flow to firm
Less: Interest*(1-Tax Rate)
Add: Net Borrowing
Free Cash Flow to Equity
Present Value of FCFE
Terminal Value of FCFE
Total Free Cash Flow to Equity
Value Per share
FY 07A
41,390
10,110
1,239
34,531
19,690
11,148
4,678
53
1
8,262
2,009
(4,745)
(175)
2,843
(22,099)
(9,690)
(7,715)
3,755
(1,239)
215,481
220,475
Rs.
337,896
263,359
601,255
637
FY 08A
FY 09A
FY 10A
FY 11E
FY 12E
FY 13E
FY 14E
74,845
41,370
26,964
761,456
55,212
35,042
42,654
21,715
32,293
408
(20,147)
44,917
19,946
(21,697)
3,823
71,717
44,671
20,701
42,000
36,122
71,797
46,159
25,218
25,750
30,489
85,683
46,670
21,689
37,326
94,380
46,211
21,802
(10,815)
191,762
168,718
228
78
136,190
(16,913)
(2,347)
383
(208,920)
(43,868)
225,310
(952,727)
(26,964)
286,992
(638,771)
(13,959)
(56,048)
777
(22)
(25,055)
6,673
(606)
376
32,611
(6,975)
(62,228)
85,507
(21,715)
62,758
169,980
(29,818)
(14,411)
414
8
(62,309)
139
131
787
(3,070)
5,506
(102,623)
125,321
(19,946)
(68,002)
77,265
12,163
(41,923)
22,961
(5,565)
(42,852)
(55,216)
72,781
(20,701)
35,000
128,482
10,991
73,010
9,358
3,740
14,246
111,345
(74,846)
(25,218)
(10,900)
(60,528)
21,733
(42,606)
(434)
(405)
(55,148)
(76,859)
150,197
(21,689)
171,886
1,972
60,323
6,189
(421)
23,852
91,914
37,691
(21,802)
59,493
FY 15E
117,577
46,347
22,354
14,866
35,267
(50,809)
13,748
(509)
(71,545)
(73,848)
200,552
(22,354)
222,905
This open source financial model is for information purposes only. Due efforts have been taken by Pristine and its
employees in preparation of this model to ensure that the information is accurate to the best of their knowledge and
belief. The primary source of information contained in the report has been the DRHP filing of the company with SEBI.
Pristine, makes no representations or warranties regarding the accuracy or completeness of such information and
expressly disclaims any and all liabilities based on such information or on omissions there from.
The analysts who compiled this open source financial model hereby state that the contents in the document reflect
his/her/their views and opinions on the subject matter. Pristine, and its employees/ analysts do conduct trainings and
from time to time to seek establish business or financial relationships with companies covered in the open research
models. As a result, investors should be aware that Pristine and/or such individuals may have conflicts of interests
that could affect the objectivity of this report.
anagement - Pristine
odeling. It has
n all the major Indian