WEIGHTED AVERAGE COST OF CAPITAL

Debt/ Debt/
Name Country Total Debt Total Equity Tax rate
1
Equity Capital
Avenue Super. India 710.83 228379.45 30.00% 0.31% 0.31%
Trent India 4525.96 47567.78 30.00% 9.51% 8.69%
Vedant Fashions India 248.92 28378.34 30.00% 0.88% 0.87%
Aditya Bir. Fas. India 4617.57 23395.42 30.00% 19.74% 16.48%
Metro Brands India 805.48 23076.59 30.00% 3.49% 3.37%
Median 3.49% 3.37%
Average 6.79% 5.94%

Cost of Debt Cost of Equity

Pre-tax cost of Debt 11.68% Risk Free rate

Tax Rate 30.00% Equity Risk Premium
After-Tax cost of debt 8.17% Levered Beta4
Cost Of Equity

Capital structure Levered Beta

Current Target
Debt 710.83 0.31% 5.94% Comps Median Unlevered
Market Capitalization 228379.45 99.69% 94.06% Target Debt/Equity
Total Capitalization 229090.28 100.00% 100.00% Tax Rate
Levered Beta
Debt/Equity 0.31% 6.32%

1. Tax Rate considered as Marginal Tax Rate for the country Weighted Average Cost Of Capital
2. Levered Beta is based on 5 year monthly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity) Debt
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Capital
WACC
TAL

Levered Beta2 Unlevered Beta3

1.24 1.24
1.31 1.23
0.72 0.72
1.52 1.34
0.53 0.52
1.24 1.23
1.07 1.01

Cost of Equity

Risk Free rate 6.55%

Equity Risk Premium 10.18%
Levered Beta4 1.28
Cost Of Equity 19.60%

Levered Beta

Comps Median Unlevered 1.23

Target Debt/Equity 6.32%
30.00%
Levered Beta 1.28

Weighted Average Cost Of Capital

Total cost Total Weight
8.17% 5.94%
19.60% 94.06%
18.92%
Beta Regression - 2 Year Weekly Returns

