Excel Sheet Made by Amol

MPS LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 15% 12% -8% 36% -9% 27% 6% 12% 9% 27% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 224 257 289 267 363 332 423 449 501 545 694
Raw Material Cost - - - - - - - - - - - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 4 4 5 5 5 5 4 4 4 4 2% 2% 2% 2% 1% 2% 1% 1% 1% 1%
Other Mfr. Exp 22 27 38 34 59 50 72 79 85 85 10% 10% 13% 13% 16% 15% 17% 18% 17% 16%
Gross Profit 197 226 246 229 299 276 346 366 413 456 Gross Margin 88% 88% 85% 86% 82% 83% 82% 82% 82% 84%

Employee Cost 95 110 122 112 165 166 203 202 213 244 42% 43% 42% 42% 46% 50% 48% 45% 43% 45%
Selling and admin 18 20 21 21 32 25 28 29 34 34 8% 8% 7% 8% 9% 8% 7% 6% 7% 6%
Other Expenses 4 5 9 8 8 6 8 9 9 9 2% 2% 3% 3% 2% 2% 2% 2% 2% 2% Chart of Op.EBIT Margin
Depreciation 5 4 6 8 11 15 21 21 19 20 26 2% 2% 2% 3% 3% 5% 5% 5% 4% 4%
Operating Profit (Op. EBIT) 75 87 88 79 82 64 86 105 137 150 171 Op.EBIT Margin 34% 34% 30% 30% 23% 19% 20% 23% 27% 27% 25%

Other Income 18 18 15 23 25 20 10 14 11 12 8 8% 7% 5% 9% 7% 6% 2% 3% 2% 2%
Interest 0 0 0 0 0 2 2 2 1 1 1 0% 0% 0% 0% 0% 1% 0% 0% 0% 0%
Profit before tax 93 105 103 102 107 81 93 118 147 161 178 Chart of PAT Margin
Tax 32 34 32 32 31 22 35 31 38 42 48
PROFIT AFTER TAX (PAT) 61 71 70 70 76 60 59 87 109 119 131 PAT Margin 27% 28% 24% 26% 21% 18% 14% 19% 22% 22% 19%
Effective Income Tax Rate 34% 32% 31% 31% 29% 26% 37% 26% 26% 26%

Marginal Income Tax Rate 34.61% 34.61% 34.61% 35.00% 30.00% 25.17% 25.17% 25.17% 25.17% #N/A
MARGINAL INCOME TAX DATA
GROWTH ANALYSIS Source KPMG for the years from 2011 until 2019
SALES Op. EBIT PAT from FY20 onwards, it is assumed that domestic companies will take advantage of Section 115BAA
9 Year CAGR 10% 8% 8% Mar-11 32.44%
7 Year CAGR 10% 8% 8% Mar-12 32.45%
5 Year CAGR 9% 13% 9% Mar-13 33.99%
3 Year CAGR 9% 20% 27% Mar-14 33.99%
TTM CAGR 27% 14% 10% Mar-15 34.61%
Mar-16 34.61%
Mar-17 34.61%
DEBT & SOLVENCY RATIOS Mar-18 35.00%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-19 30.00%
Debt - - - - - 19 18 12 8 5 Mar-20 25.17%
Equity 256 279 348 419 471 367 381 367 427 460 Mar-21 25.17%
Mar-22 25.17%
Debt Coverage Ratios (Lower is Better) Mar-23 25.17%
Debt/Equity Ratio - - - - - 0.1 0.0 0.0 0.0 0.0
Debt/EBITDA - - - - - 0.2 0.2 0.1 0.0 0.0

Interest Expense / Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 11% 11% 13% 15% 19%

Interest Coverage Ratios (Higher is better)

Op. EBIT/Interest 259.0 790.3 514.8 607.8 433.9 29.6 42.0 68.9 123.7 174.3
EBITDA/Interest 277.8 827.7 549.4 669.7 492.2 36.8 52.4 82.5 141.2 197.5

NET DEBT (as at) Mar-24

Outstanding Debt 5
- Investments - Investments of 30 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 115
Net Outstanding Debt -111 This is a GOOD thing. It means that the company has no net debt as its cash reserves exceeds debt

