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.
CLICK TO SUBSCRIBE (IT'S FR
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
Go to calculations.
Main Sheet
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

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

Basic Company Details

Balance Sheet
Parameters Details
Company CCL PRODUCTS (INDIA) LTD Income Statement
Current Stock Price (Rs) 255
Face Value (Rs) 2.0
Cash Flow
No. of Shares (Crore) 13.3
Market Capitalization (Rs Crore) 3,392
Key Ratios
Key Financials - Trend
Parameters Details
Charts
Sales Growth (9-Year CAGR) 13.5%
Profit Before Tax Growth (9-Year CAGR) 21.4%
Net Profit Growth (9-Year CAGR) 22.6% Common Size
Average Debt/Equity (5-Years, x) 0.4
Average Return on Equity (5-Years) 20.3%
Quarterly
Average P/E (5-Years, x) 23.7
TTM EPS (Rs) 170
Latest P/E (x) 20.0 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 ar
Here, garbage in will always equal garbage
need the excel to tell you what you must do
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 analyz
on your own. But I'd rather give you a compa
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
CCL PRODUCTS (INDIA) 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 13 13 13 27 27 27 27 27 27 27
Reserves 204 226 265 326 395 483 602 713 812 902
Borrowings 220 268 302 292 229 210 142 311 416 469
Other Liabilities 72 63 86 80 111 81 78 83 166 112
Total 510 571 667 725 762 801 848 1,134 1,422 1,509

Net Block 273 257 334 361 340 417 393 371 383 724
Capital Work in Progress 42 94 - 39 53 - 0 226 424 100
Investments 2 2 2 2 2 2 2 1 1 1
Other Assets 193 218 331 324 367 382 453 535 613 684
Total 510 571 667 725 762 801 848 1,134 1,422 1,509

Working Capital 121 155 245 243 256 301 375 452 447 572
Debtors 50 70 87 107 113 128 163 182 235 268
Inventory 89 117 156 138 174 149 183 183 202 260
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 50 51 49 54 47 50 61 58 79 86 58.6 62.3 66.9 74.6
Inventory Turnover 4 4 4 5 5 6 5 6 5 4 5.0 5.4 5.5 5.3
Fixed Asset Turnover 1.3 2.0 1.9 2.0 2.6 2.2 2.5 3.1 2.8 1.6 2.2 2.4 2.4 2.5
Debt/Equity 1.0 1.1 1.1 0.8 0.5 0.4 0.2 0.4 0.5 0.5 0.7 0.5 0.4 0.5
Return on Equity 12% 15% 17% 18% 22% 24% 21% 20% 18% 18% 19% 20% 20% 19%
Return on Capital Employed 13% 14% 16% 18% 23% 25% 26% 20% 17% 17% 19% 21% 21% 18%
Return on Invested Capital -5% -2% -2% -3% -2% -9% -2% -3% -12% -10% -5% -6% -7% -8%