Avenue Supermarket Weekly Returns Nifty Weekly returns Beta Drifting

Date Closing Returns Closing Returns
2/22/2021 2,994.2 - 14,529.2 - Levered Raw Beta
3/1/2021 3,286.1 9.75% 14,938.1 2.81% Raw Beta Weight
3/8/2021 3,129.4 -4.77% 15,031.0 0.62%
3/15/2021 2,960.3 -5.40% 14,744.0 -1.91% Market Beta
3/22/2021 2,855.2 -3.55% 14,507.3 -1.61% Market Beta Weight
3/29/2021 2,912.7 2.01% 14,867.3 2.48%
4/5/2021 2,947.8 1.20% 14,834.8 -0.22% Adjusted Beta
4/12/2021 2,919.9 -0.94% 14,617.8 -1.46%
4/19/2021 2,713.7 -7.06% 14,341.3 -1.89%
4/26/2021 2,852.9 5.13% 14,631.1 2.02%
5/3/2021 2,895.5 1.49% 14,823.2 1.31%
5/10/2021 2,844.6 -1.76% 14,677.8 -0.98%
5/17/2021 3,034.1 6.66% 15,175.3 3.39%
5/24/2021 3,022.1 -0.40% 15,435.7 1.72%
5/31/2021 3,197.0 5.79% 15,670.3 1.52%
6/7/2021 3,175.6 -0.67% 15,799.3 0.82%
6/14/2021 3,317.7 4.48% 15,683.3 -0.73%
6/21/2021 3,315.4 -0.07% 15,860.3 1.13%
6/28/2021 3,314.3 -0.03% 15,722.2 -0.87%
7/5/2021 3,377.6 1.91% 15,689.8 -0.21%
7/12/2021 3,349.2 -0.84% 15,923.4 1.49%
7/19/2021 3,413.2 1.91% 15,856.0 -0.42%
7/26/2021 3,500.8 2.57% 15,763.0 -0.59%
8/2/2021 3,529.2 0.81% 16,238.2 3.01%
8/9/2021 3,594.6 1.85% 16,529.1 1.79%
8/16/2021 3,643.1 1.35% 16,450.5 -0.48%
8/23/2021 3,833.1 5.21% 16,705.2 1.55%
8/30/2021 3,938.9 2.76% 17,323.6 3.70%
9/6/2021 3,950.5 0.29% 17,369.3 0.26%
9/13/2021 4,239.6 7.32% 17,585.2 1.24%
9/20/2021 4,422.4 4.31% 17,853.2 1.52%
9/27/2021 4,235.6 -4.22% 17,532.1 -1.80%
10/4/2021 4,408.0 4.07% 17,895.2 2.07%
10/11/2021 5,323.8 20.78% 18,338.6 2.48%
10/18/2021 4,521.5 -15.07% 18,114.9 -1.22%
10/25/2021 4,635.5 2.52% 17,671.7 -2.45%
11/1/2021 4,783.7 3.20% 17,916.8 1.39%
11/8/2021 5,078.5 6.16% 18,102.8 1.04%
11/15/2021 5,080.9 0.05% 17,764.8 -1.87%
11/22/2021 4,718.8 -7.13% 17,026.4 -4.16%
11/29/2021 4,799.0 1.70% 17,196.7 1.00%
12/6/2021 4,796.6 -0.05% 17,511.3 1.83%
12/13/2021 4,697.8 -2.06% 16,985.2 -3.00%
12/20/2021 4,628.9 -1.47% 17,003.8 0.11%
12/27/2021 4,671.5 0.92% 17,354.1 2.06%
1/3/2022 4,731.4 1.28% 17,812.7 2.64%
1/10/2022 4,322.7 -8.64% 18,255.8 2.49%
1/17/2022 4,299.8 -0.53% 17,617.2 -3.50%
1/24/2022 4,076.0 -5.20% 17,101.9 -2.92%
1/31/2022 4,081.9 0.14% 17,516.3 2.42%
2/7/2022 4,142.3 1.48% 17,374.8 -0.81%
2/14/2022 4,073.1 -1.67% 17,276.3 -0.57%
2/21/2022 4,190.8 2.89% 16,658.4 -3.58%
2/28/2022 4,110.2 -1.92% 16,245.3 -2.48%
3/7/2022 4,199.0 2.16% 16,630.4 2.37%
3/14/2022 4,192.8 -0.15% 17,287.1 3.95%
3/21/2022 4,001.3 -4.57% 17,153.0 -0.78%
3/28/2022 4,082.2 2.02% 17,670.4 3.02%
4/4/2022 4,146.3 1.57% 17,784.3 0.64%
4/11/2022 4,090.9 -1.33% 17,475.7 -1.74%
4/18/2022 4,028.9 -1.52% 17,171.9 -1.74%
4/25/2022 3,944.3 -2.10% 17,102.6 -0.40%
5/2/2022 3,666.2 -7.05% 16,411.3 -4.04%
5/9/2022 3,230.6 -11.88% 15,782.2 -3.83%
5/16/2022 3,630.4 12.38% 16,266.2 3.07%
5/23/2022 3,613.9 -0.46% 16,352.5 0.53%
5/30/2022 3,820.1 5.71% 16,584.3 1.42%
6/6/2022 3,755.6 -1.69% 16,201.8 -2.31%
6/13/2022 3,460.6 -7.86% 15,293.5 -5.61%
6/20/2022 3,412.0 -1.40% 15,699.3 2.65%
6/27/2022 3,388.8 -0.68% 15,752.0 0.34%
7/4/2022 3,941.7 16.32% 16,220.6 2.97%
7/11/2022 3,926.8 -0.38% 16,049.2 -1.06%
7/18/2022 3,963.4 0.93% 16,719.4 4.18%
7/25/2022 4,243.9 7.08% 17,158.3 2.62%
8/1/2022 4,232.3 -0.27% 17,397.5 1.39%
8/8/2022 4,336.7 2.47% 17,698.2 1.73%
8/15/2022 4,382.0 1.04% 17,758.4 0.34%
8/22/2022 4,409.6 0.63% 17,558.9 -1.12%
8/29/2022 4,576.8 3.79% 17,539.4 -0.11%
9/5/2022 4,386.1 -4.17% 17,833.3 1.68%
9/12/2022 4,327.5 -1.33% 17,530.8 -1.70%
9/19/2022 4,367.0 0.91% 17,327.3 -1.16%
9/26/2022 4,386.5 0.45% 17,094.3 -1.34%
10/3/2022 4,471.5 1.94% 17,314.7 1.29%
10/10/2022 4,306.1 -3.70% 17,185.7 -0.74%
10/17/2022 4,215.5 -2.10% 17,576.3 2.27%
10/24/2022 4,307.4 2.18% 17,786.8 1.20%
10/31/2022 4,167.4 -3.25% 18,117.2 1.86%
11/7/2022 4,128.4 -0.94% 18,349.7 1.28%
11/14/2022 3,910.6 -5.27% 18,307.7 -0.23%
11/21/2022 3,904.4 -0.16% 18,512.8 1.12%
11/28/2022 4,005.8 2.59% 18,696.1 0.99%
12/5/2022 4,002.4 -0.08% 18,496.6 -1.07%
12/12/2022 3,990.0 -0.31% 18,269.0 -1.23%
12/19/2022 3,875.6 -2.87% 17,806.8 -2.53%
12/26/2022 4,068.8 4.98% 18,105.3 1.68%
1/2/2023 3,842.5 -5.56% 17,859.4 -1.36%
1/9/2023 3,863.7 0.55% 17,956.6 0.54%
1/16/2023 3,513.8 -9.06% 18,027.7 0.40%
1/23/2023 3,562.4 1.38% 17,604.3 -2.35%
1/30/2023 3,470.4 -2.58% 17,854.1 1.42%
2/6/2023 3,498.9 0.82% 17,856.5 0.01%
2/13/2023 3,545.0 1.32% 17,944.2 0.49%
2/20/2023 3,552.9 0.22% 17,844.6 -0.56%
Beta Drifting Beta 1 1.24
Beta2 1.24
1.24
75.00% SUMMARY OUTPUT

