Assumptions taken for the model

Expecting growth % of
Sales 10.00%
Export incentive linked to export sales growth 9%
Other Revenue from operation excluding export incentive 3%
Other Income Assuming the deposits are declining -16%
Assuming no PPE sold in next 5 years 0%
Assuming emplyee benefit expense at inlation rate 5.40%
Assuming the company is keeping the loan amount at same level
Assuming there is no future contingencies 0.00%

Projected Profit and Loss Statement

Sr.no Particular Audited
Year FY 2022

A Sales

Domestic Sales 160,976.00

Export Sales 6,919.30
8.19%
Total Sale of products 167,895.30

B Other operating revenues

Export incentives 654.40

Other operating income (includes scrap sales) 419.90

Total Other operating revenues 1,074.30

C Revenue from operations (A+B) 168,969.60

D Other Income 1,010.00

E Total Income (C+D) 169,979.60

F Expenses
1 Cost of materials consumed 76,521.10
2 Purchases of stock-in-trade 3,480.20
3 Changes in inventories of finished goods, work-in-progress and stock-in-trade -2,502.70
4 Employee benefits expense 16,354.60
5 Finance costs (including interest cost on employee benefit plans) 1,545.70
6 Depreciation and Amortisation 4,030.10
7 Other expenses 36,970.50
8 Impairment loss on property, plant and equipment 294.30
9 Net provision for contingencies - Others 162.90
10 Corporate social responsibility expense 563.20

Total Expenses (Subtotal from 1 to 10) 137,419.90

G Profit Before Exceptional Items and Tax (E-F) 32,559.70

H Exceptional items -
I Profit Before Tax (G-H) 32,559.70
J Tax Expense 8,654.50
K Profit after Tax (I-K) 23,905.20
 (Rs. In million)

Projected Projected Projected Projected Projected

2023 2024 2025 2026 2027

177,073.60 194,780.96 214,259.06 235,684.96 259,253.46

7,611.23 8,372.35 9,209.59 10,130.55 11,143.60
10.00% 10.00% 10.00% 10.00% 10.00% 9.70%
184,684.83 203,153.31 223,468.64 245,815.51 270,397.06

713.30 777.49 847.47 923.74 1,006.88

432.50 445.47 458.84 472.60 486.78

1,145.79 1,222.96 1,306.30 1,396.34 1,493.65

185,830.62 204,376.28 224,774.95 247,211.85 271,890.71

952.83 898.90 848.02 800.01 754.73

186,783.45 205,275.17 225,622.96 248,011.86 272,645.45

84,173.21 92,590.53 101,849.58 112,034.54 123,238.00

3,828.22 4,211.04 4,632.15 5,095.36 5,604.90
-2,752.97 -3,028.27 -3,331.09 -3,664.20 -4,030.62
17,237.75 18,168.59 19,149.69 20,183.77 21,273.70
1,391.13 1,252.02 1,126.82 1,014.13 912.72
4,383.41 5,207.49 6,186.50 7,349.56 8,731.28
38,966.91 41,071.12 43,288.96 45,626.56 48,090.40
- - - - -
- - - - -
619.52 681.47 749.62 824.58 907.04

147,847.18 160,154.00 173,652.22 188,464.32 204,727.41

38,936.28 45,121.18 51,970.74 59,547.55 67,918.04

- - - - -
38,936.28 45,121.18 51,970.74 59,547.55 67,918.04
10,068.92 11,668.34 13,439.63 15,399.00 17,563.60
28,867.35 33,452.84 38,531.11 44,148.55 50,354.43
 Particular 2022 2023
A ASSETS

1 Non-current assets

Property, Plant and Equipment 27,058.10 32145

Capital work-in-progress 3,583.60 3941.96
Right of Use Assets 3,378.90 3,378.90
Financial Assets
Investments 5,601.90 6162.09
Loans 90 90
Other financial assets 468.3 515.13
Other non-current assets 14,705.10 14852.151
Total Non-current assets 54,885.90 61,085.25

2 Current assets

Inventories 19,287.70 21,790.40

Financial Assets
Investments 2,173.50 2195.235
Trade receivables 1,918.90 1968.9214286
Cash and cash equivalents 9,265.50 33113.274493
Bank balances other than cash and cash equivalents 190.00 190.00
Loans 102.6 102.6
Other financial assets 582.6 582.6
Current tax assets (net)
Other current assets 1380.7 1518.77
Asset held for sale

Total Current assets 34,901.50 61,461.80

Total Assets (1+2) 89,787.40 122,547.05

B EQUITY AND LIABILITIES

1 EQUITY

Equity Share Capital 964.2 964.2

Other Equity 23,627.50 52,494.85

Total Equity 24,591.70 53,459.05

2 LIABILITIES

a Non-current liabilities
Financial Liabilities
 Borrowings 266.6 293.26
Lease liabilities 1,906.50 1,811.18
Provisions 32,051.60 33654.18
Other non-current liabilities 173.5 173.5