FREE CASH FLOW

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
CASH FROM OPERATIONS 49 45 78 54 53 99 115 113 118
- CAPEX -7 -19 -8 -65 -27 -61 -10 -56 -229 Chart of FCFF
- Tax Benefit from Interest (Int x Tax) -0 -0 -0 -0 -1 -1 -0 -0 #N/A
FREE CASH FLOW TO FIRM (FCFF) 41 26 69 -12 25 38 104 56 #N/A

- Interest -0 -0 -0 -0 -2 -2 -2 -1 -1
+ Tax Benefit from Interest (Int x Tax) 0 0 0 0 1 1 0 0 #N/A
- Debt Repayment - - - - - -0 -6 -4 -3
+ New Debt - - - - 19 - - - -
FREE CASH FLOW TO EQUITY (FCFE) 41 26 69 -12 42 36 97 51 #N/A

FREE CASH FLOW OVER 9 YEARS FROM Mar-16 UNTIL Mar-24

Total CFO - Int Tax Shield #N/A (Cum CFO - Interest)/Cum PAT 101% (ideally, should be more than 75%. Higher the better)
- Total Capex -483
TOTAL FCFF #N/A Cum FCFF/Cum EBIAT #N/A
(Payout Ratio)
- Total Interest + Int Tax Benefit #N/A
Total FCFE through operations #N/A

+ INCREASE in Debt 5
TOTAL FCFE #N/A
#N/A
Total Dividends in 9 yrs 417 #N/A

CASH FLOW STATEMENT

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TOTAL
Cash from Operating Activity 50 49 45 78 54 53 99 115 113 118 773
Cash from Investing Activity -149 -2 -42 -71 -2 157 -62 16 -64 25 -194
Cash from Financing Activity 104 -49 -0 -0 -27 -175 -53 -116 -70 -93 -480
Net Cash Flow 5 -2 2 6 25 34 -15 15 -21 50 98

VALUATION MULTIPLES
Based on Equity Value
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
No. of shares (in crores) 2 2 2 2 2 2 2 2 2 2 2
EPS 33 38 38 38 41 32 32 51 64 69 76
Stock Price 945 661 689 496 477 209 463 590 1,062 1,533 2,365 1/(P/E) Current Bond Yield
P / ETTM 28.6 17.2 18.2 13.1 11.7 6.5 14.3 11.6 16.6 22.1 31.0 3% 10% no margin of safety

Book Value / Share 137.7 150.2 187.0 225.1 253.3 197.3 210.6 214.5 249.8 268.9 268.9
P/B 6.9 4.4 3.7 2.2 1.9 1.1 2.2 2.7 4.3 5.7 8.8

BASED ON ENTERPRISE VALUE Based on Enterprise Value

Debt - Cash -16 -14 -17 -23 -77 -76 -84 -121 -150 -111 Put updated figures
Enterprise Value (EV) 1,741 1,215 1,264 899 810 314 754 888 1,666 2,511 -
EBIT 93 105 103 102 108 84 95 119 148 162 179
EV / EBITTTM 18.6 11.5 12.3 8.8 7.5 3.8 7.9 7.4 11.3 15.5

EBITDA 99 109 109 110 119 99 117 140 168 182 206
EV / EBITDATTM 17.6 11.1 11.6 8.2 6.8 3.2 6.5 6.3 9.9 13.8

EV / Sales 7.8 4.7 4.4 3.4 2.2 0.9 1.8 2.0 3.3 4.6

DIVIDENDS
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
Dividends (Rs crores) 41 41 - 22 47 93 - 51 34 128

Dividends/Net Profit 67% 57% 0% 32% 61% 156% 0% 59% 31% 108%
Dividends/Share 22.0 22.0 - 12.0 25.0 50.1 - 30.0 20.0 75.0
Stock Dividend Yield 2% 3% 0% 2% 5% 24% 0% 5% 2% 5% 3%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/20

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2.3.25
Stock Bought - - - - - -209 - - - -
Dividends - - - - - 50.1 - 30.0 20.0 75.0
Stock Sold 2,365
Total - - - - - -159 - 30 20 75 2,365

IRR 77.9%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company

Free CF yield / Acquirer's multiple Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
FCFF - 41 26 69 -12 25 38 104 56 #N/A
EV 1,741 1,215 1,264 899 810 314 754 888 1,666 2,511
FCFF / EV 0% 3% 2% 8% -1% 8% 5% 12% 3% #N/A #N/A
Acquirer's multiple 23.18 13.97 14.44 11.38 9.83 4.92 8.79 8.42 12.14 16.75