1.0 Regression Statistics

25.00% Multiple R 0.511081
R Square 0.261204
1.18 Adjusted R 0.253961
Standard E 0.042285
Observatio 104

ANOVA
df SS MS F Significance F
Regression 1 0.064481 0.064481 36.0624 2.963E-08
Residual 102 0.18238 0.001788
Total 103 0.24686

Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Intercept 0.000107 0.004171 0.02558 0.979642 -0.008166 0.00838 -0.008166
X Variable 1.24212 0.206841 6.005198 2.963E-08 0.831852 1.652387 0.831852
Upper 95.0%
0.00838
1.652387
BETA COMPS

S.No. Name Mar Cap Rs.Cr. Debt Rs.Cr. Beta

1 Avenue Super. 228379.45 710.83 1.24
2 Trent 47567.78 4525.96 1.31
3 Vedant Fashions 28378.34 248.92 0.72
4 Aditya Bir. Fas. 23395.42 4617.57 1.52
5 Metro Brands 23076.59 805.48 0.53
Returns on Martket

Year Annual
2000 -14.65% Average Returns 15.33%
2001 -16.18% Dividend yield 1.39%
2002 3.25% Total Market Returns 16.72%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
2024 8.75%
 Calculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21

Current Assets
Inventories 2658.0 3150.0 3390.0 3799.0
Trade receivables 1731.0 1907.0 1795.0 2602.0
Loans n Advances 13.0 16.0 12.0 11.0
Other asset items 1678.0 1456.0 1727.0 2555.0
Total Current Assets 6080.0 6529.0 6924.0 8967.0

Current liabilities
Trade Payables 2160.0 2394.0 2137.0 3379.0
Advance from Customers 16.0 13.0 29.0 41.0
Other liability items 2316.0 2690.0 2320.0 2613.0
Total Current Liabilities 4492.0 5097.0 4486.0 6033.0

# Net Working Capital 1588.0 1432.0 2438.0 2934.0

Non - Current Assets

Land 586.0 605.0 640.0 644.0
Building 957.0 2402.0 2257.0 2249.0
Plant Machinery 2157.0 4006.0 4208.0 4340.0
Equipments 200.0 221.0 241.0 243.0
Furniture n fittings 72.0 88.0 94.0 99.0
Vehicles 27.0 47.0 43.0 38.0
Intangible Assets 468.0 512.0 505.0 476.0
Other fixed assets 238.0 261.0 293.0 302.0
Gross Block 4705.0 8142.0 8281.0 8391.0
Accumulated Depreciation 973.0 1644.0 2010.0 2533.0
Net Non-Current Assets 3732.0 6498.0 6271.0 5858.0

# Invested Capital 5320.0 7930.0 8709.0 8792.0

EBIT 2843.5 3142.8 3376.3 4064.3
Marginal Tax Rate 25.00% 25.00% 25.00% 25.00%
NOPAT 2132.7 2357.1 2532.2 3048.2
# ROIC 53.45% 39.63% 38.77% 46.23%

Calculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21

Net capex 1409.0 1134.0 367.0 254.0

Change in Working Capital -156.0 1006.0 496.0

# Reinvestment Rate 41.49% 54.22% 24.60%

4 year Average
4 year Median

Calculation of Growth Rate 44256.0 44621.0 44986.0 45352.0

Reinvestment Rate 0.00% 41.49% 54.22% 24.60%

ROIC 53.45% 39.63% 38.77% 46.23%

# Intrinsic growth 0.00% 16.44% 21.02% 11.37%

4 year Average
4 year Median
Mar-22

6153.0
3871.0
8.0
2869.0
12901.0

4164.0
76.0
2932.0
7172.0

5729.0

644.0
2325.0
4531.0
253.0
113.0
32.0
345.0
294.0
8537.0
3019.0
5518.0

11247.0
3987.2
25.00%
2990.4
35.45%

Mar-22

511.0
2795.0

110.55%
57.72%
47.86%

45717.0

110.55%
35.45%

39.19%
17.61%
16.44%
Calculation of PV of FCFF Mar-22A Mar-23F Mar-24F Mar-25F Mar-26F

EBIT 3987.2 4814.6 5813.6 7020.0 8476.6

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
NOPAT 2990.4 3611.0 4360.2 5265.0 6357.5
Less : Reinvestment rate 47.86% 48.18% 48.50% 48.82% 49.14%
Free Cash Flow to Firm 1559.3 1871.3 2245.6 2694.7 3233.4
Mid - year Convention 0.5 1.5 2.5 3.5
Discounting Factor 0.917 0.771 0.648 0.545
PV of FCFF 1716.0 1731.6 1747.3 1763.0

Expected Growth 20.75%

Terminal Growth 5.38%
WACC 18.92%

Calculation of Terminal Value

FCFF(n+1) 4714.5
WACC 18.92%
Terminal Growth Rate 5.38%
Terminal Value 36690.3

Calculation of Equity Value per share

PV of FCFF 8748.0
PV of Terminal Value 16822.6
Value of Operating Assets/Enter 25570.6

