Safal Niveshak Stock Analysis Excel (Ver

www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here -
https://www.screener.in/register/
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page -
https://www.screener.in/excel/ - and upload this excel file.
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you
your chosen company. Scroll down and come to the first financial statement table called "Quarterly Results
Consolidated". Now, all data you see for this company will be consolidated.

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Cli
the company's financial data will be exported in an excel file in the exact format as "Safal Niveshak's Stock
5.0". Now onwards, any excel you export for any company on Screener.in will be downloaded in this very f
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY11 (Ma
because if, for instance, the company has financials starting from, say, FY15, you will see incorrect data fo
(which will be of Bajaj Auto on whose financials I have created this Analysis sheet format)
2. All financial data of your chosen company will be automatically updated in the sheet you downlo
and Bank" (Balance Sheet sheet) and Capex (Cash Flow sheet) figures, which you must update ma
company's annual reports. Don’t forget to make these changes as these numbers are key inputs in
Value calculations.
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener
Step 2 mentioned above. But DON'T touch the sheet titled "Data Sheet" because this will cause errors i
downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually
Reports (just Cash and Capex numbers) or where you may change the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read thos
working on the sheet.
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis proce
that along with working on this sheet. You may sometime find some discrepancy in numbers (though rare),
this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - vishal@saf
and I will try to fix the same and update the sheet
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you
feedback and thoughts on the sheet so that we can make it better together.
8. This excel won't work for banking and financial services companies.
9. You may see a blank excel when you download from Screener. Click on "Enable Editing" in the to
that excel to populate the data.

Note: All data is sourced from Screener.in

Go to Main Sheet
If you have received Safal Niveshak’s Stock Analysis Excel Template 5.0
as a forward and you wish to get all future updates, plus all my insights
and ideas on stock investing, please subscribe below to my free
newsletter – The Safal Niveshak Post. Subscribers call it a “gold mine”
for investors. When you subscribe, you can also instantly access all my
special e-books on investing ever written. All for FREE!

CLICK TO SUBSCRIBE (IT'S FREE!)

!)
 Safal Niveshak Stock Navigati
Analysis Excel (Ver. 5.0)
Analysis
www.safalniveshak.com

Basic Company Details

Balance Sheet
Parameters Details
Company BAJAJ AUTO LTD Income Statement
Current Stock Price (Rs) 2,900
Face Value (Rs) 10.0
Cash Flow
No. of Shares (Crore) 28.9
Market Capitalization (Rs Crore) 83,916
Key Ratios
Key Financials - Trend
Parameters Details
Charts
Sales Growth (9-Year CAGR) 6.9%
Profit Before Tax Growth (9-Year CAGR) 4.7%
Net Profit Growth (9-Year CAGR) 4.7% Common Size
Average Debt/Equity (5-Years, x) 0.0
Average Return on Equity (5-Years) 23.5%
Quarterly
Average P/E (5-Years, x) 16.8
TTM EPS (Rs) 5,212
Latest P/E (x) 16.1 Instr

If you have received Safal Niveshak’s Stock Analysis Excel

Template 5.0 as a forward and you wish to get all future
updates, plus all my insights and ideas on stock investing,
please subscribe below to my free newsletter – The Safal
Niveshak Post. Subscribers call it a “gold mine” for
investors. When you subscribe, you can also instantly
access all my special e-books on investing ever written. All
for FREE!

CLICK TO SUBSCRIBE (IT'S FREE!)

 Navigation Buttons Warning! Excel can be a wonderful tool to an
But it can be a deadly weapon if you wish to
the future! So be very careful of what you a
Here, garbage in will always equal garbage
need the excel to tell you what you must d
nalysis Valuation stock, you must not use this tool an

ance Sheet Dhandho IV

me Statement Ben Graham Remember! Focus on decisions, not outco

disconfirming evidence. Calculate.

ash Flow DCF

ey Ratios Expected Returns Please! It's your money. Please don't blame
this excel cause you to lose it all! I've design
aid your own thinking, but you alone are resp
Charts actions. I want to live peacefully ever after! I
who wants you to do the hard work by analy
on your own. But I'd rather give you a comp
mmon Size map, for you can confuse map with territory a
the best!
Quarterly

Instructions
 wonderful tool to analyze the past.
apon if you wish to use it to predict
areful of what you are getting into.
ays equal garbage out. And if you
ou what you must do with a given
not use this tool anyways.

ecisions, not outcomes. Look for

vidence. Calculate. Pray!

Please don't blame me if results of

se it all! I've designed this excel to
you alone are responsible for your
cefully ever after! I am not a sadist
hard work by analyzing companies
er give you a compass instead of a
map with territory and lose it all. All
the best!
 Buffett Checklist - Read, Remem
Source - Buffettology by Mary Buffett & Da
Parameter

Consumer monopoly or
commodity?

Understand how business works

Is the company conservatively

financed?

Are earnings strong and do they

show an upward trend?

Does the company stick with

what it knows?

Has the company been buying

back its shares?

Have retained earnings been

invested well?

Is the company’s return on equity

above average?
Is the company free to adjust
prices to inflation?

Does the company need to

constantly reinvest in capital?