Go to Main Sheet
 Profit & Loss Account / Income Statement
CCL PRODUCTS (INDIA) 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 364 502 651 717 881 932 976 1,138 1,081 1,139 1,155 13.5% 8.3% 5.3% 5.3%
% Growth YOY 38% 30% 10% 23% 6% 5% 17% -5% 5%
Expenses 299 415 529 574 709 727 744 899 836 853 876 12.4% 7.1% 3.8% 4.7%
Material Cost (% of Sales) 61% 60% 61% 59% 63% 59% 56% 63% 56% 52%
Power and Fuel 6% 5% 6% 5% 5% 4% 4% 4% 4% 6%
Other Mfr. Exp 11% 8% 8% 8% 6% 7% 7% 6% 6% 8%
Employee Cost 3% 3% 3% 4% 3% 4% 4% 4% 6% 6%
Selling and Admin Cost 4% 4% 3% 3% 4% 3% 4% 4% 5% 6%
Gross Profit 141 203 254 297 325 386 432 418 480 547 16.3% 11.6% 11.0% 8.2%
Gross Profit Margin 39% 40% 39% 41% 37% 41% 44% 37% 44% 48% 41.1% 41.9% 43.0% 43.1%
Operating Profit 65 87 121 143 171 205 232 239 245 286 279 17.9% 13.0% 10.8% 7.2%
Operating Profit Margin 18% 17% 19% 20% 19% 22% 24% 21% 23% 25% 24% 20.8% 22.0% 22.9% 22.9%
Other Income 10 2 2 3 3 1 1 5 3 4 4
Other Income as % of Sales 2.7% 0.4% 0.3% 0.4% 0.3% 0.1% 0.1% 0.4% 0.3% 0.4% 0.3%
Depreciation 19 20 29 29 27 28 33 34 32 47 49
Interest 16 15 21 17 14 11 11 8 8 18 18
Interest Coverage(Times) 3 5 5 7 11 16 18 27 26 14 13
Profit before tax (PBT) 39 54 74 100 134 167 189 202 209 225 217 21.4% 17.3% 11.0% 6.1%
% Growth YOY 38% 36% 35% 34% 25% 13% 7% 3% 8%
PBT Margin 11% 11% 11% 14% 15% 18% 19% 18% 19% 20% 19% 15.6% 17.6% 18.8% 18.9%
Tax 13 18 26 35 40 45 54 54 54 59 47
Tax Rate 32.7% 33.1% 35.8% 35.3% 29.8% 26.8% 28.8% 26.6% 25.8% 26.4% 21.6%
Net profit 26 36 47 64 94 122 135 148 155 166 170 22.6% 19.6% 12.0% 7.2%
% Growth YOY 37% 31% 36% 46% 30% 10% 10% 5% 7%
Net Profit Margin 7% 7% 7% 9% 11% 13% 14% 13% 14% 15% 15% 11.0% 12.6% 13.8% 14.0%
EPS 2.0 2.7 3.6 4.8 7.1 9.2 10.1 11.1 11.6 12.5 12.8 22.6% 19.6% 12.0% 7.2%
% Growth YOY 37% 31% 36% 46% 30% 10% 10% 5% 7%
Price to earning 9.6 5.0 7.2 10.5 25.3 21.0 34.0 25.0 24.5 14.2 0.1 17.6 22.1 23.7 21.2
Price 19 14 26 51 179 193 344 279 285 177 255
Dividend Payout 10.1% 18.3% 14.0% 24.8% 21.2% 27.2% 24.7% 22.5% 30.1% 40.1%
Market Cap 255 180 342 676 2,378 2,570 4,574 3,704 3,791 2,359 28.1% 31.8% -0.2% -19.8%
Retained Earnings 24 30 41 48 74 89 101 115 108 99
Buffett's $1 Test 2.9

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
CCL PRODUCTS (INDIA) 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) 20 11 25 125 105 161 102 145 162 91 946 18.5% 20.1% -2.8% -3.8%
% Growth YoY -42% 122% 397% -16% 54% -37% 43% 11% -44%
Cash from Investing Activity -33 -54 -38 -58 -19 -87 -20 -247 -175 -88 -819
Cash from Financing Activity 52 8 16 -42 -93 -82 -84 129 42 -37 -92
Net Cash Flow 38 -35 4 25 -8 -8 -2 27 29 -35 35
CFO/Sales 5% 2% 4% 17% 12% 17% 10% 13% 15% 8%
CFO/Net Profit 74% 31% 53% 194% 111% 132% 76% 98% 104% 55%
Capex** 163 87 488 213 253 259 191 170 87 266 5.6% -8.3% 1.0% 11.7%
FCF -143 -76 -463 -88 -148 -98 -89 -24 74 -175 -1,231 2.3% -12.9% 3.4% 25.4%
Average FCF (3 Years) -42
FCF Growth YoY -47% 513% -81% 69% -34% -10% -73% -405% -336%
FCF/Sales -39% -15% -71% -12% -17% -11% -9% -2% 7% -15%
FCF/Net Profit -541% -209% -976% -137% -158% -81% -66% -16% 48% -106%

