Name

Nirali Desai
Antara Pusalkar
Samkit Jain

INTRODUCTION

VISION

MISSION
COMPANY STRUCTURE

INDUSTRY ANALYSIS
SAP ID
74022020487
74022020336
74022019266

With over 10,000 cars on the road every month, Mahindra Logistics LTD. provides a broad range of transportatio
end information technology infrastructure as well as front-end devices that collect data and report vital ship
secondary distribution, network-based distribution, last mile delivery, and other transp

Mahindra Logistics is one of the few logistics companies that provides solutions for both supply chain manageme
range of industries, including automotive, engineering, consumer goods, pharmaceuticals, telecommunicatio

Delivering exceptional customer experience through differentiated, technology-enabled solutions. Be a

Accelerating Commerce, Empowering Communities to Rise Logistics is an invisible thread that binds every elemen
seamless flow of activity and thus make life easy. With every parcel we move, and in eac

We accelerate the wheel of economy. And we transform the lives we touch. Be it our business partners, drivers,
turn brings prosperity for everyon
• The logistics and transportation industries are attracting a lot of investment in the coming
The industry will create a large number of jobs as a result of the transformations and ch
brought about by these investments
• Globalization and the expansion of global trade volumes have compelled nations to improve
logistics capabilities. The development of the logistics industry has facilitated manufact
distribution, and marketing, providing the country that invested in the sector with
competitive advantages.

• Transportation connects the production elements in a complex web of connections be

consumers and manufacturers. As a result of leveraging geographic comparative advantages a
as the ability to create economies of scope and scale, manufacturing becomes more efficient.
 Project 1 Project 2
Company Cash Flow
Industry Balance Sheet
Economic Income statement'

ation solutions as well as a diverse range of industry experience. This includes back-
hipment data in real time. In-bound solutions, outbound solutions, primary and
nsportation services are among the services they provide.

ement (SCM) and enterprise mobility. They provide Supply Chain solutions to a wide
ations, commodities, and e-commerce, as well as integrated staff transportation

e among the 10 most-admired global logistics companies by the year 2030.

ment of a business. And we aim at bringing different stakeholders together to form a

each trip, we make, each of us strives to make a difference.

rs, their families, or communities at large, we spread smiles with every mile. This in
yone.
No. Category (E/I/C)

1 E

2 E

3 E

4 E

5 E

6 I

7 I

8 I
9 I

10 C

11 C

12 C

13 C

14 C

15 C

Porter's 5 Forces Model-

1. Supplier bargaining power - Stronger bargaining power enables suppliers to demand higher prices from Mahindra a

2. Competition within the industry's current participants - If there is fierce rivalry, it will be challenging for current firm

3. The sector has a significant risk of replacement goods and services, thus Mahindra and Mahindra must either conti

4. Threat of new entrants in the industry: If there is a significant risk of new entrants, existing players may be willing t

5. Bargaining strength of Mahindra and Mahindra's customers and the industry - If the customers have considerable n

Cost Leadership
Mahindra & Mahindra might aim to become the low cost producer in the I industry through cost leadership. Dependi

Differentiation
Based on the factors in the industry, Mahindra and Mahindra can potentially adopt a differentiation strategy. Mahind
4
 Indicator Source

Goods and Servives Tax Clear Tax

GDP Inc 42

Recession LinkedIn

Inflation Maersk

Exports Research Paper

E-Way Bill Masters India

Logistics Performance Index Adda 24

Infratructure Mahindra Logistics

 National Logistics policy National Logistics policy

Low Demand for Investment Business Today

Strength Trend Lyne

Weakness Trend Lyne

Opportunitites and Strategy Internal Company Analysis

Threats Internal Company Analysis

Manpower Shortage Business Today

r enables suppliers to demand higher prices from Mahindra and Mahindra. That will have an effect on Mahindra and Mahindra's ability to continue

- If there is fierce rivalry, it will be challenging for current firms like Mahindra and Mahindra to generate long-term profitability.

and services, thus Mahindra and Mahindra must either continue to spend in R&D or face competition from disruptive companies.

nificant risk of new entrants, existing players may be willing to accept lower profits in order to lessen the threat posed by new players.

mers and the industry - If the customers have considerable negotiating power, they often tend to drive prices down, restricting the company's abili

producer in the I industry through cost leadership. Depending on the factors and structure of the industry, it can become a cost leader in a variety

ndra can potentially adopt a differentiation strategy. Mahindra and Mahindra might use a differentiation strategy to strive to stand out from the co
 Url/Link

https://cleartax.in/s/impact-gst-logistics-industry

ndian-logistics-sector/#:~:text=The%20logistics%20sector%20makes%20up%2014.4%25%20of%20the%20country's%20Gross,a%20cou

://www.cnbc.com/2022/09/15/fedex-ceo-says-he-expects-the-economy-to-enter-a-worldwide-recession.html

https://www.maersk.com/insights/resilience/rising-inflation-and-its-impact-in-the-world-of-logistics

.com/content/dam/fedex/eu-europe/Digtial-Internation-MVP/images/2020/Q1/FedExExportReport2019_EU_EN_FINAL.pdf

https://www.mastersindia.co/blog/impact-of-e-way-bill-on-logistics-industry-in-india/

https://mahindralogistics.com/the-ever-evolving-scenario/
 https://www.clearias.com/national-logistics-policy/

n/latest/corporate/story/immediate-challenges-to-the-logistics-sector-only-short-term-issue-mahindra-logistics-ceo-332413-2022-05-05

https://trendlyne.com/equity/swot-buy-or-sell/65007/MAHLOG/mahindra-logistics-ltd/strengths/

https://trendlyne.com/equity/swot-buy-or-sell/65007/MAHLOG/mahindra-logistics-ltd/strengths/

https://www.reuters.com/business/fedex-profit-rises-challenges-persist-2022-06-23/

ill have an effect on Mahindra and Mahindra's ability to continue making industry-leading earnings.

Mahindra to generate long-term profitability.

or face competition from disruptive companies.

in order to lessen the threat posed by new players.

ey often tend to drive prices down, restricting the company's ability to make sustainable profits.

structure of the industry, it can become a cost leader in a variety of ways. Mahindra and Mahindra might evaluate the following while pursuing a co

ht use a differentiation strategy to strive to stand out from the competition by offering a highly valued value proposition to customers. Mahindra an
 Information Which Financial Indicator is affected?

To dodge CST levies and state entrance taxes, Indian logistics

companies had been operating several warehouses in different
states. Most of these warehouses were functioning inefficiently
Sales, Revenue and Profit. Along with
since they aren't using all of their available space. After GST, the
this, more Capital inflow.
goods can now travel inter state without any duty. This has led to
construction of mega warehouses and foreign investments in
infrastructure.

Although the logistics industry contributes 14.4% of the nation's

GDP, it also consumes 14% of it. The average cost of logistics to a
Sales Growth Rate
nation is about 8%. To accomplish the nation's goal of a $5 Tn
economy, the $180 Bn annual gap must be closed.

A recession would exacerbate the various problems that are now

affecting global supply chains, such as growing inflation and
transportation costs, persistent labour shortages, erratic
Profits, Cash Flow
demand, and a shortage of essential items. This would lead to to
decreasing margins, cash flow and inability to scale up after the
maarket has recovered.

With inflation comes a rise in energy costs, . With the increased

cost of fuel, the logisticsindustry takes a hit. This creates a ripple
Cost of Sales
effect, as a rise in price of raw material affects the price of
finished goods.

The results from the research paper demonstrate a statistically

significant positive correlation between total logistics
performance and exports and imports. A number of metrics for
measuring logistics performance have a statistically significant Sales, Revenue, Profit
and favourable impact, mostly on exports. The primary policy
implication is that ongoing investments in logistics services and
infrastructure can have a favourable effect on global trade.

The E-Way Bill provides multiple benefits to the logistics industry.

These include reduced documentation, quicker movement of
consugnments, and reduced logistics cost. The disadvantages Transportation Cost
include keeping up with the different timelines of
implementation in different states.

The logistics performance Index 2022 assesses how well the

logistical services necessary to promote exports and economic
growth are performing. The annual survey evaluates the logistics
Sales, Foregin Investment , Ecommerce
ecosystem of each State/UT by analysing data from stakeholders
(perception data) and States/UTs (objective data) and using a
statistical model.

India transports more than 80% of its cargo by road. The state of
these roadways, however, has to be improved. Inadequate
transportation infrastructure in India, which frequently causes
delays and interruptions and has an impact on delivery
Profit and Investments
schedules, is one of the main causes of greater logistics
expenditures. This obstacle will soon be overcame because the
improvement of transportation infrastructure is being given top
attention.
 Despite the extremely fragmented nature of India's logistics
industry, the National Logistics Policy aims to reduce the cost of Employment
logistics from its current 14% of GDP to less than 10% by 2022.

The demand is soft, especially from a capacity investment

perspective.The clients wish to utilise the assets more often, increasing Revenue and Profit
the scale of operations without having to invest in more vehicles.

Mahindra Logistics is a low debt company. Its revenue has

increased every quarter for the last 3 quarters. The book value
Capex and Growth Rate
per share has been increasing for the past 2 years. It is also a
company with zero promoter pledge.

The mutual funds that held Mahindra logistics as a part of their fund
have been reducing the holding value.The Net Profit has been falling. Net Profit, Cash Flow
Along with this, the cash flow has also taken a hit.

Opportunities for Mhindra Logistics include partnerships with

other other local brands, establishing an online presence and Growth Rate
alloting different modes oftransportation for time based delivery.

Threats for Mhindra Logistics include Competitors catching up

Profitability
with the product development, changing demographics etc.
Covid 19 had a drastic effect on manpower, as many of the semi skilled
workers left for their hometowns. A lot of these decided to stay back at
their village instead of coming back, resulting in lower scale of Growth Rate
operations.