Total Non-current liabilities 34,398.20 35,932.12

b Current liabilities

Trade payables 21,741.50 23,915.65

Other current liabilities 4,246.90 4,671.59
Short-term borrowings 4,809.10 4568.645

Total Current liabilities 30,797.50 33,155.89

Total Liabilities (a+b) 65,195.70 69,088.00

Total Equity and Liabilities (1+2) 89,787.40 122,547.05

 2024 2025 2026 2027

38188 45368 53897 64029

4336.156 4769.7716 5246.74876 5771.423636
3,378.90 3,378.90 3,378.90 3,378.90

6778.299 7456.1289 8201.74179 9021.915969

90 90 90 90
566.64 623.31 685.64 754.20
15000.67251 15150.67924 15302.18603 15455.20789
68,338.96 76,836.47 86,802.02 98,501.06

24,543.37 27,571.64 30,902.73 34,566.93

2217.18735 2239.359224 2261.752816 2284.370344

2165.8135714 2382.394929 2620.634421 2882.697864
61066.12594 93050.45574 129404.7788 170479.8635
190.00 190.00 190.00 190.00
102.6 102.6 102.6 102.6
582.6 582.6 582.6 582.6

1670.647 1837.7117 2021.48287 2223.631157

92,538.34 127,956.76 168,086.58 213,312.70

160,877.30 204,793.23 254,888.60 311,813.76

964.2 964.2 964.2 964.2

85,947.70 124,478.80 168,627.35 218,981.78

86,911.90 125,443.00 169,591.55 219,945.98

 337.25 387.84 446.01 512.91
1,720.62 1,634.59 1,552.86 1,475.21
35336.889 37103.73345 38958.92012 40906.86613
173.5 173.5 173.5 173.5

37,568.25 39,299.66 41,131.29 43,068.49

26,307.22 28,937.94 31,831.73 35,014.90

5,138.75 5,652.62 6,217.89 6,839.67
4340.21275 4123.202113 3917.042007 3721.189907

35,786.18 38,713.76 41,966.66 45,575.77

73,354.43 78,013.42 83,097.95 88,644.26

160,266.33 203,456.42 252,689.50 308,590.24

 Particulars (INR in Crores) 2023 2024 2025 2026
I. Cash Flows from Operating Activities
Net profit before Taxation, and Extraordinary Item 38,936 45,121 51,971 59,548
Adjustments for:
Add: Depreciation 4,383 5,207 6,187 7,350
Add: Interest expense 1,391 1,252 1,127 1,014
Operating profit before working capital changes 44,711 51,581 59,284 67,911
(Increase)\Decrease in Inventory -2,753 -3,028 -3,331 -3,664
(Increase)\Decrease in Accounts Receivables -50 -197 -217 -238
(Increase)\Decrease in Other Current Assets -2,416 -2,568 -2,735 -2,919

Increase\(Decrease) in Accounts Payables 2,174 2,392 2,631 2,894

Increase\(Decrease) in Other Current Liabilities 425 467 514 565
Cash generated from Operations 42,091 48,646 56,146 64,549
Income Taxes Paid 10,069 11,668 13,440 15,399

Net cash from Operating Activities 32,022 36,978 42,706 49,150

II. Cash Flows from Investing Activities

Less: Capital Expenditure -9,470 -11,251 -13,366 -15,879
Add: Sale/Disposal of Fixed Assets
Less: Investment made -560.19 -616.209 -677.8299 -745.6129
Less: Increase in Non current Asset -193.88 -200.03 -206.67 -213.84
Less: Investment maturity 297.00 1,427.00 2,048.00 2,682.00
Net cash from Investing Activities -9,927 -10,640 -12,202 -14,156

III. Cash Flows from Financing Activities

Add: Proceeds from Equity
Add: Proceeds from Borrowings 26.66 43.99 50.59 58.18
Less: Repayment of Borrowings -95 -91 -86 -82
Less: Repayment of Short term Borrowings -240 -228 -217 -206
Less: Interest paid -1,391 -1,252 -1,127 -1,014

Net cash used in Financing Activities 1,754 1,615 1,480 1,360

Net increase in Cash and Cash Equivalents 23,848 27,953 31,984 36,354

Cash and Cash Equivalents at beginning of period 9,266 33,114 61,067 93,051

Cash and Cash Equivalents at end of period 33114 61067 93051 129405
 2027

67,918

8,731
913
77,562
-4,031
-262
-3,121

3,183
622
73,953
17,564

56,389

-18,864

-820.17418
-221.59
3,338.00
-16,568

66.90
-78
-196
-913

1,253

41,075

129,405

170480