Conclusion

Never Forget

Go to Main Sheet
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intan
unique. Such companies will typically have high gross and operating profit margins because of their unique
margins as high margins may simply highlight companies within industries with traditionally high margins. T
gross, operating and net profit margins above industry norms. Also look for strong growth in earnings and h

Try to invest in industries where you possess some specialized knowledge (where you work) or can more e
industry, and its competitive environment (simple products you consume). While it is difficult to construct a
able to identify areas of interest. You should "only" consider analyzing those companies that operate in are
circle of competence. Of course you can increase the size of the circle, but only over time by learning abou
than the size of the circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such co
flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios. Also seek co
consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and
companies with 5/10 year earnings per share growth greater than 25% (along with safe balance sheets). T
growth is still strong, look for companies where the last 3-years earnings growth rate is higher than the last
important than the rate of growth is the consistency in such growth. So exclude companies with volatile ea
the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those busin
competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company, lo
acquisitions and new directions. They should fit within the primary range of operations for the firm. Be caut
very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities e
excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While we do
up examination of a company would reveal if it has a share buyback plan in place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have b
way to screen for such companies is by looking at those that have had consistent earnings and strong retu

Consider it a positive sign when a company is able to earn above-average (better than competitors) return
debt. Average return on equity for Indian companies over the last 10 years is approximately 16%. Thus, se
this much (16%) or more than this. Again, consistency is the key here.
That's what is called "pricing power". Companies with moat (as seen from other screening metrics as sugg
grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing significant volum

Companies that consistently need capital to grow their sales and profits are like bank savings account, and
term portfolio. Seek companies that don't need high capital investments consistently. Retained earnings m
current operations at competitive levels, so the lower the amount needed to maintain current operations, th
absolute assessment, a comparison against competitors will help a lot. Seek companies that consistently g
cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesse
market to drive down the value of these businesses to attractive levels. You will have little trouble understa
successful implementation is dependent upon your dedication to learn and follow the principles, and apply

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
BAJAJ AUTO LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 289 289 289 289 289 289 289 289 289 289
Reserves 4,518 5,792 7,776 9,878 10,806 13,731 17,567 20,136 22,944 21,373
Borrowings 347 150 116 59 112 118 120 121 125 126
Other Liabilities 3,994 4,894 4,461 5,081 4,758 3,102 3,661 4,595 5,476 4,722
Total 9,149 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510

Net Block 1,855 1,920 2,355 2,660 2,448 2,026 2,002 1,878 1,764 1,699
Capital Work in Progress 70 42 294 144 255 52 42 56 48 60
Investments 4,211 4,473 6,059 8,448 8,985 11,067 15,477 18,895 20,603 19,914
Other Assets 3,013 4,692 3,934 4,056 4,277 4,095 4,117 4,312 6,420 4,837
Total 9,149 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510

Working Capital -981 -202 -527 -1,025 -481 993 455 -283 944 115
Debtors 339 402 734 796 717 718 953 1,492 2,560 1,725
Inventory 576 704 644 641 814 719 728 743 962 1,064
Cash & Bank** 934 2,756 3,278 2,791 6,393 2,085 6,351 6,558 2,510 3,096
** Manually enter the Cash & Bank number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

TREND OVER YEARS

Key Ratios Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 10 YEARS 7 YEARS 5 YEARS 3 YEARS
Debtor Days 8 7 13 14 12 12 16 22 31 21 15.6 18.2 20.2 24.5
Inventory Turnover 28 28 31 31 27 31 30 34 32 28 30.0 30.4 31.0 31.2
Fixed Asset Turnover 8.8 10.2 8.5 7.6 8.8 11.1 10.9 13.4 17.2 17.6 11.4 12.4 14.1 16.1
Debt/Equity 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Return on Equity 71% 49% 38% 32% 25% 29% 23% 21% 21% 24% 33% 25% 24% 22%
Return on Capital Employed 86% 65% 52% 46% 36% 40% 31% 29% 30% 31% 45% 35% 32% 30%
Return on Invested Capital 81% 86% 62% 43% 58% 34% 35% 30% 24% 28% 48% 36% 30% 27%