** 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/11Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Sales Growth 38.0% 29.6% 10.2% 22.8% 5.9%
Expenses Growth 25.0% 35.9% 1.8% 29.9% -0.8%
Sustainable Growth Rate 11.0% 12.3% 14.6% 13.7% 17.6% 17.4%
Gross Profit Growth 43.7% 25.3% 16.8% 9.6% 18.6%
PBT Growth 37.8% 36.3% 34.8% 34.4% 24.6%
Net Profit Growth 37.0% 30.8% 35.8% 45.9% 29.9%
Dividend Growth 150.0% 0.0% 140.2% 25.0% 66.6%
Dividend Payout 10.1% 18.3% 14.0% 24.8% 21.2% 27.2%

Gross Margin 38.8% 40.4% 39.0% 41.4% 36.9% 41.4%

Operating Margin 17.8% 17.3% 18.6% 20.0% 19.4% 22.0%
PBT Margin 10.8% 10.8% 11.3% 13.9% 15.2% 17.9%
Net Margin 7.3% 7.2% 7.3% 9.0% 10.7% 13.1%

Debtor Days 50.3 51.2 48.9 54.4 46.9 50.2

Inventory Turnover 4.1 4.3 4.2 5.2 5.1 6.3
Fixed Asset Turnover 1.3 2.0 1.9 2.0 2.6 2.2
Total Asset Turnover 1.4 1.1 1.0 1.0 0.9 0.9
Debt/Equity 1.0 1.1 1.1 0.8 0.5 0.4
Debt/Assets 43.2% 46.9% 45.3% 40.3% 30.1% 26.2%
Interest Coverage (Times) 3 5 5 7 11 16
Return on Equity 12.2% 15.1% 17.0% 18.3% 22.3% 24.0%
Return on Capital Employed 12.6% 13.6% 16.3% 18.1% 22.7% 24.7%
Return on Invested Capital -5.3% -1.6% -1.8% -3.0% -1.6% -8.9%

Free Cash Flow (Rs Cr) -143 -76 -463 -88 -148 -98
Operating Cash Flow Growth -42.5% 122.3% 397.2% -16.1% 53.7%
Free Cash Flow Growth -47.2% 512.6% -81.0% 68.7% -33.7%
FCF/Sales -39% -15% -71% -12% -17% -11%
CFO/Total Assets 4% 2% 4% 17% 14% 20%
CFO/Total Debt 9% 4% 8% 43% 46% 77%
Cash Interest Coverage 3.0 3.0 3.5 10.4 11.6 20.0
CFO/Capex 0.1 0.1 0.1 0.6 0.4 0.6

Go to Main Sheet
 Key Ratios
CCL PRODUCTS (INDIA) LTD
Mar/17 Mar/18 Mar/19 Mar/20
4.8% 16.5% -5.0% 5.3%
0.3% 31.3% -11.7% 8.7%
16.1% 15.5% 12.9% 10.7%
12.1% -3.2% 14.6% 14.1%
13.3% 6.8% 3.4% 8.0%
10.2% 10.1% 4.6% 7.1%
0.0% 0.0% 40.0% 42.8%
24.7% 22.5% 30.1% 40.1%

44.3% 36.8% 44.4% 48.0%

23.8% 21.0% 22.7% 25.1%
19.3% 17.7% 19.3% 19.8%
13.8% 13.0% 14.3% 14.6%

60.8 58.4 79.4 85.9

5.3 6.2 5.4 4.4
2.5 3.1 2.8 1.6
0.9 1.0 1.3 1.3
0.2 0.4 0.5 0.5
16.7% 27.4% 29.3% 31.1%
18 27 26 14
21.4% 20.0% 18.5% 17.9%
26.0% 19.9% 17.3% 17.4%
-2.4% -2.7% -12.3% -9.8%

-89 -24 74 -175

-36.8% 42.6% 11.3% -43.9%
-9.6% -72.6% -404.7% -336.4%
-9% -2% 7% -15%
12% 13% 11% 6%
72% 47% 39% 19%
15.0 26.4 26.5 9.4
0.5 0.9 1.8 0.3
 Key Ratios
CCL PRODUCTS (INDIA) 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
CCL PRO

Profit Margin Gross Margin Operating Margin PBT Margin Net Margin
60%

50%

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)

1,200
Check for a rising trend.
1,000

800

600

400

200

-
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

55%

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.
-20%
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar
 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
1,250
Check for positive numbers and which are rising over time.