Mahindra might evaluate the following while pursuing a cost leadership strategy: the pursuit of economies of scale, proprietary technology, supply c

ighly valued value proposition to customers. Mahindra and Mahindra can choose one or more qualities that customers appreciate most in products
 Range of Impact

Increase

Increase

Decrease

Increase

Increase

Decrease

Higher the rank, Better the

performance

Increase
 Increase

Increase

Increase

Decrease

Increase

Decrease

Decrease

prietary technology, supply chain management alternatives, supplier diversification, preferential access to raw materials, and other variables.

appreciate most in products and services. Due to the differentiation and uniqueness of the offerings, the objective is to seek out premium price. M
materials, and other variables.

tive is to seek out premium price. Mahindra and Mahindra may want to stay away from markets that are already heavily saturated by rivals thanks
ly saturated by rivals thanks to Porter Five Forces study of the industry.
 Finance >>Profit & Loss (Standalone)>>Mah
Year
Revenue From Operations
Less: Excise Duty

Revenue From Operations(Net)

Other Income

Total Revenue
EXPENSES:
Cost of Material Consumed
power and fuel cost

Employee Benefits / Salaries & other Staff Cost

Finance Cost
Depreciation and Amortization
Other Expenses
Total Expenses
Profit Before Exceptional Items and Tax
Exceptional Items Before Tax

Profit Before Extraordinary Items and Tax

Prior Year Adjustments

Other Adjustments Before Tax
Extraordinary Items Before Tax
Profit Before Tax
Tax Expenses
Profit After Tax
Finance >>Balance sheet(Standalone)>>Mahindra Logistics Ltd(Curr. in )
ASSETS
Non-Current Assets:
Fixed Assets
Property, Plant and Equipment

Capital Work in Progress

Intangible Assets
Intangible Assets under Development
Fixed Assets Held For Sale
Lease Adjustment
Biological Assets other than Bearer Plants
Non-current Investments

Investment Properties
Investments in Subsidiaries, Associates and
Joint venture
Financial Assets :
Investments of Life Insurance Business
Investments - Long-term
Loans - Long - Term
Others Financial Assets - Long-term

Non Current Tax Assets - Long - Term

Insurance Related Assets

Other Non-current Assets
Deferred Tax Assets (Net)
Total Reported Non-current Assets
Current Assets:

Inventories
Biological Assets other than Bearer Plants
Financial Assets :
Current Investments
Trade Receivables

Cash and Cash Equivalents

Bank Balances Other Than Cash and Cash
Equivalents
Loans - Short-term
Others Financial Assets - Short-term
Current Tax Assets - Short-term

Insurance Related Assets

Other Current Assets

Assets Classified as Held for Sale

Total Current Assets

Foreign Currency Monetary Item Translation

Difference Account

Regulatory Deferral Account - Debit Balance

Other Assets Excluding Non-Current and
Current Assets

Total Non-Current and Other Assets

Total Assets

EQUITY AND LIABILITIES

Share Capital
Number of Equity Shares - Bought Back during
the Current period
Number of Total Bonus Shares Issued upto
Current period

Number of Equity Shares - Paid Up

Paid Up Capital
Treasury Shares
Number of Bonus Shares Issued During the
Current Period.
Number of Shares Splitted During the Current
Period.

Other Equity
Money Received Against Share Warrants

Employee Stock Options / Others

Share Application Money Pending Allotment

Total Stockholders’ Equity

Total Equity

Non-Current Liabilities:
Long Term Borrowings
Others Financial Liabilities - Long-term
Non Current Tax Liabilities - Long-term
Long-term Provisions
Deferred Tax Liabilities (Net)
Insurance Related Liabilities
Other Non-Current Liabilities
Total Reported Non-current Liabilities

Current Liabilities:

Short Term Borrowings

Trade Payables
Others Financial Liabilities - Short-term
Current Tax Liabilities - Short-term
Provisions
Insurance Related Liabilities
Other Current Liabilities
Liabilities Directly Associated with Assets
Classified as Held for Sale
Total Current Liabilities

Foreign Currency Monetary Item Translation

Difference Account

Hybrid Perpetual Securities

Regulatory Deferral Account - Credit Balance

Other Liabilities Excluding Equity, Non-Current

and Current Liabilities

Total Equity and Liabilities

Contingent Liabilities and Commitments (to the

Extent Not Provided for)
Book Value of Share
Finance >>Profit & Loss (Standalone)>>Mahindra Logistics Ltd(Curr. in )
201803 201903 202003
3,220.11 3,665.51 3,260.90
0 0 0

3,220.11 3,665.51 3,260.90

4.73 7.27 13.29

3,224.84 3,672.78 3,274.19

0 0 0
4.78 6.58 8.54

219.04 250.59 291.14

0.31 0.16 14.43
12.85 14.69 65.95
2,895.24 3,277.02 2,821.98
3,127.44 3,542.46 3,193.50
97.4 130.32 80.69
0 0 0

97.4 130.32 80.69

0 0 0
0 0 0
0 0 0
97.4 130.32 80.69
35.21 45.88 25.55
62.19 84.44 55.14
ahindra Logistics Ltd(Curr. in )

31.63 46.21 224.94

30.09 42.75 208.92

0.55 2.59 15.04

0.99 0.87 0.98

0 0 0
0 0 0
0 0 0
0 0 0

0 0 0

12.96 21.41 21.41

0 0 0
0 0 0
0 0 20.47
14.21 25.25 36.07

81.46 70.3 79.7

0 0 0
19.91 22.4 24.72
13.05 17.75 18.34
173.22 203.32 425.65
 0 0 0
0 0 0

50.05 77.52 0
487.68 481.22 475.52

65.36 54.84 99.28

0 15 0
0 15 15
82.43 222.71 227.9
0 0 0

0 0 0

51.62 49.53 84.69

0 0 0

737.14 915.82 902.39

0 0 0

0 0 0
 1.91 1.91 1.91

175.13 205.23 427.56

912.27 1,121.05 1,329.95

71.14 71.45 71.54

0 0 0

0.82 0.17 0.17

7.11 7.14 7.15

71.14 71.45 71.54

0 0 0

0 0 0

0 0 0

347.76 427.39 473.77

 0 0 0

0 0 0
0 0 0

418.9 498.84 545.31

418.9 498.84 545.31

0 0 0
0 0 0
0 0 0
14.33 15.66 14.55
0 0 0
0 0 0
0 0 0
14.33 15.66 134

0 0 0
455.89 573.61 570.63
4.65 6.11 10.56
0 0 0
3 3.74 3.51
0 0 0
15.5 23.09 20.54

0 0 0
479.04 606.55 650.64

0 0 0

0 0 0

0 0 0

0 0 0

912.27 1,121.05 1,329.95

46.87 0 16.03
58.88 69.82 76.23
d(Curr. in )
202103 202203
2,959.11 3,631.08
0 0

2,959.11 3,631.08

15.5 9.56

2,974.61 3,640.64

0 9.81
10.94 14.61

280.43 282.2
17.11 26.04
82.75 130.41
2,557.68 3,159.94
2,937.97 3,607.95
36.64 32.69
-4 0

32.64 32.69

0 0
0 0
0 0
32.64 32.69
8.65 8.25
23.99 24.44
348.85 487.54
328.63 463.38

2.07 0.43

17.16 10.34
0.99 13.39
0 0
0 0
0 0

0 0

21.41 21.41

0 0
0 0
18.75 46.11
34.49 37.53

27.86 73.77

0 0
14.18 13
19.25 21.42
484.79 700.78
 0 1.43
0 0

55.07 116.08
408.25 405.67

197.14 131.05

0.01 0.01
0 0
337.92 397.84
0 0

0 0

103.4 95.99

0 0

1,101.79 1,148.07

0 0

0 0
 0 0

484.79 700.78

1,586.58 1,848.85

71.67 71.87

0 0

0.17 0.17

7.17 7.19

71.67 71.87
0 0

0 0

0 0

493.56 502.93
 0 0

0 0
0.04 0.06

565.27 574.86

565.27 574.86

0 0
0 0
0 0
14.48 14.9
0 0
0 0
0 0
194 281.92

0 0
719.47 836.07
5.81 16.92
8.26 8.26
3.46 4.09
0 0
30.1 32.35

0 0
 827.31 992.07

0 0

0 0

0 0

0 0

1,586.58 1,848.85

29.49 33.38
78.87 79.98
 Finance >>Cash Flow (Standalone)>>Mahindra Logistics Ltd(Cur
Year 201803 201903 202003 202103
Cash Flow Summary
Cash and Cash Equivalents
at Beginning of the year 49.32 65.36 54.84 99.28
Net Cash from Operating
Activities 2.45 91.89 80.4 280.58
Net Profit before Tax &
Extraordinary Items 97.4 130.32 80.69 32.64
Depreciation 12.85 14.69 65.95 82.75
Interest (Net) -2.47 -3.46 9.83 10.65

Dividend Received -0.37 0 0 0

P/L on Sales of Assets 0.06 0.53 0.21 0.45
P/L on Sales of Invest -0.56 -2.14 -1.11 -0.29
Prov. & W/O (Net) 5.5 3.04 3.36 7.55
P/L in Forex 0 0 -1.74 -2.09
Fin. Lease & Rental Chrgs 0 0 0 0
Others 1.7 5.62 14.29 9.82
Total Adjustments (PBT &
Extraordinary Items) 16.71 18.28 90.79 108.84
Op. Profit before Working
Capital Changes 114.11 148.6 171.48 141.48
Trade & 0th receivables -120.88 -145.01 -51.26 -67.8
Inventories 0 0 0 0
Trade Payables 75.31 127.72 -6.11 156.38
Loans & Advances 0 0 0 0
Investments 0 0 0 0
Net Stock on Hire 0 0 0 0
Leased Assets Net of Sale 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0
Change in Borrowing 0 0 0 0
Change in Deposits 0 0 0 0
Others 0 0 0 0
Total (OP before Working
Capital Changes) -45.57 -17.29 -57.37 88.58
Cash Generated from/(used
in) Operations 68.54 131.31 114.11 230.06
Interest Paid(Net) 0 0 0 0
Direct Taxes Paid -66.09 -39.42 -33.71 50.52
Advance Tax Paid 0 0 0 0
Others 0 0 0 0
Total-others -66.09 -39.42 -33.71 50.52
Cash Flow before
Extraordinary Items 2.45 91.89 80.4 280.58

Excess Depreciation W/b 0 0 0 0

Premium on Lease of land 0 0 0 0
Payment Towards VRS 0 0 0 0
Prior Year 's Taxation 0 0 0 0
Gain on Forex Exch. Tran 0 0 0 0
Others 0 0 0 0
Net Cash Used in Investing
Activities 7.6 -92.06 35.15 -105.49
Purchased of Fixed Assets -29.41 -31.89 -62.32 -68.46
Sale of Fixed Assets 0.39 0.32 0.69 2.18
Capital Expenditure 0 0 0 0
capital WIP 0 0 0 0
Capital Subsidy Recd 0 0 0 0
Purchase of Investments -1801.92 -1898.05 -649 -713
Sale of Investments 1810.47 1872.72 727.63 658.22
Investment Income 0 0 0 0
Interest Received 3.8 3.29 3.15 4.57
Dividend Received 0.37 0 0 0
Invest.In Subsidiaires -1.1 -4.45 0 -4
Loans to Subsidiaires 0 0 0 0
Investment in Group Cos 0 0 0 0