Go to Main Sheet
 Profit & Loss Account / Income Statement
BAJAJ AUTO LTD TREND OVER YEARS
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Trailing 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Sales 16,408 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,358 29,919 29,919 6.9% 5.9% 6.7% 11.2%
% Growth YOY 19% 2% 1% 7% 5% -4% 16% 20% -1%
Expenses 13,249 15,901 16,377 15,982 17,663 17,786 17,331 20,377 25,168 24,823 24,832 7.2% 6.1% 7.0% 12.7%
Material Cost (% of Sales) 73% 73% 72% 69% 69% 66% 67% 69% 72% 70%
Power and Fuel 1% 1% 1% 1% 1% 1% 0% 0% 0% 0%
Other Mfr. Exp 1% 1% 1% 3% 3% 3% 3% 2% 2% 2%
Employee Cost 3% 3% 3% 4% 4% 4% 5% 4% 4% 5%
Selling and Admin Cost 3% 4% 4% 3% 3% 4% 3% 3% 3% 3%
Gross Profit 4,506 5,370 5,624 6,241 6,688 7,580 7,087 7,810 8,504 8,847 7.8% 6.7% 5.8% 7.7%
Gross Profit Margin 27% 27% 28% 31% 31% 34% 33% 31% 28% 30% 30.0% 31.0% 30.9% 29.5%
Operating Profit 3,158 3,681 3,648 4,155 3,932 4,788 4,424 4,833 5,190 5,096 5,087 5.5% 4.9% 5.3% 4.8%
Operating Profit Margin 19% 19% 18% 21% 18% 21% 20% 19% 17% 17% 17% 19.0% 19.1% 19.0% 17.8%
Other Income 1,406 502 797 682 425 1,199 1,473 1,417 2,036 1,846 1,855
Other Income as % of Sales 8.6% 2.6% 4.0% 3.4% 2.0% 5.3% 6.8% 5.6% 6.7% 6.2% 6.2%
Depreciation 124 147 168 181 267 307 307 315 266 246 246
Interest 2 23 1 1 6 1 1 1 4 3 3
Interest Coverage(Times) 1,858 177 3,595 5,678 630 5,409 3,992 4,530 1,554 2,119 2,119
Profit before tax (PBT) 4,438 4,013 4,277 4,655 4,083 5,679 5,588 5,933 6,956 6,692 6,692 4.7% 6.6% 10.4% 6.2%
% Growth YOY -10% 7% 9% -12% 39% -2% 6% 17% -4%
PBT Margin 27% 20% 21% 23% 19% 25% 26% 24% 23% 22% 22% 23.1% 23.1% 23.9% 22.9%
Tax 1,006 1,020 1,229 1,420 1,271 1,618 1,508 1,714 2,028 1,480 1,480
Tax Rate 22.7% 25.4% 28.7% 30.5% 31.1% 28.5% 27.0% 28.9% 29.2% 22.1% 22.1%
Net profit 3,432 2,993 3,048 3,234 2,812 4,061 4,079 4,219 4,928 5,212 5,212 4.8% 8.0% 13.1% 8.5%
% Growth YOY -13% 2% 6% -13% 44% 0% 3% 17% 6%
Net Profit Margin 21% 15% 15% 16% 13% 18% 19% 17% 16% 17% 17% 16.8% 16.6% 17.4% 16.8%
EPS 118.6 103.4 105.3 111.8 97.2 140.3 141.0 145.8 170.3 180.1 180.1 4.8% 8.0% 13.1% 8.5%
% Growth YOY -13% 2% 6% -13% 44% 0% 3% 17% 6%
Price to earning 12.3 16.2 17.1 18.6 20.8 17.1 19.9 18.8 17.1 11.2 0.0 16.9 17.7 16.8 15.7
Price 1,463 1,679 1,800 2,084 2,017 2,406 2,805 2,745 2,911 2,022 2,900
Dividend Payout 33.7% 43.5% 42.7% 44.7% 51.5% 39.2% 39.0% 41.2% 35.2% 66.6%
Market Cap 42,346 48,584 52,079 60,299 58,360 69,628 81,190 79,432 84,247 58,527 3.7% 1.7% 0.1% -10.3%
Retained Earnings 2,274 1,691 1,746 1,788 1,365 2,470 2,488 2,483 3,191 1,739
Buffett's $1 Test 0.8

Check for long term vs short term trends

Check for wide fluctuations in key expense items.
here. Check if the growth over past 3 or 5
For manufacturing firms, check their material costs
years has slowed down / improved compared
etc. For services firms, look at employee costs.
to long term (7 to 10 years) growth numbers.

Go to Main Sheet
 Cash Flow Statement
BAJAJ AUTO LTD TREND OVER YEARS
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Total 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Cash from Operating Activity (CFO) 1,639 3,246 2,218 3,502 2,114 3,690 3,267 4,328 2,487 3,850 30,342 10.0% 8.2% 12.7% 5.6%
% Growth YoY 98% -32% 58% -40% 75% -11% 32% -43% 55%
Cash from Investing Activity -627 -850 -1,394 -2,072 -380 -68 -3,610 -1,954 -273 1,766 -9,462
Cash from Financing Activity -871 -1,462 -1,445 -1,496 -1,644 -3,384 -190 -1,885 -2,074 -6,247 -20,698
Net Cash Flow 141 934 -621 -66 90 238 -532 488 140 -630 182
CFO/Sales 10% 17% 11% 17% 10% 16% 15% 17% 8% 13%
CFO/Net Profit 48% 108% 73% 108% 75% 91% 80% 103% 50% 74%
Capex** 163 87 488 213 253 259 191 170 87 266 5.6% -8.3% 1.0% 11.7%
FCF 1,477 3,159 1,730 3,289 1,861 3,430 3,077 4,158 2,399 3,584 28,165 10.4% 11.0% 14.0% 5.2%
Average FCF (3 Years) 3,381
FCF Growth YoY 114% -45% 90% -43% 84% -10% 35% -42% 49%
FCF/Sales 9% 16% 9% 16% 9% 15% 14% 16% 8% 12%
FCF/Net Profit 43% 104% 55% 97% 61% 84% 75% 99% 49% 69%

** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use ") Purchase of Property, Plant and
Equipment minus Sales of ) Purchase of Property, Plant and Equipment" number shown under "Cash Flow from Investing Activities"
segment of Consolidated Cash Flow Statement available in the Annual Reports

Go to Main Sheet
 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Sales Growth 19.3% 2.3% 0.6% 7.2% 4.5%
Expenses Growth 19.5% 1.5% -1.9% 11.1% -0.7%
Sustainable Growth Rate 47.3% 27.8% 21.6% 17.6% 12.3% 17.6%
Gross Profit Growth 19.2% 4.7% 11.0% 7.2% 13.3%
PBT Growth -9.6% 6.6% 8.8% -12.3% 39.1%
Net Profit Growth -12.8% 1.8% 6.1% -13.1% 44.4%
Dividend Growth 12.5% 0.0% 11.1% 0.0% 10.0%
Dividend Payout 33.7% 43.5% 42.7% 44.7% 51.5% 39.2%