Add: Cash 864.0

Less: Debt 776.0
Value of equity 25658.6
No. of shares 95.9
Value of equity per share 267.5

Share Price 2489.0

Discount/Premium 9.31x
Mar-27F

10235.5
25.00%
7676.6
49.14%
3904.3
4.5
0.459
1790.1
Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Cash from Operating Activity - 1402.0 1188.0 2243.0 1527.0 2113.0 2470.0
Profit from operations 2051.0 2271.0 2848.0 3056.0 3274.0 3861.0
Receivables (254.0) (155.0) (146.0) (475.0) (483.0) (205.0)
Inventory (231.0) (144.0) 202.0 (629.0) (39.0) (492.0)
Payables 317.0 (151.0) 142.0 501.0 442.0 287.0
Other WC items 0.0 0.0 0.0 0.0 0.0 0.0
Working capital changes (168.0) (450.0) 198.0 (603.0) (80.0) (410.0)
Direct taxes (480.0) (633.0) (802.0) (925.0) (1081.0) (982.0)

Cash from Investing Activity - (586.0) (465.0) (866.0) (681.0) (1556.0) (918.0)
Fixed assets purchased (251.0) (454.0) (817.0) (684.0) (1426.0) (1151.0)
Fixed assets sold 16.0 16.0 15.0 17.0 17.0 17.0
Investments purchased (872.0) (243.0) (282.0) (153.0) (320.0) (573.0)
Investments sold 463.0 278.0 205.0 357.0 362.0 733.0
Interest received 14.0 11.0 15.0 32.0 39.0 40.0
Dividends received 65.0 71.0 69.0 74.0 38.0 40.0
Investment in group cos 0.0 0.0 0.0 0.0 0.0 0.0
Redemp n Canc of Shares 0.0 0.0 0.0 0.0 141.0 0.0
Acquisition of companies 0.0 0.0 0.0 0.0 (525.0) 0.0
Other investing items (21.0) (144.0) (70.0) (324.0) 118.0 (24.0)

Cash from Financing Activity - (626.0) (576.0) (849.0) (756.0) (1379.0) (1117.0)
Proceeds from shares 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from borrowings 44.0 239.0 8.0 271.0 10.0 243.0
Repayment of borrowings (81.0) (86.0) (119.0) (58.0) (54.0) (26.0)
Interest paid fin (42.0) (35.0) (40.0) (36.0) (35.0) (106.0)
Dividends paid (547.0) (695.0) (764.0) (947.0) (1218.0) (1049.0)
Financial liabilities 0.0 0.0 0.0 0.0 0.0 (180.0)
Other financing items 0.0 0.0 66.0 13.0 (82.0) 0.0
Net Cash Flow 190.0 147.0 528.0 90.0 (822.0) 434.0
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

3038.0 3683.0 986.0 4193.0 6104.0 4424.0

4380.0 4970.0 4957.0 6460.0 7929.0 6390.0
160.0 (849.0) (1326.0) (834.0) (362.0) 282.0
(251.0) (409.0) (2354.0) (56.0) 315.0 (805.0)
(241.0) 1143.0 644.0 (539.0) 269.0 (160.0)
0.0 (92.0) 242.0 657.0 (212.0) 114.0
(331.0) (206.0) (2795.0) (772.0) 10.0 (570.0)
(1011.0) (1080.0) (1176.0) (1494.0) (1835.0) (1396.0)

(518.0) (541.0) (317.0) (1282.0) (2548.0) (941.0)

(404.0) (282.0) (551.0) (1446.0) (2496.0) (1830.0)
37.0 28.0 40.0 26.0 5.0 10.0
(25.0) (140.0) 0.0 (146.0) (212.0) (1.0)
134.0 272.0 207.0 446.0 240.0 421.0
65.0 73.0 77.0 87.0 135.0 155.0
27.0 8.0 15.0 56.0 129.0 136.0
0.0 0.0 0.0 (180.0) 0.0 0.0
0.0 0.0 0.0 0.0 0.0 38.0
0.0 0.0 0.0 0.0 0.0 0.0
(353.0) (500.0) (105.0) (126.0) (350.0) 130.0

(2871.0) (650.0) (1808.0) (2140.0) (2982.0) (3753.0)

0.0 0.0 0.0 0.0 1.0 0.0
18.0 155.0 418.0 254.0 101.0 415.0
(279.0) (14.0) (8.0) (25.0) (98.0) (428.0)
(101.0) (89.0) (94.0) (142.0) (191.0) (203.0)
(2121.0) (499.0) (1763.0) (1936.0) (2551.0) (3140.0)
(179.0) (203.0) (221.0) (256.0) (286.0) (325.0)
(209.0) 0.0 (140.0) (36.0) 41.0 (72.0)
(351.0) 2492.0 (1138.0) 771.0 573.0 (270.0)
 Years Mar-16 Mar-17 Mar-18

