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    INR (Crores) 2020A: 2021A 2022E 2023E Income Statement - ITC Revenue 24,750.0 27,225.0

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    57 - Lakshita Tanwani
    The document contains projected financial statements for ITC and Tata Steels for the years 2020-2026. It includes income statements, assumptions, common size statements and change analysis statements. The projections show that both companies expect revenue and profits to increase each year as revenue is projected to grow 10% annually and expenses are estimated to increase in line with revenue growth. Margins are projected to remain steady with gross margins of 60% and EBITDA margins around 50% for ITC and EBITDA margins increasing from 50% to over 53% for Tata Steels from 2020 to 2026.

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    INR (Crores) 2020A: 2021A 2022E 2023E Income Statement - ITC Revenue 24,750.0 27,225.0

    Uploaded by

    57 - Lakshita Tanwani
    9 views7 pages
    The document contains projected financial statements for ITC and Tata Steels for the years 2020-2026. It includes income statements, assumptions, common size statements and change analysis statements. The projections show that both companies expect revenue and profits to increase each year as revenue is projected to grow 10% annually and expenses are estimated to increase in line with revenue growth. Margins are projected to remain steady with gross margins of 60% and EBITDA margins around 50% for ITC and EBITDA margins increasing from 50% to over 53% for Tata Steels from 2020 to 2026.

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    The document contains projected financial statements for ITC and Tata Steels for the years 2020-2026. It includes income statements, assumptions, common size statements and change analysis statements. The projections show that both companies expect revenue and profits to increase each year as revenue is projected to grow 10% annually and expenses are estimated to increase in line with revenue growth. Margins are projected to remain steady with gross margins of 60% and EBITDA margins around 50% for ITC and EBITDA margins increasing from 50% to over 53% for Tata Steels from 2020 to 2026.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    9 views7 pages

    INR (Crores) 2020A: 2021A 2022E 2023E Income Statement - ITC Revenue 24,750.0 27,225.0

    Uploaded by

    57 - Lakshita Tanwani
    The document contains projected financial statements for ITC and Tata Steels for the years 2020-2026. It includes income statements, assumptions, common size statements and change analysis statements. The projections show that both companies expect revenue and profits to increase each year as revenue is projected to grow 10% annually and expenses are estimated to increase in line with revenue growth. Margins are projected to remain steady with gross margins of 60% and EBITDA margins around 50% for ITC and EBITDA margins increasing from 50% to over 53% for Tata Steels from 2020 to 2026.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    ITC

    INR (Crores) 2020A 2021A 2022E 2023E

    Income Statement - ITC


    Revenue 20,000.0 22,500.0 24,750.0 27,225.0
    COGS 8,000.0 9,000.0 9,900.0 10,890.0
    Gross Profit 12,000.0 13,500.0 14,850.0 16,335.0
    Selling &Adm Expenses 2,000.0 2,250.0 2,500.0 2,500.0
    EBITDA 10,000.0 11,250.0 12,350.0 13,835.0
    Depreciation 800.0 900.0 1,237.5 1,361.3
    Interest 200.0 225.0 250.0 250.0
    EBT 9,000.0 10,125.0 10,862.5 12,223.8
    Taxes 2,700.0 3,037.5 3,258.8 3,667.1
    Net Income 6,300.0 7,087.5 7,603.8 8,556.6

    Assumptions Drivers - ITC


    Revenue Growth NA 12.50% 10.00% 10.00%
    COGS % of Revenue 40.00% 40.00% 40.00% 40.00%
    S&G Expenses 2,000.0 2,250.0 2,500.0 2,500.0
    Depreciation % Sales 4.00% 4.00% 5.00% 5.00%
    Interest 200.0 225.0 250.0 250.0
    Taxes 30.00% 30.00% 30.00% 30.00%

    Common Size Statement - ITC


    Revenue 100.00% 100.00% 100.00% 100.00%
    COGS 40.00% 40.00% 40.00% 40.00%
    Gross Profit 60.00% 60.00% 60.00% 60.00%
    Selling &Adm Expenses 10.00% 10.00% 10.10% 9.18%
    EBITDA 50.00% 50.00% 49.90% 50.82%
    Depreciation 4.00% 4.00% 5.00% 5.00%
    Interest 1.00% 1.00% 1.01% 0.92%
    EBT 45.00% 45.00% 43.89% 44.90%
    Taxes 13.50% 13.50% 13.17% 13.47%
    Net Income 31.50% 31.50% 30.72% 31.43%