Issue of Sh. on Acqu. of Cos 0 0 0 0

Canc. of Invest. in Cos Acq. 0 0 0 0

Acquisition of Companies 0 -4 0 0
Inter Corporate Deposits 0 -15 0 15
Others 25 -15 15 0
Net Cash Used in Financing
Activities 5.99 -10.35 -71.11 -77.23

Proceeds from Issue of

shares (incl share premium) 6.3 2.67 0.37 0.13
Proceed from Issue of
Debentures 0 0 0 0
Proceed from 0ther Long
Term Borrowings 0 0 0 110.52
Proceed from Bank
Borrowings 0 0 0 0
Proceed from Short Tem
Borrowings 0 0 0 0
Proceed from Deposits 0 0 0 0
Share Application Money 0 0 0 0
Cash/Capital Investment
Subsidy 0 0 0 0
Loans from a Corporate
Body 0 0 0 0
Share Application Money
Refund 0 0 0 0.04
On Redemption of
Debenture 0 0 0 0

Of the Long Tem Borrowings 0 0 0 -110.52

Of the short term
Borrowings 0 0 0 0
Of financial Liabilities 0 0 -55.53 -65.34
Dividend Paid 0 -12.86 -15.5 -10.74
Shelter Assistance Reserve 0 0 0 0

Interest Paid -0.31 -0.16 -0.45 -1.32

Others 0 0 0 0
Net Inc/(Dec) in Cash and
Cash Equivalent 16.04 -10.52 44.44 97.86
Cash and Cash Equivalents
at End of the year 65.36 54.84 99.28 197.14
Mahindra Logistics Ltd(Curr. Rs in )
202203

197.14

204.3

32.69
130.41
20.92

0
0.07
-1.27
2.34
-3.02
0
9.73

159.18

191.87
-60.01
-1.43
129.94
0
0
0
 0
0
0
0
0

68.5

260.37
0
-56.07
0
0
-56.07

204.3

0
0
0
0
0
0

-149.79
-105.51
14.35
0
0
0
-1213.01
1153.27
0
1.11
0
0
0
0

0
0
0
0

-120.6

0.46

0
0
0
 0

0.06

0
-102.93
-17.94
0

-0.25

-66.09

131.05
 HI
2018
income statement 1

Revenue From Operations ₹ 3,220.11

rate of change

income (other) ₹ 4.73

0.15%

Cost of Material Consumed 0

Employee Benefits / Salaries & other Staff Cost ₹ 219.04

% os sales 0.0680225209697805

Finance Cost ₹ 0.31

% of sales 0.010%

Other Expenses ₹ 2,895.24

% of sales 89.91%

tax expenzes ₹ 35.21

PBT ₹ 97.40
% of tax 0.361498973305955

PPE Schedule

capex -29.41
capex as % of sales -0.913%
opening PPE
ADD: CAPEX
total gross
less: dep
net ppe

net ppe 30.09

12.85
dep % of net ppe 0.427052176802925

balance sheet

Inventories 0
 Trade Receivables 487.68

days recivables 55.2786084947409

Other Current Assets 51.62

% of sales 1.60%

nt income ₹ 62.19
dividend 10.67
dividend payout ratio 17.16%

cost of sales 2,900.02

Trade Payables ₹ 455.89
% of cos 57.3788629043938

Others Financial Liabilities - Short-term ₹ 4.65

% of cos 0.160%

Other Current Liabilities ₹ 15.50

% of cos 0.53%

Provisions ₹ 3.00
% of cos 0.10%

Cash Flow Statement

Interest (Net) -2.47

Growth Rate
Average Rate
P/L on Sales of Assets 0.06

P/L on Sales of Invest -0.56

Prov. & W/O (Net) 5.5

P/L in Forex 0
Growth Rate
Average Rate

Others 1.7

Sale of Fixed Assets 0.39

Purchase of Investments -1801.92

Sale of Investments 1810.47

Others 25

Proceeds from Issue of shares (incl share premium) 6.3

Growth Rate
Average Rate

Share Application Money Refund 0

Of financial Liabilities 0

Interest Paid -0.31

 HISTORICAL YEARS
2019 2020 2021 2022
2 3 4 5

₹ 3,665.51 ₹ 3,260.90 ₹ 2,959.11 ₹ 3,631.08

13.83% -11.04% -9.25% 22.71%

₹ 7.27 ₹ 13.29 ₹ 15.50 ₹ 9.56

0.20% 0.41% 0.52% 0.26%

0 0 0 9.81

₹ 250.59 ₹ 291.14 ₹ 280.43 ₹ 282.20

0.06836429309973 0.089282100033733 0.09476835940536 0.07771792414378

₹ 0.16 ₹ 14.43 ₹ 17.11 ₹ 26.04

0.004% 0.443% 0.578% 0.717%

₹ 3,277.02 ₹ 2,821.98 ₹ 2,557.68 ₹ 3,159.94

89.40% 86.54% 86.43% 87.02%

₹ 45.88 ₹ 25.55 ₹ 8.65 ₹ 8.25

₹ 130.32 ₹ 80.69 ₹ 32.64 ₹ 32.69
0.35205647636587 0.316643945966043 0.26501225490196 0.25237075558275

-31.89 -62.32 -68.46 -105.51

-0.870% -1.911% -2.314% -2.906%

42.75 208.92 328.63 463.38

14.69 65.95 82.75 130.41
0.34362573099415 0.315671070266131 0.25180293947601 0.28143208597695

0 0 0 1.43
 481.22 475.52 408.25 405.67

47.918379707053 53.2260418902757 50.3567795722362 40.7783772321183

0.00044906982879
49.53 84.69 103.4 95.99
1.35% 2.60% 3.49% 2.64%

84.44 55.14 23.99 24.44

12.86 10.67 17.92 14.37
15.23% 19.35% 74.70% 58.80%

3,283.60 2,830.52 2,568.62 3,184.36

₹ 573.61 ₹ 570.63 ₹ 719.47 ₹ 836.07
63.7616183457181 73.5836348091517 102.236434349962 95.8326162871032

₹ 6.11 ₹ 10.56 ₹ 5.81 ₹ 16.92

0.186% 0.373% 0.226% 0.531%

₹ 23.09 ₹ 20.54 ₹ 30.10 ₹ 32.35

0.70% 0.73% 1.17% 1.02%

₹ 3.74 ₹ 3.51 ₹ 3.46 ₹ 4.09

0.11% 0.12% 0.13% 0.13%

-3.46 9.83 10.65 20.92

0.40080971659919 -3.84104046242775 0.08341810783316 0.96431924882629
-60%
 0.53 0.21 0.45 0.07

-2.14 -1.11 -0.29 -1.27

3.04 3.36 7.55 2.34

0 -1.74 -2.09 -3.02

0 0 0.20114942528736 0.44497607655502
32%

5.62 14.29 9.82 9.73

0.32 0.69 2.18 14.35

-1898.05 -649 -713 -1213.01

1872.72 727.63 658.22 1153.27

-15 15 0 0

2.67 0.37 0.13 0.46

-0.57619047619048 -0.86142322097378 -0.64864864864865 2.53846153846154
11%

0 0 0.04 0.06

0 -55.53 -65.34 -102.93

-0.16 -0.45 -1.32 -0.25

 FORECASTED YEARS
2023 E 2024 E 2025 E 2026 E
6 7 8 9

₹ 3,778.57 ₹ 3,839.75 ₹ 4,023.44 ₹ 4,357.11

4.06% 1.62% 4.78% 8.29%

0.31% 0.34% 0.37% 0.36%

9.81 9.81 9.81 9.81

7.96% 8.20% 8.47% 8.37%

0.350% 0.419% 0.501% 0.513%

87.86% 87.45% 87.06% 87.17%

30.95%

-67.36 -75.13 -87.47 -97.01

-1.783% -1.957% -2.174% -2.227%
₹ 463.38 ₹ 277.95 ₹ 142.35 ₹ 38.52
₹ (67.36) ₹ (75.13) ₹ (87.47) ₹ (97.01)
₹ 396.02 ₹ 202.82 ₹ 54.89 ₹ (58.49)
₹ 118.07 ₹ 60.47 ₹ 16.36 ₹ (17.44)
₹ 277.95 ₹ 142.35 ₹ 38.52 ₹ (41.05)

29.81% 29.81% 29.81% 29.81%

1.50260664348485 1.5207612897147 1.5869335161337 1.72051662219889

₹ 512.56 ₹ 508.72 ₹ 534.03 ₹ 566.91

49.5116373792848 48.3582431561936 48.4462158460217 47.4902506371709

0.045%
₹ 88.34 ₹ 89.77 ₹ 94.06 ₹ 101.86
2.34% 2.34% 2.34% 2.34%

20.2196359476691 70.5847552719225 122.618513797356 166.851443687727

7.49066486200581 26.1491723924743 45.4258521325707 61.812598883645
37.05%

3,346.04 3,386.47 3,533.82 3,831.29

720.165781662571 768.168074357143 838.447369292307 936.353464423803
78.5586333392658 82.7945874262402 86.6011812423446 89.2046905289832

0.30%

0.83%

0.12%

8.40725957464561 3.37868133630355 1.35781314599973 0.54567340211692

₹ 0.26 ₹ 0.26 ₹ 0.26 ₹ 0.26

₹ (1.07) ₹ (1.07) ₹ (1.07) ₹ (1.07)

₹ 4.36 ₹ 4.36 ₹ 4.36 ₹ 4.36

₹ (4.00) ₹ (5.29) ₹ (6.99) ₹ (9.25)

8.232 8.232 8.232 8.232

₹ 3.59 ₹ 3.59 ₹ 3.59 ₹ 3.59

₹ (1,255.00) ₹ (1,255.00) ₹ (1,255.00) ₹ (1,255.00)

₹ 1,244.46 ₹ 1,244.46 ₹ 1,244.46 ₹ 1,244.46

₹ 5.00 ₹ 5.00 ₹ 5.00 ₹ 5.00

0.512002907154593 0.56988473246686 0.63431008644793 0.70601871369309

₹ 0.02 ₹ 0.02 ₹ 0.02 ₹ 0.02

₹ (44.76) ₹ (44.76) ₹ (44.76) ₹ (44.76)

₹ (0.50) ₹ (0.50) ₹ (0.50) ₹ (0.50)

2027 E
10

₹ 4,561.44
4.69%

0.33%

9.81

8.15%

0.500%

87.31%

-100.77
-2.209%
₹ (41.05)
₹ (100.77)
₹ (141.82)
₹ (42.28)
₹ (99.54)