Gross Margin 27.5% 27.4% 28.1% 31.0% 31.0% 33.6%

Operating Margin 19.3% 18.8% 18.2% 20.6% 18.2% 21.2%
PBT Margin 27.0% 20.5% 21.4% 23.1% 18.9% 25.2%
Net Margin 20.9% 15.3% 15.2% 16.1% 13.0% 18.0%

Debtor Days 7.5 7.5 13.4 14.4 12.1 11.6

Inventory Turnover 28.5 27.8 31.1 31.4 26.5 31.4
Fixed Asset Turnover 8.8 10.2 8.5 7.6 8.8 11.1
Total Asset Turnover 0.6 0.6 0.6 0.8 0.7 0.8
Debt/Equity 0.1 0.0 0.0 0.0 0.0 0.0
Debt/Assets 3.8% 1.4% 0.9% 0.4% 0.7% 0.7%
Interest Coverage (Times) 1,858 177 3,595 5,678 630 5,409
Return on Equity 71.4% 49.2% 37.8% 31.8% 25.3% 29.0%
Return on Capital Employed 86.1% 64.8% 52.3% 45.5% 36.5% 40.2%
Return on Invested Capital 81.3% 86.1% 62.2% 43.5% 58.4% 33.7%

Free Cash Flow (Rs Cr) 1,477 3,159 1,730 3,289 1,861 3,430
Operating Cash Flow Growth 98.0% -31.7% 57.9% -39.6% 74.6%
Free Cash Flow Growth 113.9% -45.2% 90.1% -43.4% 84.4%
FCF/Sales 9% 16% 9% 16% 9% 15%
CFO/Total Assets 18% 29% 18% 23% 13% 21%
CFO/Total Debt 472% 2157% 1919% 5916% 1881% 3131%
Cash Interest Coverage 1,108.0 188.2 2,897.5 6,003.7 522.5 5,055.8
CFO/Capex 10.1 37.4 4.5 16.5 8.3 14.2

Go to Main Sheet
 Key Ratios
BAJAJ AUTO LTD
Mar/17 Mar/18 Mar/19 Mar/20
-3.6% 15.9% 20.4% -1.4%
-1.4% 16.9% 24.2% -1.3%
13.9% 12.2% 13.7% 8.0%
-6.5% 10.2% 8.9% 4.0%
-1.6% 6.2% 17.2% -3.8%
0.4% 3.4% 16.8% 5.8%
0.0% 9.1% 0.0% 100.0%
39.0% 41.2% 35.2% 66.6%

32.6% 31.0% 28.0% 29.6%

20.3% 19.2% 17.1% 17.0%
25.7% 23.5% 22.9% 22.4%
18.8% 16.7% 16.2% 17.4%

16.0 21.6 30.8 21.0

29.9 33.9 31.6 28.1
10.9 13.4 17.2 17.6
1.0 1.0 0.9 0.9
0.0 0.0 0.0 0.0
0.6% 0.5% 0.4% 0.5%
3,992 4,530 1,554 2,119
22.8% 20.7% 21.2% 24.1%
31.1% 28.9% 29.8% 30.7%
35.1% 30.2% 23.6% 27.9%

3,077 4,158 2,399 3,584

-11.5% 32.5% -42.5% 54.8%
-10.3% 35.2% -42.3% 49.4%
14% 16% 8% 12%
15% 17% 9% 15%
2725% 3584% 1997% 3066%
3,412.0 4,613.5 1,008.8 1,687.9
17.1 25.5 28.5 14.5
Key Ratios
BAJAJ AUTO LTD
What to look for?
Higher is better, but also look for long term stability and consistency
Lower is better, but compare with sales growth. Growth higher than sales growth suggests weakening pric
Higher is better, as it indicates the effectiveness and efficiency with which the company is managing its op
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the managemen

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)

Nil / lower than 0.5 / reducing is better

Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)

Look for positive and rising number. If the company consistently generates negative FCF over say 10 year
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
The higher the percentage, the better as it shows how profitable the company is. Check for OCF growing in
Higher is better. Show how well the company uses its assets to generate operating cash flow
Higher, and more than 100%, is better. Shows the ability of the company to use its operating cash flows to
Indicates the company's ability to make interest payments on its entire debt. A highly leveraged company w
Measures the capital available for internal reinvestment and for payments on existing debt. When this ratio
ations mahy be a sign of weakness and inconsistency

y with a strong balance sheet will have a high multiple. Any company with a cash interest multiple less than 1.0 runs
gh funds available to meet its capital investment
st multiple less than 1.0 runs an immediate risk of potential default
 Key Charts - Per
BAJ

Profit Margin Gross Margin Operating Margin PBT Margin Net Margin
40%

30%

20%

10%
Check for a rising trend and/or consistency. Compare with a close competitor.
0%
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/

Revenue (Rs Crore)

35,000
Check for a rising trend.
30,000
25,000
20,000
15,000
10,000
5,000
-
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Sustainable Growth Sales Growth Sustainable Growth Rate

40%

25%

10%

-5%
Check for a rising/stable trend in SGR, as that indicates how much the company can grow
through own resources, without needing additional sources like debt or equity.
 25%

10%

-5%
Check for a rising/stable trend in SGR, as that indicates how much the company can grow
through own resources, without needing additional sources like debt or equity.
-20%
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/

Cash Flow (Rs Crore) Operating Cash Flow Free Cash Flow
5,000
Check for positive numbers and which are rising over time.
3,750

2,500

1,250

-
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Cash & Bank Inventory Receivables Other Assets