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

-1,250

Cash & Bank Inventory Receivables Other Assets

Assets Distribution Investments Fixed
21% 1%
23% 5% 3% 2%Assets
19% 22% 4% 7% 17%
100%18% 19% 23% 16%
14%

12% 16% 16% 17% 18%

10% 13% 15% 19%
15%
75% 4%
2%
0% 12% 11% 11% 6% 8%
0% 6% 7% 11% 0%
0% 0% 0%
0% 0% 0%
50% 0%

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 39% 40% 39% 41% 37% 41% 44% 37% 44%
Operating Margin 18% 17% 19% 20% 19% 22% 24% 21% 23%
PBT Margin 11% 11% 11% 14% 15% 18% 19% 18% 19%
Net Margin 7% 7% 7% 9% 11% 13% 14% 13% 14%

Management Effectiveness
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
ROE 12% 15% 17% 18% 22% 24% 21% 20% 18%
ROCE 13% 14% 16% 18% 23% 25% 26% 20% 17%
ROIC -5% -2% -2% -3% -2% -9% -2% -3% -12%

Revenue & Profit Growth

Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Revenue Growth 38% 30% 10% 23% 6% 5% 17% -5% 5%
PBT Growth 38% 36% 35% 34% 25% 13% 7% 3% 8%
Net Profit Growth 37% 31% 36% 46% 30% 10% 10% 5% 7%

Revenue & Profit

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Revenue 364 502 651 717 881 932 976 1,138 1,081
Gross Profit 141 203 254 297 325 386 432 418 480
Profit Before Tax 39 54 74 100 134 167 189 202 209
Net Profit 26 36 47 64 94 122 135 148 155

Cash Flows
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Operating Cash Flow 20 11 25 125 105 161 102 145 162
Free Cash Flow -143 -76 -463 -88 -148 -98 -89 -24 74

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

Equity (Own) 43% 42% 42% 49% 55% 64% 74% 65% 59%
Liabilities (Owed) 57% 58% 58% 51% 45% 36% 26% 35% 41%

Asset Distribution
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Fixed Assets 62% 62% 50% 55% 52% 52% 46% 53% 57%
Investments 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 2% 4% 12% 6% 7% 11% 11% 11% 6%
Receivables 10% 12% 13% 15% 15% 16% 19% 16% 17%
Inventory 18% 21% 23% 19% 23% 19% 22% 16% 14%
Cash & Bank 8% 1% 1% 5% 3% 2% 2% 4% 7%

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

Sales Growth 38% 30% 10% 23% 6% 5% 17% -5% 5%
Sustainable Growt 12% 15% 14% 18% 17% 16% 16% 13% 11%

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

FCF/Sales -39.3% -15.1% -71.2% -12.3% -16.9% -10.6% -9.1% -2.1% 6.9%
CFO/Total Assets 3.9% 2.0% 3.8% 17.2% 13.7% 20.1% 12.0% 12.8% 11.4%
ey Charts - Performance At A Glance
CCL PRODUCTS (INDIA) LTD

Margin Net Margin ROE ROCE ROIC

Capital Allocation Quality
30%
Check for a rising trend and/or consistency.
25% Numbers > 20% long term are good. Also chec
20% zero/marginal debt. Compare with a close com
15%
10%
5%
0%
-5% Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/
competitor. -10%
-15%
Mar/18 Mar/19 Mar/20

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
2,500
Check for a rising trend.