29.81%

1.80458178930728
₹ 586.33

46.9169448501579

₹ 106.64
2.34%

190.591843559145
70.6075831052721

4,018.49
953.409344997573
86.5983417647874

0.21929340031438
₹ 0.26

₹ (1.07)

₹ 4.36

₹ (12.24)

8.232

₹ 3.59

₹ (1,255.00)

₹ 1,244.46

₹ 5.00

0.7858339867748

₹ 0.02

₹ (44.76)

₹ (0.50)
input/assumtions

to be calculated takimg avgerage og historical growth rate'

taken as average of percentage of sales

assumed to reamin same

taken as average of percentage of sales

taken as average of percentage of sales

average of historical percentages

assuming to be the same as last year

using forecast linear

IF ANYTHING NOT GIVEN use forevast linear ot avergae

assuming dep precentage on ppe on current year

take tarde revibales as % of sales
trade payabales and inventory to be taken as % of cos
OCA & OCL to be taken % of sales and cos respectively
take historucal data growth rate avergae
rest take percentage
Financial Statement Forecasting

income statement
Revenue From Operations

Less: Excise Duty

Revenue From Operations(Net)
Other Income
Total Revenue
EXPENSES:
Cost of Material Consumed
power and fuel cost
Employee Benefits / Salaries & other Staff Cost
Finance Cost
Depreciation and Amortization

Other Expenses
Total Expenses
Profit Before Exceptional Items and Tax
Exceptional Items Before Tax
Profit Before Extraordinary Items and Tax
Prior Year Adjustments
Other Adjustments Before Tax
Extraordinary Items Before Tax
Profit Before Tax
Tax Expenses
Profit After Tax

Dividend
 Balance Sheet
ASSETS
Non-Current Assets:
Fixed Assets
Property, Plant and Equipment
Capital Work in Progress
Intangible Assets
Intangible Assets under Development

Non-current Investments
Investment Properties
Investments in Subsidiaries, Associates and Joint venture
Financial Assets :
Investments of Life Insurance Business
Investments - Long-term
Loans - Long - Term
Others Financial Assets - Long-term
Non Current Tax Assets - Long - Term

Insurance Related Assets

Other Non-current Assets
Deferred Tax Assets (Net)
Total Reported Non-current Assets

Current Assets:

Inventories
Biological Assets other than Bearer Plants
Financial Assets :
Current Investments
Trade Receivables
Cash and Cash Equivalents
Bank Balances Other Than Cash and Cash Equivalents
Loans - Short-term
Others Financial Assets - Short-term
Current Tax Assets - Short-term
Insurance Related Assets
Other Current Assets
Assets Classified as Held for Sale
Total Current Assets

Total Non-Current and Other Assets

Total Assets

EQUITY AND LIABILITIES

Share Capital
Other Equity
Total Stockholders’ Equity

Total Equity

Non-Current Liabilities:
Long-term Provisions
Total Reported Non-current Liabilities

Current Liabilities:
 Short Term Borrowings (Plug)
Trade Payables
Others Financial Liabilities - Short-term
Current Tax Liabilities - Short-term
Provisions
Insurance Related Liabilities
Other Current Liabilities
Liabilities Directly Associated with Assets Classified as Held for
Sale
Total Current Liabilities

Total Equity and Liabilities

Contingent Liabilities and Commitments (to the Extent Not

Provided for)
Book Value of Share

Cash Flow Statement

Year
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year
Net Cash from Operating Activities
Net Profit before Tax & Extraordinary Items
Depreciation
Interest (Net)
Dividend Received
P/L on Sales of Assets
P/L on Sales of Invest
Prov. & W/O (Net)
P/L in Forex
Fin. Lease & Rental Chrgs
Others
Total Adjustments (PBT & Extraordinary Items)
Op. Profit before Working Capital Changes
Trade & 0th receivables
Inventories
Trade Payables
Total (OP before Working Capital Changes)
Cash Generated from/(used in) Operations
Interest Paid(Net)
Direct Taxes Paid
Advance Tax Paid
Others
Total-others
Cash Flow before Extraordinary Items
Net Cash Used in Investing Activities
Purchased of Fixed Assets
Sale of Fixed Assets
Capital Expenditure
capital WIP
Capital Subsidy Recd
Purchase of Investments
Sale of Investments
Interest Received
Dividend Received
Invest.In Subsidiaires
Others

Net Cash Used in Financing Activities

Proceeds from Issue of shares (incl share premium)
Of financial Liabilities
Dividend Paid
Interest Paid
Net Inc/(Dec) in Cash and Cash Equivalent
Cash and Cash Equivalents at End of the year
 HISTORICAL YEARS
2018 2019 2020 2021
1 2 3 4

₹ 3,220.11 ₹ 3,665.51 ₹ 3,260.90 ₹ 2,959.11

₹ - ₹ - ₹ - ₹ -
₹ 3,220.11 ₹ 3,665.51 ₹ 3,260.90 ₹ 2,959.11
₹ 4.73 ₹ 7.27 ₹ 13.29 ₹ 15.50
₹ 3,224.84 ₹ 3,672.78 ₹ 3,274.19 ₹ 2,974.61

₹ - ₹ - ₹ - ₹ -
4.78 6.58 8.54 10.94
₹ 219.04 ₹ 250.59 ₹ 291.14 ₹ 280.43
₹ 0.31 ₹ 0.16 ₹ 14.43 ₹ 17.11
₹ 12.85 ₹ 14.69 ₹ 65.95 ₹ 82.75

₹ 2,895.24 ₹ 3,277.02 ₹ 2,821.98 ₹ 2,557.68

₹ 3,127.44 ₹ 3,542.46 ₹ 3,193.50 ₹ 2,937.97
₹ 97.40 ₹ 130.32 ₹ 80.69 ₹ 36.64
₹ - ₹ - ₹ (4.00)
₹ 97.40 ₹ 130.32 ₹ 80.69 ₹ 32.64
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ 97.40 ₹ 130.32 ₹ 80.69 ₹ 32.64
₹ 35.21 ₹ 45.88 ₹ 25.55 ₹ 8.65
₹ 62.19 ₹ 84.44 ₹ 55.14 ₹ 23.99

₹ 10.67 ₹ 12.86 ₹ 10.67 ₹ 17.92

 HISTORICAL YEARS
2018 2019 2020 2021

1 2 3 4

₹ 31.63 ₹ 46.21 ₹ 224.94 ₹ 348.85

₹ 30.09 ₹ 42.75 ₹ 208.92 ₹ 328.63
₹ 0.55 ₹ 2.59 ₹ 15.04 ₹ 2.07
₹ 0.99 ₹ 0.87 ₹ 0.98 ₹ 17.16
₹ - ₹ - ₹ - ₹ 0.99

₹ - ₹ - ₹ - ₹ -
₹ 12.96 ₹ 21.41 ₹ 21.41 ₹ 21.41

₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ 20.47 ₹ 18.75
₹ 14.21 ₹ 25.25 ₹ 36.07 ₹ 34.49
₹ 81.46 ₹ 70.30 ₹ 79.70 ₹ 27.86

₹ - ₹ - ₹ - ₹ -
₹ 19.91 ₹ 22.40 ₹ 24.72 ₹ 14.18
₹ 13.05 ₹ 17.75 ₹ 18.34 ₹ 19.25
₹ 173.22 ₹ 203.32 ₹ 425.65 ₹ 484.79

₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ 50.05 ₹ 77.52 ₹ - ₹ 55.07
₹ 487.68 ₹ 481.22 ₹ 475.52 ₹ 408.25
₹ 65.36 ₹ 54.84 ₹ 99.28 ₹ 197.14
₹ - ₹ 15.00 ₹ - ₹ 0.01
₹ - ₹ 15.00 ₹ 15.00 ₹ -
₹ 82.43 ₹ 222.71 ₹ 227.90 ₹ 337.92
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ 51.62 ₹ 49.53 ₹ 84.69 ₹ 103.40
₹ - ₹ - ₹ - ₹ -
₹ 737.14 ₹ 915.82 ₹ 902.39 ₹ 1,101.79

₹ 175.13 ₹ 205.23 ₹ 427.56 ₹ 484.79

₹ 912.27 ₹ 1,121.05 ₹ 1,329.95 ₹ 1,586.58

₹ 71.14 ₹ 71.45 ₹ 71.54 ₹ 71.67

₹ 347.76 ₹ 427.39 ₹ 473.77 ₹ 493.56
₹ 418.90 ₹ 498.84 ₹ 545.31 ₹ 565.27

₹ 418.90 ₹ 498.84 ₹ 545.31 ₹ 565.27

₹ 14.33 ₹ 15.66 ₹ 14.55 ₹ 14.48

₹ 14.33 ₹ 15.66 ₹ 134.00 ₹ 194.00
₹ - ₹ - ₹ - ₹ -
₹ 455.89 ₹ 573.61 ₹ 570.63 ₹ 719.47
₹ 4.65 ₹ 6.11 ₹ 10.56 ₹ 5.81
₹ - ₹ - ₹ - ₹ 8.26
₹ 3.00 ₹ 3.74 ₹ 3.51 ₹ 3.46
₹ - ₹ - ₹ - ₹ -
₹ 15.50 ₹ 23.09 ₹ 20.54 ₹ 30.10

₹ - ₹ - ₹ - ₹ -
₹ 479.04 ₹ 606.55 ₹ 650.64 ₹ 827.31

₹ 912.27 ₹ 1,121.05 ₹ 1,329.95 ₹ 1,586.58

₹ 46.87 ₹ - ₹ 16.03 ₹ 29.49

₹ 58.88 ₹ 69.82 ₹ 76.23 ₹ 78.87

HISTORICAL YEARS
2018 2019 2020 2021

49.32 65.36 54.84 99.28

2.45 91.89 80.40 280.58
97.40 130.32 80.69 32.64
12.85 14.69 65.95 82.75
-2.47 -3.46 9.83 10.65
-0.37 0.00 0.00 0.00
0.06 0.53 0.21 0.45
-0.56 -2.14 -1.11 -0.29
5.50 3.04 3.36 7.55
 0.00 0.00 -1.74 -2.09
0.00 0.00 0.00 0.00
1.70 5.62 14.29 9.82
16.71 18.28 90.79 108.84
114.11 148.60 171.48 141.48
-120.88 -145.01 -51.26 -67.80
0.00 0.00 0.00 0.00
75.31 127.72 -6.11 156.38
-45.57 -17.29 -57.37 88.58
68.54 131.31 114.11 230.06
0.00 0.00 0.00 0.00
-66.09 -39.42 -33.71 50.52
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-66.09 -39.42 -33.71 50.52
2.45 91.89 80.40 280.58
7.60 -92.06 35.15 -105.49
-29.41 -31.89 -62.32 -68.46
0.39 0.32 0.69 2.18
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-1801.92 -1898.05 -649.00 -713.00
1810.47 1872.72 727.63 658.22
3.80 3.29 3.15 4.57
0.37 0.00 0.00 0.00
-1.10 -4.45 0.00 -4.00
25.00 -15.00 15.00 0.00

