Company Name Infosys Limited

ISIN Code INE009A01021

Sector Name IT Services & Consulting
Industry Computers - Software & Consulting
Exchange Name BSE: 500209, NSE: INFY
Website https://www.infosys.com/
Infosys Limited provides consulting, technology, outsourcing, an
next-generation digital services in North America, Europe, India
internationally. It provides application management and applica
Company Description
development services, independent validation solutions, produc
engineering and management, infrastructure management serv
support, and integration services.
Price INR 1506.8

Assumption Type Case No.

Best Case 1

ASSUMPTIONS
Tax Rate % 25.00%
Interest Rate % 7.23%
Perpetual Growth Rate % 6.00%
10-year bond yield % 7.12%
Market cap (INR Crore) INR Cr. 618,811
Shares Outstanding No. in Cr. 413.96
Current Market Price INR 1,506.80

Sheet Name Row/ Cell referencing Comme

User selection dropdown has
D17
cell. We have created the m
scenarios and the model
We have provided will
user inpu
Assumptions E21:E27 change the same as per thei
same cells have been linked
wherever required.
Assumptions
10-year India government be
E24 rate has been which is furthe
wherever required.
Revenue Buildup Revenue has been calculate
G11:P11 historical performance grow
years.
Other Income has been calcu
G20:P20 historical performance grow
Cost Buildup years.
Historical average growth ra
H17:Q17 based on "Opex" to calculate
projection.
Historical average growth ra
H20:Q20 on "Interest Expense" to calc
projection.
Tax rate has been increased
H22:Q22 (Considering the Average Ta
Historical average growth ra
H26:Q26 on "Dividend Payout Ratio" t
Fixed Asset Schedule year projection.
Depreciation has been incre
F92:O92

Capex has been increased b

F105:O105

Working has been done in th

Cashflow Statement General required corresponding line
best understanding.
 Assumptions

g, technology, outsourcing, and

North America, Europe, India, and
ion management and application
t validation solutions, product
astructure management services,

e No.
1

25.00%
7.23% India 40 Year Bond Benchmark Yield (11-04-2024)
6.00%
7.12%
618,811
413.96
1,506.80

Comments
User selection dropdown has been provided in this
cell. We have created the model based on four
scenarios and the model
We have provided will work
user input cells accordingly.
and the user can
change the same as per their assumptions. The
same cells have been linked across the template
wherever required.
10-year India government benchmark bond Interest
rate has been which is further linked in the other tab
wherever required.
Revenue has been calculated based on the
historical performance growth trend for the last 4
years.
Other Income has been calculated based on the
historical performance growth trend for the last 4
years.
Historical average growth rate has been taken
based on "Opex" to calculate the forecast year
projection.
Historical average growth rate has been taken based
on "Interest Expense" to calculate the forecast year
projection.
Tax rate has been increased by 1% every 2 years
(Considering the Average Tax rate for year 2024)
Historical average growth rate has been taken based
on "Dividend Payout Ratio" to calculate the forecast
year projection.
Depreciation has been increased by 1% every year.

Capex has been increased by 1% every year.

Working has been done in these cells to provide the

required corresponding line item data as per our
best understanding.
 Historical period
Particulars 2019 2020 2021 2022

INCOME
Revenue from operations [Net] 82,675 90,791 100,472 121,641
Other Income 2,882 2,803 2,201 2,295

TOTAL 85,557 93,594 102,673 123,936

EXPENSES
Employee Benefit Expenses 45,315 50,887 55,541 63,986
Cost of technical sub-contractors 6,033 6,714 7,084 12,606
Travel expenses 2,433 2,710 554 827
Cost of software packages and others 2,553 2,703 4,223 6,811
Communication expenses 471 528 634 611
Consultancy and professional charges 1,324 1,326 1,261 1,885
Other expenses 4,376 3,656 3,286 3,424
TOTAL 62,505 68,524 72,583 90,150

EBITDA 20,170 22,267 27,889 31,491

Depreciation & Amortization 2,011 2,893 3,267 3,476

EBIT 18,159 19,374 24,622 28,015

Interest 0 170 195 200

Profit Before Exceptional Items an 21,041 22,007 26,628 30,110

Exceptional Items 0 0 0 0

Profit Before Taxes 21,041 22,007 26,628 30,110

Current Tax 5,727 5,775 6,672 7,811
Deferred Tax (96) (407) 533 153
Taxes 5631 5368 7205 7964

Profit After Taxes 15,410 16,639 19,423 22,146

Dividend 13,705 9,548 9,137 12,731

KPIs
Revenue % (y-o-y) N/A 10% 11% 21%
GP% 84.5% 84.6% 86.3% 81.3%
EBITDA% 24.4% 24.5% 27.8% 25.9%
EBIT % 22.0% 21.3% 24.5% 23.0%
NP % 18.6% 18.3% 19.3% 18.2%
 P & L Input

od
2023

146,767
2,701

149,468

78,359
14,062
1,525
10,902
713
1,684
4,392
111,637

35,130

4,225

30,905

284

33,322

33,322
9,287
(73)
9214

24,108
13,653

21%
80.3%
23.9%
21.1%
16.4%
 Historical period
Particulars 2019 2020 2021 2022

SOURCES OF FUNDS

Shareholder Funds
Equity Share Capital 2,170 2,122 2,124 2,098
Retained Earnings 62,778 63,328 74,227 73,252
Non-controlling interests 58 394 431 386

Minority Interest
Hybrid/Debt/Other Securities - - - -

Long Term Liabilities

Lease Liabilities - 4,014 4,587 4,602
Other Long Term Liabilities 275 279 763 451
Other financial Liabilities 147 807 1,514 2,337
Deferred Tax Liabilities 672 968 875 1,156

Current Liabilities
Tax Liabilities 1,567 1,490 2,146 2,607
Other Current Liabilities 4,388 4842 6233 9,178
Trade Payables 1,655 2852 2,645 4,134
Lease Liabilities - 619 738 872
Short Term Provisions 576 572 713 975
Other Finance Liabilities 10,452 10481 11390 15,837

TOTAL 84,738 92,768 ### ###

APPLICATION OF FUNDS

Long Term Assets

Tangible Assets 11,479 16,603 17,354 17,898
Intangible Assets 4,231 7186 8151 7,902
 Capital Work in Progress 1,388 954 922 416
Intangible Assets Under Developmen - - - -

Non-Current Investments 4,634 4,137 11,863 13,651

Other Financial Assets 312 737 1141 1,460
Long Term Loans and Advances 19 21 32 34
Other Non Current Assets 9,797 8,554 8190 9,339

Current Assets
Inventories - - - -
Receivables 14,827 18,487 19,294 22,698
Cash & Bank Balances 19,568 18649 24714 17,472
Loans & Advances 241 239 159 248
Other Current Assets 5,687 7,082 7814 11,313
Current Tax Asset 423 7 - 54
Investments 6,627 4655 2342 6,673
Other Financial Assets 5,505 5457 6,410 8,727

TOTAL 84,738 92,768 ### ###

Check - - - -
 BS Input

d
2023

2,069
73,338
388

7,057
500
2,058
1,220

3,384
10830
3,865
1,242
1,307
18558

###

20,228
8997
 288
-

12,569
2798
39
10,016

-
25,424
12173
289
14,476
6
6909
11,604

###
-
 2019 2020 2021 2022
Audited Audited Audited Audited
Months 12 12 12 12

Sources Of Revenue INR In Crs.

Revenue From operations 82,675 90,791 100,472 121,641
Growth in Others % N/A 10% 11% 21%

Scenario:
Best Case
Base Case
Worst Case
Manual Input

Other Income 2,882 2,803 2,201 2,295

% of Revenue % 3.49% 3.09% 2.19% 1.89%

Scenario:
Best Case
Base Case
Worst Case
Manual Input

Total 85,557 93,594 102,673 123,936

 Revenue Buildup

2023 2024 2025 2026 2027 2028 2029

Audited Estimated Estimated Estimated Estimated Estimated Estimated
12 12 12 12 12 12 12

146,767 177,690 215,129 260,455 315,332 381,771 462,209

21% 21% 21% 21% 21% 21% 21%

21% 21% 21% 21% 21% 21%

16% 16% 16% 16% 16% 16%
10% 10% 10% 10% 10% 10%
14% 14% 14% 14% 14% 14%

2,701 6,194 7,499 9,079 10,992 13,308 16,112

1.84% 3.49% 3.49% 3.49% 3.49% 3.49% 3.49%

3.49% 3.49% 3.49% 3.49% 3.49% 3.49%

2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
1.84% 1.84% 1.84% 1.84% 1.84% 1.84%
2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

149,468 183,884 222,628 269,535 326,324 395,079 478,321

 2030 2031 2032 2033
Estimated Estimated Estimated Estimated
12 12 12 12

559,594 677,498 820,244 993,065

21% 21% 21% 21%

21% 21% 21% 21%

16% 16% 16% 16%
10% 10% 10% 10%
14% 14% 14% 14%

19,507 23,617 28,593 34,618

3.49% 3.49% 3.49% 3.49%

3.49% 3.49% 3.49% 3.49%

2.50% 2.50% 2.50% 2.50%
1.84% 1.84% 1.84% 1.84%
2.00% 2.00% 2.00% 2.00%

579,101 701,115 848,837 ###

 2019 2020 2021
Audited Audited Audited
Months 12 12 12

COGS
Revenue INR in Crs. 82,675 90,791 100,472
GP% % 84.5% 84.6% 86.3%
COGS% % 15.5% 15.4% 13.7%
COGS INR in Crs. 12,814 13,981 13,756

Opex INR in Crs. 49,691 54,543 58,827

Opex as % of Revenue % 60.1% 60.1% 58.6%

Interest INR in Crs. 0.0 170.0 195.0

Interest as % of Revenue % 0.00% 0.19% 0.19%

Effective Tax Rate 27% 24% 27%

Dividend
Net Earnings INR in Crs. 15,410 16,639 19,423
Dividend Payout Ratio 89% 57% 47%
Dividend INR in Crs. 13,705 9,548 9,137
 Cost Buildup

2022 2023 2024 2025 2026 2027 2028 2029

Audited Audited Estimated Estimated Estimated Estimated Estimated Estimated
12 12 12 12 12 12 12 12

121,641 146,767 177,690 215,129 260,455 315,332 381,771 462,209

81.3% 80.3% 83.4% 83.4% 83.4% 83.4% 83.4% 83.4%
18.7% 19.7% 16.6% 16.6% 16.6% 16.6% 16.6% 16.6%
22,740 28,886 29,484 35,697 43,218 52,323 63,348 76,695

67,410 82,751 103,249 125,003 151,340 183,227 221,832 268,571

55.4% 56.4% 58.1% 58.1% 58.1% 58.1% 58.1% 58.1%

200.0 284.0 262.7 318.1 385.1 466.2 564.4 683.4

0.16% 0.19% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%

26% 28% 26% 26% 27% 27% 28% 28%

22,146 24,108 35,507 43,372 52,179 63,560 76,276 92,736

57% 57% 61% 61% 61% 61% 61% 61%
12,731 13,653 21,835 26,672 32,088 39,087 46,907 57,029
 2030 2031 2032 2033
Estimated Estimated Estimated Estimated
12 12 12 12

559,594 677,498 820,244 993,065

83.4% 83.4% 83.4% 83.4%
16.6% 16.6% 16.6% 16.6%
92,854 112,418 136,104 164,781

325,157 393,667 476,610 577,030

58.1% 58.1% 58.1% 58.1%

827.4 1001.7 1212.7 1468.2

0.15% 0.15% 0.15% 0.15%

29% 29% 30% 30%

111,094 134,892 161,388 195,786

61% 61% 61% 61%
68,318 82,953 99,247 120,400
 2019 2020 2021 2022
Audited Audited Audited Audited
Months 12 12 12 12

Inventories INR in Crs. 0 0 0 0

Receivables INR in Crs. 14,827 18,487 19,294 22,698
Trade Payables INR in Crs. 1,655 2,852 2,645 4,134

KPIs
DSO 65 73 69 67
DPO 46 73 69 65
Net trade cycle 18 0 0 2

Other Current Liabilities INR in Crs. 16,983 18,004 21,220 29,469

% of Revenue 20.5% 19.8% 21.1% 24.2%
 Working Capital

2023 2024 2025 2026 2027 2028 2029 2030

Audited Estimated Estimated Estimated Estimated Estimated Estimated Estimated
12 12 12 12 12 12 12 12

0 0 0 0 0 0 0 0
25,424 33,222 40,221 48,696 58,956 71,378 86,416 104,624
3,865 4,959 6,004 7,269 8,801 10,655 12,900 15,618

62 67 67 67 67 67 67 67
48 61 61 61 61 61 61 61
14 7 7 7 7 7 7 7

35,321 39,015 47,236 57,188 69,237 83,825 101,487 122,870

24.1% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
 2031 2032 2033
Estimated Estimated Estimated
12 12 12

0 0 0
126,668 153,356 185,668
18,909 22,893 27,717

67 67 67
61 61 61
7 7 7

148,758 180,100 218,047

22.0% 22.0% 22.0%
 2019 2020 2021 2022
Audited Audited Audited Audited
Freehold Land
Opening Gross Block 1,229 1,307 1,318 1,399
Addition 78 11 82 32
Disposal/Adjustment - - 1 -
Closing Gross Block 1,307 1,318 1,399 1,431
Accumulated Depreciation - - - -
Reversal - - - -
Depreciation for the year - - - -
Net Block 1,307 1,318 1,399 1,431

Buildings
Opening Gross Block 8,130 8,926 10,016 10,565
Addition 916 1,090 511 599
Disposal/Adjustment 120 - (38) (60)
Closing Gross Block 8,926 10,016 10,565 11,224
Accumulated Depreciation 2,719 2,927 3,284 3,675
Reversal 105 (4) (5) (8)
Depreciation for the year 313 353 386 417
Net Block 5,999 6,732 6,890 7,124