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
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
20.0% and how well it uses its assets to generate cash flows
0.0%
Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 M
-20.0%
ar/18 Mar/19 Mar/20
-40.0%

-60.0%

-80.0%

bles Other Assets Liabilities (Owed) Equity (Own)

Own Vs Owed Funds
4% 7% 17% 100%
16%
14%

16% 17% 18%

75%
11% 6% 8%
0% 0%
0%
50%

25%

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

uld change the pre-designed charts. You may however change them if you wish to change charts and/or add

Mar/20
48%
25%
20%
 15%

Mar/20
18%
17%
-10%

Mar/20
1,139
547
225
166

Mar/20
91
-175

Mar/20
62%
38%

Mar/20
55%
0%
8%
18%
17%
3%

Mar/20
-15.4%
6.0%
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

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

CFO/Total Assets

Shows 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 61% 60% 61% 59% 63% 59% 56%
Change in Inventory 4% -1% 2% -1% 1% 0% -1%
Power and Fuel 6% 5% 6% 5% 5% 4% 4%
Other Mfr. Exp 11% 8% 8% 8% 6% 7% 7%
Employee Cost 3% 3% 3% 4% 3% 4% 4%
Selling and Admin Cost 4% 4% 3% 3% 4% 3% 4%
Other Expenses 0% 3% 1% 2% 1% 1% 1%
Operating Profit 10% 19% 15% 21% 17% 22% 25%
Other Income 3% 0% 0% 0% 0% 0% 0%
Depreciation 5% 4% 4% 4% 3% 3% 3%
Interest 4% 3% 3% 2% 2% 1% 1%
Profit Before Tax 11% 11% 11% 14% 15% 18% 19%
Tax 4% 4% 4% 5% 5% 5% 6%
Net Profit 7% 7% 7% 9% 11% 13% 14%
Dividend Amount 1% 1% 1% 2% 2% 4% 3%

Common Size Balance Sheet

Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 3% 2% 2% 4% 3% 3% 3%
Reserves 40% 40% 40% 45% 52% 60% 71%
Borrowings 43% 47% 45% 40% 30% 26% 17%
Other Liabilities 14% 11% 13% 11% 15% 10% 9%
Total Liabilities 100% 100% 100% 100% 100% 100% 100%
Net Block 54% 45% 50% 50% 45% 52% 46%
Capital Work in Progress 8% 16% 0% 5% 7% 0% 0%
Investments 0% 0% 0% 0% 0% 0% 0%
Other Assets 38% 38% 50% 45% 48% 48% 53%
Total Assets 100% 100% 100% 100% 100% 100% 100%
Receivables 10% 12% 13% 15% 15% 16% 19%
Inventory 18% 21% 23% 19% 23% 19% 22%
Cash & Bank 8% 1% 1% 5% 3% 2% 2%

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
63% 56% 52% selected or common figure. Creating
3% 0% 3% common-size financial statements makes it
4% 4% 6% easier to analyze a company over time and
6% 6% 8% compare it with its peers. Using common-
4% 6% 6% size financial statements helps investors
4% 5% 6% spot trends that a raw financial statement
may not uncover.
1% 1% 0%
16% 22% 19%
0% 0% 0%
3% 3% 4%
1% 1% 2%
18% 19% 20%
5% 5% 5%
13% 14% 15%
3% 4% 6%

eet
Mar-18 Mar-19 Mar-20
2% 2% 2%
63% 57% 60%
27% 29% 31%
7% 12% 7%
100% 100% 100%
33% 27% 48%
20% 30% 7%
0% 0% 0%
47% 43% 45%
100% 100% 100%
16% 17% 18%
16% 14% 17%
4% 7% 3%
 Valuation - Dhandho
Read the book - The Dhandho Invest

CCL PRODUCTS (INDIA) 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 (47) (42) Year 4-6 10%
2 FY22 (53) (42) Year 7-10 5%
3 FY23 (59) (42) Discount Rate 12%
4 FY24 (65) (41)
5 FY25 (71) (40) Last 5-Years' CAGR
6 FY26 (78) (40) Sales 5%
7 FY27 (82) (37) PBT 11%
8 FY28 (86) (35) FCF 3%
9 FY29 (91) (33)
10 FY30 (95) (31)
10 -951 (306)
Intrinsic Value 2,408
Current Mkt. Cap. 3,392
Premium/(Discount) to IV 41%

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 busin
wisely without twisting the model to fit your version