5.99 -10.35 -71.11 -77.23

6.30 2.67 0.37 0.13
0.00 0.00 -55.53 -65.34
 0.00 -12.86 -15.50 -10.74
-0.31 -0.16 -0.45 -1.32
16.04 -10.52 44.44 97.86
65.36 54.84 99.28 197.14
 FORECASTED YEARS
2022 2023 E 2024 E 2025 E
5 6 7 8

₹ 3,631.08 ₹ 3,778.57 ₹ 3,839.75 ₹ 4,023.44

₹ - ₹ - ₹ - ₹ -
₹ 3,631.08 ₹ 3,778.57 ₹ 3,839.75 ₹ 4,023.44
₹ 9.56 ₹ 11.64 ₹ 13.06 ₹ 14.83
₹ 3,640.64 ₹ 3,790.20 ₹ 3,852.82 ₹ 4,038.27

₹ 9.81 ₹ 9.81 ₹ 9.81 ₹ 9.81

14.61 ₹ 16.30 ₹ 18.70 ₹ 21.10
₹ 282.20 ₹ 264.68 ₹ 264.68 ₹ 264.68
₹ 26.04 ₹ 32.13 ₹ 38.97 ₹ 45.82
₹ 130.41 ₹ 118.07 ₹ 60.47 ₹ 16.36

₹ 3,159.94 ₹ 3,319.94 ₹ 3,357.96 ₹ 3,502.91

₹ 3,607.95 ₹ 3,760.92 ₹ 3,750.59 ₹ 3,860.68
₹ 32.69 ₹ 29.28 ₹ 102.23 ₹ 177.58
₹ - ₹ - ₹ - ₹ -
₹ 32.69 ₹ 29.28 ₹ 102.23 ₹ 177.58
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ 32.69 ₹ 29.28 ₹ 102.23 ₹ 177.58
₹ 8.25 ₹ 9.06 ₹ 31.64 ₹ 54.97
₹ 24.44 ₹ 20.22 ₹ 70.58 ₹ 122.62

₹ 14.37 ₹ 7.49 ₹ 26.15 ₹ 45.43

 FORECASTED YEARS
2022 2023 E 2024 E 2025 E

5 6 7 8

₹ 487.54 ₹ 305.84 ₹ 173.74 ₹ 73.41

₹ 463.38 ₹ 277.95 ₹ 142.35 ₹ 38.52
₹ 0.43 ₹ 4.14 ₹ 4.14 ₹ 4.14
₹ 10.34 ₹ 16.56 ₹ 20.06 ₹ 23.56
₹ 13.39 ₹ 7.19 ₹ 7.19 ₹ 7.19

₹ - ₹ - ₹ - ₹ -
₹ 21.41 ₹ 21.41 ₹ 21.41 ₹ 21.41

₹ - ₹ - ₹ - ₹ -
₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 46.11 ₹ 50.36 ₹ 61.45 ₹ 72.55
₹ 37.53 ₹ 46.27 ₹ 51.86 ₹ 57.45
₹ 73.77 ₹ 66.62 ₹ 66.62 ₹ 66.62

₹ - ₹ - ₹ - ₹ -
₹ 13.00 ₹ 12.23 ₹ 7.69 ₹ 3.56
₹ 21.42 ₹ 17.96 ₹ 18.94 ₹ 19.18
₹ 700.78 ₹ 520.69 ₹ 401.72 ₹ 314.18

₹ 1.43 ₹ 1.50 ₹ 1.52 ₹ 1.59

₹ - ₹ - ₹ - ₹ -
₹ 116.08 ₹ 92.63 ₹ 103.59 ₹ 114.55
₹ 405.67 ₹ 512.56 ₹ 508.72 ₹ 534.03
₹ 131.05 ₹ 196.55 ₹ 352.71 ₹ 616.16
₹ 0.01 ₹ 0.01 ₹ 0.01 ₹ 0.01
₹ - ₹ - ₹ - ₹ -
₹ 397.84 ₹ 477.57 ₹ 552.17 ₹ 626.78
₹ - ₹ - ₹ - ₹ -
₹ - ₹ - ₹ - ₹ -
₹ 95.99 ₹ 88.34 ₹ 89.77 ₹ 94.06
₹ - ₹ - ₹ - ₹ -
₹ 1,148.07 ₹ 1,369.15 ₹ 1,608.49 ₹ 1,987.17

₹ 700.78 ₹ 520.69 ₹ 401.72 ₹ 314.18

₹ 1,848.85 ₹ 1,889.85 ₹ 2,010.21 ₹ 2,301.35

₹ 71.87 ₹ 71.53 ₹ 71.53 ₹ 71.53

₹ 502.93 ₹ 562.04 ₹ 599.69 ₹ 637.34
₹ 574.86 ₹ 633.57 ₹ 671.22 ₹ 708.87

₹ 574.86 ₹ 633.57 ₹ 671.22 ₹ 708.87

₹ 14.90 ₹ 14.78 ₹ 14.87 ₹ 14.72

₹ 281.92 ₹ 14.78 ₹ 14.87 ₹ 14.72
₹ - ₹ 471.36 ₹ 504.40 ₹ 686.04
₹ 836.07 ₹ 720.17 ₹ 768.17 ₹ 838.45
₹ 16.92 ₹ 9.88 ₹ 11.08 ₹ 11.40
₹ 8.26 ₹ 8.26 ₹ 8.26 ₹ 8.26
₹ 4.09 ₹ 4.05 ₹ 4.09 ₹ 4.27
₹ - ₹ - ₹ - ₹ -
₹ 32.35 ₹ 27.78 ₹ 28.11 ₹ 29.34

₹ -
₹ 992.07 ₹ 1,241.49 ₹ 1,324.11 ₹ 1,577.76

₹ 1,848.85 ₹ 1,889.85 ₹ 2,010.21 ₹ 2,301.35

₹ 33.38
₹ 79.98

FORECASTED YEARS
2022 2023 E 2024 E 2025 E

197.14 131.05 196.55 352.71

204.30 163.66 248.39 350.71
32.69 29.28 102.23 177.58
130.41 118.07 60.47 16.36
20.92 8.41 3.38 1.36
0.00 0.00 0.00 0.00
0.07 0.26 0.26 0.26
-1.27 -1.07 -1.07 -1.07
2.34 4.36 4.36 4.36
 -3.02 -4.00 -5.29 -6.99
0.00 0.00 0.00 0.00
9.73 8.23 8.23 8.23
159.18 134.26 70.34 22.51
191.87 163.54 172.57 200.09
-60.01 106.89 -3.83 25.31
-1.43 0.07 0.02 0.07
129.94 -115.90 48.00 70.28
68.50 -8.95 44.19 95.65
260.37 154.60 216.75 295.74
0.00 0.00 0.00 0.00
-56.07 9.06 31.64 54.97
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-56.07 9.06 31.64 54.97
204.30 163.66 248.39 350.71
-149.79 -60.90 -73.70 -88.06
-105.51 -67.36 -75.13 -87.47
14.35 3.59 3.59 3.59
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
-1213.01 -1255.00 -1255.00 -1255.00
1153.27 1244.46 1244.46 1244.46
1.11 8.41 3.38 1.36
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 5.00 5.00 5.00

-120.60 -37.26 -18.54 0.80

0.46 0.51 0.57 0.63
-102.93 -44.76 -44.76 -44.76
-17.94 7.49 26.15 45.43
-0.25 -0.50 -0.50 -0.50
-66.09 65.50 156.15 263.45
131.05 196.55 352.71 616.16
TED YEARS
2026 E 2027 E
9 10

₹ 4,357.11 ₹ 4,561.44

₹ - ₹ -
₹ 4,357.11 ₹ 4,561.44
₹ 15.72 ₹ 14.97
₹ 4,372.83 ₹ 4,576.41

₹ 9.81 ₹ 9.81
₹ 23.50 ₹ 25.90
₹ 264.68 ₹ 264.68
₹ 52.66 ₹ 59.50
₹ (17.44) ₹ (42.28)

₹ 3,797.98 ₹ 3,982.77
₹ 4,131.19 ₹ 4,300.38
₹ 241.64 ₹ 276.03
₹ - ₹ -
₹ 241.64 ₹ 276.03
₹ - ₹ -
₹ - ₹ -
₹ - ₹ -
₹ 241.64 ₹ 276.03
₹ 74.79 ₹ 85.43
₹ 166.85 ₹ 190.59

₹ 61.81 ₹ 70.61
TED YEARS
2026 E 2027 E

9 10

₹ (2.66) ₹ (57.65)
₹ (41.05) ₹ (99.54)
₹ 4.14 ₹ 4.14
₹ 27.06 ₹ 30.56
₹ 7.19 ₹ 7.19

₹ - ₹ -
₹ 21.41 ₹ 21.41

₹ - ₹ -
₹ 0.00 ₹ 0.00
₹ 83.65 ₹ 94.75
₹ 63.04 ₹ 68.63
₹ 66.62 ₹ 66.62

₹ - ₹ -
₹ 2.17 ₹ (1.37)
₹ 19.35 ₹ 19.37
₹ 253.57 ₹ 211.75

₹ 1.72 ₹ 1.80
₹ - ₹ -
₹ 125.51 ₹ 136.47
₹ 566.91 ₹ 586.33
₹ 967.99 ₹ 1,247.13
₹ 0.01 ₹ 0.01
₹ - ₹ -
₹ 701.38 ₹ 775.98
₹ - ₹ -
₹ - ₹ -
₹ 101.86 ₹ 106.64
₹ - ₹ -
₹ 2,465.38 ₹ 2,854.36

₹ 253.57 ₹ 211.75

₹ 2,718.94 ₹ 3,066.10

₹ 71.53 ₹ 71.53
₹ 674.99 ₹ 712.64
₹ 746.52 ₹ 784.17

₹ 746.52 ₹ 784.17
₹ -

₹ 14.75 ₹ 14.81
₹ 14.75 ₹ 14.81
 ₹ 964.41 ₹ 1,254.53
₹ 936.35 ₹ 953.41
₹ 12.20 ₹ 12.70
₹ 8.26 ₹ 8.26
₹ 4.63 ₹ 4.86
₹ - ₹ -
₹ 31.81 ₹ 33.36