Assets Distribution Investments Fixed Assets
3% 15% 3% 4% 1%
3% 3% 1%
4%
100%6%
4%
5% 4%
5%
5%
4%
4%
4%
4%
10%
3%
6%
3%
9% 7%
6% 5% 7%
20% 6% 14% 13% 10%
16% 75% 7%
72% 75%
4% 64% 71%
17% 55% 56%
75%46% 48%

40%

50%

25%

0%
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Go to Main Sheet

Data for Charts (Warning! Please don't touch any number below, as that would change the pre-desi
Margins
 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Gross Margin 27% 27% 28% 31% 31% 34% 33% 31% 28%
Operating Margin 19% 19% 18% 21% 18% 21% 20% 19% 17%
PBT Margin 27% 20% 21% 23% 19% 25% 26% 24% 23%
Net Margin 21% 15% 15% 16% 13% 18% 19% 17% 16%

Management Effectiveness
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
ROE 71% 49% 38% 32% 25% 29% 23% 21% 21%
ROCE 86% 65% 52% 46% 36% 40% 31% 29% 30%
ROIC 81% 86% 62% 43% 58% 34% 35% 30% 24%

Revenue & Profit Growth

Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Revenue Growth 19% 2% 1% 7% 5% -4% 16% 20% -1%
PBT Growth -10% 7% 9% -12% 39% -2% 6% 17% -4%
Net Profit Growth -13% 2% 6% -13% 44% 0% 3% 17% 6%

Revenue & Profit

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Revenue 16,408 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,358
Gross Profit 4,506 5,370 5,624 6,241 6,688 7,580 7,087 7,810 8,504
Profit Before Tax 4,438 4,013 4,277 4,655 4,083 5,679 5,588 5,933 6,956
Net Profit 3,432 2,993 3,048 3,234 2,812 4,061 4,079 4,219 4,928

Cash Flows
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Operating Cash Flow 1,639 3,246 2,218 3,502 2,114 3,690 3,267 4,328 2,487
Free Cash Flow 1,477 3,159 1,730 3,289 1,861 3,430 3,077 4,158 2,399

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19

Equity (Own) 53% 55% 64% 66% 69% 81% 83% 81% 81%
Liabilities (Owed) 47% 45% 36% 34% 31% 19% 17% 19% 19%

Asset Distribution
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Fixed Assets 21% 18% 21% 18% 17% 12% 9% 8% 6%
Investments 46% 40% 48% 55% 56% 64% 72% 75% 71%
Other Assets 20% 17% 16% 14% 13% 10% 10% 5% 7%
Receivables 4% 4% 6% 5% 4% 4% 4% 6% 9%
Inventory 6% 6% 5% 4% 5% 4% 3% 3% 3%
Cash & Bank 3% 15% 4% 3% 4% 5% 1% 3% 3%

Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Sales Growth 19% 2% 1% 7% 5% -4% 16% 20% -1%
Sustainable Growt 28% 22% 18% 12% 18% 14% 12% 14% 8%

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19

FCF/Sales 9.0% 16.1% 8.6% 16.3% 8.6% 15.2% 14.1% 16.5% 7.9%
CFO/Total Assets 17.9% 29.2% 17.5% 22.9% 13.2% 21.4% 15.1% 17.2% 8.6%
ey Charts - Performance At A Glance
BAJAJ AUTO LTD

Margin Net Margin Capital Allocation Quality ROE ROCE ROIC

100%
Check for a rising trend and/or consistency.
90% Numbers > 20% long term are good. Also chec
80% zero/marginal debt. Compare with a close com
70%
60%
50%
40%
30%
20%
competitor.
10%
0%
Mar/18 Mar/19 Mar/20 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/

Annual Growth (YoY) Revenue Growth PBT Growth

50%
Check for a rising trend and/or low
volatility. Compare growth rates
30% with a close competitor.

10%

-10%

-30%
ar/18 Mar/19 Mar/20 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/1

Growth Rate Profit Over Time Gross Profit Profit Before Tax Net P
10,000
Check for a rising trend.
7,500

5,000

2,500
he company can grow
bt or equity.
-
 7,500

5,000

2,500
he company can grow
bt or equity.
-
r/18 Mar/19 Mar/20 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Ma

ash Flow Cash Flow Ratios FCF/Sales CFO/Total Assets

40.0%
Check for high and rising/stable numbers. Shows how profitable
and how well it uses its assets to generate cash flows
30.0%

20.0%

10.0%

0.0%
ar/18 Mar/19 Mar/20 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 M

bles Other Assets Own Vs Owed Funds Liabilities (Owed) Equity (Own)
3%
6%
3%
3%
1%
4%
7%
100%
9%
5% 7%
75% 7%
75%
71%
75%

50%

25%

0%
ar/18 Mar/19 Mar/20 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Ma

uld change the pre-designed charts. You may however change them if you wish to change charts and/or add
Mar/20
30%
17%
22%
17%

Mar/20
24%
31%
28%

Mar/20
29,919
8,847
6,692
5,212

Mar/20
3,850
3,584

Mar/20
82%
18%

Mar/20
7%
75%
7%
7%
4%
1%
Mar/20
12.0%
14.5%
OCE ROIC

nd/or consistency.
are good. Also check if the company has
are with a close competitor.