# Income Statement
Sales ₹14,271.5 ₹15,062.0 ₹16,824.6
Sales Growth - 5.54% 11.70%

COGS ₹9,413.8 ₹9,732.7 ₹11,194.2

COGS %Sales 65.96% 64.62% 66.53%

Gross Profit ₹4,857.7 ₹5,329.3 ₹5,630.4

Gross Margin 34.04% 35.38% 33.47%

S&G Expenses ₹2,132.6 ₹2,335.6 ₹2,426.4

S&G Exp %Sales 14.94% 15.51% 14.42%

EBITDA ₹2,725.0 ₹2,993.8 ₹3,204.0

EBITDA Margin 19.09% 19.88% 19.04%

Interest ₹49.0 ₹37.3 ₹41.5

Interest %Sales 0.34% 0.25% 0.25%

Depreciation ₹275.6 ₹334.8 ₹360.5

Depreciation %Sales 1.93% 2.22% 2.14%

EBT ₹2,400.5 ₹2,621.6 ₹2,802.1

EBT Margin 16.82% 17.41% 16.65%

Tax ₹844.5 ₹943.3 ₹1,041.0

Effective Tax Rate 35.18% 35.98% 37.15%

Net Profit ₹1,556.0 ₹1,678.3 ₹1,761.1

NP %Sales 10.90% 11.14% 10.47%

No. of equity shares ₹95.9 ₹95.9 ₹95.9

EPS ₹16.2 ₹17.5 ₹18.4

EPS Growth - 7.87% 4.93%

Dividend Per Share ₹7.5 10.3 8.7

Dividend Payout Ratio 46.23% 58.87% 47.38%

Retained Earnings 53.77% 41.13% 52.62%

# Balance Sheet
Equity Share Capital ₹95.9 ₹95.9 ₹95.9
Reserves ₹6,428.9 ₹7,508.0 ₹8,314.3
 Borrowings ₹323.3 ₹560.3 ₹533.4
Other Liabilities ₹3,710.9 ₹4,241.0 ₹4,819.8
Total liabilities ₹10,559.0 ₹12,405.2 ₹13,763.5

Fixed Assets Net Block ₹3,416.4 ₹3,303.7 ₹3,732.2

Capital Work in Progress ₹106.6 ₹257.5 ₹1,405.1
Investments ₹2,712.1 ₹2,652.0 ₹2,140.7
Other Assets ₹714.7 ₹1,317.2 ₹1,691.8
Total Non-current assets ₹6,949.8 ₹7,530.4 ₹8,969.9

Receivables ₹1,186.8 ₹1,446.6 ₹1,730.6

Inventory ₹1,998.2 ₹2,626.9 ₹2,658.3
Cash & Bank ₹424.2 ₹801.2 ₹404.7
Total current assets ₹3,609.3 ₹4,874.8 ₹4,793.6

Total Assets ₹10,559.0 ₹12,405.2 ₹13,763.5

Check 1 TRUE TRUE

# Cash Flow Statement

Operating Activity
Profit from operations ₹38,626.0 ₹28,840.0 ₹33,312.0
Receivables (₹2,223.0) (₹4,152.0) (₹10,688.0)
Inventory (₹5,743.0) (₹6,621.0) (₹3,560.0)
Payables ₹3,947.0 ₹9,301.0 ₹7,320.0
Loans Advances (₹520.0) ₹0.0 ₹0.0
Other WC items ₹5,852.0 ₹4,727.0 ₹494.0
Working capital changes ₹1,313.0 ₹3,254.0 (₹6,434.0)
Direct taxes (₹2,040.0) (₹1,895.0) (₹3,021.0)
Cash flow from Operating Activity ₹39,212.0 ₹33,454.0 ₹17,423.0

Investing Activity
Fixed assets purchased (₹31,503.0) (₹16,072.0) (₹35,079.0)
Fixed assets sold ₹59.0 ₹53.0 ₹30.0
Investments purchased (₹4,728.0) (₹6.0) (₹329.0)
Investments sold ₹89.0 ₹1,965.0 ₹2,381.0
Interest received ₹731.0 ₹638.0 ₹690.0
Dividends received ₹58.0 ₹620.0 ₹1,797.0
Investment in group cos ₹0.0 (₹107.0) (₹4.0)
Redemp n Canc of Shares ₹0.0 ₹0.0 ₹14.0
Acquisition of companies (₹111.0) ₹0.0 ₹0.0
Inter corporate deposits ₹0.0 ₹0.0 ₹0.0
Other investing items (₹1,289.0) (₹26,663.0) ₹5,360.0
Cash flow from Investing Activity (₹36,694.0) (₹39,572.0) (₹25,140.0)

Financing Activity
Proceeds from shares ₹7,433.0 ₹5.0 ₹0.0
Redemption of debentures ₹0.0 ₹0.0 ₹0.0
Proceeds from borrowings ₹19,519.0 ₹33,390.0 ₹37,482.0
Repayment of borrowings (₹24,924.0) (₹21,732.0) (₹29,964.0)
Interest paid fin (₹5,716.0) (₹5,336.0) (₹5,411.0)
Dividends paid (₹108.0) (₹121.0) (₹96.0)
Financial liabilities ₹0.0 ₹0.0 ₹0.0
Other financing items ₹0.0 ₹0.0 ₹0.0
Cash flow from Financing Activity (₹3,796.0) ₹6,206.0 ₹2,011.0