Plant & Machinery

Opening Gross Block 2,306 2,709 3,185 3,296
Addition 463 479 117 256
Disposal/Adjustment 60 3 6 342
Closing Gross Block 2,709 3,185 3,296 3,210
Accumulated Depreciation 1,597 1,841 2,145 2,425
Reversal 49 2 10 326
Depreciation for the year 293 306 290 245
Net Block 868 1,040 871 866
Office Equipment
Opening Gross Block 1,002 1,101 1,265 1,371
Addition 138 169 118 68
Disposal/Adjustment 39 5 12 12
Closing Gross Block 1,101 1,265 1,371 1,427
Accumulated Depreciation 719 813 934 1,043
Reversal 31 7 14 13
Depreciation for the year 125 128 123 120
Net Block 288 331 328 277

Computer Equipment
Opening Gross Block 4,884 5,846 6,676 7639
Addition 1,163 930 1,159 1,542
Disposal/Adjustment 201 100 196 654
Closing Gross Block 5,846 6,676 7,639 8,527
Accumulated Depreciation 3,632 4,192 4,885 5,636
Reversal 206 169 203 657
Depreciation for the year 766 862 954 1,055
Net Block 1,654 1,791 2,003 2,493

Furniture and fixtures

Opening Gross Block 1,393 1,620 2,073 2,149
Addition 261 465 91 140
Disposal/Adjustment 34 12 15 11
Closing Gross Block 1,620 2,073 2,149 2,278
Accumulated Depreciation 1,017 1,170 1,380 1,580
Reversal 32 23 22 11
Depreciation for the year 185 233 222 210
Net Block 450 693 569 499

Leasehold improvements
Opening Gross Block 531 739 1,063 1,188
Addition 212 324 152 79
Disposal/Adjustment 4 - 27 33
Closing Gross Block 739 1,063 1,188 1,234
Accumulated Depreciation 330 414 550 700
Reversal 5 10 35 25
Depreciation for the year 89 146 185 181
Net Block 325 513 488 378

Vehicles
Opening Gross Block 31 38 45 44
Addition 9 7 1 -
Disposal/Adjustment 2 - 2 -
Closing Gross Block 38 45 44 44
Accumulated Depreciation 18 22 28 32
Reversal 2 1 2 -
Depreciation for the year 6 7 6 5
Net Block 16 17 12 7

Total Dep. During the Year 1,777 2,035 2,166 2,233

Total Gross Block 19,506 22,286 25,641 27,651

Total Additions 3,240 3,475 2,231 2,716
Total Disposal 460 120 221 992
Total Accumulated Depreciation 10,032 11,379 13,206 15,091
Reversals 430 208 281 1,024
Total Depreciation for the Year 1,777 2,035 2,166 2,233
Total Net Block 10,907 12,435 12,560 13,075

Total Additions (INR In Lakhs.) 3,240 3,475 2,231 2,716

Total Additions Required (%)
 Fixed Asset Schedule

2023 2024 2025 2026 2027 2028 2029

Audited Estimated Estimated Estimated Estimated Estimated Estimated

1,431 1,431 1,433 1,435 1,437 1,439 1,441

2 2 2 2 2 2 2
2
1,431 1,433 1,435 1,437 1,439 1,441 1,443
- - - - - - -
-
- - - - - - -
1,431 1,433 1,435 1,437 1,439 1,441 1,443

11,224 11,562 11,903 12,248 12,596 12,948 13,303

338 341 345 348 352 355 359
-
11,562 11,903 12,248 12,596 12,948 13,303 13,662
4,100 4,535 4,973 5,416 5,863 6,315 6,771
(1)
434 438 443 447 452 456 461
7,027 6,930 6,832 6,733 6,633 6,532 6,431

3,210 3,302 3,578 3,856 4,137 4,422 4,709

273 276 278 281 284 287 290
181
3,302 3,578 3,856 4,137 4,422 4,709 4,998
2,344 2,437 2,713 2,991 3,272 3,557 3,844
180
273 276 278 281 284 287 290
865 865 865 865 865 865 865
1,427 1,482 1,610 1,740 1,871 2,003 2,136
127 128 130 131 132 133 135
72
1,482 1,610 1,740 1,871 2,003 2,136 2,271
1,150 1,198 1,322 1,448 1,575 1,704 1,835
73
121 124 126 127 129 130 132
284 288 292 295 298 302 305

8,527 8,519 10,050 11,597 13,159 14,736 16,329

1,516 1,531 1,546 1,562 1,578 1,593 1,609
1,524
8,519 10,050 11,597 13,159 14,736 16,329 17,939
6,034 5,826 7,161 8,510 9,872 11,248 12,637
1,530
1,322 1,335 1,349 1,362 1,376 1,389 1,403
2,693 2,889 3,087 3,287 3,489 3,692 3,898

2,278 2,303 2,672 3,044 3,420 3,800 4,183

365 369 372 376 380 384 387
340
2,303 2,672 3,044 3,420 3,800 4,183 4,571
1,779 1,675 1,913 2,154 2,397 2,643 2,891
340
236 238 241 243 246 248 251
628 758 890 1,023 1,157 1,293 1,430

1,234 1,445 1,669 1,896 2,124 2,355 2,589

222 224 226 229 231 233 236
11
1,445 1,669 1,896 2,124 2,355 2,589 2,824
856 1,032 1,221 1,412 1,604 1,799 1,995
11
187 189 191 193 195 197 199
413 448 484 520 557 593 630
 44 45 47 49 51 53 55
2 2 2 2 2 2 2
1
45 47 49 51 53 55 57
37 40 44 48 52 56 61
1
4 4 4 4 4 4 4
5 3 1 (1) (3) (5) (7)

2,577 2,605 2,631 2,658 2,685 2,712 2,739

1% 1% 1% 1% 1% 1%

29,375 30,089 32,962 35,865 38,796 41,756 44,746

2,845 2,873 2,902 2,931 2,961 2,990 3,020
2,131 - - - - - -
16,300 16,743 19,348 21,979 24,637 27,321 30,033
2,134 - - - - - -
2,577 2,605 2,631 2,658 2,685 2,712 2,739
13,346 13,615 13,886 14,159 14,435 14,713 14,995

2,845 2,873.45 2,902.18 2,931.21 2,960.52 2,990.12 3,020.02

1% 1% 1% 1% 1% 1%
edule

2030 2031 2032 2033

Estimated Estimated Estimated Estimated

1,443 1,446 1,448 1,450

2 2 2 2

1,446 1,448 1,450 1,452

- - - -

- - - -
1,446 1,448 1,450 1,452

13,662 14,025 14,391 14,760

362 366 370 373

14,025 14,391 14,760 15,134

7,232 7,697 8,167 8,642

465 470 475 479

6,328 6,224 6,119 6,013

4,998 5,291 5,587 5,885

293 296 299 302

5,291 5,587 5,885 6,187

4,133 4,426 4,722 5,020

293 296 299 302

865 865 865 865
 2,271 2,407 2,545 2,684
136 138 139 140

2,407 2,545 2,684 2,824

1,966 2,100 2,234 2,370

133 134 136 137

308 311 314 317

17,939 19,564 21,206 22,864

1,625 1,642 1,658 1,675

19,564 21,206 22,864 24,538

14,040 15,458 16,889 18,335

1,417 1,432 1,446 1,460

4,106 4,316 4,529 4,743

4,571 4,962 5,358 5,757

391 395 399 403

4,962 5,358 5,757 6,160

3,141 3,394 3,650 3,908

253 256 258 261

1,568 1,708 1,849 1,991

2,824 3,062 3,303 3,546

238 240 243 245

3,062 3,303 3,546 3,791

2,194 2,394 2,597 2,801

200 202 205 207

668 706 744 783
 57 60 62 64
2 2 2 2

60 62 64 66
65 69 73 78

4 4 4 4
(10) (12) (14) (16)

2,766 2,794 2,822 2,850

1% 1% 1% 1%

47,767 50,817 53,897 57,009

3,050 3,081 3,112 3,143
- - - -
32,772 35,538 38,332 41,154
- - - -
2,766 2,794 2,822 2,850
15,279 15,565 15,855 16,148

3,050.23 3,080.73 3,111.53 3,142.65

1% 1% 1% 1%
 2019 2020 2021 2022 2023
(INR in Crs.) Audited Audited Audited Audited Audited

Revenues 82,675 90,791 100,472 121,641 146,767

Cost of sales (12,814) (13,981) (13,756) (22,740) (28,886)
Gross profit 69,861 76,810 86,716 98,901 117,881
Operating expenses (49,691) (54,543) (58,827) (67,410) (82,751)
EBITDA 20,170 22,267 27,889 31,491 35,130
Depreciation (2,011) (2,893) (3,267) (3,476) (4,225)
EBIT 18,159 19,374 24,622 28,015 30,905
Interest expenses - (170) (195) (200) (284)
Other Income 2,882 2,803 2,201 2,295 2,701
EBT 21,041 22,007 26,628 30,110 33,322
Taxes (5,631) (5,368) (7,205) (7,964) (9,214)
Net Income 15,410 16,639 19,423 22,146 24,108
Dividend 13,705 9,548 9,137 12,731 13,653

Check
Net income 15410 16639 19423 22146 24108
0 0 0 0 0
 Income Statement

2024 2025 2026 2027 2028 2029 2030

Estimated Estimated Estimated Estimated Estimated Estimated Estimated

177,690 215,129 260,455 315,332 381,771 462,209 559,594

(29,484) (35,697) (43,218) (52,323) (63,348) (76,695) (92,854)
148,206 179,432 217,238 263,009 318,423 385,514 466,740
(103,249) (125,003) (151,340) (183,227) (221,832) (268,571) (325,157)
44,957 54,430 65,898 79,782 96,592 116,943 141,582
(2,605) (2,631) (2,658) (2,685) (2,712) (2,739) (2,766)
42,353 51,798 63,240 77,097 93,880 114,204 138,816
(263) (318) (385) (466) (564) (683) (827)
6,194 7,499 9,079 10,992 13,308 16,112 19,507
48,284 58,979 71,934 87,623 106,624 129,633 157,496
(12,777) (15,607) (19,755) (24,064) (30,348) (36,897) (46,402)
35,507 43,372 52,179 63,560 76,276 92,736 111,094
21,835 26,672 32,088 39,087 46,907 57,029 68,318
 2031 2032 2033
Estimated Estimated Estimated

677,498 820,244 993,065

(112,418) (136,104) (164,781)
565,080 684,140 828,285
(393,667) (476,610) (577,030)
171,413 207,529 251,255
(2,794) (2,822) (2,850)
168,619 204,707 248,405
(1,002) (1,213) (1,468)
23,617 28,593 34,618
191,235 232,088 281,554
(56,343) (70,700) (85,769)
134,892 161,388 195,786
82,953 99,247 120,400
 2019 2020 2021 2022
(INR in Crs.) Audited Audited Audited Audited

Shareholders' Equity
Share Capital 2,170 2,122 2,124 2,098
Retained Earnngs 62,778 63,328 74,227 73,252
Non Controlling Interest 58 394 431 386
65,006 65,844 76,782 75,736

Non-Current Liabilities
Lease Liabilities - 4,014 4,587 4,602
Other Long Term Liabilities 275 279 763 451
as a % of revenue 0.33% 0.31% 0.76% 0.37%
Other Financial Liabilities 147 807 1,514 2,337
Deferred Tax Liabilities 672 968 875 1,156
1,094 6,068 7,739 8,546

Current Liabilities
Trade Payables 1,655 2,852 2,645 4,134
Others 16,983 18,004 21,220 29,469
18,638 20,856 23,865 33,603

Total Liabilities & Equity 84,738 92,768 ### ###

Non-Current Assets
PP&E + Intangibles 17,098 24,743 26,427 26,216
Non-Current Investments 4,634 4,137 11,863 13,651
as a % of revenue 5.6% 4.6% 11.8% 11.2%
Others 10,128 9,312 9,363 10,833
as a % of revenue 12.25% 10.26% 9.32% 8.91%
31,860 38,192 47,653 50,700

Current Assets
Inventories - - - -
Receivables 14,827 18,487 19,294 22,698
Cash & Bank Balances 19,568 18,649 24,714 17,472
Investments 6,627 4,655 2,342 6,673
as a % of revenue 8.0% 5.1% 2.3% 5.5%
Others 11,856 12,785 14,383 20,342
as a % of revenue 14.3% 14.1% 14.3% 16.7%
52,878 54,576 60,733 67,185

Total Assets 84,738 92,768 ### ###

Check 1.000000 ### ### ###

(0) (0) (0) (0)
 Balance Sheet

2023 2024 2025 2026 2027 2028 2029 2030

Audited Estimated Estimated Estimated Estimated Estimated EstimatedEstimated

2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069

73,338 87,010 103,710 123,801 148,274 177,644 213,351 256,127
388 388 388 388 388 388 388 388
75,795 89,467 ### ### ### ### ### ###

7,057 7,057 7,057 7,057 7,057 7,057 7,057 7,057

500 750 908 1,100 1,331 1,612 1,951 2,362
0.34% 0.42% 0.42% 0.42% 0.42% 0.42% 0.42% 0.42%
2,058 2,058 2,058 2,058 2,058 2,058 2,058 2,058
1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220
10,835 11,085 11,243 11,435 11,666 11,947 12,286 12,697

3,865 4,959 6,004 7,269 8,801 10,655 12,900 15,618

35,321 39,015 47,236 57,188 69,237 83,825 101,487 122,870
39,186 43,975 53,240 64,457 78,038 94,481 ### ###

### ### ### ### ### ### ### ###

29,513 13,615 13,886 14,159 14,435 14,713 14,995 15,279

12,569 14,839 17,966 21,751 26,334 31,882 38,599 46,732
8.6% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4%
12,853 17,587 21,293 25,779 31,211 37,787 45,749 55,388
8.76% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90% 9.90%
54,935 46,041 53,144 61,689 71,979 84,382 99,342 ###
 - - - - - - - -
25,424 33,222 40,221 48,696 58,956 71,378 86,416 104,624
12,173 28,624 32,925 38,060 44,480 52,048 61,416 72,360
6,909 9,122 11,043 13,370 16,187 19,598 23,727 28,726
4.7% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1%
26,375 27,518 33,315 40,335 48,833 59,122 71,579 86,660
18.0% 15.5% 15.5% 15.5% 15.5% 15.5% 15.5% 15.5%
70,881 98,485 ### ### ### ### ### ###

### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###

(0) (0) (0) (0) (0) (0) (0) (0)
 2031 2032 2033
Estimated Estimated Estimated

2,069 2,069 2,069

308,066 370,207 445,593
388 388 388
### ### ###

7,057 7,057 7,057

2,860 3,463 4,192
0.42% 0.42% 0.42%
2,058 2,058 2,058
1,220 1,220 1,220
13,195 13,798 14,527

18,909 22,893 27,717

148,758 180,100 218,047
### ### ###

### ### ###

15,565 15,855 16,148

56,578 68,499 82,931
8.4% 8.4% 8.4%
67,057 81,186 98,292
9.90% 9.90% 9.90%
### ### ###
 - - -
126,668 153,356 185,668
85,818 101,427 120,535
34,779 42,107 50,978
5.1% 5.1% 5.1%
104,919 127,025 153,789
15.5% 15.5% 15.5%
### ### ###

### ### ###

### ### ###

(0) (0) (0)
 2020 2021 2022 2023
(INR in Crs.) Audited Audited Audited Audited

Profit Before Tax 22,007 26,628 30,110 33,322

Add: Depreciation and amortisation 2,893 3,267 3,476 4,225
Add: Finance cost 170 195 200 284
Less: Income on Investments (2,803) (2,201) (2,295) (2,701)

Changes in working capital:

Adjustment for (increase)/decrease in Current assets:
Inventories - - - -
Receivables (3,660) (807) (3,404) (2,726)
Investments 1,972 2,313 (4,331) (236)
Others (929) (1,598) (5,959) (6,033)

Adjustment for (increase)/decrease in Current Liabilities:

Trade Payables 1,197 (207) 1,489 (269)
Others 1,021 3,216 8,249 5,852
Less: Income tax paid (5,368) (7,205) (7,964) (9,214)
Net Cash Flow From Operations Activities 16,500 23,601 19,571 22,504

Capital expenditure on PP&E and intangible assets (10,538) (4,951) (3,265) (7,522)
Sale/Purchase of investments 1,313 (7,777) (3,258) (938)
Income on Investments 2,803 2,201 2,295 2,701

Cash Flow from Investing Activities (6,422) ### (4,228) (5,759)

Interest paid (170) (195) (200) (284)

Proceeds from issue of equity share capital (48) 2 (26) (29)
Changes in Other Equity (16,089) (8,524) (23,121) (24,022)
Additions to non controlling interest 336 37 (45) 2
Increase/decrease in Non-Current Liabilities 4,974 1,671 807 2,289

Cash Flow From Financing Activities ### (7,009) ### ###

Increase/(Decrease) in Cash and Cash Equivale (919) 6,065 (7,242) (5,299)
Cash and Cash Equivalents at the beginning of 19,568 18,649 24,714 17,472
Cash and Cash Equivalents at the end of the y 18,649 24,714 17,472 12,173

CHECK 1 1 1 1
 Cash Flow Statement

2024 2025 2026 2027 2028 2029 2030 2031 2032

EstimatedEstimatedEstimatedEstimatedEstimatedEstimatedEstimatedEstimatedEstimated

48,284 58,979 71,934 87,623 ### ### ### ### ###

2,605 2,631 2,658 2,685 2,712 2,739 2,766 2,794 2,822
263 318 385 466 564 683 827 1,002 1,213
(6,194) (7,499) (9,079) (10,992) (13,308) (16,112) (19,507) (23,617) (28,593)

- - - - - - - - -
(7,798) (7,000) (8,474) (10,260) (12,422) (15,039) (18,208) (22,044) (26,688)
(2,213) (1,922) (2,327) (2,817) (3,411) (4,129) (4,999) (6,053) (7,328)
(1,143) (5,798) (7,019) (8,498) (10,289) (12,457) (15,081) (18,259) (22,106)

1,094 1,045 1,265 1,532 1,854 2,245 2,718 3,291 3,984

3,694 8,220 9,952 12,049 14,588 17,662 21,383 25,888 31,343
(12,777) (15,607) (19,755) (24,064) (30,348) (36,897) (46,402) (56,343) (70,700)
25,816 33,368 39,539 47,724 56,565 68,328 80,993 97,894 ###

13,294 (2,902) (2,931) (2,961) (2,990) (3,020) (3,050) (3,081) (3,112)

(7,004) (6,832) (8,272) (10,014) (12,124) (14,679) (17,772) (21,516) (26,049)
6,194 7,499 9,079 10,992 13,308 16,112 19,507 23,617 28,593

12,483 (2,235) (2,123) (1,983) (1,806) (1,587) (1,315) (980) (568)

(263) (318) (385) (466) (564) (683) (827) (1,002) (1,213)

- - - - - - - - -
(21,835) (26,672) (32,088) (39,087) (46,907) (57,029) (68,318) (82,953) (99,247)
- - - - - - - - -
250 158 191 232 280 340 411 498 603

### ### ### ### ### ### ### ### ###

16,451 4,301 5,134 6,420 7,568 9,369 10,944 13,458 15,609
12,173 28,624 32,925 38,060 44,480 52,048 61,416 72,360 85,818
28,624 32,925 38,060 44,480 52,048 61,416 72,360 85,818 ###

1 1 1 1 1 1 1 1 1
 2033
Estimated

281,554
2,850
1,468
(34,618)

-
(32,311)
(8,872)
(26,764)

4,824
37,946
(85,769)
140,309

(3,143)
(31,538)
34,618

(63)

(1,468)
-
(120,400)
-
730

###
 19,108
101,427
120,535

TRUE
 2019 2020 2021 2022 2023
Audited Audited Audited Audited Audited
Profitability Ratio
Gross Margin 84.50% 84.60% 86.31% 81.31% 80.32%
EBITDA Margin 24.40% 24.53% 27.76% 25.89% 23.94%
Operating Margin 21.96% 21.34% 24.51% 23.03% 21.06%
Pretax Margin 25.45% 24.24% 26.50% 24.75% 22.70%
Effective Tax rate 26.76% 24.39% 27.06% 26.45% 27.65%
Net Margin 18.64% 18.33% 19.33% 18.21% 16.43%

DuPont/Earning Power
Asset Turnover 93.2% 90.3% 88.8% 99.8%
Pre tax margin 25.45% 24.24% 26.50% 24.75% 22.70%
Pre tax ROA 24% 22% 24% 25%
Leverage (Asset/Equity) 1.30 1.41 1.41 1.56 1.66
Pre Tax ROE 32% 31% 35% 40%
Tax Complement 0.73 0.76 0.73 0.74 0.72
ROE 24% 23% 25% 29%
Equity Retention 11% 43% 53% 43% 43%
Reinvestment Rate 10% 13% 12% 13%

Liquidity Ratio
Quick ratio 2.84 2.62 2.54 2.00 1.81
Current ratio 2.84 2.62 2.54 2.00 1.81
Cash Cycle (Days) 18.07 -0.13 -0.09 1.73 14.19

Leverage
Asset/Equity 1.30 1.41 1.41 1.56 1.66
Debt/Equity 0.00 0.06 0.06 0.06 0.09

Operating
A/R Turnover 36.69 33.03 29.64 30.41 33.26
Avg. A/R Days 64.56 73.30 69.13 67.18 62.36
Avg. A/P Days 46.50 73.44 69.22 65.45 48.17
WC / Sales Growth -1.26% -3.46% -9.03%
 Ratio Analysis

2024 2025 2026 2027 2028 2029 2030 2031

Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated

83.41% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41%

25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30%
23.84% 24.08% 24.28% 24.45% 24.59% 24.71% 24.81% 24.89%
27.17% 27.42% 27.62% 27.79% 27.93% 28.05% 28.14% 28.23%
26.46% 26.46% 27.46% 27.46% 28.46% 28.46% 29.46% 29.46%
19.98% 20.16% 20.03% 20.16% 19.98% 20.06% 19.85% 19.91%

108.6% 112.8% 115.4% 117.7% 119.7% 121.4% 122.9% 124.2%

27.17% 27.42% 27.62% 27.79% 27.93% 28.05% 28.14% 28.23%
25% 31% 32% 33% 33% 34% 34% 35%
1.62 1.61 1.60 1.60 1.59 1.59 1.58 1.58
40% 49% 51% 52% 53% 54% 55% 55%
0.74 0.74 0.73 0.73 0.72 0.72 0.71 0.71
29% 36% 37% 38% 38% 39% 39% 39%
39% 39% 39% 39% 39% 39% 39% 39%
14% 14% 15% 15% 15% 15% 15% 15%

2.24 2.21 2.18 2.16 2.14 2.13 2.11 2.10

2.24 2.21 2.18 2.16 2.14 2.13 2.11 2.10
6.75 6.75 6.75 6.75 6.75 6.75 6.75 6.75

1.62 1.61 1.60 1.60 1.59 1.59 1.58 1.58

0.08 0.07 0.06 0.05 0.04 0.03 0.03 0.02

32.41 32.41 32.41 32.41 32.41 32.41 32.41 32.41

67.31 67.31 67.31 67.31 67.31 67.31 67.31 67.31
60.55 60.55 60.55 60.55 60.55 60.55 60.55 60.55
-2.69% 0.62% -1.90% -2.07% -2.22% -2.34% -2.46% -2.56%
 2032 2033
Estimated Estimated
Interpretation
83.41% 83.41% Gross Margin: -The gross margin has fluctuated over the years, but there appears to be
25.30% 25.30% EBITDA: - The company has maintaining its operational efficiency and cost structure ov
24.96% 25.01% Operating Margin: - the company is becoming more efficient in managing its operating
28.29% 28.35% Pretax Margin:- A rising pre-tax margin generally signifies improved profitability and fin
30.46% 30.46%
19.68% 19.72% Net Margin: - Although there has been fluctuations, but the company forecasted a sligh

125.4% 126.4% The Asset Turnover ratio is one of many financial metrics used to assess a company's o
28.29% 28.35% Pretax Margin:- A rising pre-tax margin generally signifies improved profitability and fin
35% 36% Pre Tax Return on Assets (ROA): - The Return on Assets (ROA) measures a company's p
1.58 1.58 Leverage (Asset/ Equity):- The asset-to-equity ratio indicates how much of a company's
56% 57% Pre Tax ROE:- An increasing pre-tax return on equity (ROE) indicates that the company
0.70 0.70 Tax Complement :- Ratio measures the proportion of net income relative to earnings b
39% 39% Return on equity: -The Return on Equity (ROE) measures a company's profitability relati
39% 39% Equity Retention:- The Equity Retention Ratio measures the proportion of earnings reta
15% 17% Reinvestment Rate:- The reinvestment rate measures the percentage of earnings that a

2.09 2.08 The Quick Ratio is a valuable tool for assessing a company's ability to cover short-term
2.09 2.08 Current ratio: -Here, as the company doesn't have inventory, so both Quick and Curren
6.75 6.75 The CCC, measured in days, helps assess how effectively a company manages its cash fl

1.58 1.58 Asset/ Equity Ratio:- The asset-to-equity ratio indicates how much of a company's asse
0.02 0.02 Debt to equity ratio: - The Debt-to-Equity (D/E) ratio measures the proportion of a com

32.41 35.83 Average Receivables Turnover:- The average receivables turnover ratio measures how
67.31 67.31 Average A/R Days:- The Average Accounts Receivable Days measures how long it takes
60.55 60.55 Average A/P Days:- The Average Accounts Payable Days measures the average number
-2.66% -2.76% WC/ Sales Growth ratio:- The working capital by sales growth ratio measures the chang
e years, but there appears to be a general upward trend in later yeras. improving gross margin over time can signal that a company is beco
efficiency and cost structure over the forecast period. However,it indicates that the company has confidence in its current business mode
cient in managing its operating expenses relative to its revenue in the forecast period. This trend signify improved operational performan
es improved profitability and financial health for the company. This could result from various factors such as improved operational efficien

t the company forecasted a slightly higher net margin due to improved operational efficiencies, cost-cutting measures, or enhanced produ

cs used to assess a company's operational efficiency. It's essential to consider it in conjunction with other performance indicators and indu
es improved profitability and financial health for the company. This could result from various factors such as improved operational efficien
(ROA) measures a company's profitability relative to its total assets. The company has high ratio that signifies that the company is effectiv
cates how much of a company's assets are financed by equity. The decrease in the trend in the forecasted years suggest that the company
OE) indicates that the company is generating more profit relative to its equity investments. It is a positive indicator of the company's finan
et income relative to earnings before tax, indicating the efficiency of a company in converting its pre-tax earnings into net income after tax
s a company's profitability relative to its shareholders' equity. Overall, while there has been improvement followed by a slight decline, ma
s the proportion of earnings retained by a company rather than distributed to shareholders as dividends. The decrease suggests that the c
he percentage of earnings that a company reinvests back into its operations for growth or expansion. The rising reinvestment rate indicate

ny's ability to cover short-term liabilities using its most liquid assets. However, it's essential to consider the context of the industry, busine
ntory, so both Quick and Current ratio are same.
y a company manages its cash flow and working capital to sustain operations and generate cash from its sales activities.