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

h PBT Growth Net Profit Growth

Mar/17 Mar/18 Mar/19 Mar/20

Before Tax Net Profit

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

CFO/Total Assets

hows how profitable a company is

cash flows

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

Equity (Own)

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20

ge charts and/or add new ones)

 Common Size P&L
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 73% 73% 72% 69% 69% 66% 67%
Change in Inventory 1% 0% 0% 0% 0% 0% 0%
Power and Fuel 1% 1% 1% 1% 1% 1% 0%
Other Mfr. Exp 1% 1% 1% 3% 3% 3% 3%
Employee Cost 3% 3% 3% 4% 4% 4% 5%
Selling and Admin Cost 3% 4% 4% 3% 3% 4% 3%
Other Expenses 1% 1% 1% 1% 2% 1% 2%
Operating Profit 18% 18% 19% 21% 18% 22% 20%
Other Income 9% 3% 4% 3% 2% 5% 7%
Depreciation 1% 1% 1% 1% 1% 1% 1%
Interest 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax 27% 20% 21% 23% 19% 25% 26%
Tax 6% 5% 6% 7% 6% 7% 7%
Net Profit 21% 16% 16% 17% 14% 18% 19%
Dividend Amount 7% 7% 7% 7% 7% 7% 7%

Common Size Balance Sheet

Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 3% 3% 2% 2% 2% 2% 1%
Reserves 49% 52% 62% 65% 68% 80% 81%
Borrowings 4% 1% 1% 0% 1% 1% 1%
Other Liabilities 44% 44% 35% 33% 30% 18% 17%
Total Liabilities 100% 100% 100% 100% 100% 100% 100%
Net Block 20% 17% 19% 17% 15% 12% 9%
Capital Work in Progress 1% 0% 2% 1% 2% 0% 0%
Investments 46% 40% 48% 55% 56% 64% 72%
Other Assets 33% 42% 31% 26% 27% 24% 19%
Total Assets 100% 100% 100% 100% 100% 100% 100%
Receivables 4% 4% 6% 5% 4% 4% 4%
Inventory 6% 6% 5% 4% 5% 4% 3%
Cash & Bank 3% 15% 4% 3% 4% 5% 1%

Go to Main Sheet
 Mar-18 Mar-19 Mar-20
A common-size financial statement is
100% 100% 100% displays line items as a percentage of one
69% 72% 70% selected or common figure. Creating
0% 0% 0% common-size financial statements makes it
0% 0% 0% easier to analyze a company over time and
2% 2% 2% compare it with its peers. Using common-
4% 4% 5% size financial statements helps investors
3% 3% 3% spot trends that a raw financial statement
may not uncover.
2% 1% 2%
19% 17% 17%
6% 7% 6%
1% 1% 1%
0% 0% 0%
24% 23% 22%
7% 7% 5%
17% 16% 17%
7% 6% 12%

eet
Mar-18 Mar-19 Mar-20
1% 1% 1%
80% 80% 81%
0% 0% 0%
18% 19% 18%
100% 100% 100%
7% 6% 6%
0% 0% 0%
75% 71% 75%
17% 22% 18%
100% 100% 100%
6% 9% 7%
3% 3% 4%
3% 3% 1%
 Valuation - Dhandho
Read the book - The Dhandho Invest

BAJAJ AUTO LTD

Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3 12%
1 FY21 3,786 3,381 Year 4-6 10%
2 FY22 4,241 3,381 Year 7-10 5%
3 FY23 4,750 3,381 Discount Rate 12%
4 FY24 5,225 3,320
5 FY25 5,747 3,261 Last 5-Years' CAGR
6 FY26 6,322 3,203 Sales 7%
7 FY27 6,638 3,003 PBT 10%
8 FY28 6,970 2,815 FCF 14%
9 FY29 7,318 2,639
10 FY30 7,684 2,474
10 76,842 24,741
Intrinsic Value 58,695
Current Mkt. Cap. 83,916
Premium/(Discount) to IV 43%

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a norma
assumption of FCF the business will earn in a normal year, without capex. Check the history of this busi
wisely without twisting the model to fit your version

Go to Main Sheet
n - Dhandho Calculation
ok - The Dhandho Investor by Mohnish Pabrai

BAJAJ AUTO LTD

Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3
1 FY21 3,888 3,471 Year 4-6
2 FY22 4,471 3,564 Year 7-10
3 FY23 5,142 3,660 Discount Rate
4 FY24 5,759 3,660
5 FY25 6,450 3,660
6 FY26 7,224 3,660
7 FY27 7,946 3,594
8 FY28 8,741 3,530
9 FY29 9,615 3,467
10 FY30 10,576 3,405
10 158,643 51,079
Intrinsic Value 89,846
Current Mkt. Cap. 83,916
Premium/(Discount) to IV -7%

ou must use a normalized positive FCF as the starting number. This number is your
he history of this business while arriving at your assumption, and use your judgment
del to fit your version of reality.
med FCF Growth
15%
12%
10%
12%
 Valuation - Ben Graham Formula
Low Range
Company Name BAJAJ AUTO LTD
Year Ended Mar/20

Avg 5-Yr Net Profit (Rs Crore) 4,499.8

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 6.6

Ben Graham Value (Rs Crore) 97,357

Current Market Cap (Rs Crore) 83,916
Value as % of Market Cap 116%

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth r
7-10 years

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 196
was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this nu
AAA corporate bond rate, represented by Y in the formula above.