    Change Analysis Statement - ITC


    10.00%
    Revenue 22,000.0 24,750.0 27,225.0 29,947.5
    COGS 8,800.0 9,900.0 10,890.0 11,979.0
    Gross Profit 13,200.0 14,850.0 16,335.0 17,968.5
    Selling &Adm Expenses 2,200.0 2,475.0 2,750.0 2,750.0
    EBITDA 11,000.0 12,375.0 13,585.0 15,218.5
    Depreciation 880.0 990.0 1,361.3 1,497.4
    Interest 220.0 247.5 275.0 275.0
    EBT 9,900.0 11,137.5 11,948.8 13,446.1
    Taxes 2,970.0 3,341.3 3,584.6 4,033.8
    Net Income 6,930.0 7,796.3 8,364.1 9,412.3
    C
    2024E 2025E 2026E

    29,947.5 32,942.3 36,236.5


    11,979.0 13,176.9 14,494.6
    17,968.5 19,765.4 21,741.9
    2,500.0 2,500.0 2,500.0
    15,468.5 17,265.4 19,241.9
    1,497.4 1,647.1 1,811.8
    250.0 250.0 250.0
    13,721.1 15,368.2 17,180.1
    4,116.3 4,610.5 5,154.0
    9,604.8 10,757.8 12,026.0

    10.00% 10.00% 10.00%


    40.00% 40.00% 40.00%
    2,500.0 2,500.0 2,500.0
    5.00% 5.00% 5.00%
    250.0 250.0 250.0
    30.00% 30.00% 30.00%

    100.00% 100.00% 100.00%


    40.00% 40.00% 40.00%
    60.00% 60.00% 60.00%
    8.35% 7.59% 6.90%
    51.65% 52.41% 53.10%
    5.00% 5.00% 5.00%
    0.83% 0.76% 0.69%
    45.82% 46.65% 47.41%
    13.75% 14.00% 14.22%
    32.07% 32.66% 33.19%

    32,942.3 36,236.5 39,860.1


    13,176.9 14,494.6 15,944.0
    19,765.4 21,741.9 23,916.1
    2,750.0 2,750.0 2,750.0
    17,015.4 18,991.9 21,166.1
    1,647.1 1,811.8 1,993.0
    275.0 275.0 275.0
    15,093.2 16,905.1 18,898.1
    4,528.0 5,071.5 5,669.4
    10,565.3 11,833.5 13,228.6
    Tata Steels
    INR (Crores) 2020A 2021A 2022E 2023E 2024E 2025E

    Income Statement of Tata Steels


    Revenue 20,000.0 22,500.0 24,750.0 27,225.0 29,947.5 32,942.3
    COGS 8,000.0 9,000.0 9,900.0 10,890.0 11,979.0 13,176.9
    Gross Profit 12,000.0 13,500.0 14,850.0 16,335.0 17,968.5 19,765.4
    Selling & General Expenses 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0 2,500.0
    EBITDA 10,000.0 11,250.0 12,350.0 13,835.0 15,468.5 17,265.4
    Depreciation 800.0 900.0 1,237.5 1,361.3 1,497.4 1,647.1
    Interest 200.0 225.0 250.0 250.0 250.0 250.0
    EBT 9,000.0 10,125.0 10,862.5 12,223.8 13,721.1 15,368.2
    Taxes 2,700.0 3,037.5 3,258.8 3,667.1 4,116.3 4,610.5
    Net Income 6,300.0 7,087.5 7,603.8 8,556.6 9,604.8 10,757.8

    Assumptions Drivers of Tata Steels


    Revenue Growth NA 12.50% 10.00% 10.00% 10.00% 10.00%
    COGS % of Revenue 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
    S&G Expenses 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0 2,500.0
    Depreciation % Sales 4.00% 4.00% 5.00% 5.00% 5.00% 5.00%
    Interest 200.0 225.0 250.0 250.0 250.0 250.0
    Taxes 30% 30% 30% 30% 30% 30%

    Time Periods 15/08/2022 0 1 2 3 4 5


    Monthly Data #VALUE!
    Annual Data

    Monthly period
    Annual period
    2026E

    36,236.5
    14,494.6
    21,741.9
    2,500.0
    19,241.9
    1,811.8
    250.0
    17,180.1
    5,154.0
    12,026.0

    10.00%
    40.00%
    2,500.0
    5.00%
    250.0
    30%

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