how much of a company's assets are financed by equity. The decrease in the trend in the forecasted years suggest that the company is re
easures the proportion of a company's debt relative to its shareholders' equity.Overall, the trend of the D/E ratio falling over the years ind

s turnover ratio measures how efficiently a company collects payments from its customers. Overall, the increasing trend in average receiv
ays measures how long it takes, on average, for a company to collect payments from its customers. The increase back to 67 days in foreca
s measures the average number of days it takes for a company to pay its suppliers or vendors. The increase back to 60 days indicates a slig
rowth ratio measures the change in working capital relative to the change in sales revenue. fluctuations in the working capital by sales gro
nal that a company is becoming more efficient in its operations, managing its production costs effectively, or potentially
its current business model, pricing strategies, and cost management practices, expecting them to remain effective and consistent in the co
ed operational performance, better cost management, or potentially higher sales prices for its products or services. Overall, it reflects a st
proved operational efficiency, cost management, increased sales prices, or higher revenue growth outpacing expenses.

sures, or enhanced productivity, resulting in better profitability. Forecasting a higher net margin signify expectations of steady revenue gr

mance indicators and industry benchmarks for a comprehensive evaluation of a company's financial health and operational effectiveness.
proved operational efficiency, cost management, increased sales prices, or higher revenue growth outpacing expenses.
at the company is effectively generating profits from its assets.
suggest that the company is relying less on equity financing and more on its assets.
or of the company's financial health and efficiency in utilizing its equity investments to generate returns
s into net income after tax. Continuous declines in forecasted period may indicate challenges that need to be addressed to improve financ
wed by a slight decline, maintaining an ROE of around 34% still signifies that the company is effectively generating returns for its sharehold
crease suggests that the company may be paying out more dividends to shareholders
reinvestment rate indicates that the company is prioritizing reinvestment of earnings to fuel future growth and expansion opportunities.

ext of the industry, business model, and other financial metrics for a comprehensive evaluation of a company's financial health.

tivities.

est that the company is relying less on equity financing and more on its assets.
o falling over the years indicates that the company is gradually becoming less leveraged and relying more on equity financing, which can en

ng trend in average receivables turnover indicates enhanced efficiency in managing accounts receivable and converting them into cash, w
e back to 67 days in forecasted period suggests a slight regression in the efficiency of accounts receivable management, though it's still low
to 60 days indicates a slight lengthening in the time it takes the company to pay its suppliers, though it's still lower than the initial increas
orking capital by sales growth ratio provide insights into how effectively a company is managing its working capital in relation to its sales p
ve and consistent in the coming years.
ces. Overall, it reflects a strengthening financial position for the company.

tions of steady revenue growth without proportionate increases in operating expenses, leading to improved profitability.

operational effectiveness.

dressed to improve financial performance.

g returns for its shareholders.

expansion opportunities.

financial health.

ity financing, which can enhance its financial flexibility and resilience to economic downturns.

verting them into cash, which is positive for the company's cash flow and financial health. Here, the trend is same for the forecasted years
ement, though it's still lower than the initial increase from 64 to 73 days.
wer than the initial increase from 46 to 73 days
tal in relation to its sales performance. Negative ratios may indicate challenges with liquidity management, while positive ratios suggest im
me for the forecasted years with an increase in year 2033.

e positive ratios suggest improved financial health and efficiency.

 2020 2021 2022 2023
(INR in million) Audited Audited Audited Audited

PAT 16,639 19,423 22,146 24,108

Add: Depreciation 2,893 3,267 3,476 4,225
Increase/(Decrease) in Non-Current Liab 960 1,098 792 (166)
Increase/(Decrease) in Equity (15,753) (8,487) (23,166) (24,020)
(Increase)/Decrease in Capex/Investments (9,225) (12,728) (6,523) (8,460)
Long Term Surplus/Deficit (4,486) 2,573 (3,275) (4,313)

(Increase)/Decrease in CA (1,698) (6,157) (6,452) (3,696)

Increase/(Decrease) in CL 2,218 3,009 9,738 5,583
(Increase)/Decrease in W.Cap gap 520 (3,148) 3,286 1,887

Net Surplus/Deficit (3,966) (575) 11 (2,426)

Short Term Borrowings - - - -

Long Term Loans 4,014 573 15 2,455
Equity (48) 2 (26) (29)
3,966 575 (11) 2,426
 Fund Flow Statement

2024 2025 2026 2027 2028 2029 2030 2031

Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated

35,507 43,372 52,179 63,560 76,276 92,736 111,094 134,892

2,605 2,631 2,658 2,685 2,712 2,739 2,766 2,794
250 158 191 232 280 340 411 498
(21,835) (26,672) (32,088) (39,087) (46,907) (57,029) (68,318) (82,953)
6,289 (9,734) (11,203) (12,975) (15,114) (17,699) (20,822) (24,597)
22,816 9,755 11,738 14,415 17,247 21,087 25,131 30,634

(27,604) (19,020) (22,955) (27,996) (33,689) (40,993) (49,232) (59,813)

4,789 9,265 11,217 13,581 16,442 19,907 24,101 29,179
(22,816) (9,755) (11,738) (14,415) (17,247) (21,087) (25,131) (30,634)

(0) (0) (0) 0 - - 0 -

- - - - - - 0 0
- - - - - - - -
- - - - - - - -
- - - - - - - -
 2032 2033
Estimated Estimated

161,388 195,786
2,822 2,850
603 730
(99,247) (120,400)
(29,161) (34,681)
36,405 44,285

(71,731) (87,055)
35,327 42,770
(36,405) (44,285)

- (0)