₹ 1,957.67 ₹ 2,267.13

₹ 2,718.94 ₹ 3,066.10

TED YEARS
2026 E 2027 E

616.16 967.99
432.99 355.50
241.64 276.03
-17.44 -42.28
0.55 0.22
0.00 0.00
0.26 0.26
-1.07 -1.07
4.36 4.36
 -9.25 -12.24
0.00 0.00
8.23 8.23
-14.37 -42.53
227.28 233.50
32.88 19.42
0.13 0.08
97.91 17.06
130.92 36.56
358.20 270.06
0.00 0.00
74.79 85.43
0.00 0.00
0.00 0.00
74.79 85.43
432.99 355.50
-98.41 -102.50
-97.01 -100.77
3.59 3.59
0.00 0.00
0.00 0.00
0.00 0.00
-1255.00 -1255.00
1244.46 1244.46
0.55 0.22
0.00 0.00
0.00 0.00
5.00 5.00

17.26 26.14
0.71 0.79
-44.76 -44.76
 61.81 70.61
-0.50 -0.50
351.83 279.14
967.99 1247.13
1. market risk

Calculated by taking the average percentage year on year change in SENSEX

Source: https://www.bseindia.com/indices/IndexArchiveData.html

Sensex as on year ending Sensex as on beginning of the year

Date Amt Date
Mar-22 58,253.82 Apr-21
Mar-21 47,751.33 Apr-20
Mar-20 41,253.74 Apr-19
Mar-19 36,068.33 Apr-18
Mar-18 34,056.83 Apr-17

2. Risk Free Rate

Taken as Government of India's 10 year bond yield as on 26th April 2023:
Source: rbi website

3. Beta
taking data from of nse and mahindra logsitics

COST OF EQUITY
KE= rf+Beta*(rm-rf)

since we are a zero debt company, there will not be cost of debt
hence we will use fcfe and disocunt using ke

stable growth rate

this is assumed to be the risk free rate

high growth rate

hgr= ROE*ROC

Calculation of Tax Rate for the firm

Particulars 2018 2019
PBT ₹ 97.40 ₹ 130.32
TAX EXP ₹ 35.21 ₹ 45.88
% of tax 0.36 0.35

Investment in working capital for hitsorical years

2018 2019
Inventories ₹ - ₹ -
Trade Receivables ₹ 487.68 ₹ 481.22
Other Current Assets ₹ 51.62 ₹ 49.53
Current assets ₹ 539.30 ₹ 530.75

Total Current Liabilities ₹ 479.04 ₹ 606.55

wx ₹ 60.26 ₹ (75.80)

₹ (136.06)

Investment in working capital for forecasted years

2023 E 2024 E
Inventories ₹ 1.50 ₹ 1.52
Trade Receivables ₹ 512.56 ₹ 508.72
Other Current Assets ₹ 88.34 ₹ 89.77
Current assets ₹ 602.40 ₹ 600.01

Total Current Liabilities ₹ 1,241.49 ₹ 1,324.11

WC ₹ (639.10) ₹ (724.10)
invst in WC ₹ (465.78) ₹ (85.00)

assuming at the end of the 10th year the business will mature and terminal value will be calculated
Sensex as on beginning of the year Percentage
Amt Change
47,785.28 21.91%
41,349.36 15.48%
36,161.80 14.08%
34,059.99 5.90%
26,711.15 27.50%
16.97% market risk

7.11%

1.389

20.808%

7.11%

2020 2021 2022

 ₹ 80.69 ₹ 32.64 ₹ 32.69
₹ 25.55 ₹ 8.65 ₹ 8.25
0.32 0.27 0.25

2020 2021 2022

₹ - ₹ - ₹ 1.43
₹ 475.52 ₹ 408.25 ₹ 405.67
₹ 84.69 ₹ 103.40 ₹ 95.99
₹ 560.21 ₹ 511.65 ₹ 503.09

₹ 650.64 ₹ 827.31 ₹ 992.07

₹ (90.43) ₹ (315.66) ₹ (488.98)

₹ (14.63) ₹ (225.23) ₹ (173.32)

2025 E 2026 E 2027 E

₹ 1.59 ₹ 1.72 ₹ 1.80
₹ 534.03 ₹ 566.91 ₹ 586.33
₹ 94.06 ₹ 101.86 ₹ 106.64
₹ 629.68 ₹ 670.49 ₹ 694.77

₹ 1,577.76 ₹ 1,957.67 ₹ 2,267.13

₹ (948.08) ₹ (1,287.18) ₹ (1,572.36)

₹ (223.98) ₹ (339.10) ₹ (285.17)

alue will be calculated

30.952% Tax rate
69.048% 1- tax
Mahindra Nse hpr
Adj Close Adj Close mahindra nse
473.132568 10739.349609
554.730652 10736.150391 17.25% -0.03%
538.518127 10714.299805 -2.92% -0.20%
561.741455 11356.5 4.31% 5.99%
576.161621 11680.5 2.57% 2.85%
502.905762 10930.450195 -12.71% -6.42% beta
538.139038 10386.599609 7.01% -4.98%
526.101013 10876.75 -2.24% 4.72%
506.13559 10862.549805 -3.79% -0.13%
472.66391 10830.950195 -6.61% -0.29%
427.643677 10792.5 -9.52% -0.36%
515.188599 11623.900391 20.47% 7.70%
530.015869 11748.150391 2.88% 1.07%
501.535645 11922.799805 -5.37% 1.49%
472.85968 11788.849609 -5.72% -1.12%
393.731659 11118 -16.73% -5.69%
325.154358 11023.25 -17.42% -0.85%
354.26532 11474.450195 8.95% 4.09%
379.873108 11877.450195 7.23% 3.51%
381.451935 12056.049805 0.42% 1.50%
396.895599 12168.450195 4.05% 0.93%
418.013336 11962.099609 5.32% -1.70%
365.317627 11201.75 -12.61% -6.36%
223.660812 8597.75 -38.78% -23.25%
257.360413 9859.900391 15.07% 14.68%
252.475723 9580.299805 -1.90% -2.84%
271.077118 10302.099609 7.37% 7.53%
293.872437 11073.450195 8.41% 7.49%
356.41803 11387.5 21.28% 2.84%
340.65213 11247.549805 -4.42% -1.23%
352.848389 11642.400391 3.58% 3.51%
391.618591 12968.950195 10.99% 11.39%
410.259979 13981.75 4.76% 7.81%
467.572418 13634.599609 13.97% -2.48%
477.735962 14529.150391 2.17% 6.56%
574.859802 14690.700195 20.33% 1.11%
529.594788 14631.099609 -7.87% -0.41%
543.774231 15582.799805 2.68% 6.50%
547.294312 15721.5 0.65% 0.89%
742.087158 15763.049805 35.59% 0.26%
763.015442 17132.199219 2.82% 8.69%
729.405762 17618.150391 -4.40% 2.84%
645.456116 17671.650391 -11.51% 0.30%
653.821167 16983.199219 1.30% -3.90%
677.970398 17354.050781 3.69% 2.18%
580.128723 17339.849609 -14.43% -0.08%
401.673553 16793.900391 -30.76% -3.15%
502.502747 17464.75 25.10% 3.99%
1.38873
 HISTORICAL
Particulars 2018 2019

PAT ₹ 62.19 ₹ 84.44

add: dep ₹ 12.85 ₹ 14.69
less : invst in Capex -29.8 -32.21
Less: invst in wC ₹ (136.06)
ADD: Net borrwing 0 0
FCFE 104.84 267.4

Growth 1.55055322396032

Dividend Payout Ratio 0% 15.23%

retention ratio 100% 84.77%
ROCE% 24.59% 27.54%
High Growth Rate (roc*roe) 24.5900% 0.23345658

FORECASTED
Particulars 2023 E 2024 E
1 2
PAT 20.220 70.585
add: dep 118.066 60.468
less : invst in Capex -70.948 -78.716
Less: invst in wC -465.778 -724.101
ADD: Net borrwing 0.000 0.000
FCFE 675.012 933.869

PV of FCFE ₹6,207.06
disocunted at ke

terminal value 26202.4785162886

pv of terminal value ₹3,959.80

value of equity of firm ₹10,166.86

no. of shares 71.87

value of equity per share ₹141.46

the current share price of mahindra logitics is 368.75

from our above calculation we can say that the share is over valued
Value of a firm 10166.856

Factors Factor values

Sales growth rate 4.69% 4.69
Ke 20.80% 20.8
Stable growth rate 7.11%
Tax rate 30.95%

10166.856 4.69%
20.80% 10166.8555563556
21.80% 10166.8555563556
22.80% 10166.8555563556
23.80% 10166.8555563556
24.80% 10166.8555563556
25.80% 10166.8555563556
26.80% 10166.8555563556
27.80% 10166.8555563556
28.80% 10166.8555563556
29.80% 10166.8555563556
30.80% 10166.8555563556
 HISTORICAL YEARS
2020 2021 2022

₹ 55.14 ₹ 23.99 ₹ 24.44

₹ 65.95 ₹ 82.75 ₹ 130.41
-63.01 -70.64 -119.86
₹ (14.63) ₹ (225.23) ₹ (173.32)
0 0 0
198.73 402.61 448.03

-0.256806282722513 1.02591455743974 0.112813889371849

28.11% 44.77% 73.40%

71.89% 55.23% 26.60%
15.35% 7.02% 6.63%
0.11035115 0.03877146 0.0176358

FORECASTED YEARS
2025 E 2026 E 2027 E
3 4 5
122.619 166.851 190.592
16.363 -17.438 -42.281
-91.054 -100.598 -104.354
-948.084 -1287.182 -1572.355
0.000 0.000 0.000
1178.120 1537.194 1825.020
 5.69% 6.69% 7.69%
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556 10166.8555563556
 60.81%

12.92%

6 7 8 9 10

2060.855 2327.164 2627.888 2967.471 3350.937

 8.69% 9.69%
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
10166.8555563556 10166.8555563556
Particulars 2018

PAT ₹ 62.19
add: dep ₹ 12.85
less : invst in Capex -29.80
Less: invst in wC
ADD: Net borrwing 0
FCFE 104.84

Growth

Dividend Payout Ratio 0%

retention ratio 100%
ROCE% 24.59%
High Growth Rate (roc*roe) 24.5900%

FORECASTED
Particulars 2023 E
1
PAT 20.220
add: dep 118.066
less : invst in Capex -70.948
Less: invst in wC -465.778
ADD: Net borrwing 0.000
FCFE 675.012