Net Cash Flow (₹1,278.0) ₹88.0 (₹5,706.0)

Historical Financial Statement - ASIAN PAINTS LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

₹19,240.1 ₹20,211.3 ₹21,712.8 ₹29,101.3 ₹34,488.6

14.36% 5.05% 7.43% 34.03% 18.51%

₹12,905.8 ₹13,158.0 ₹14,035.1 ₹20,590.6 ₹23,766.7

67.08% 65.10% 64.64% 70.75% 68.91%

₹6,334.3 ₹7,053.2 ₹7,677.7 ₹8,510.7 ₹10,721.9

32.92% 34.90% 35.36% 29.25% 31.09%

₹2,569.4 ₹2,896.4 ₹2,822.1 ₹3,707.1 ₹4,462.1

13.35% 14.33% 13.00% 12.74% 12.94%

₹3,764.9 ₹4,156.8 ₹4,855.6 ₹4,803.6 ₹6,259.8

19.57% 20.57% 22.36% 16.51% 18.15%

₹110.5 ₹102.3 ₹91.6 ₹95.4 ₹144.5

0.57% 0.51% 0.42% 0.33% 0.42%

₹622.1 ₹780.5 ₹791.3 ₹816.4 ₹858.0

3.23% 3.86% 3.64% 2.81% 2.49%

₹3,032.3 ₹3,274.0 ₹3,972.7 ₹3,891.8 ₹5,257.4

15.76% 16.20% 18.30% 13.37% 15.24%

₹1,098.1 ₹854.9 ₹1,097.6 ₹1,102.9 ₹1,493.5

36.21% 26.11% 27.63% 28.34% 28.41%

₹1,934.3 ₹2,419.1 ₹2,875.1 ₹2,788.9 ₹3,763.9

10.05% 11.97% 13.24% 9.58% 10.91%

₹95.9 ₹95.9 ₹95.9 ₹95.9 ₹95.9

₹20.2 ₹25.2 ₹30.0 ₹29.1 ₹39.2

9.83% 25.07% 18.85% -3.00% 34.96%

10.5 12.0 17.8 19.2 ₹25.7

52.07% 47.58% 59.55% 65.86% 65.37%

47.93% 52.42% 40.45% 34.14% 34.63%

₹95.9 ₹95.9 ₹95.9 ₹95.9 ₹95.9

₹9,374.6 ₹10,034.2 ₹12,710.4 ₹13,715.6 ₹15,896.3
 ₹1,319.6 ₹1,118.5 ₹1,093.1 ₹1,586.9 ₹1,932.6
₹5,458.7 ₹4,889.3 ₹6,455.9 ₹7,560.0 ₹7,854.5
₹16,248.8 ₹16,138.0 ₹20,355.3 ₹22,958.4 ₹25,779.3

₹6,496.6 ₹6,272.3 ₹5,858.5 ₹5,519.1 ₹5,770.5

₹209.7 ₹140.2 ₹183.0 ₹426.4 ₹1,019.6
₹2,568.6 ₹2,018.9 ₹4,736.8 ₹3,247.5 ₹4,261.7
₹1,472.0 ₹1,738.7 ₹2,565.5 ₹2,876.7 ₹3,036.2
₹10,746.8 ₹10,170.1 ₹13,343.8 ₹12,069.7 ₹14,087.9

₹1,907.3 ₹1,795.2 ₹2,602.2 ₹3,871.4 ₹4,636.9

₹3,149.9 ₹3,389.8 ₹3,798.6 ₹6,153.0 ₹6,210.6
₹444.9 ₹782.8 ₹610.8 ₹864.3 ₹843.8
₹5,502.1 ₹5,967.9 ₹7,011.5 ₹10,888.8 ₹11,691.4

₹16,248.8 ₹16,138.0 ₹20,355.3 ₹22,958.4 ₹25,779.3

TRUE TRUE TRUE TRUE TRUE

₹28,771.0 ₹23,352.0 ₹31,198.0 ₹26,943.0 ₹41,694.0

(₹9,109.0) ₹9,950.0 (₹5,505.0) ₹185.0 (₹2,213.0)
₹2,069.0 ₹2,326.0 ₹3,814.0 ₹472.0 (₹5,665.0)
(₹4,692.0) (₹8,085.0) ₹5,748.0 (₹7,012.0) ₹6,945.0
₹0.0 ₹0.0 ₹0.0 ₹0.0 ₹0.0
₹4,512.0 ₹875.0 (₹4,150.0) (₹4,396.0) (₹2,194.0)
(₹7,221.0) ₹5,065.0 (₹93.0) (₹10,750.0) (₹3,127.0)
(₹2,659.0) (₹1,785.0) (₹2,105.0) (₹1,910.0) (₹3,179.0)
₹11,671.0 ₹31,698.0 ₹28,907.0 ₹3,532.0 ₹32,261.0