0 0
- -
- -
- -
 Market Da

Index
Date Close Price
10/Apr/24 33495.65
09/Apr/24 33332.19
08/Apr/24 33366.87 Index Nifty 50 TRI
05/Apr/24 33142.19
04/Apr/24 33143.59 Yearfrac 10.0
03/Apr/24 33025.82
02/Apr/24 33053.33 Market Return 14.2%
01/Apr/24 33066.13
### 32867.23
### 32568.01
### 32392.94
### 32528.43
### 32403.6
### 32149.17
### 32117.3
### 32468
### 32420.41
### 32601.49
### 32382.22
### 32879.74
### 32875.25
### 33112.15
### 33083.42
### 32910.07
### 32982.68
### 32942.63
### 32884.29
### 32360.25
### 32313.7
### 32677.61
### 32565.29
### 32698.69
 ### 32705.7
### 32466.65
### 32675.53
### 32561.34
### 32441.32
### 32244.79
### 32133.04
### 31990.61
### 31803.52
### 32048.38
### 31950.32
### 32244.22
### 32242.59
### 32007.18
### 32127.9
### 31898.06
31/Jan/24 31939.59
30/Jan/24 31640.24
29/Jan/24 31957.05
25/Jan/24 31391.07
24/Jan/24 31540.07
23/Jan/24 31223.3
20/Jan/24 31712.86
19/Jan/24 31787.24
18/Jan/24 31538.4
17/Jan/24 31699.64
16/Jan/24 32376.1
15/Jan/24 32471.8
12/Jan/24 32173.66
11/Jan/24 31810.18
10/Jan/24 31768.3
09/Jan/24 31659.81
08/Jan/24 31613.01
05/Jan/24 31903.69
04/Jan/24 31826.97
03/Jan/24 31619.36
02/Jan/24 31837.56
01/Jan/24 31949.36
### 31933.93
### 32003.47
### 31821.31
 ### 31507.69
### 31372.6
### 31233.93
### 31079.76
### 31525
### 31474.35
### 31530.19
### 31127.6
### 30750.95
### 30721.59
### 30854.9
### 30814.15
### 30713.86
### 30767.6
### 30646.19
### 30398.91
### 29783.34
### 29585.36
### 29531.63
### 29227.61
### 29087.95
### 29098.74
### 29113.18
### 29071.36
### 28939.98
### 28995.52
### 29044.66
### 28906.7
### 28565.95
### 28686.47
### 28539.24
### 28495.08
### 28565.86
### 28511.81
### 28519.25
### 28253.09
### 28105.75
### 27886.24
31/Oct/23 28017.36
30/Oct/23 28107.42
27/Oct/23 27969.92
26/Oct/23 27690.29
25/Oct/23 28079.26
23/Oct/23 28291.96
20/Oct/23 28674.78
19/Oct/23 28790.88
18/Oct/23 28855.87
17/Oct/23 29061.8
16/Oct/23 28944.87
13/Oct/23 28973.14
12/Oct/23 29036.17
11/Oct/23 29061.61
10/Oct/23 28883.35
09/Oct/23 28622.98
06/Oct/23 28830.08
05/Oct/23 28671.97
04/Oct/23 28511.13
03/Oct/23 28647.04
### 28807.77
### 28639.44
### 28922.43
### 28846.47
### 28860.9
### 28860.46
### 28960.36
### 29193.69
### 29533.91
### 29620.53
### 29489.61
### 29441.04
### 29328.37
### 29333
### 29074.22
### 28937.96
### 28767.78
### 28714.78
### 28647.16
### 28509.94
### 28243.74
### 28381.13
### 28374.03
### 28320.4
 ### 28261.32
### 28438.68
### 28522.76
### 28453.01
### 28448.83
### 28316.31
### 28393.16
### 28539.38
### 28494.78
### 28482.45
### 28638.92
### 28769.97
### 28661.08
### 28699.8
### 28582.25
### 28383.28
### 28589.81
### 28880.78
31/Jul/23 28910.43
28/Jul/23 28752.69
27/Jul/23 28769.02
26/Jul/23 28939.3
25/Jul/23 28796.35
24/Jul/23 28784.26
21/Jul/23 28890.53
20/Jul/23 29231.71
19/Jul/23 29011.55
18/Jul/23 28888.85
17/Jul/23 28833.54
14/Jul/23 28618.6
13/Jul/23 28393.32
12/Jul/23 28348.88
11/Jul/23 28429.42
10/Jul/23 28304.66
07/Jul/23 28269.43
06/Jul/23 28510.39
05/Jul/23 28365.96
04/Jul/23 28352.01
03/Jul/23 28254.9
30/Jun/23 28059.65
28/Jun/23 27739.64
27/Jun/23 27513.45
26/Jun/23 27328.91
23/Jun/23 27291.39
22/Jun/23 27445.97
21/Jun/23 27571.14
20/Jun/23 27512.41
19/Jun/23 27422.87
16/Jun/23 27519.44
15/Jun/23 27317.25
14/Jun/23 27408.12
13/Jun/23 27350.09
12/Jun/23 27182.55
09/Jun/23 27126.86
08/Jun/23 27227.59
07/Jun/23 27361.85
06/Jun/23 27175.7
05/Jun/23 27168.13
02/Jun/23 27080.87
01/Jun/23 26989.35
### 27057.44
### 27188.18
### 27136.82
### 26991.87
### 26731.86
### 26679.72
### 26771.1
### 26722.03
### 26560.1
### 26451.26
### 26526.82
### 26679.67
### 26789.02
### 26666.67
### 26640.77
### 26667.11
### 26595.52
### 26593.29
### 26308.78
### 26580.77
### 26339.14
### 26423.3
28/Apr/23 26302.92
27/Apr/23 26078.38
26/Apr/23 25930.7
25/Apr/23 25866.09
24/Apr/23 25828.46
21/Apr/23 25654.78
20/Apr/23 25654.16
19/Apr/23 25645.82
18/Apr/23 25706.09
17/Apr/23 25774.07
13/Apr/23 25950.39
12/Apr/23 25924.89
11/Apr/23 25793.77
10/Apr/23 25650.73
06/Apr/23 25614.55
05/Apr/23 25553.28
03/Apr/23 25321.85
### 25266.06
### 24859.93
### 24672.17
### 24721.71
### 24662.53
### 24854.39
### 24963.55
### 24898.97
### 24725.6
### 24888.1
### 24721.52
### 24701.6
### 24805.11
### 24966.68
### 25343.09
### 25600.24
### 25840.12
### 25777.6
### 25607.14
### 25210.65
### 25398.4
### 25184.47
### 25313.7
### 25420.07
 ### 25485.97
### 25548.67
### 25945.08
### 25971.19
### 26116.12
### 26249.52
### 26220.43
### 26077.93
### 25846.7
### 25971.23
### 26024.94
### 25993.34
### 25772.19
### 25834.87
### 25965
### 25610.65
### 25619.24
31/Jan/23 25685.94
30/Jan/23 25666.69
27/Jan/23 25601.88
25/Jan/23 26020.13
24/Jan/23 26349.28
23/Jan/23 26349.14
20/Jan/23 26216.94
19/Jan/23 26333.57
18/Jan/23 26413.71
17/Jan/23 26250.81
16/Jan/23 26020.39
13/Jan/23 26110.2
12/Jan/23 25967.07
11/Jan/23 26021.6
10/Jan/23 26048.47
09/Jan/23 26320.41
06/Jan/23 25968.95
05/Jan/23 26161.85
04/Jan/23 26235.73
03/Jan/23 26511.45
02/Jan/23 26460.41
### 26326.37
### 26451.02
### 26351.4
 ### 26365.65
### 26194.52
### 25892.35
### 26358.44
### 26462.77
### 26733.51
### 26784.68
### 26564.46
### 26776.56
### 27133.4
### 27057.35
### 26896.21
### 26895.35
### 27059.31
### 26988.31
### 27107.87
### 27192.64
### 27185.44
### 27354.74
### 27276.01
### 27071.98
### 26991.6
### 26918.89
### 26877.24
### 26561.89
### 26528.4
### 26405.9
### 26620.61
### 26673.32
### 26768.95
### 26759.85
### 26651.93
### 26681.76
### 26214.31
### 26401.58
### 26464.44
### 26339.9
### 26246.23
### 26290.01
### 26380.97
31/Oct/22 26182.36
28/Oct/22 25852.72
27/Oct/22 25780.23
25/Oct/22 25643.34
24/Oct/22 25751.45
21/Oct/22 25527.09
20/Oct/22 25509.14
19/Oct/22 25434.1
18/Oct/22 25393.89
17/Oct/22 25139.55
14/Oct/22 24953.75
13/Oct/22 24704.95
12/Oct/22 24863.58
11/Oct/22 24660.2
10/Oct/22 25034.02
07/Oct/22 25140.99
06/Oct/22 25165.85
04/Oct/22 25082.39
03/Oct/22 24520.52
### 24821.08
### 24419.98
### 24478.82
### 24694.83
### 24707.77
### 25159.42
### 25598.6
### 25727.13
### 25869.27
### 25587.63
### 25454.93
### 25958.06
### 26141.52
### 26237.81
### 26043.69
### 25894.12
### 25843.86
### 25590.73
### 25636.01
### 25650.83
### 25467.41
### 25472.24
### 25786.59
 ### 25138.4
### 25495.64
### 25442.67
### 25562.51
### 25522.62
### 25396.57
### 25785.4
### 26067.35
### 26035.87
### 25863.24
### 25678.83
### 25621.06
### 25431.92
### 25413.25
### 25215.93
### 25193.41
### 25202.38
### 25137.82
### 25128.57
29/Jul/22 24862.7
28/Jul/22 24531.38
27/Jul/22 24114.41
26/Jul/22 23882.26
25/Jul/22 24095.46
22/Jul/22 24223.56
21/Jul/22 24058.17
20/Jul/22 23920.88
19/Jul/22 23659.85
18/Jul/22 23566.52
15/Jul/22 23234.52
14/Jul/22 23074.52
13/Jul/22 23107.47
12/Jul/22 23239.9
11/Jul/22 23468.14
08/Jul/22 23473.61
07/Jul/22 23345.61
06/Jul/22 23137.7
05/Jul/22 22878.72
04/Jul/22 22914.2
01/Jul/22 22788.18
30/Jun/22 22828.93
29/Jun/22 22848.35
28/Jun/22 22922.24
27/Jun/22 22896.02
24/Jun/22 22703.95
23/Jun/22 22497.71
22/Jun/22 22290.46
21/Jun/22 22616.52
20/Jun/22 22199.11
17/Jun/22 22114.97
16/Jun/22 22211.98
15/Jun/22 22691.46
14/Jun/22 22729.97
13/Jun/22 22791.12
10/Jun/22 23408.59
09/Jun/22 23807.84
08/Jun/22 23628.32
07/Jun/22 23715.1
06/Jun/22 23936.44
03/Jun/22 23957.71
02/Jun/22 24020.89
01/Jun/22 23868.85
### 23958.1
### 24031.25
### 23585.61
### 23322.66
### 23096.63
### 23223.25
### 23352.22
### 23426.36
### 22768.49
### 23389.07
### 23416.46
### 22815.88
### 22729.28
### 22766.52
### 23260.85
### 23365.81
### 23454.71
### 23612.16
### 24002.58
### 23995.35
 ### 24558.61
29/Apr/22 24606.78
28/Apr/22 24811.78
27/Apr/22 24508.3
26/Apr/22 24741.88
25/Apr/22 24386.78
22/Apr/22 24700.36
21/Apr/22 25017.73
20/Apr/22 24648.4
19/Apr/22 24392.54
18/Apr/22 24701.75
13/Apr/22 25136.13
12/Apr/22 25214.76
11/Apr/22 25422.81
08/Apr/22 25580.15
07/Apr/22 25371.88
06/Apr/22 25613.71
05/Apr/22 25829.11
04/Apr/22 25964.72
01/Apr/22 25413.94
### 25118.14
### 25166.31
### 24917.57
### 24768.69
### 24669.45
### 24769.75
### 24802.74
### 24903.14
### 24618.52
### 24862.27
### 24414
### 23964.72
### 24264.29
### 23917.96
### 23866.77
### 23507.87
### 23030.56
### 22814.41
### 23364.07
### 23727.54
### 23882.72
 ### 24153.01
### 23958.1
### 23367.85
### 24540.41
### 24582.05
### 24746.59
### 24838.68
### 24879.32
### 24904.67
### 24941.93
### 24209.38
### 24958.45
### 25290.42
### 25084.6
### 24795.76
### 24719.45
### 25154.14
### 25217.2
### 25526.55
### 25234.89
31/Jan/22 24894.62
28/Jan/22 24553.04
27/Jan/22 24564.81
25/Jan/22 24805.75
24/Jan/22 24620.72
21/Jan/22 25292.72
20/Jan/22 25492.99
19/Jan/22 25749.81
18/Jan/22 25998.14
17/Jan/22 26278.07
14/Jan/22 26202.97
13/Jan/22 26205.87
12/Jan/22 26140.68
11/Jan/22 25915.89
10/Jan/22 25840.62
07/Jan/22 25567.06
06/Jan/22 25471.18
05/Jan/22 25728.58
04/Jan/22 25556.34
03/Jan/22 25298.63
### 24908.71
### 24693.25
### 24707.1
### 24735.32
### 24524.36
### 24405.96
### 24504.75
### 24336.62
### 24063.78
### 23839.01
### 24371.37
### 24749.01
### 24710.3
### 24858.79
### 24921.02
### 25126.24
### 25134.23
### 25066.62
### 24646.18
### 24266.71
### 24674.83
### 24968.91
### 24632.06
### 24368.53
### 24469.99
### 24430.53
### 25162.07
### 24988.18
### 25114.82
### 24990.27
### 25483.23
### 25675.2
### 25819.49
### 25977.61
### 25968.02
### 25639.32
### 25839.47
### 25878.28
### 25913.09
### 25695.5
### 25569.86
### 25655.51
 ### 25710.8
29/Oct/21 25340.83
28/Oct/21 25606.99
27/Oct/21 26113.62
26/Oct/21 26196.05
25/Oct/21 25967.04
22/Oct/21 25952.01
21/Oct/21 26042.59
20/Oct/21 26165.78
19/Oct/21 26383.71
18/Oct/21 26467.21
14/Oct/21 26268.83
13/Oct/21 26013.19
12/Oct/21 25770.01
11/Oct/21 25704.1
08/Oct/21 25631.38
07/Oct/21 25481.26
06/Oct/21 25274.48
05/Oct/21 25526.98
04/Oct/21 25339.32
01/Oct/21 25111.25
### 25234.57
### 25367.99
### 25421.46
### 25573.99
### 25571.24
### 25527.92
### 25132.15
### 25154.16
### 24917.72
### 25187.34
### 25250.87
### 25093.22
### 24893.51
### 24858.12
### 24878.09
### 24855.5
### 24857.27
### 24879.79
### 24802.17
### 24674.11
 ### 24445.62
### 24525.71
### 24237.8
### 23914.48
### 23816.68
### 23813.43
### 23799.1
### 23615.61
### 23549.09
### 23718.57
### 23784.05
### 23708.38
### 23659.78
### 23424.04
### 23303.89
### 23300.36
### 23269.12
### 23238.83
### 23319.53
### 23265.07
### 23081.86
### 22730.42
30/Jul/21 22554.26
29/Jul/21 22576.34
28/Jul/21 22472.95
27/Jul/21 22518.8
26/Jul/21 22628.19
23/Jul/21 22673.35
22/Jul/21 22621.45
20/Jul/21 22344.81
19/Jul/21 22516.71
16/Jul/21 22761.2
15/Jul/21 22762.34
14/Jul/21 22656.78
13/Jul/21 22595.49
12/Jul/21 22424.39
09/Jul/21 22420.36
08/Jul/21 22473.81
07/Jul/21 22683.66
06/Jul/21 22595.93
05/Jul/21 22618.97
02/Jul/21 22456.66
01/Jul/21 22396.4
30/Jun/21 22455.7
29/Jun/21 22493.6
28/Jun/21 22578.86
25/Jun/21 22644.06
24/Jun/21 22544.26
23/Jun/21 22395.25
22/Jun/21 22517.74
21/Jun/21 22480.3
18/Jun/21 22390.11
17/Jun/21 22401.65
16/Jun/21 22503.9
15/Jun/21 22649.05
14/Jun/21 22567.11
11/Jun/21 22544.26
10/Jun/21 22448.94
09/Jun/21 22283.52
08/Jun/21 22432.77
07/Jun/21 22449.24
04/Jun/21 22333.23
03/Jun/21 22361.86
02/Jun/21 22194.18
01/Jun/21 22192.25
### 22203.59
### 21962.31
### 21823.14
### 21771.35
### 21639.04
### 21617.03
### 21585.18
### 21202.21
### 21378.71
### 21489.56
### 21226.53
### 20877.56
### 20904.13
### 21123.53
### 21253.8
### 21084.26
### 20944.41
 ### 20792.24
### 20619.62
### 20815.43
30/Apr/21 20811.13
29/Apr/21 21186.3
28/Apr/21 21136.41
27/Apr/21 20835.67
26/Apr/21 20596.72
23/Apr/21 20392.44
22/Apr/21 20484.63
20/Apr/21 20328.55
19/Apr/21 20418.16
16/Apr/21 20785.61
15/Apr/21 20733.88
13/Apr/21 20624.86
12/Apr/21 20348.99
09/Apr/21 21094.17
08/Apr/21 21149.59
07/Apr/21 21069.32
06/Apr/21 20876.57
05/Apr/21 20811.61
01/Apr/21 21137.69
### 20886.52
### 21106.06
### 20625.79
### 20366.42
### 20684.27
### 21061.52
### 20947.65
### 20956.87
### 20692.34
### 20924.61
### 21193.46
### 21220.59
### 21361.29
### 21565.72
### 21457.17
### 21255.06
### 21225.94
### 21428.63
### 21662.92
 ### 21198.93
### 20975.08
### 20644.88
### 21452.24
### 21288.35
### 20898.75
### 20853.12
### 21273.28
### 21468.11
### 21595.82
### 21737.9
### 21739.69
### 21521.82
### 21536
### 21436.44
### 21440.42
### 21447.64
### 21175.89
### 21135.31
### 20985.32
### 20783.69
### 20263.44
29/Jan/21 19346.03
28/Jan/21 19605.59
27/Jan/21 19818.34
25/Jan/21 20201.9
22/Jan/21 20390.57
21/Jan/21 20700.02
20/Jan/21 20775.67
19/Jan/21 20600.41
18/Jan/21 20260.18
15/Jan/21 20476.38
14/Jan/21 20706.07
13/Jan/21 20660.35
12/Jan/21 20658.34
11/Jan/21 20546.74
08/Jan/21 20351.67
07/Jan/21 20053.97
06/Jan/21 20066.56
05/Jan/21 20142.13
04/Jan/21 20047.61
01/Jan/21 19885.36