SGR 7.11%

PV of FCFE ₹6,207.06
disocunted at ke

terminal value 26202.478516289

pv of terminal value ₹3,959.80

value of equity of firm ₹10,166.86

no. of shares 71.87
value of equity per share ₹141.46

the current share price of mahindra logitics is 368.75

from our above calculation we can say that the share is over valued
 2019 2020 2021 2022

₹ 84.44 ₹ 55.14 ₹ 23.99 ₹ 24.44

₹ 14.69 ₹ 65.95 ₹ 82.75 ₹ 130.41
-32.21 -63.01 -70.64 -119.86
₹ (136.06) ₹ (14.63) ₹ (225.23) ₹ (173.32)
0 0 0 0
267.4 198.73 402.61 448.03

1.550553224 -0.2568062827 1.0259145574 0.112813889 60.81%

15.23% 28.11% 44.77% 73.40%

84.77% 71.89% 55.23% 26.60%
27.54% 15.35% 7.02% 6.63%
0.23345658 0.11035115 0.03877146 0.0176358 12.92%

FORECASTED YEARS
2024 E 2025 E 2026 E 2027 E
2 3 4 5 6 7 8
70.585 122.619 166.851 190.592
60.468 16.363 -17.438 -42.281
-78.716 -91.054 -100.598 -104.354
-724.101 -948.084 -1287.182 -1572.355
0.000 0.000 0.000 0.000
933.869 1178.120 1537.194 1825.020 2060.855 2327.164 2627.888
 Sensex as on
Sensex as on year
beginning of the
ending
Date Amt Date year
Mar-22 58,253.82 Apr-21
Mar-21 47,751.33 Apr-20
Mar-20 41,253.74 Apr-19
Mar-19 36,068.33 Apr-18
Mar-18 34,056.83 Apr-17

2. Risk Free Rate

Taken as Government of India's 10 year bond yiel
Source: rbi website

3. Beta
taking data from of nse and mahindra logsiti

9 10
COST OF EQUITY
KE= rf+Beta*(rm-rf)

since we are a zero debt company, there will not

2967.471 3350.937 hence we will use fcfe and disocunt using ke

stable growth rate

this is assumed to be the risk free rate

high growth rate

hgr= ROE*ROC
 Sensex as on
beginning of the Percentag
year Amt e
Change
47,785.28 21.91%
41,349.36 15.48%
36,161.80 14.08%
34,059.99 5.90%
26,711.15 27.50%
16.97% market risk

of India's 10 year bond yield as on 26th April 2023:

7.11%

e and mahindra logsiti 1.389

20.808%

bt company, there will not be cost of debt

and disocunt using ke

he risk free rate 7.11%

Scenario Summary
Current Values: Optimistic Pessimistic
Changing Cells:
Stable 7.11% 8.00% 6.00%
Result Cells:
Value o ₹9,781.30 ₹9,781.30 ₹9,781.30
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
 Profit & Loss Mahindra Logistics Ltd(Curr. in )
Absolute Amount
Particulars 2022 2021 2020
REVENUE
Revenue From Operations(Gross) 3,631.08 2,959.11 3,260.90
Revenue From Operations(Net) 3,631.08 2,959.11 3,260.90
Other Income 9.56 15.5 13.29
Total Revenue 3,640.64 2,974.61 3,274.19
EXPENSES:
Cost of Materials Consumed 9.81 0 0
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade -0.45 0 0
Employee Benefits Expenses 282.2 280.43 291.14
Finance Costs 26.04 17.11 14.43
Depreciation and Amortization Expenses 130.41 82.75 65.95
Other Expenses 3,159.94 2,557.68 2,821.98
Total Expenses 3,607.95 2,937.97 3,193.50
Profit before Exceptional and Extraordinary
Items and Tax 32.69 36.64 80.69
Exceptional Items 0 -4 0
Profit before Extraordinary Items and Tax 32.69 32.64 80.69
Extraordinary Items 0 0 0
Profit before Tax 32.69 32.64 80.69
Tax Expenses 8.25 8.65 25.55
Current Tax 10.42 9.56 24.19
Deferred Tax -2.17 -0.91 1.36
Other Tax Adjustments 0 0 0
Prior Year Tax 0 0 0
Profit/(Loss) for the period from Continuing
Operations 24.44 23.99 55.14
Profit/(Loss) for the period 24.44 23.99 55.14
Contingent Liabilities & Commitments 33.38 29.49 16.03

Basic EPS 3.4 3.35 7.72

Diluted EPS 3.39 3.33 7.68
Book Value 79.98 78.87 76.23
ndra Logistics Ltd(Curr. in )
Trend Percentage based on 2018
2019 2018 2022 2021 2020 2019 2018

3,665.51 3,220.11 112.76260749 91.894686827 101.26672691 113.83182562 100

3,665.51 3,220.11 112.76260749 91.894686827 101.26672691 113.83182562 100
7.27 4.73 202.1141649 327.69556025 280.97251586 153.69978858 100
3,672.78 3,224.84 112.89366294 92.240545267 101.53030848 113.89030153 100

0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

250.59 219.04 128.834916 128.02684441 132.91636231 114.40376187 100
0.16 0.31 8400 5519.3548387 4654.8387097 51.612903226 100
14.69 12.85 1014.8638132 643.9688716 513.22957198 114.31906615 100
3,277.02 2,895.24 109.14259267 88.340862934 97.469639823 113.18647159 100
3,542.46 3,127.44 115.36432354 93.941690328 102.11227074 113.27027857 100

130.32 97.4 33.562628337 37.618069815 82.843942505 133.79876797 100

0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
130.32 97.4 33.562628337 33.511293634 82.843942505 133.79876797 100
0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
130.32 97.4 33.562628337 33.511293634 82.843942505 133.79876797 100
45.88 35.21 23.43084351 24.566884408 72.564612326 130.30389094 100
50.58 36.71 28.384636339 26.041950422 65.894851539 137.78262054 100
-4.7 -1.53 141.83006536 59.477124183 -88.888888889 307.18954248 100
0 0.03 0 0 0 0 100
0 0.03 0 0 0 0 100

84.44 62.19 39.298922656 38.575333655 88.663772311 135.77745618 100

84.44 62.19 39.298922656 38.575333655 88.663772311 135.77745618 100
0 46.87 71.218263281 62.918711329 34.200981438 0 100

11.85 8.87 38.33145434

11.8 8.78 38.61047836
69.82 58.88 135.83559783
Interpretations
Other income has been gradually increasing over the years except the covid years while
the other expenses have decreased untill 2021 and then drastically increased in 2022
Finance cost and depreciation and amortization expenses had a sudden increase after 2019
Overall the profit is decreasing at a high rate throughout these years
 BALANCE SHEET FOR MAHINDRA LOGISTICS LIMITED (i

PARTICULARS ABSOLUTE AMOUNT

2018 2019 2020 2021
12 mths 12 mths 12 mths 12 mths

ASSETS
Non-Current Assets:
Fixed Assets 31.63 46.21 224.94 348.85
Property, Plant and Equipment 30.09 42.75 208.92 328.63
Capital Work in Progress 0.55 2.59 15.04 2.07
Intangible Assets 0.99 0.87 0.98 17.16
Intangible Assets under Development 0 0 0 0.99
Investments in Subsidiaries, Associates and Joint venture 12.96 21.41 21.41 21.41
Financial Assets :
Loans - Long - Term 0 0 20.47 18.75

Others Financial Assets - Long-term 14.21 25.25 36.07 34.49

Non Current Tax Assets - Long - Term 81.46 70.3 79.7 27.86
Other Non-current Assets 19.91 22.4 24.72 14.18
Deferred Tax Assets (Net) 13.05 17.75 18.34 19.25
Total Reported Non-current Assets 173.22 203.32 425.65 484.79
Current Assets:
Inventories 0 0 0 0
Financial Assets :
Current Investments 50.05 77.52 0 55.07
Trade Receivables 487.68 481.22 475.52 408.25
Cash and Cash Equivalents 65.36 54.84 99.28 197.14
Bank Balances Other Than Cash and Cash Equivalents 0 15 0 0.01
Loans - Short-term 0 15 15 0
Others Financial Assets - Short-term 82.43 222.71 227.9 337.92
Other Current Assets 51.62 49.53 84.69 103.4
Total Current Assets 737.14 915.82 902.39 1101.79
Other Assets Excluding Non-Current and Current Assets 1.91 1.91 1.91 0
Total Non-Current and Other Assets 175.13 205.23 427.56 484.79
Total Assets 912.27 1121.05 1329.95 1586.58
EQUITY AND LIABILITIES
Share Capital 71.14 71.45 71.54 71.67
Number of Total Bonus Shares Issued upto Current period 0.82 0.17 0.17 0.17
Number of Equity Shares - Paid Up 7.11 7.14 7.15 7.17
Paid Up Capital 71.14 71.45 71.54 71.67
Other Equity 347.76 427.39 473.77 493.56
Share Application Money Pending Allotment 0 0 0 0.04
Total Stockholders’ Equity 418.9 498.84 545.31 565.27

Total Equity 418.9 498.84 545.31 565.27

Non-Current Liabilities:
Long-term Provisions 14.33 15.66 14.55 14.48
Total Reported Non-current Liabilities 14.33 15.66 134 194
Current Liabilities:
Trade Payables 455.89 573.61 570.63 719.47
Others Financial Liabilities - Short-term 4.65 6.11 10.56 5.81
Current Tax Liabilities - Short-term 0 0 0 8.26
Provisions 3 3.74 3.51 3.46
Other Current Liabilities 15.5 23.09 20.54 30.1
Total Current Liabilities 479.04 606.55 650.64 827.31
Total Equity and Liabilities 912.27 1121.05 1329.95 1586.58
LOGISTICS LIMITED (in Rs.Cr.)