(₹35,304.0) (₹29,702.0) (₹20,205.0) (₹15,168.0) (₹19,230.0)

₹67.0 ₹171.0 ₹351.0 ₹230.0 ₹285.0
(₹130.0) (₹1,439.0) (₹7,530.0) (₹3,008.0) (₹50.0)
₹5,644.0 ₹21.0 ₹226.0 ₹104.0 ₹6,895.0
₹761.0 ₹1,104.0 ₹428.0 ₹653.0 ₹973.0
₹232.0 ₹21.0 ₹18.0 ₹32.0 ₹46.0
(₹9.0) (₹606.0) (₹10.0) ₹0.0 ₹0.0
₹533.0 ₹0.0 ₹0.0 ₹0.0 ₹19.0
(₹8.0) (₹27.0) ₹0.0 (₹98.0) ₹0.0
₹0.0 ₹0.0 ₹0.0 ₹0.0 ₹0.0
₹7,335.0 (₹2,659.0) ₹1,051.0 ₹12,813.0 (₹4,357.0)
(₹20,879.0) (₹33,116.0) (₹25,671.0) (₹4,442.0) (₹15,419.0)

₹0.0 ₹3,889.0 ₹2,603.0 ₹19.0 ₹20.0

₹0.0 ₹0.0 ₹0.0 ₹0.0 ₹0.0
 ₹51,128.0 ₹38,297.0 ₹46,641.0 ₹46,578.0 ₹43,934.0
(₹35,198.0) (₹29,847.0) (₹29,709.0) (₹42,816.0) (₹62,557.0)
(₹7,005.0) (₹7,518.0) (₹8,123.0) (₹9,251.0) (₹9,336.0)
(₹95.0) (₹57.0) (₹30.0) (₹100.0) (₹141.0)
₹0.0 (₹1,346.0) (₹1,477.0) (₹1,559.0) (₹1,517.0)
₹0.0 (₹29.0) ₹0.0 ₹3,750.0 ₹3,355.0
₹8,830.0 ₹3,389.0 ₹9,905.0 (₹3,379.0) (₹26,242.0)

(₹378.0) ₹1,971.0 ₹13,141.0 (₹4,289.0) (₹9,400.0)

Mar-24 Mar-25 LTM

₹35,494.7 ₹33,905.6 ₹33,874.4

2.92% -4.48% -0.09%

₹23,010.0 ₹22,741.3 ₹27,937.0

64.83% 67.07% 82.47%

₹12,484.7 ₹11,164.4 ₹5,937.4

35.17% 32.93% 17.53%

₹4,899.8 ₹5,158.1
13.80% 15.21% 0.00%

₹7,585.0 ₹6,006.2 ₹5,937.4

21.37% 17.71% 17.53%

₹205.2 ₹227.0 ₹216.1

0.58% 0.67% 0.64%

₹853.0 ₹1,026.3 ₹1,099.5

2.40% 3.03% 3.25%

₹6,526.8 ₹4,752.9 ₹4,621.8

18.39% 14.02% 13.64%

₹1,790.1 ₹1,393.4 ₹1,368.2

27.43% 29.32% 29.60%

₹4,736.7 ₹3,359.5 ₹3,253.6

13.34% 9.91% 9.60%

₹95.9 ₹95.9 ₹95.9

₹49.4 ₹35.0 ₹33.9

25.85% -29.08% -3.15%

₹33.3 ₹24.8 -
67.43% 70.81% 0.00%

32.57% 29.19% 100.00%

₹95.9 ₹95.9
₹18,632.4 ₹19,303.9
 ₹2,474.4 ₹2,290.3
₹8,698.1 ₹8,665.2
₹29,900.8 ₹30,355.3

₹7,146.6 ₹9,220.1
₹2,698.4 ₹1,254.5
₹4,587.9 ₹4,724.8
₹3,571.4 ₹3,341.0
₹18,004.3 ₹18,540.4

₹4,889.1 ₹4,313.7
₹5,923.4 ₹6,719.3
₹1,084.0 ₹782.0
₹11,896.5 ₹11,814.9

₹29,900.8 ₹30,355.3

TRUE TRUE

₹65,106.0 ₹58,937.0
(₹1,876.0) ₹3,573.0
(₹7,265.0) ₹2,127.0
₹13,706.0 ₹1,303.0
₹0.0 ₹0.0
₹2,760.0 ₹1,153.0
₹7,325.0 ₹8,156.0
(₹4,516.0) (₹3,991.0)
₹75,240.0 ₹71,258.0

(₹31,414.0) (₹38,042.0)
₹231.0 ₹974.0
(₹74.0) (₹12,677.0)
₹10,821.0 ₹111.0
₹2,493.0 ₹2,420.0
₹47.0 ₹64.0
(₹150.0) ₹0.0
₹107.0 ₹765.0
₹0.0 (₹688.0)
(₹25.0) (₹20.0)
(₹4,817.0) (₹2,889.0)
(₹22,781.0) (₹49,982.0)