### 19833.19
### 19833.53
### 19763.51
### 19679.24
### 19503.4
### 19293.26
### 19102.06
### 18906.45
### 19519.42
### 19491.3
### 19404.8
### 19241.9
### 19228.16
### 19165.33
### 19114.96
### 19186.95
### 18993.86
### 18941.15
### 18803.27
### 18626.53
### 18597.9
### 18591.25
### 18392.54
### 18418.16
### 18235.76
### 18514.82
### 18332.33
### 18236.68
### 18112.83
### 18349.02
### 18258.23
### 18124.93
### 18039.44
### 17998.11
### 18080.84
### 17913.4
### 17672.25
### 17392.14
### 17189.03
### 16888.65
 ### 16746.75
### 16542.08
30/Oct/20 16504.16
29/Oct/20 16544.45
28/Oct/20 16623.13
27/Oct/20 16844.96
26/Oct/20 16672.62
23/Oct/20 16902.96
22/Oct/20 16840.52
21/Oct/20 16897.43
20/Oct/20 16839.6
19/Oct/20 16805.97
16/Oct/20 16649.46
15/Oct/20 16533.24
14/Oct/20 16944.73
13/Oct/20 16888.87
12/Oct/20 16883.84
09/Oct/20 16860.11
08/Oct/20 16747.48
07/Oct/20 16611.96
06/Oct/20 16503.77
05/Oct/20 16278.72
01/Oct/20 16156.44
### 15916.72
### 15881.16
### 15888.44
### 15637.53
### 15291.25
### 15752.97
### 15783.87
### 15920.99
### 16281
### 16296.78
### 16421.95
### 16304.84
### 16189.14
### 16222.92
### 16201.44
### 15958.99
### 16014.67
### 16068.06
 ### 16038.07
### 16311.99
### 16322.17
### 16227.14
### 16110.07
### 16478.01
### 16353.08
### 16339.41
### 16226.2
### 16218.02
### 16083.84
### 15999.86
### 16135.89
### 16101.86
### 15906.29
### 15809.17
### 15981.73
### 15986.03
### 16005.99
### 15931.97
### 15852.65
### 15833.02
### 15689.69
### 15676.74
### 15388.98
31/Jul/20 15645.34
30/Jul/20 15685.92
29/Jul/20 15824.19
28/Jul/20 15961.7
27/Jul/20 15723.39
24/Jul/20 15811.4
23/Jul/20 15841.48
22/Jul/20 15722.51
21/Jul/20 15764.41
20/Jul/20 15566.56
17/Jul/20 15396.44
16/Jul/20 15167.99
15/Jul/20 14993.52
14/Jul/20 14978.23
13/Jul/20 15254.09
10/Jul/20 15204.13
09/Jul/20 15268.19
08/Jul/20 15104.09
07/Jul/20 15236.58
06/Jul/20 15185.78
03/Jul/20 14964.59
02/Jul/20 14886.06
01/Jul/20 14707.64
30/Jun/20 14527.18
29/Jun/20 14541.76
26/Jun/20 14641.26
25/Jun/20 14508.61
24/Jun/20 14531.72
23/Jun/20 14765.36
22/Jun/20 14540.07
19/Jun/20 14445.87
18/Jun/20 14227.14
17/Jun/20 13930.35
16/Jun/20 13976.63
15/Jun/20 13835.27
12/Jun/20 14059.69
11/Jun/20 13959.73
10/Jun/20 14260.91
09/Jun/20 14162.9
08/Jun/20 14333.2
05/Jun/20 14297.55
04/Jun/20 14138.19
03/Jun/20 14183.95
02/Jun/20 14065.56
01/Jun/20 13850
### 13503.45
### 13364.65
### 13117.99
### 12715.39
### 12729.74
### 12824.12
### 12768.2
### 12504.22
### 12425.57
### 12867.16
### 12875.51
### 13214.58
 ### 12951.29
### 13011.35
### 13028.62
### 12954.81
### 13055.99
### 12963.99
### 13086.63
30/Apr/20 13884.18
29/Apr/20 13452.51
28/Apr/20 13208.29
27/Apr/20 13069.49
24/Apr/20 12889.39
23/Apr/20 13113.97
22/Apr/20 12935.73
21/Apr/20 12645.91
20/Apr/20 13040.65
17/Apr/20 13047.57
16/Apr/20 12661.83
15/Apr/20 12566.85
13/Apr/20 12663.31
09/Apr/20 12829.57
08/Apr/20 12318.25
07/Apr/20 12379.42
03/Apr/20 11382.02
01/Apr/20 11621.35
### 12105.66
### 11659.76
### 12193.62
### 12167.15
### 11710.71
### 10983.15
### 10710.41
### 12298.74
### 11620.92
### 11904.02
### 12604.41
### 12928.18
### 13987.31
### 13474.38
### 14694.31
### 14684.56
 ### 15440.48
### 15833.21
### 15805.53
### 15878.98
### 15632.14
### 15726.92
### 16332.81
### 16396.23
### 16563.91
### 16608.12
### 16961.16
### 17024.41
### 16837.08
### 16911.92
### 17002.89
### 17088.84
### 17126.07
### 16995.1
### 16887.86
### 16981.75
### 17037.28
### 16968.83
### 16815.12
### 16433.65
### 16369
31/Jan/20 16790.45
30/Jan/20 16893.91
29/Jan/20 17025.46
28/Jan/20 16922.01
27/Jan/20 17010.7
24/Jan/20 17192.15
23/Jan/20 17095.61
22/Jan/20 16990.68
21/Jan/20 17079.07
20/Jan/20 17155.83
17/Jan/20 17335.2
16/Jan/20 17339.57
15/Jan/20 17322.5
14/Jan/20 17349.12
13/Jan/20 17303.2
10/Jan/20 17201.08
09/Jan/20 17143.65
08/Jan/20 16876.24
07/Jan/20 16915.03
06/Jan/20 16830.93
03/Jan/20 17158.75
02/Jan/20 17236.7
01/Jan/20 17096.83
### 17077.06
### 17199.73
### 17185.66
### 17018.26
### 17141.8
### 17209.4
### 17222.14
### 17205.12
### 17150.93
### 17071.49
### 16915.65
### 16961.56
### 16800.36
### 16713.79
### 16638.94
### 16751.53
### 16729.08
### 16865.04
### 16899.88
### 16831.11
### 16906.88
### 16917.89
### 17051.31
### 16980.54
### 16892.15
### 16942.7
### 16719.11
### 16794.86
### 16837.96
### 16755.15
### 16677.14
### 16692.52
### 16659.78
### 16615.37
 ### 16717.75
### 16710.37
### 16856.17
### 16791.61
### 16723.06
### 16756.87
### 16685.73
31/Oct/19 16667.29
30/Oct/19 16620.07
29/Oct/19 16539.23
27/Oct/19 16315.17
25/Oct/19 16254.45
24/Oct/19 16252.63
23/Oct/19 16282.84
22/Oct/19 16248.11
18/Oct/19 16351.16
17/Oct/19 16245.31
16/Oct/19 16057.85
15/Oct/19 16007.83
14/Oct/19 15885.74
11/Oct/19 15835.17
10/Oct/19 15736.44
09/Oct/19 15846.77
07/Oct/19 15584.94
04/Oct/19 15652.7
03/Oct/19 15847.7
01/Oct/19 15912.03
### 16072.5
### 16125.65
### 16207.96
### 16024.49
### 16231.83
### 16248.62
### 15791.99
### 14994.39
### 15184.69
### 15152.39
### 15412.83
### 15514.2
### 15383.82
### 15457.9
 ### 15412.14
### 15332.57
### 15194.86
### 15190.3
### 15124.8
### 15440.47
### 15335.45
### 15472.44
### 15555.44
### 15488.96
### 15168.88
### 15045.62
### 15290.85
### 15425.45
### 15476.07
### 15464.58
### 15438.86
### 15289.35
### 15542.72
### 15434.73
### 15184.34
### 15314.03
### 15194.27
### 15382.73
### 15350.83
31/Jul/19 15539.43
30/Jul/19 15493.33
29/Jul/19 15638.42
26/Jul/19 15770.63
25/Jul/19 15725.6
24/Jul/19 15749.37
23/Jul/19 15824.55
22/Jul/19 15845.74
19/Jul/19 15945.55
18/Jul/19 16183.16
17/Jul/19 16306.82
16/Jul/19 16272.08
15/Jul/19 16165.28
12/Jul/19 16113.75
11/Jul/19 16155.78
10/Jul/19 16035.44
09/Jul/19 16114.46
08/Jul/19 16118.27
05/Jul/19 16468.99
04/Jul/19 16658.04
03/Jul/19 16612.16
02/Jul/19 16603.17
01/Jul/19 16540.88
28/Jun/19 16433.85
27/Jun/19 16507.34
26/Jun/19 16515.68
25/Jun/19 16444.46
24/Jun/19 16309.52
21/Jun/19 16343.59
20/Jun/19 16493.65
19/Jun/19 16283.94
18/Jun/19 16283.98
17/Jun/19 16257.06
14/Jun/19 16467.55
13/Jun/19 16593.97
12/Jun/19 16568.09
11/Jun/19 16650.75
10/Jun/19 16590.99
07/Jun/19 16518.62
06/Jun/19 16481.14
04/Jun/19 16728.74
03/Jun/19 16815.25
### 16583.46
### 16615.59
### 16497.62
### 16591.7
### 16585.13
### 16472.95
### 16212.78
### 16325.28
### 16268.26
### 16433.77
### 15848.71
### 15640.22
### 15500.82
### 15591.19
### 15488.6
 ### 15670.18
### 15701.95
### 15782.09
### 15974.41
### 16110.44
### 16268.79
### 16286.18
30/Apr/19 16318.66
26/Apr/19 16327.7
25/Apr/19 16170.98
24/Apr/19 16288.16
23/Apr/19 16079.51
22/Apr/19 16105.19
18/Apr/19 16325.13
16/Apr/19 16372.86
15/Apr/19 16238.41
12/Apr/19 16173.27
11/Apr/19 16108.32
10/Apr/19 16091.08
09/Apr/19 16212.81
08/Apr/19 16119.14
05/Apr/19 16204.48
04/Apr/19 16110.09
03/Apr/19 16173.92
02/Apr/19 16270.13
01/Apr/19 16208.94
### 16146.11
### 16071.26
### 15897.65
### 15949.46
### 15770.26
### 15912.88
### 15998.51
### 16014.33
### 15916.8
### 15867.74
### 15749.67
### 15742.86
### 15685.41
### 15500.61
### 15316.51
 ### 15348.14
### 15340.93
### 15249.97
### 15077.91
### 14979.39
### 14993.45
### 15033.15
### 15095.33
### 14972.58
### 14970.12
### 14891.6
### 14709.75
### 14760.48
### 14876.27
### 14906.26
### 14970.62
### 15023.02
### 15100.61
### 15173.02
### 15347.41
### 15337.8
### 15155.99
### 15125.02
### 15099.21
31/Jan/19 15012.34
30/Jan/19 14764.02
29/Jan/19 14764.59
28/Jan/19 14777.11
25/Jan/19 14942.09
24/Jan/19 15038.07
23/Jan/19 15007.4
22/Jan/19 15133.83
21/Jan/19 15188
18/Jan/19 15111.95
17/Jan/19 15109.54
16/Jan/19 15087.41
15/Jan/19 15082.59
14/Jan/19 14875.92
11/Jan/19 14955.33
10/Jan/19 14992.23
09/Jan/19 15038.74
08/Jan/19 14965.34
07/Jan/19 14923.27
04/Jan/19 14861.69
03/Jan/19 14785.38
02/Jan/19 14951.96
01/Jan/19 15114.9
### 15048.98
### 15045.34
### 14930.18
### 14860.97
### 14769.13
### 14894.42
### 15163.14
### 15184.78
### 15103.63
### 15075.46
### 14960.64
### 14941.4
### 14866.71
### 14605.79
### 14521.73
### 14805.93
### 14677.79
### 14929.43
### 15049.32
### 15069.07
### 15059.37
### 15034.36
### 14854.61
### 14794.7
### 14715.81
### 14574.82
### 14676.29
### 14754.03
### 14902.44
### 14790.05
### 14699.33
### 14643.42
### 14651.98
### 14513.12
### 14655.69
 ### 14673.98
### 14579.28
### 14570.98
### 14609.96
### 14371.1
31/Oct/18 14377.38
30/Oct/18 14116.91
29/Oct/18 14189.11
26/Oct/18 13882.95
25/Oct/18 14014.33
24/Oct/18 14139.75
23/Oct/18 14031.96
22/Oct/18 14166.64
19/Oct/18 14247.22
17/Oct/18 14453.94
16/Oct/18 14636.1
15/Oct/18 14536.17
12/Oct/18 14480.86
11/Oct/18 14152
10/Oct/18 14463.71
09/Oct/18 14243.79
08/Oct/18 14308.79
05/Oct/18 14265.08
04/Oct/18 14656.09
03/Oct/18 15014.23
01/Oct/18 15221.75
### 15114.08
### 15179.24
### 15284.67
### 15303.55
### 15165.18
### 15408.16
### 15534.28
### 15594.57
### 15731.26
### 15920.48
### 15719.62
### 15605.11
### 15813.26
### 16019.84
### 15947.67
 ### 15862.15
### 15922.09
### 16007.84
### 16143.51
### 16135.61
### 16156.02
### 16220.45
### 16156.09
### 15969.8
### 16001.85
### 15985.48
### 15959.04
### 15845.64
### 15727.25
### 15796.36
### 15676.23
### 15776.32
### 15833.23
### 15803.64
### 15720.05
### 15716.78
### 15680.51
### 15520.25
### 15658.27
31/Jul/18 15672.47
30/Jul/18 15621.47
27/Jul/18 15564.19
26/Jul/18 15410.93
25/Jul/18 15358.72
24/Jul/18 15361.88
23/Jul/18 15293.5
20/Jul/18 15190.13
19/Jul/18 15116.83
18/Jul/18 15135.57
17/Jul/18 15172.31
16/Jul/18 15072.66
13/Jul/18 15184.88
12/Jul/18 15190.82
11/Jul/18 15085.15
10/Jul/18 15081.6
09/Jul/18 14951.2
06/Jul/18 14840.13
05/Jul/18 14808.54
04/Jul/18 14830.5
03/Jul/18 14734.11
02/Jul/18 14675.42
29/Jun/18 14753.91
28/Jun/18 14581.53
27/Jun/18 14694.16
26/Jun/18 14821.45
25/Jun/18 14812.28
22/Jun/18 14894.02
21/Jun/18 14782.87
20/Jun/18 14822.46
19/Jun/18 14737.7
18/Jun/18 14860.73
15/Jun/18 14885.3
14/Jun/18 14871.97
13/Jun/18 14917.68
12/Jun/18 14898.66
11/Jun/18 14821.8
08/Jun/18 14795.31
07/Jun/18 14796.24
06/Jun/18 14681.25
05/Jun/18 14555.52
04/Jun/18 14604.11
01/Jun/18 14695.4
### 14750.26
### 14568.75
### 14594.78
### 14670.76
### 14556.18
### 14415.65
### 14301.15
### 14446.97
### 14419.57
### 14528.82
### 14647.15
### 14727.26
### 14810.54
### 14817.01
### 14816.93
 ### 14693.55
### 14728.03
### 14694.93
### 14691.72
### 14558.42
### 14642.62
### 14695.26
30/Apr/18 14723.32
27/Apr/18 14658.83
26/Apr/18 14556.65
25/Apr/18 14491.88
24/Apr/18 14551.96
23/Apr/18 14511.28
20/Apr/18 14482.97
19/Apr/18 14484.7
18/Apr/18 14431.07
17/Apr/18 14461.97
16/Apr/18 14434.05
13/Apr/18 14368.56
12/Apr/18 14338.46
11/Apr/18 14281.6
10/Apr/18 14261.15
09/Apr/18 14229.77
06/Apr/18 14164.28
05/Apr/18 14155.47
04/Apr/18 13885.72
03/Apr/18 14045.55
02/Apr/18 14000.07
### 13865.57
### 13962.15
### 13888.82
### 13706.99
### 13867.01
### 13920.51
### 13878.17
### 13822.99
### 13961.14
### 14179.36
### 14248.81
### 14270.64
### 14260.92
 ### 13994.68
### 14016.3
### 13895.27
### 14025.34
### 14175.32
### 14311.52
### 14358.71
### 14438.9
### 14477.62
### 14352.4
### 14204.17
### 14220.48
### 14169.77
### 14194.28
### 14295.41
### 14422.85
### 14359.35
### 14412.46
### 14296.5
### 14463.16
### 14317.57
### 14344.02
### 14574
### 14702.49
### 15052.72
31/Jan/18 15065.82
30/Jan/18 15095.42
29/Jan/18 15204.42
25/Jan/18 15121
24/Jan/18 15143.35
23/Jan/18 15140.24
22/Jan/18 14979.72
19/Jan/18 14880.8
18/Jan/18 14774.67
17/Jan/18 14734.07
16/Jan/18 14613.79
15/Jan/18 14669.9
12/Jan/18 14587.54
11/Jan/18 14546.49
10/Jan/18 14520.56
09/Jan/18 14527.15
08/Jan/18 14508.81
05/Jan/18 14420.42
04/Jan/18 14346.59
03/Jan/18 14262.48
02/Jan/18 14261.1
01/Jan/18 14252.02
### 14381.92
### 14309.85
### 14327.42
### 14383.04
### 14330.49
### 14258.49
### 14263.81
### 14289.76
### 14188.11
### 14112.3
### 14001.49
### 13920.69
### 13985.11
### 14097.29
### 14019.95
### 13884.82
### 13717.36
### 13818.67
### 13831.66
### 13823.52
### 13966.58
### 14150.6
### 14162.79
### 14202.82
### 14189.41
### 14133.47
### 14124.68
### 14103.64
### 14065.05
### 14044.32
### 13950.33
### 13818.25
### 13911.87
### 13964.26
### 14096.45
 ### 14078.98
### 14071.02
### 14135.23
### 14274.03
### 14274.97
### 14232.79
### 14255.58
31/Oct/17 14108.55
30/Oct/17 14137.62
27/Oct/17 14082.21
26/Oct/17 14110.5
25/Oct/17 14044.44
24/Oct/17 13923.61
23/Oct/17 13892.48
19/Oct/17 13840.24
18/Oct/17 13927.92
17/Oct/17 13960.09
16/Oct/17 13955.22
13/Oct/17 13868.7
12/Oct/17 13771.84
11/Oct/17 13619.62
10/Oct/17 13663.44
09/Oct/17 13625
06/Oct/17 13612.63
05/Oct/17 13488.48
04/Oct/17 13524.27
03/Oct/17 13448.66
### 13351.99
### 13325.16
### 13279.85
### 13465.07
### 13466.53
### 13591.79
### 13806.6
### 13832.04
### 13840.78
### 13848.34
### 13754.62
### 13756.28
### 13746.3
### 13765.03
 ### 13646.37
### 13546.57
### 13539.91
### 13519.3
### 13568.38
### 13514.16
### 13598.09
### 13521.03
### 13474.73
### 13354.29
### 13513.48
### 13437.45
### 13427.67
### 13309.14
### 13293.88
### 13407.07
### 13497.69
### 13488.33
### 13347.75
### 13234.2
### 13377.05
### 13495.81
### 13591.81
### 13699.21
### 13711.47
### 13639.66
### 13731.63
### 13775.33
31/Jul/17 13724.19