Fragility Scorecard
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Total equity 256.11 279.44 347.9 418.68 471.16 366.91 381.12 366.88 427.15 459.82
Total liabilities 282.49 305.01 381.41 451.27 536.55 443.2 506.61 496.59 559.19 736
Equity as % total liabilities 91% 92% 91% 93% 88% 83% 75% 74% 76% 63% [Higher the better]

Interest + Depreciation 5.74 4.23 6.05 8.18 11.26 17.52 23.26 22.41 20.6 20.84
Operating profit % 34% 34% 30% 30% 23% 19% 20% 23% 27% 27%
Break even sales 17.110703062583 12.515797768 19.956981261 27.645935957 49.511224 91.17382708301 114.64496675609 95.44024 75.192176003 75.80722
Actual sales 224 257 289 267 363 332 423 449 501 545
Break even sales as % of sales 8% 5% 7% 10% 14% 27% 27% 21% 15% 14% [Lower the better]

ROIC 0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! [Higher the better]

Cash from operating activities 50 49 45 78 54 53 99 115 113 118

Interest + Depreciation 5.74 4.23 6.05 8.18 11.26 17.52 23.26 22.41 20.6 20.84
20% of borrowings 0 0 0 0 0 3.768 3.67 2.396 1.514 0.908
Yearly debt obligations as a % of cash flow from 8.77 11.54 7.38 9.48 4.76 2.48 3.69 4.63 5.10 5.43 [Higher the better]

Fragility Scorecard (my assessment)

Equity as % of total liabilities 0

Breakeven sales as % of total sales 1
ROIC #DIV/0!
Yearly debt obligations as % of CFO 1
Total score #DIV/0!

Self Sustainable Growth Rate (SSGR) - Dr Vijay Malik

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
NFA 32.63 35.84 48.59 48.78 103 115 154 144 180 388
NFAT (Net fixed asset turnover) 7.51 6.84 5.48 4.78 3.04 3.14 3.01 3.09 1.92
Average NFAT over 3 years 6.61 5.70 4.44 3.65 3.07 3.08 2.68
NPM 27% 28% 24% 26% 21% 18% 14% 19% 22% 22%
Average NPM of 3 years 26% 24% 22% 18% 17% 18% 21%
Dividend Payout Ratio 67% 57% 0% 32% 61% 156% 0% 59% 31% 108%
Average DPR 30% 31% 83% 72% 71% 30% 66%
Depreciation as % of NFA 17% 11% 12% 17% 11% 13% 14% 15% 11% 5%
Average Dep 13% 13% 14% 13% 14% 13% 10%
SSGR 108% 81% 3% 5% 1% 27% 9%

Average SSGR 12%

Average Sales Growth 9%
SSGR > Sales Growth yes and it's an awesome thing
 Excel Sheet Made by Amol
MPS LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 19 19 19 19 19 19 18 17 17 17 7% 6% 5% 4% 3% 4% 4% 3% 3% 2%
Reserves 237 261 329 400 453 348 363 350 410 443 84% 86% 86% 89% 84% 79% 72% 70% 73% 60%
Borrowings - - - - - 19 18 12 8 5 0% 0% 0% 0% 0% 4% 4% 2% 1% 1%
Trade Payables (Manually copy 146 156 155 138 132 171 129 130 163 196 52% 51% 41% 31% 25% 39% 25% 26% 29% 27%
Other Liabilities -120 -130 -121 -105 -67 -114 -22 -12 -39 75 -42% -43% -32% -23% -12% -26% -4% -2% -7% 10%
TOTAL LIABILITIES 282 305 381 451 537 443 507 497 559 736 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 33 36 49 49 103 115 154 144 180 388 12% 12% 13% 11% 19% 26% 30% 29% 32% 53%
Capital Work in Progress - 0 - - 0 0 - - - 1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 16 14 17 23 77 94 103 133 158 115 6% 5% 4% 5% 14% 21% 20% 27% 28% 16%
Investments 159 169 206 288 212 86 12 6 28 30 56% 55% 54% 64% 40% 19% 2% 1% 5% 4%
Inventory - - - - - - - - - - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Receivables 39 45 60 46 69 62 91 86 87 101 14% 15% 16% 10% 13% 14% 18% 17% 15% 14%
Loans & Advances (Manually co 2 3 2 3 2 21 41 2 2 1 1% 1% 1% 1% 0% 5% 8% 0% 0% 0%
Other Assets 33 38 48 42 74 65 106 127 105 99 12% 12% 13% 9% 14% 15% 21% 25% 19% 14%
TOTAL ASSETS 282 305 381 451 537 443 507 497 559 736 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital -2 -
Reserves -10 33
Borrowings 5 -3
Trade Payables 64 33
Other Liabilities 142 114
TOTAL CHANGE IN LIABILITIES 199 176