Note: I have used Graham's original formula in the above calculations

Go to Main Sheet
en Graham Formula
High Range
Company Name BAJAJ AUTO LTD
Year Ended Mar/20

Avg 5-Yr Net Profit (Rs Crore) 4,499.8

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 9.9

Ben Graham Value (Rs Crore) 126,911

Current Market Cap (Rs Crore) 83,916
Value as % of Market Cap 151%

PLANATION

tio of a stock with 0% growth and g is the growth rate for the next

+ 2G) x 4.4] / Y
required rate of return. At the time of around 1962 when Graham
4.4% but to adjust to the present, we divide this number by today’s
a above.

bove calculations
 Valuation - Dicounted Cash Flow
BAJAJ AUTO LTD

Initial Cash Flow (Rs Cr) 3,381 64,436

83,916
Years 1-5 6-10 77%
FCF Growth Rate 12% 10%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (2,971)

Year FCF Growth Present Value

1 3,786 12% 3,381
2 4,241 12% 3,381
3 4,750 12% 3,381
4 5,320 12% 3,381
5 5,958 12% 3,381
6 6,554 10% 3,320
7 7,209 10% 3,261
8 7,930 10% 3,203
9 8,723 10% 3,146
10 9,595 10% 3,089

Final Calculations
Terminal Year 9,787
PV of Year 1-10 Cash Flows 32,923
Terminal Value 31,513
Total PV of Cash Flows 64,436
Current Market Cap (Rs Cr) 83,916

Note: See explanation of DCF here

Go to Main Sheet
Cash Flow

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Valuation - Expected Return
BAJAJ AUTO LTD
Particulars Mar/11 Mar/12 Mar/13 Mar/14
Net Profit (Rs Crore) 3,455 3,049 3,133 3,380
Net Profit Margin 21% 16% 16% 17%
Return on Equity 71% 49% 38% 32%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 10%
Estimated Net Profit after 10 years (Rs Cr) 13,518
Current P/E (x) 16.1
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 270,367
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 87,051
Current Market Cap (Rs Cr) 83,916

Note: See explanation of this model here

Go to Main Sheet
pected Returns Model
JAJ AUTO LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 CAGR (9-Yr) CAGR (5-Yr)
3,026 4,061 4,079 4,219 4,928 5,212 5% 11%
14% 18% 19% 17% 16% 17%
25% 29% 23% 21% 21% 24%
 Intrinsic Value Range
BAJAJ AUTO LTD
Lower Higher
Dhandho 58,695 89,846
Ben Graham 97,357 126,911
DCF 64,436 Remember! Give importance to a stoc
Expected Return 87,051 fair value only "after" you have answe
Current Market Cap. 83,916 these two questions - (1) Is this busine
understood? and (2) Can I understand

Don't try to quantify everything. In stoc

less non-mathematical you are, the
Explanation: Considering the above range, sensible, and useful will be your analy
we can say that Bajaj Auto's Intrinsic Value Great analysis is generally "back-of-t
range is between Rs 60,000 crore and Rs
130,000 crore. It's a big range, but that's fine Also, your calculated "fair value" will b
(who is looking for precision?). Now, if the in the future, so don't invest your savin
current market cap is within this IV range, you fall in love with it. Don't look for p
especially when it's near the lower level of overrated. Focus on decisions, not out
the range, it makes the stock disconfirming evidence
reasonably/attractively priced. If the current
market cap is higher then the higher value of
the range, it makes it overpriced. But
remember, these are just numbers!

Go to Main Sheet
ve importance to a stock's valuations /
"after" you have answered in "Yes" to
tions - (1) Is this business simple to be
nd (2) Can I understand this business?

ntify everything. In stock research, the

thematical you are, the more simple,
seful will be your analysis and results.
s is generally "back-of-the-envelope".

ulated "fair value" will be proven wrong

don't invest your savings just because
e with it. Don't look for perfection. It is
s on decisions, not outcomes. Look for
disconfirming evidence.
 Quarterly Performance
BAJAJ AUTO LTD
Narration Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 TTM
Sales 6,388 6,788 7,465 8,036 7,436 7,421 7,756 7,707 7,640 6,816 29,919
% Growth YOY 16% 9% 4% -4% 3% -8%
Expenses 5,139 5,458 6,127 6,623 6,224 6,194 6,567 6,428 6,273 5,563 24,832
Operating Profit 1,249 1,331 1,338 1,413 1,212 1,226 1,189 1,279 1,367 1,253 5,087
Other Income 270 447 274 415 533 813 337 514 427 577 1,855
Depreciation 75 88 70 72 63 61 60 61 62 63 246
Interest 0 0 0 0 4 0 1 1 0 1 3
Profit before tax 1,444 1,689 1,542 1,757 1,678 1,979 1,465 1,730 1,732 1,765 6,692
PBT Margin 23% 25% 21% 22% 23% 27% 19% 22% 23% 26%
% Growth YOY 16% 17% -5% -2% 3% -11%
Tax 431 514 500 500 457 570 453 206 410 411 1,480
Net profit 1,013 1,175 1,042 1,257 1,221 1,408 1,012 1,523 1,322 1,354 5,212
% Growth YOY 20% 20% -3% 21% 8% -4%
OPM 20% 20% 18% 18% 16% 17% 15% 17% 18% 18%

Go to Main Sheet
COMPANY NAME BAJAJ AUTO LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 28.94
Face Value 10
Current Price 2900
Market Capitalization 83916.44