28/Jul/17 13638.1
27/Jul/17 13646.34
26/Jul/17 13644.46
25/Jul/17 13567.66
24/Jul/17 13569.88
21/Jul/17 13498.25
20/Jul/17 13441.11
19/Jul/17 13473.52
18/Jul/17 13374.92
17/Jul/17 13494.64
14/Jul/17 13453.49
13/Jul/17 13452.22
12/Jul/17 13340.24
11/Jul/17 13299.17
10/Jul/17 13278.81
07/Jul/17 13135.35
06/Jul/17 13147.27
05/Jul/17 13091.36
04/Jul/17 13057.86
03/Jul/17 13060.15
30/Jun/17 12932.33
29/Jun/17 12908.13
28/Jun/17 12882.7
27/Jun/17 12910.01
23/Jun/17 12996.3
22/Jun/17 13070.98
21/Jun/17 13072.91
20/Jun/17 13099.92
19/Jun/17 13100.15
16/Jun/17 13005.86
15/Jun/17 12992.34
14/Jun/17 13045.44
13/Jun/17 13030.22
12/Jun/17 13037.83
09/Jun/17 13108.12
08/Jun/17 13079.63
07/Jun/17 13101.62
06/Jun/17 13065.33
05/Jun/17 13116.78
02/Jun/17 13072.98
01/Jun/17 13022.35
### 13018.69
### 13023.19
### 12996.61
### 12981.79
### 12863.38
### 12661.62
### 12695.02
### 12765.48
### 12751.43
### 12753.55
### 12883.83
### 12865.56
 ### 12775.11
### 12714.97
### 12743.99
### 12723.6
### 12601.23
### 12597.5
### 12558.6
### 12659.51
### 12593.58
### 12596.08
28/Apr/17 12582.88
27/Apr/17 12634.41
26/Apr/17 12647.53
25/Apr/17 12586.34
24/Apr/17 12466.46
21/Apr/17 12333.17
20/Apr/17 12356.2
19/Apr/17 12311.67
18/Apr/17 12313.9
17/Apr/17 12360.11
13/Apr/17 12375.68
12/Apr/17 12446.84
11/Apr/17 12492.24
10/Apr/17 12417.07
07/Apr/17 12439.9
06/Apr/17 12525.97
05/Apr/17 12530.31
03/Apr/17 12493.39
### 12406.69
### 12404.41
### 12363.95
### 12305.77
### 12230.63
### 12314.98
### 12283.35
### 12207.85
### 12330.92
### 12338.14
### 12383.04
### 12374.48
### 12278.23
 ### 12281.22
### 12066.4
### 12056.17
### 12050.77
### 12081.34
### 12103.68
### 12014.7
### 12017.63
### 12079.8
### 11990.44
### 12009.8
### 12067.61
### 12050.54
### 12024.88
### 11986.21
### 11908.56
### 11849.55
### 11776.57
### 11865.43
### 11882.38
### 11866.82
### 11846.42
### 11833.8
### 11832.78
### 11874.73
### 11793.62
### 11784.61
### 11758.63
31/Jan/17 11548.15
30/Jan/17 11644.53
27/Jan/17 11656
25/Jan/17 11604.09
24/Jan/17 11432.83
23/Jan/17 11319.09
20/Jan/17 11260.99
19/Jan/17 11376.62
18/Jan/17 11352.22
17/Jan/17 11326.62
16/Jan/17 11346.57
13/Jan/17 11329.78
12/Jan/17 11339.04
11/Jan/17 11303.19
10/Jan/17 11179.04
09/Jan/17 11108.2
06/Jan/17 11118.62
05/Jan/17 11159.12
04/Jan/17 11046.76
03/Jan/17 11049.08
02/Jan/17 11031.91
### 11040.41
### 10929.53
### 10836.85
### 10834.12
### 10666.06
### 10770.6
### 10761.65
### 10872.49
### 10900.96
### 10930.55
### 10977.91
### 10997.01
### 11035.88
### 11088.99
### 11020.15
### 11142.82
### 11122.75
### 10927.43
### 10982.89
### 10963.49
### 10906.86
### 11050
### 11092.59
### 10981.54
### 10960.97
### 10943.99
### 10743.28
### 10834.59
### 10792.82
### 10694.09
### 10889.64
### 10897.55
### 10940.23
 ### 10935.99
### 11189.3
### 11498.79
### 11372.35
### 11522.76
### 11460.08
### 11374.71
### 11443.72
### 11479.94
### 11631.33
30/Oct/16 11628.32
28/Oct/16 11644.89
27/Oct/16 11614.18
26/Oct/16 11612.99
25/Oct/16 11715.45
24/Oct/16 11739.24
21/Oct/16 11716.57
20/Oct/16 11717.04
19/Oct/16 11662.81
18/Oct/16 11688.13
17/Oct/16 11475.97
14/Oct/16 11560.81
13/Oct/16 11547.3
10/Oct/16 11729.75
07/Oct/16 11714.65
06/Oct/16 11730.75
05/Oct/16 11777.1
04/Oct/16 11811.04
03/Oct/16 11769.16
### 11598.22
### 11571.4
### 11778.71
### 11726.49
### 11748.91
### 11895.07
### 11943.44
### 11821.52
### 11819.83
### 11863.61
### 11825.12
### 11774.9
 ### 11751.93
### 11737
### 11940.12
### 12055.6
### 12005.43
### 12037.72
### 11857.76
### 11810.69
### 11826.19
### 11766.04
### 11581.83
### 11534.92
### 11561.34
### 11639.48
### 11615.7
### 11611.02
### 11661.82
### 11670.37
### 11598.72
### 11623.61
### 11663.43
### 11555.84
### 11532.49
### 11669.7
### 11713.58
### 11675.68
### 11498.13
### 11489.74
### 11594.65
### 11612.19
29/Jul/16 11614.8
28/Jul/16 11652.18
27/Jul/16 11579.64
26/Jul/16 11545.78
25/Jul/16 11606.29
22/Jul/16 11477.47
21/Jul/16 11435.64
20/Jul/16 11508.07
19/Jul/16 11457.95
18/Jul/16 11431.25
15/Jul/16 11474.04
14/Jul/16 11497.65
13/Jul/16 11436.09
12/Jul/16 11438.19
11/Jul/16 11366.82
08/Jul/16 11172.39
07/Jul/16 11192.11
05/Jul/16 11186.41
04/Jul/16 11233.09
01/Jul/16 11175.85
30/Jun/16 11121.39
29/Jun/16 11009.02
28/Jun/16 10899.91
27/Jun/16 10855.5
24/Jun/16 10847.29
23/Jun/16 11091.16
22/Jun/16 11000.82
21/Jun/16 11020.11
20/Jun/16 11045.03
17/Jun/16 10953.44
16/Jun/16 10913.97
15/Jun/16 10990.64
14/Jun/16 10859.76
13/Jun/16 10862.06
10/Jun/16 10941.7
09/Jun/16 10986.64
08/Jun/16 11068.75
07/Jun/16 11059.93
06/Jun/16 10972.45
03/Jun/16 10992.21
02/Jun/16 10986.77
01/Jun/16 10934.62
### 10908.07
### 10932.7
### 10884.88
### 10768.78
### 10588.92
### 10340.65
### 10316.91
### 10341.79
### 10386.75
### 10502.51
 ### 10530.03
### 10489.97
### 10428.78
### 10542.93
### 10474.1
### 10526.11
### 10497.09
### 10320.12
### 10322.82
### 10283.01
### 10336.97
### 10415.52
29/Apr/16 10474.15
28/Apr/16 10470.71
27/Apr/16 10647.74
26/Apr/16 10624.72
25/Apr/16 10481.12
22/Apr/16 10540.19
21/Apr/16 10557.22
20/Apr/16 10560.79
18/Apr/16 10560.74
13/Apr/16 10475.02
12/Apr/16 10286.18
11/Apr/16 10236.11
08/Apr/16 10081.01
07/Apr/16 10069.36
06/Apr/16 10159.98
05/Apr/16 10145.1
04/Apr/16 10352.69
01/Apr/16 10291.69
### 10325.5
### 10321.2
### 10135.49
### 10159.66
### 10294.93
### 10292.77
### 10278.3
### 10143.6
### 10021.13
### 9997.9
### 9944.76
 ### 10048.89
### 10001.18
### 9969.15
### 10029.96
### 9967.99
### 9968.09
### 9955.1
### 9812.68
### 9617.51
### 9304.26
### 9361.1
### 9282.38
### 9346.39
### 9467.41
### 9633.83
### 9601.77
### 9576.46
### 9465.52
### 9385.36
### 9537.74
### 9295.41
### 9289.29
### 9607.98
### 9717.87
### 9836.41
### 9972.05
### 9857.82
### 9801.62
### 9925.98
### 10058.69
29/Jan/16 10068.86
28/Jan/16 9883.94
27/Jan/16 9901.35
25/Jan/16 9898.28
22/Jan/16 9879.13
21/Jan/16 9685.29
20/Jan/16 9727.77
19/Jan/16 9895.18
18/Jan/16 9783.26
15/Jan/16 9898.8
14/Jan/16 10030.53
13/Jan/16 10064.62
12/Jan/16 9995.25
11/Jan/16 10066.57
08/Jan/16 10116.45
07/Jan/16 10072.45
06/Jan/16 10302.32
05/Jan/16 10360.42
04/Jan/16 10369.24
01/Jan/16 10598
### 10575.63
### 10508.91
### 10552.46
### 10547.37
### 10462.08
### 10468.61
### 10362.35
### 10426.69
### 10330.16
### 10439.83
### 10315.45
### 10248.91
### 10181.25
### 10128.57
### 10225.54
### 10131.26
### 10250.03
### 10334.77
### 10356.71
### 10466.19
### 10555.62
### 10586.99
### 10560.84
### 10570.76
### 10492.35
### 10422.86
### 10446.4
### 10456.11
### 10437.71
### 10290.03
### 10430.78
### 10389.64
 ### 10330.6
### 10414.07
### 10358.65
### 10531.91
### 10583.88
### 10585.41
### 10698.19
### 10725.48
### 10712.32
30/Oct/15 10732.25
29/Oct/15 10792.35
28/Oct/15 10871.42
27/Oct/15 10953.26
26/Oct/15 10990.02
23/Oct/15 11036.44
21/Oct/15 10976.65
20/Oct/15 10989
19/Oct/15 11006.79
16/Oct/15 10956.47
15/Oct/15 10872.82
14/Oct/15 10777.67
13/Oct/15 10809.32
12/Oct/15 10825.14
09/Oct/15 10886.38
08/Oct/15 10806.18
07/Oct/15 10870.04
06/Oct/15 10837.5
05/Oct/15 10792.79
01/Oct/15 10568.94
### 10566.29
### 10425.93
### 10362.68
### 10459.44
### 10429.44
### 10384.35
### 10603.8
### 10609.87
### 10499.73
### 10406.56
### 10463.93
### 10353.54
 ### 10351.93
### 10392.45
### 10219.21
### 10047.15
### 10173.65
### 10396.83
### 10254.61
### 10346.16
### 10588.8
### 10629.49
### 10557.5
### 10348.4
### 10465.46
### 10370.27
### 11022.22
### 11118.95
### 11281.26
### 11243.28
### 11257.56
### 11312.32
### 11095.98
### 11086.67
### 11236.57
### 11320.25
### 11372.02
### 11402.67
### 11375.18
### 11307.41
### 11342.11
31/Jul/15 11328.56
30/Jul/15 11180.79
29/Jul/15 11118.71
28/Jul/15 11068.18
27/Jul/15 11100.03
24/Jul/15 11313.22
23/Jul/15 11403.83
22/Jul/15 11459.27
21/Jul/15 11320.88
20/Jul/15 11419.13
17/Jul/15 11424.87
16/Jul/15 11422.48
15/Jul/15 11309.1
14/Jul/15 11210.85
13/Jul/15 11217.67
10/Jul/15 11086.29
09/Jul/15 11043.14
08/Jul/15 11084.34
07/Jul/15 11279.56
06/Jul/15 11294.6
03/Jul/15 11244.49
02/Jul/15 11191.5
01/Jul/15 11197.83
30/Jun/15 11085.87
29/Jun/15 11019.47
26/Jun/15 11102.52
25/Jun/15 11124.95
24/Jun/15 11075.71
23/Jun/15 11102.6
22/Jun/15 11064.89
19/Jun/15 10894.44
18/Jun/15 10825.96
17/Jun/15 10715.85
16/Jun/15 10657.23
15/Jun/15 10612.12
12/Jun/15 10562.76
11/Jun/15 10539.53
10/Jun/15 10750.07
09/Jun/15 10615.01
08/Jun/15 10643.82
05/Jun/15 10737.17
04/Jun/15 10754.83
03/Jun/15 10752.52
02/Jun/15 10876.52
01/Jun/15 11136.64
### 11135.85
### 10984.45
### 11001.96
### 11008.25
### 11049
### 11166.12
### 11116
### 11118.14
 ### 11042.12
### 11052.7
### 10905.75
### 10855.42
### 10870.3
### 10727.03
### 10988.82
### 10812.25
### 10630.43
### 10682.81
### 10983.33
### 10992.81
30/Apr/15 10794.27
29/Apr/15 10871.15
28/Apr/15 10931.63
27/Apr/15 10836.88
24/Apr/15 10957.58
23/Apr/15 11079.67
22/Apr/15 11121.12
21/Apr/15 11052.56
20/Apr/15 11145.37
17/Apr/15 11353.68
16/Apr/15 11486.56
15/Apr/15 11543.96
13/Apr/15 11654.49
10/Apr/15 11583.75
09/Apr/15 11581.01
08/Apr/15 11496.74
07/Apr/15 11425.33
06/Apr/15 11424.83
01/Apr/15 11327.63
### 11201.99
### 11203.71
### 11004.63
### 11005.59
### 11254.51
### 11269.62
### 11277.98
### 11304.37
### 11380.91
### 11448.46
 ### 11497.78
### 11378.97
### 11398.21
### 11567.25
### 11466.5
### 11482.4
### 11541.34
### 11779.43
### 11759.58
### 11856.58
### 11796.73
### 11723.28
### 11647.9
### 11436.2
### 11546.02
### 11539.22
### 11529.79
### 11633.41
### 11714.65
### 11680.18
### 11600.46
### 11595.25
### 11471.52
### 11360.75
### 11279.29
### 11227.7
### 11405.06
### 11471.77
### 11487.57
### 11529.72
### 11583.49
30/Jan/15 11598.64
29/Jan/15 11787.53
28/Jan/15 11737.42
27/Jan/15 11732.39
23/Jan/15 11633.06
22/Jan/15 11535.32
21/Jan/15 11492.4
20/Jan/15 11447.77
19/Jan/15 11257.01
16/Jan/15 11208.42
15/Jan/15 11182.52
14/Jan/15 10897.36
13/Jan/15 10926.16
12/Jan/15 10957.22
09/Jan/15 10906.56
08/Jan/15 10840.84
07/Jan/15 10666.38
06/Jan/15 10699.62
05/Jan/15 11030.18
02/Jan/15 11052.57
01/Jan/15 10905.87
### 10904.18
### 10858.82
### 10856.23
### 10796.22
### 10761.16
### 10883.52
### 10958.56
### 10828.45
### 10741.73
### 10571.25
### 10620.96
### 10818.45
### 10824.36
### 10914.91
### 10997.53
### 10977.83
### 11106.22
### 11237.89
### 11272.28
### 11237.05
### 11219.98
### 11261.08
### 11303.65
### 11179.89
### 11155.59
### 11138.95
### 11227.19
### 11157.68
### 11058.39
### 11032.59
 ### 11089.98
### 11096.32
### 11042.61
### 11000.37
### 11033.19
### 11006.04
### 10981.77
### 10972.24
### 10973.95
### 10955.32
31/Oct/14 10952.14
30/Oct/14 10749.57
29/Oct/14 10645.96
28/Oct/14 10562.48
27/Oct/14 10515.22
23/Oct/14 10545.31
22/Oct/14 10520.79
21/Oct/14 10431.1
20/Oct/14 10367.03
17/Oct/14 10235.83
16/Oct/14 10194.41
14/Oct/14 10342.43
13/Oct/14 10369.11
10/Oct/14 10337.14
09/Oct/14 10469.45
08/Oct/14 10314.44
07/Oct/14 10327.23
01/Oct/14 10449.7
### 10475.04
### 10467.25
### 10480.36
### 10405.39
### 10524.5
### 10544.42
### 10713.74
### 10679.98
### 10671.16
### 10488.05
### 10432.03
### 10575.5
### 10658.96
 ### 10632.96
### 10643.54
### 10720.95
### 10748.49
### 10633.24
### 10643.88
### 10667.5
### 10626.05
### 10553.26
### 10456.85
### 10432.78
### 10390.39
### 10392.41
### 10401.48
### 10372.44
### 10350.28
### 10379.05
### 10348.22
### 10239.76
### 10171.22
### 10150.24
### 10017.44
### 9942.03
### 10046.98
### 10076.95
### 10174.47
### 10090.88
### 9984.48
31/Jul/14 10140.34
30/Jul/14 10232.41
28/Jul/14 10175.95
25/Jul/14 10223.52
24/Jul/14 10275.33
23/Jul/14 10229.29
22/Jul/14 10191.98
21/Jul/14 10082.28
18/Jul/14 10054.4
17/Jul/14 10023.67
16/Jul/14 9999.71
15/Jul/14 9871.51
14/Jul/14 9776.46
11/Jul/14 9781.62
10/Jul/14 9922.6
09/Jul/14 9945.17
08/Jul/14 9993.08
07/Jul/14 10208.02
04/Jul/14 10161.42
03/Jul/14 10105.89
02/Jul/14 10115.19
01/Jul/14 9996.74
30/Jun/14 9966.14
27/Jun/14 9831.9
26/Jun/14 9811.48
25/Jun/14 9911.03
24/Jun/14 9925.34
23/Jun/14 9811.62
20/Jun/14 9835.35
19/Jun/14 9873.61
18/Jun/14 9896.55
17/Jun/14 9992.78
16/Jun/14 9864.29
13/Jun/14 9874.46
12/Jun/14 10015.59
11/Jun/14 9982.86
10/Jun/14 10019.94
09/Jun/14 10017.59
06/Jun/14 9924.43
05/Jun/14 9778.32
04/Jun/14 9672.68
03/Jun/14 9690.44
02/Jun/14 9610.85
### 9437.81
### 9445.23
### 9560.4
### 9545.2
### 9598.75
### 9609.25
### 9490.91
### 9460.28
### 9489.73
### 9474.16
### 9395.18
 ### 9286.39
### 9267.61
### 9267.61
### 9144.41
### 8941.77
### 8682.37
### 8672.88
### 8754.69
### 8733.92
### 8727.93
30/Apr/14 8730.05
29/Apr/14 8754.65
28/Apr/14 8814.59
25/Apr/14 8842.62
23/Apr/14 8918.3
22/Apr/14 8885.09
21/Apr/14 8887.78
17/Apr/14 8837.92
16/Apr/14 8702.22
15/Apr/14 8777.57
11/Apr/14 8833.88
10/Apr/14 8860.09
Market Data
 Beta Ca