Net Block + WIP 286 209

Cash & Bank 39 -42
Investments -182 2
Inventory - -
Receivables 32 14
Loans & Advances -1 -1
Other Assets 25 -6
TOTAL CHANGE IN ASSETS 199 176

FROM THE LIABILITY SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Operating EBIT 75 87 88 79 82 64 86 105 137 150 Median Min Max
Effective Tax Rate 34% 32% 31% 31% 29% 26% 37% 26% 26% 26% 30% 26% 37%
Operating EBIAT 50 59 60 54 58 47 54 78 102 110

Invested Capital from the Liability Side of Balance Sheet = (Book Value of Equity + Book Value of Debt - Cash)
Invested Capital 240 265 331 396 394 291 297 246 277 349
Average Invested Capital 252 298 363 395 343 294 271 262 313
Median Min Max
ROIC (EBIAT / Average Invested Capital) 23% 20% 15% 15% 14% 18% 29% 39% 35% 20% 14% 39%
with DuPont breakup
EBIAT/Sales 23% 21% 20% 16% 14% 13% 17% 20% 20% 20% 13% 23%
Sales/Av Invested Capital 1.0 1.0 0.7 0.9 1.0 1.4 1.7 1.9 1.7 1.0 0.7 1.9

FROM THE ASSET SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

The section below breaks down ROIC into various components and thus allows us to use just one ratio-ROIC to measure it ALL operational parameters!
However it is helpful if you read a short note on this before using this section. Click HERE to read this short note
Please Manually Input the Trade Payables Data in 'Row 8' above from Screener.in BEFORE using this section

DATA NEEDED TO CALCULATE ROIC FROM THE ASSET SIDE

Net Working Capital -107 -111 -95 -92 -63 -109 -38 -44 -76 -95
Average Net Working Capital -109 -103 -93 -78 -86 -74 -41 -60 -86
Median Min Max
Av Working Capital/Sales -42% -36% -35% -21% -26% -17% -9% -12% -16% -21% -42% -9%
Av Working Capital Turnover -2.4 -2.8 -2.9 -4.7 -3.9 -5.7 -10.8 -8.3 -6.4 -4.7 -10.8 -2.4

Fixed Asset 33 36 49 49 103 115 154 144 180 389

Average Fixed Assets 34 42 49 76 109 135 149 162 285

Av Fixed Assets/Sales 13% 15% 18% 21% 33% 32% 33% 32% 52% 32% 13% 52%
Av Fixed Asset Turnover 7.5 6.8 5.5 4.8 3.0 3.1 3.0 3.1 1.9 3.1 1.9 7.5

Average Invested Capital from the Asset Side of Balance Sheet = Average Net Block & CWIP + Average Net Working Capital
Average Invested Capital -75 -61 -45 -2 23 61 108 102 199

RETURN ON AVERAGE INVESTED CAPITAL (ROIC) with DETAILED BREAK-UP

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Median Min Max Chart of Op. EBIT Margin
Operating EBIT Margin 34% 30% 30% 23% 19% 20% 23% 27% 27% 27% 19% 34%
Gross Margin 88% 85% 86% 82% 83% 82% 82% 82% 84%
- SG&A & Others -53% -53% -53% -57% -59% -57% -53% -51% -53%
- Depreciation -2% -2% -3% -3% -5% -5% -5% -4% -4%
Chart of Sales/Av Invested Capital
Sales/Av Invested Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales/Av Invested Capital is further broken down into Fixed Asset Turnover and Working Capital Turnover as below:

Av Fixed Asset Turnover 7.5 6.8 5.5 4.8 3.0 3.1 3.0 3.1 1.9

Av Working Capital Turnover - - - - - - - - -

Average Inventory Days - - - - - - - - - Note: Inventory Days and Payable Days are calculated using Sales & not COGS
Average Receivable Days 60 66 73 58 72 66 72 63 63
Average Payable Days 214 197 200 136 167 130 105 107 120
Average Working Capital Cycle Days - - - - - - - - -
Median Min Max Chart of ROIC Pre-Tax
ROIC Pre-Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Effective Tax Rate 32% 31% 31% 29% 26% 37% 26% 26% 26%
ROIC #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NOTES:
1) The formula used for breaking up ROIC into its components is given in the adjacent image

2) To correctly calculate ROIC you need to several adjustments such as Identifying operating assets,
Capitalizing Operating & Financial Expenses, removing one-time & extra-ordinary items, adjusting taxes, etc
These adjustments are ESSENTIAL to get a correct measurement of ROIC or any other return such as ROE, ROA,
ROCE, etc. However, to do the same we need more granular level data from the Annual Report
HENCE, ROIC calculated without adjustments are ROUGH ESTIMATES of the actual return
 Input ONLY in Cells denoted as:

ROIC ESTIMATOR
Calculate the impact of ROIC of a company using your estimates of margins, tax and capital efficiency ratios

Historical Data of 9 years

Operating EBIT MARGIN Median
Gross Margin 83% 83%
- SG&A & Others -53% Input % as a negative number -53%
- Depreciation -4% Input % as a negative number -4%
1 Operating EBIT Margin 27%

Sales/Av Invested Capital

Fixed Asset Turnover 3.04 3.0

Working Capital Turnover -5.2

Average Inventory Days - -
Average Receivable Days 66 66
Average Payable Days 136 135.916
Average Working Capital Cycle Days -70
2 Sales/Av Invested Capital 7.29

ROIC Pre-Tax ( 1 x 2) 194%

Effective Tax Rate 25% 29%

ROIC (Post Tax) 146%

1) Refer to the historical ranges of these inputs so that you make more informed estimates.
It is very much possible that you can have estimates higher/lower than the historical ranges.
But you should have strong reasons for doing so
2) Remember that these historical numbers are without adjustments as stated in the previous tab

CONVERTING ROIC TO ROE

Historical Data of 9 years
Median
Debt / Equity 0.03 0.03
Interest / Book Value of Debt #DIV/0! #DIV/0!
Tax Rate 25% 30%
ROE #DIV/0!

NOTES:
1) The adjacent formula is used to convert ROIC (calculated from above) into ROE
capital efficiency ratios

Historical Data of 9 years

Min Max
82% 88%
-59% -51%
-5% -2%

1.9 3.1

- -
58 73
105.301 214.2802

26% 37%

previous tab

Historical Data of 9 years

Min Max
- 0.05
#DIV/0! #DIV/0!
26% 37%
MPS LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-24 Dec-23 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 186 134 39% 364 263 38% 545 396 38%
Expenses 126 89 250 178 390 269
Depreciation 7 5 14 10 21 14
Operating Profit 53 39 36% 100 75 33% 134 113 19%

Other Income 2 1 3 6 5 10
Interest 0 0 0 0 1 1
Profit before tax 48 35 89 72 119 108
Tax 14 11 27 22 37 32
Net profit 34 25 38% 62 50 25% 81 76 7%

EBIT Margin 29% 29% 28% 29% 25% 28%

EBITDA Margin 32% 33% 31% 32% 28% 32%
PAT Margin 18% 18% 17% 19% 15% 19%

Dec-24 Dec-23 Dec-22 Sep-24 Sep-23 Sep-22 Jun-24 Jun-23 Mar-24 Mar-23
Sales 186 134 132 178 130 127 181 133 149 127
39% 1% 37% 2% 36% 17%

Operating Profit 53 39 36 47 36 35 34 37 37 41
36% 9% 30% 3% -9% -9%
COMPANY NAME MPS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 1.71
Face Value 10.00
Current Price 2,364.90
Market Capitalization 4,045.35

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 223.87 257.21 288.70 267.03
Raw Material Cost
Change in Inventory
Power and Fuel 4.34 4.19 5.34 4.96
Other Mfr. Exp 22.32 26.68 37.81 33.55
Employee Cost 94.87 110.35 122.09 112.29
Selling and admin 17.97 20.39 20.72 20.69
Other Expenses 3.82 4.55 9.34 8.48
Other Income 18.29 18.33 15.20 22.98
Depreciation 5.45 4.12 5.88 8.05
Interest 0.29 0.11 0.17 0.13
Profit before tax 93.10 105.15 102.55 101.86
Tax 31.66 33.90 32.13 31.66
Net profit 61.44 71.24 70.42 70.21
Dividend Amount 40.96 40.96 22.34