₹82.0 ₹1,108.0
₹0.0 ₹0.0
 ₹18,829.0 ₹13,384.0
(₹47,414.0) (₹21,443.0)
(₹9,332.0) (₹5,814.0)
(₹1,059.0) (₹2,492.0)
(₹1,924.0) (₹2,393.0)
₹3,812.0 (₹1,136.0)
(₹37,006.0) (₹18,786.0)

₹15,453.0 ₹2,490.0
Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Equity Capital 96.0 96.0 96.0 96.0 96.0

Reserves 3943.0 4646.0 6429.0 7508.0 8314.0

Borrowings -
Long term Borrowings 41.0 78.0 73.0 41.0 28.0
Short term Borrowings 199.0 332.0 231.0 504.0 492.0
Lease Liabilities 0.0 0.0 0.0 0.0 0.0
Other Borrowings 9.0 8.0 20.0 15.0 13.0

Other Liabilities -
Non controlling int 246.0 264.0 384.0 375.0 328.0
Trade Payables 1746.0 1549.0 1565.0 1923.0 2160.0
Advance from Customers 0.0 5.0 12.0 17.0 16.0
Other liability items 1795.0 1937.0 1750.0 1925.0 2316.0
Total Liabilities 8075.0 8914.0 10559.0 12405.0 13763.0

Fixed Assets -
Land 247.0 251.0 429.0 408.0 586.0
Building 931.0 962.0 923.0 931.0 957.0
Plant Machinery 2054.0 2132.0 1793.0 1980.0 2157.0
Equipments 155.0 171.0 97.0 119.0 200.0
Furniture n fittings 71.0 83.0 49.0 59.0 72.0
Vehicles 14.0 18.0 11.0 14.0 27.0
Intangible Assets 203.0 351.0 339.0 276.0 468.0
Other fixed assets 128.0 145.0 103.0 128.0 238.0
Gross Block 3804.0 4112.0 3744.0 3914.0 4705.0
Accumulated Depreciation 1242.0 1452.0 327.0 610.0 973.0
Net Block 2562.0 2660.0 3417.0 3304.0 3732.0

CWIP 72.0 196.0 107.0 258.0 1405.0

Investments 1424.0 1588.0 2712.0 2652.0 2141.0

Other Assets -
Inventories 2070.0 2259.0 1998.0 2627.0 2658.0
Trade receivables 1110.0 1182.0 1187.0 1447.0 1731.0
Cash Equivalents 229.0 204.0 424.0 801.0 405.0
Loans n Advances 7.0 8.0 9.0 14.0 13.0
Other asset items 603.0 817.0 705.0 1303.0 1678.0
Total Assets 8075.0 8914.0 10559.0 12405.0 13763.0
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

96.0 96.0 96.0 96.0 96.0 96.0 96.0

9375.0 10034.0 12710.0 13716.0 15896.0 18632.0 19304.0

19.0 19.0 15.0 45.0 76.0 54.0 260.0

597.0 321.0 334.0 731.0 896.0 1053.0 604.0
693.0 764.0 745.0 811.0 960.0 1367.0 1427.0
11.0 15.0 0.0 0.0 0.0 0.0 0.0

361.0 404.0 423.0 388.0 454.0 695.0 659.0

2394.0 2137.0 3379.0 4164.0 3635.0 3831.0 3848.0
13.0 29.0 41.0 76.0 108.0 154.0 173.0
2690.0 2320.0 2613.0 2932.0 3657.0 4017.0 3985.0
16249.0 16138.0 20355.0 22958.0 25779.0 29901.0 30355.0

605.0 640.0 644.0 644.0 804.0 1126.0 1050.0

2402.0 2257.0 2249.0 2325.0 2883.0 3390.0 4136.0
4006.0 4208.0 4340.0 4531.0 4825.0 5422.0 7576.0
221.0 241.0 243.0 253.0 270.0 298.0 325.0
88.0 94.0 99.0 113.0 146.0 175.0 203.0
47.0 43.0 38.0 32.0 36.0 40.0 39.0
512.0 505.0 476.0 345.0 422.0 850.0 827.0
261.0 293.0 302.0 294.0 289.0 321.0 328.0
8141.0 8282.0 8392.0 8538.0 9676.0 11622.0 14484.0
1644.0 2010.0 2533.0 3019.0 3905.0 4475.0 5264.0
6497.0 6272.0 5859.0 5519.0 5771.0 7147.0 9220.0

210.0 140.0 183.0 426.0 1020.0 2698.0 1254.0

2569.0 2019.0 4737.0 3248.0 4262.0 4588.0 4725.0

3150.0 3390.0 3799.0 6153.0 6211.0 5923.0 6719.0

1907.0 1795.0 2602.0 3871.0 4637.0 4889.0 4314.0
445.0 783.0 611.0 864.0 844.0 1084.0 782.0
16.0 12.0 11.0 8.0 12.0 17.0 22.0
1456.0 1727.0 2555.0 2869.0 3024.0 3555.0 3319.0
16249.0 16138.0 20355.0 22958.0 25779.0 29901.0 30355.0