Index % Change Stock % Change

Date Close PriceMonthlyClose PriceMonthly
01/03/2019 38672.91 705.65
01/04/2019 39031.55 0.9% 713 1.0%
01/05/2019 39714.2 1.7% 698.4 -2.0%
01/06/2019 39394.64 -0.8% 728.2 4.3%
01/07/2019 37481.12 -4.9% 706.7 -3.0% Beta
01/08/2019 37332.79 -0.4% 760.5 7.6%
01/09/2019 38667.33 3.6% 742.1 -2.4%
01/10/2019 40129.05 3.8% 615 -17.1%
01/11/2019 40793.81 1.7% 678.3 10.3%
01/12/2019 41253.74 1.1% 689 1.6%
01/01/2020 40723.49 -1.3% 708.4 2.8%
01/02/2020 38297.29 -6.0% 723.3 2.1%
01/03/2020 29468.49 -23.1% 511.1 -29.3%
01/04/2020 33717.62 14.4% 582.35 13.9%
01/05/2020 32424.1 -3.8% 647 11.1%
01/06/2020 34915.8 7.7% 675.05 4.3%
01/07/2020 37606.89 7.7% 730 8.1%
01/08/2020 38628.29 2.7% 915.75 25.4%
01/09/2020 38067.93 -1.5% 912.6 -0.3%
01/10/2020 39614.07 4.1% 1011.9 10.9%
01/11/2020 44149.72 11.4% 1051 3.9%
01/12/2020 47751.33 8.2% 1105.55 5.2%
01/01/2021 46285.77 -3.1% 1231.15 11.4%
01/02/2021 49099.99 6.1% 1230 -0.1%
01/03/2021 49509.15 0.8% 1259.7 2.4%
01/04/2021 48782.36 -1.5% 1320.35 4.8%
01/05/2021 51937.44 6.5% 1311.8 -0.6%
01/06/2021 52482.71 1.0% 1362.2 3.8%
01/07/2021 52586.84 0.2% 1535 12.7%
01/08/2021 57552.39 9.4% 1620 5.5%
01/09/2021 59126.36 2.7% 1658 2.3%
01/10/2021 59306.93 0.3% 1661.25 0.2%
01/11/2021 57064.87 -3.8% 1669.55 0.5%
01/12/2021 58253.82 2.1% 1690 1.2%
01/01/2022 58014.17 -0.4% 1665.05 -1.5%
01/02/2022 56247.28 -3.0% 1665 0.0%
01/03/2022 58568.51 4.1% 1681 1.0%
01/04/2022 57060.87 -2.6% 1550.4 -7.8%
01/05/2022 55566.41 -2.6% 1399.5 -9.7%
01/06/2022 53018.94 -4.6% 1367.2 -2.3%
01/07/2022 57570.25 8.6% 1410.9 3.2%
01/08/2022 59537.07 3.4% 1450 2.8%
01/09/2022 57426.92 -3.5% 1355.5 -6.5%
01/10/2022 60746.59 5.8% 1387 2.3%
01/11/2022 63099.65 3.9% 1482 6.8%
01/12/2022 60840.74 -3.6% 1483 0.1%
01/01/2023 59549.9 -2.1% 1444 -2.6%
01/02/2023 58962.12 -1.0% 1481.3 2.6%
01/03/2023 58991.52 0.0% 1365 -7.9%
01/04/2023 61112.44 3.6% 1215.45 -11.0%
01/05/2023 62622.24 2.5% 1239 1.9%
01/06/2023 64718.56 3.3% 1262.3 1.9%
01/07/2023 66527.67 2.8% 1311.6 3.9%
01/08/2023 64831.41 -2.5% 1348.1 2.8%
01/09/2023 65828.41 1.5% 1416 5.0%
01/10/2023 63874.93 -3.0% 1353.85 -4.4%
01/11/2023 66988.44 4.9% 1352 -0.1%
01/12/2023 72240.26 7.8% 1432.65 6.0%
01/01/2024 71752.11 -0.7% 1486.65 3.8%
01/02/2024 72500.3 1.0% 1635.35 10.0%
01/03/2024 73651.35 1.6% 1482 -9.4%
01/04/2024 75038.15 1.9% 1468.2 -0.9%
Beta Calculation

0.70
 DCF

2020 2021 2022 2023 2024

(INR in million) Audited Audited Audited Audited Estimated

EBIT 19,374 24,622 28,015 30,905 42,353

Less: Taxes on EBIT (4,726) (6,662) (7,410) (8,546) (11,208)
Add: Depreciation 2,893 3,267 3,476 4,225 2,605
Less: Capex (10,538) (4,951) (3,265) (7,522) 13,294
Change in Working capital (2,371) 604 375 (3,176) (4,152)
Unlevered FCFF 4,632 16,880 21,191 15,886 42,892

Inputs
Tax Rate 25%
Discount Rate 11.9%
Perpetual Growth Rate 6%
Market cap (INR Crs.) 618,811
Shares Outstanding 413.96
Current Market Price 1,506.80

Weighted Average Cost Of Capital

Proportio Weighted
Cost of of Market Cost of
Capital Value Capital

Debt (after-tax) 0.11% 1.1% 0.0%

Equity 12.1% 98.9% 11.9%
WACC 11.9%

Market capitalization 618,811

Market Value of debt 7057

Cost of Equity
Rf 7.12%
Beta 0.70
Rm 14.22%
Equity Risk Premium 7.11%

Terminal Value
Terminal Value ###

Intrinsic Value
Sum of PV of Cashflows 380,517
Add: PV of Terminal Value 577,026
Enterprise Value 957,544
Plus: Cash & Cash Equivalent 19,082
Less: Debt: (7,057)
Less: Preferred Stock: -
Less: Noncontrolling Interests (388)
Equity Value: 969,181

Shares Outstanding: 413.96

2,341

Upside Potential 55.378%

Sensitivity Analysis

Discount Rate
Terminal Growth

9.92% 10.92% 11.92% 12.92%

4.00% 2,708 3,354 3,354 2,708
Rate

5.00% 2,439 2,929 2,929 2,439

6.00% 2,439 2,929 2929 2,439
7.00% 2,708 3,354 3,354 2,708
8.00% 3,656 5,078 5,078 3,656
 DCF Valuation

2025 2026 2027 2028 2029 2030 2031 2032

Estimated Estimated Estimated Estimated Estimated EstimatedEstimatedEstimated

51,798 63,240 77,097 93,880 114,204 ### ### ###

(13,707) (17,367) (21,173) (26,721) (32,505) ### ### ###
2,631 2,658 2,685 2,712 2,739 2,766 2,794 2,822
(2,902) (2,931) (2,961) (2,990) (3,020) (3,050) (3,081) (3,112)
(3,532) (4,276) (5,177) (6,268) (7,589) (9,188) ### ###
34,288 41,323 50,471 60,613 73,829 88,445 ### ###
13.92%
1,970
1,846
1,846
1,970
2,341
 2033
Estimated

###
###
2,850
(3,143)
###
###