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 126.60 132.14 127.46 132.51
Expenses 86.43 90.85 81.82 90.58
Other Income 1.61 3.42 2.44 3.34
Depreciation 5.05 5.09 4.74 4.54
Interest 0.27 0.25 0.32 0.17
Profit before tax 36.46 39.37 43.02 40.56
Tax 9.61 9.80 10.89 10.26
Net profit 26.85 29.57 32.13 30.30
Operating Profit 40.17 41.29 45.64 41.93

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 18.62 18.62 18.62 18.62
Reserves 237.49 260.82 329.28 400.06
Borrowings
Other Liabilities 26.38 25.57 33.51 32.59
Total 282.49 305.01 381.41 451.27
Net Block 32.63 35.84 48.59 48.78
Capital Work in Progress 0.06
Investments 159.04 169.02 205.99 288.00
Other Assets 90.82 100.09 126.83 114.49
Total 282.49 305.01 381.41 451.27
Receivables 39.33 44.97 60.10 46.15
Inventory
Cash & Bank 16.46 14.29 16.77 22.99
No. of Equity Shares 18,616,926.00 18,616,926.00 18,616,926.00 18,616,926.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 50.36 48.82 44.67 77.58
Cash from Investing Activity -149.14 -1.59 -42.05 -71.31
Cash from Financing Activity 103.63 -49.41 -0.15 -0.05
Net Cash Flow 4.85 -2.17 2.48 6.22

PRICE: 944.75 660.70 688.70 495.70

DERIVED:
Adjusted Equity Shares in Cr 1.86 1.86 1.86 1.86
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

362.54 331.65 422.55 448.88 501.05 545.31

5.26 5.39 4.26 3.57 3.76 3.57

58.53 49.90 72.41 78.98 84.55 85.45
165.31 165.88 202.85 202.07 213.35 243.97
32.16 25.20 27.93 28.74 34.12 33.77
7.76 6.18 8.15 9.24 8.51 8.66
25.09 19.84 9.70 14.09 10.77 12.21
11.07 15.37 21.22 20.88 19.49 19.98
0.19 2.15 2.04 1.53 1.11 0.86
107.35 81.42 93.39 117.96 146.93 161.26
31.31 21.56 34.83 30.83 37.73 42.49
76.04 59.86 58.56 87.12 109.19 118.77
46.55 93.10 51.33 34.22 128.32

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

129.57 133.81 149.42 180.72 177.70 186.36
89.01 89.17 106.66 139.67 124.20 126.02
4.95 1.41 2.51 2.05 1.58 1.78
4.56 5.22 5.66 6.84 6.82 6.87
0.16 0.18 0.35 0.18 0.20 0.16
40.79 40.65 39.26 36.08 48.06 55.09
10.76 10.92 10.55 10.19 12.82 14.38
 30.03 29.73 28.71 25.89 35.24 40.71
40.56 44.64 42.76 41.05 53.50 60.34

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

18.62 18.62 18.05 17.11 17.11 17.11
452.54 348.29 363.07 349.77 410.04 442.71
18.84 18.35 11.98 7.57 4.54
65.39 57.45 107.14 117.73 124.47 271.25
536.55 443.20 506.61 496.59 559.19 735.61
102.86 115.00 154.36 143.58 180.26 387.90
0.18 0.03 1.20
212.05 85.72 12.15 5.85 27.82 30.00
221.46 242.45 340.10 347.16 351.11 316.51
536.55 443.20 506.61 496.59 559.19 735.61
68.71 62.28 90.54 85.70 86.60 100.68

76.68 94.46 102.63 132.83 157.54 115.37

18,616,926.00 18,616,926.00 18,050,260.00 17,105,816.00 17,105,816.00 17,105,816.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

53.63 52.74 99.37 114.88 112.82 118.04
-2.08 156.75 -61.55 15.58 -64.20 25.32
-27.02 -175.31 -52.93 -115.51 -70.10 -93.37
24.53 34.18 -15.11 14.94 -21.47 50.00

476.80 209.25 462.90 589.95 1,061.90 1,533.30

1.86 1.86 1.81 1.71 1.71 1.71