UNT TREND PERCENTAGE

2022 2018 2019 2020 2021 2022
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

487.54 100 146.0954789757 711.160291 1102.90863 1541.38476

463.38 100 142.073778664 694.317049 1092.15686 1539.98006
0.43 100 470.9090909091 2734.54545 376.363636 78.1818182
10.34 100 87.87878787879 98.989899 1733.33333 1044.44444
13.39 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
21.41 100 165.200617284 165.200617 165.200617 165.200617

46.11 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

37.53 100 177.6917663617 253.835327 242.716397 264.109782

73.77 100 86.30002455193 97.8394304 34.2008348 90.5597839
13 100 112.5062782521 124.158714 71.2204922 65.2938222
21.42 100 136.0153256705 140.536398 147.509579 164.137931
700.78 100 117.3767463341 245.727976 279.86953 404.560674

1.43 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

116.08 100 154.8851148851 0 110.02997 231.928072

405.67 100 98.67536089239 97.5065617 83.7126804 83.183645
131.05 100 83.90452876377 151.897185 301.621787 200.504896
0.01 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
397.84 100 270.1807594322 276.477011 409.947835 482.639816
95.99 100 95.95118171251 164.064316 200.309957 185.955056
1148.07 100 124.2396288358 122.417723 149.468215 155.746534
0 100 100 100 0 0
700.78 100 117.1872323417 244.13864 276.817221 400.148461
1848.85 100 122.8857684677 145.784691 173.915617 202.664781

71.87 100 100.4357604723 100.562272 100.74501 101.026146

0.17 100 20.73170731707 20.7317073 20.7317073 20.7317073
7.19 100 100.4219409283 100.562588 100.843882 101.125176
71.87 100 100.4357604723 100.562272 100.74501 101.026146
502.93 100 122.8979756154 136.23476 141.925466 144.619853
0.06 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
574.86 100 119.08331344 130.176653 134.941513 137.230843

574.86 100 119.08331344 130.176653 134.941513 137.230843

 14.9 100 109.2812281926 101.535241 101.046755 103.977669
281.92 100 109.2812281926 935.101186 1353.80321 1967.34124

836.07 100 125.8220184694 125.168352 157.816579 183.392924

16.92 100 131.3978494624 227.096774 124.946237 363.870968
8.26 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4.09 100 124.6666666667 117 115.333333 136.333333
32.35 100 148.9677419355 132.516129 194.193548 208.709677
992.07 100 126.6178189713 135.821643 172.701653 207.095441
1848.85 100 122.8857684677 145.784691 173.915617 202.664781
Interpretations
Current Assets have been increasing gradually while current liabilities is increasing at a high rate
Trade Recievables have decreased over time while trade payables have increased
Capital work in progress has decreased, whose effect is shown as an increase in intangible assets
Ratios:-

1. CURRENT RATIO
YEAR 2018 2019 2020 2021 2022
Total Current Assets 737.14 915.82 902.39 1,101.79 1,148.07
Total Current Liabilities 479.04 606.55 650.64 827.31 992.07
Current Ratio 1.54 1.51 1.39 1.33 1.16
Average Current Ratio 1.30

2. QUICK RATIO
YEAR 2018 2019 2020 2021 2022
Cash and cash Equivalents 65.36 54.84 99.28 ₹ 197.14 ₹ 131.05
Accounts recievable 487.68 481.22 475.52 ₹ 408.25 ₹ 405.67
Current Liabilitie 479.04 606.55 650.64 ₹ 827.31 ₹ 992.07
inv 0 0 0 ₹ - ₹ 1.43

Quick Ratio 1.154476 0.883785 0.883438 0.731757141 0.539569

3. CASH RATIO
YEAR 2018 2019 2020 2021 2022
Cash and cash Equivalents 65.36 54.84 99.28 197.14 131.05
Current Liabilitie 479.04 606.55 650.64 827.31 992.07
Cash Ratio 0.13644 0.090413 0.152588 0.238290363 0.132098

4. CURRENT ASSETS/FIXED ASSETS RATIO:

YEAR 2018 2019 2020 2021 2022
Current Assets 737.14 915.82 902.39 1,101.79 1,148.07
Fixed Assets 175.13 205.23 427.56 484.79 700.78
Total Assets 912.27 1,121.05 1,329.95 1,586.58 1,848.85
Current Assets/Fixed Assets Ratio 4.209 4.462 2.111 2.273 1.638

5. RETURN ON TOTAL ASSETS:

YEAR 2018 2019 2020 2021 2022
Total Assets 912.27 1121.05 1329.95 1586.58 1848.85
EBIT 97.40 130.32 80.69 32.64 32.69
RETURN ON TOTAL ASSETS: 10.68% 11.62% 6.07% 2.06% 1.77%

6. Asset Turnover Ratio:

YEAR 2018 2019 2020 2021 2022
Net Sales 3220.11 3665.51 3260.9 2959.11 3631.08
Average Total Asset 1,016.66 1,225.50 1,458.26 1,717.72
Asset Turnover Ratio 27.74% 37.58% 49.28% 47.31%

7. Return on Equity
YEAR 2018 2019 2020 2021 2022
Net Income 62.19 84.44 55.14 23.99 24.44
Total Shareholders Equity 418.9 498.84 545.31 565.27 574.86
RETURN ON EQUITY 0.14846 0.169273 0.101117 0.042439896 0.042515

8. Return on Capital Employed

YEAR 2018 2019 2020 2021 2022
EBIT 97.4 130.32 80.69 32.64 32.69
Total Assets 912.27 1121.05 1329.95 1586.58 1848.85
Total current Liabilties 479.04 606.55 650.64 827.31 992.07
RETURN ON CAPITAL EMPLOYED 0.224823 0.253294 0.118782 0.04298866 0.038154

9. Profitability Ratios
YEAR 2018 2019 2020 2021 2022
Gross profit margin 0.030247 0.035553 0.024745 0.012382101 0.009003
EBIT margin 3.0203049 3.5482659 2.4644263 1.0972867031 0.897919
PBT margin 3.0203049 3.5482659 2.4644263 1.0972867031 0.897919
PAT margin 1.9284678 2.2990759 1.6840806 0.8064922797 0.6713105

10. Growth ratios

YEAR 2018 2019 2020 2021 2022
Revenue 0.138903 -0.1085254 -0.091497439 0.223905
Ebit 0.3379877 -0.3808318 -0.54591647 -0.1078057
PBT 0.3379877 -0.3808318 -0.595488908 0.0015319
PAT 0.3577746 -0.3469919 -0.564925644 0.0187578

11. Debt to equity

YEAR 2018 2019 2020 2021 2022
Total Liabilities 493.37 622.21 784.64 1021.31 1273.99
Total shareholders equity 418.9 498.84 545.31 565.27 574.86
D/E 1.177775 1.247314 1.438888 1.806764909 2.216174

12. EPS
YEAR 2018 2019 2020 2021 2022
Net Income Available to Equity Shareholders 62.19 84.44 55.14 23.99 24.44
Number of Equity Shares Outstanding 7.11 7.14 7.15 7.16 7.18
EPS 8.746835 11.82633 7.711888 3.350558659 3.4039

13. DPS
YEAR 2018 2019 2020 2021 2022
Dividends paid out 10.67 12.86 10.67 17.92 14.37
EPS 8.746835 11.82633 7.711888 3.350558659 3.4039
DPS 1.21987 1.087404 1.383578 5.348361817 4.221628
 2023 E 2024 E 2025 E 2026 E 2027 E
1,369.15 1,608.49 1,987.17 2,465.38 2,854.36
1,241.49 1,324.11 1,577.76 1,957.67 2,267.13
1.10 1.21 1.26 1.26 1.26

2023 E 2024 E 2025 E 2026 E 2027 E

196.5509 352.7050652 616.1557 967.9899 ₹ 1,247.13
512.5563 508.7226303 534.0282 566.9053 ₹ 586.33
1241.494 1324.112096 1577.762 1957.671 ₹ 2,267.13
1.502607 1.52076129 1.586934 1.720517 ₹ 1.80

0.569962 0.649421553 0.727991 0.783162 0.807915726 -0.19218836

2023 E 2024 E 2025 E 2026 E 2027 E

196.5509 352.7050652 616.1557 967.9899 ₹ 1,247.13
1241.494 1324.112096 1577.762 1957.671 ₹ 2,267.13
0.158318 0.266371002 0.390525 0.49446 0.550090942

ETS RATIO:
2023 E 2024 E 2025 E 2026 E 2027 E
1,369.15 1,608.49 1,987.17 2,465.38 2,854.36
520.69 401.72 314.18 253.57 211.75
1,889.85 2,010.21 2,301.35 2,718.94 3,066.10
2.629 4.004 6.325 9.723 13.480

SETS:
2023 E 2024 E 2025 E 2026 E 2027 E
1889.847 2010.206896 2301.351 2718.945 ₹ 3,066.10
29.28 102.23 177.58 241.64 276.03
1.55% 5.09% 7.72% 8.89% 9.00%

o:
2023 E 2024 E 2025 E 2026 E 2027 E
3778.568 3839.754051 4023.437 4357.114 ₹ 4,561.44
1,869.35 1,950.03 2,155.78 2,510.15 2,892.52
49.47% 50.79% 53.58% 57.61% 63.41%

y
 2023 E 2024 E 2025 E 2026 E 2027 E
20.21964 70.58475527 122.6185 166.8514 ₹ 190.59
633.569 671.22 708.871 746.522 ₹ 784.17
0.031914 0.105158898 0.172977 0.223505 0.243048209

ployed
2023 E 2024 E 2025 E 2026 E 2027 E
29.2833 102.2251123 177.5835 241.6444 ₹ 276.03
1889.847 2010.206896 2301.351 2718.945 ₹ 3,066.10
1241.494 1324.112096 1577.762 1957.671 ₹ 2,267.13
0.045166 0.148995609 0.245421 0.317421 0.345474392

os
2023 E 2024 E 2025 E 2026 E 2027 E
0.00775 0.026622828 0.044137 0.05546 0.060513019
0.7726047 2.6532566821 4.3975205 5.5260373 6.0315092651
0.7726047 2.6532566821 4.3975205 5.5260373 6.0315092651
0.5334708 1.8320300101 3.0364154 3.8156377 4.1646577409

2023 E 2024 E 2025 E 2026 E 2027 E

0.0410819 0.0165194276 0.0481333 0.0828492 0.0465552331
-0.1042123 2.4909013918 0.7371813 0.3607361 0.1422846536
-0.1042123 2.4909013918 0.7371813 0.3607361 0.1422846536
-0.1726827 2.4909013918 0.7371813 0.3607361 0.1422846536

2023 E 2024 E 2025 E 2026 E 2027 E

1256.278 1338.986896 1592.48 1972.423 2281.931508
633.569 671.22 708.871 746.522 ₹ 784.17
1.982859 1.994855481 2.246501 2.642149 2.909984797

2023 E 2024 E 2025 E 2026 E 2027 E

20.22 70.58 122.62 166.85 190.59 Note- There is no preference dividend
7.18 7.18 7.18 7.18 7.18
2.816105 9.83074586 17.07779 23.23836 26.54482501

2023 E 2024 E 2025 E 2026 E 2027 E

7.49 26.15 45.43 61.81 70.61
2.816105 9.83074586 17.07779 23.23836 26.54482501
2.659938 2.659937788 2.659938 2.659938 2.659937788
e is no preference dividend distributed