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 16407.62 19582.1 20025.24 20136.94 21595.44 22573.69
Raw Material Cost 11,901.35 14,211.67 14,401.19 13,895.80 14,907.89 14,993.41
Change in Inventory 98.19 85.65 -32.35 12.57 56.46 -63.45
Power and Fuel 86.79 102.09 121.57 106.37 114.8 120.66
Other Mfr. Exp 167.27 226.04 261.26 530.42 655.78 644.19
Employee Cost 502.53 551.35 651.29 733.18 901.3 920.01
Selling and admin 560.72 710.52 742.47 534.95 707.58 795.66
Other Expenses 128.68 185.33 166.63 193.59 432.38 248.4
Other Income 1405.78 501.83 797.13 681.81 424.73 1199.19
Depreciation 123.89 146.73 167.81 181.32 267.46 307.16
Interest 2.39 22.79 1.19 0.82 6.49 1.05
Profit before tax 4437.97 4013.06 4276.61 4654.87 4082.95 5678.89
Tax 1006.29 1019.66 1228.52 1420.47 1271.05 1617.65
Net profit 3454.89 3048.62 3132.69 3380.28 3025.63 4061.24
Dividend Amount 1157.48 1302.16 1302.16 1446.85 1446.85 1591.54

Quarters
Report Date Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19
Sales 6387.64 6788.43 7464.89 8036.34 7435.8 7420.6
Expenses 5138.73 5457.67 6126.92 6623.03 6224 6194.17
Other Income 270.11 446.74 274.4 415.25 533.14 813.45
Depreciation 74.68 87.89 69.97 71.51 63.38 60.83
Interest 0.30 0.30 0.31 0.31 3.57 0.29
Profit before tax 1444.04 1689.31 1542.09 1756.74 1677.99 1978.76
Tax 430.9 513.84 500.32 500.17 457.22 570.27
Net profit 1013.16 1175.47 1041.78 1256.57 1220.77 1408.49
Operating Profit 1248.91 1330.76 1337.97 1413.31 1211.8 1226.43

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 289.37 289.37 289.37 289.37 289.37 289.37
Reserves 4517.85 5792.35 7775.93 9877.89 10805.95 13730.94
Borrowings 347.44 150.47 115.58 59.19 112.35 117.86
Other Liabilities 3994.38 4894.2 4461.44 5081.31 4757.93 3102.2
Total 9149.04 11126.39 12642.32 15307.76 15965.6 17240.37
Net Block 1855.21 1920.03 2355.41 2659.62 2448.03 2025.67
Capital Work in Progress 69.86 41.65 293.55 144.06 254.94 52.24
Investments 4210.92 4,472.78 6058.92 8447.77 8985.25 11067.23
Other Assets 3013.05 4691.93 3934.44 4056.31 4277.38 4095.23
Total 9149.04 11126.39 12642.32 15307.76 15965.6 17240.37
Receivables 338.74 401.93 734.33 796.21 716.96 717.93
Inventory 576.25 703.61 643.96 641.21 814.15 719.07
Cash & Bank 247.54 1659.84 566.51 500.9 592.74 867.03
No. of Equity Shares 289367020 289367020 289367020 289367000 289367020 289367020
New Bonus Shares ###
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity 1639.37 3246.27 2218.3 3501.71 2113.8 3689.85
Cash from Investing Activity -627.03 -849.78 -1394.43 -2072.26 -379.66 -67.52
Cash from Financing Activity -870.93 -1462.36 -1444.69 -1495.69 -1644.18 -3384.08
Net Cash Flow 141.41 934.13 -620.82 -66.24 89.96 238.25

PRICE: 1463.25 1678.8 1799.55 2083.6 2016.6 2405.95

DERIVED:
Adjusted Equity Shares in Cr 28.94 28.94 28.94 28.94 28.94 28.94
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-17 Mar-18 Mar-19 Mar-20

21754.72 25209.93 30357.63 29918.65
14,667.83 17,400.41 21,854.10 21,071.29
43.68 -9.68 56.42 63.01
96.46 100.26 115.01 116.57
547.54 550.16 633.99 698.83
999.83 1072.59 1260.32 1395
699.73 852.82 940.92 1020.98
363.47 391.19 420.2 583.35
1472.7 1416.7 2036.24 1846.08
307.29 314.8 265.69 246.43
1.4 1.31 4.48 3.16
5587.55 5933.41 6955.58 6692.13
1508.07 1714.47 2027.98 1480.22
4079.49 4218.95 4927.61 5211.91
1591.54 1736.22 1736.22 3472.44

Jun-19 Sep-19 Dec-19 Mar-20

7755.82 7707.32 7639.66 6815.85
6567.32 6428.49 6272.55 5563.27
337.45 513.56 427.16 576.53
60.14 61.34 61.68 63.27
0.54 1.24 0.47 0.91
1465.27 1729.81 1732.12 1764.93
453.11 206.49 409.68 410.94
1012.17 1523.31 1322.44 1353.99
1188.5 1278.83 1367.11 1252.58

Mar-17 Mar-18 Mar-19 Mar-20

 289.37 289.37 289.37 289.37
17567.2 20135.87 22944.44 21372.71
119.90 120.77 124.52 125.59
3661.15 4594.99 5476.08 4722.35
21637.62 25141 28834.41 26510.02
2001.79 1878.33 1763.94 1699.02
42.17 56.47 48.02 60.19
15477.04 18894.57 20602.85 19913.58
4116.62 4311.63 6419.6 4837.23
21637.62 25141 28834.41 26510.02
953.29 1491.87 2559.69 1725.1
728.38 742.58 961.51 1,063.50
301.36 792.66 933.07 316.34
289367020 289367020 289367020 289367020

10 10 10 10

Mar-17 Mar-18 Mar-19 Mar-20

3267.36 4327.84 2486.86 3850.44
-3609.68 -1954.48 -272.77 1765.83
-190.09 -1885.26 -2074.05 -6246.51
-532.41 488.1 140.04 -630.24

2805.45 2744.7 2911.1 2022.35

28.94 28.94 28.94 28.94

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Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: [email protected]
… do ANYTHING.

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