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

CCL PRODUCTS (INDIA) 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 (48) (43) Year 4-6
2 FY22 (55) (44) Year 7-10
3 FY23 (64) (45) Discount Rate
4 FY24 (71) (45)
5 FY25 (80) (45)
6 FY26 (89) (45)
7 FY27 (98) (44)
8 FY28 (108) (44)
9 FY29 (119) (43)
10 FY30 (131) (42)
10 (1,964) (632)
Intrinsic Value 2,022
Current Mkt. Cap. 3,392
Premium/(Discount) to IV 68%

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 DUCTS (INDIA) LTD
Year Ended Mar/20

Avg 5-Yr Net Profit (Rs Crore) 145.1

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 6.0

Ben Graham Value (Rs Crore) 2,981

Current Market Cap (Rs Crore) 3,392
Value as % of Market Cap 88%

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 DUCTS (INDIA) LTD
Year Ended Mar/20

Avg 5-Yr Net Profit (Rs Crore) 145.1

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 9.0

Ben Graham Value (Rs Crore) 3,855

Current Market Cap (Rs Crore) 3,392
Value as % of Market Cap 114%

XPLANATION

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
CCL PRODUCTS (INDIA) LTD

Initial Cash Flow (Rs Cr) (42) (798)

3,392
Years 1-5 6-10 -24%
FCF Growth Rate 12% 10%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (2,627)

Year FCF Growth Present Value

1 (47) 12% (42)
2 (53) 12% (42)
3 (59) 12% (42)
4 (66) 12% (42)
5 (74) 12% (42)
6 (81) 10% (41)
7 (89) 10% (40)
8 (98) 10% (40)
9 (108) 10% (39)
10 (119) 10% (38)

Final Calculations
Terminal Year (121)
PV of Year 1-10 Cash Flows (408)
Terminal Value (390)
Total PV of Cash Flows (798)
Current Market Cap (Rs Cr) 3,392

Note: See explanation of DCF here

Go to Main Sheet
Cash Flow
TD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Valuation - Expected Returns
CCL PRODUCTS (INDIA) LTD
Particulars Mar/11 Mar/12 Mar/13 Mar/14
Net Profit (Rs Crore) 26 36 47 64
Net Profit Margin 7% 7% 7% 9%
Return on Equity 12% 15% 17% 18%

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) 430
Current P/E (x) 20.4
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 8,608
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 2,772
Current Market Cap (Rs Cr) 3,392

Note: See explanation of this model here

Go to Main Sheet
pected Returns Model
ODUCTS (INDIA) LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 CAGR (9-Yr) CAGR (5-Yr)
94 122 135 148 155 166 23% 12%
11% 13% 14% 13% 14% 15%
22% 24% 21% 20% 18% 18%
 Intrinsic Value Range
CCL PRODUCTS (INDIA) LTD
Lower Higher
Dhandho 2,408 2,022
Ben Graham 2,981 3,855
DCF -798 Remember! Give importance to a stoc
Expected Return 2,772 fair value only "after" you have answe
Current Market Cap. 3,392 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 outc
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
CCL PRODUCTS (INDIA) LTD
Narration Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 TTM
Sales 321 294 291 234 262 273 299 303 265 289 1,155
% Growth YOY -18% -7% 3% 29% 1% 6%
Expenses 250 231 214 180 208 204 237 219 194 226 876
Operating Profit 71 64 76 54 54 69 62 84 71 63 279
Other Income 2 0 1 1 1 1 0 1 3 0 4
Depreciation 9 9 9 9 5 11 13 12 11 13 49
Interest 2 2 3 3 3 4 5 4 4 5 18
Profit before tax 62 52 66 43 47 54 44 69 58 46 217
PBT Margin 19% 18% 23% 19% 18% 20% 15% 23% 22% 16%
% Growth YOY -23% 4% -32% 58% 21% -16%
Tax 15 13 18 11 12 20 2 22 15 7 47
Net profit 47 39 47 33 36 35 42 47 42 38 170
% Growth YOY -25% -12% -11% 44% 18% 11%
OPM 22% 22% 26% 23% 21% 25% 21% 28% 27% 22%

Go to Main Sheet
COMPANY NAME CCL PRODUCTS (INDIA) LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 13.30
Face Value 2
Current Price 255
Market Capitalization 3392.21

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 363.87 502.22 650.74 716.83 880.57 932.13
Raw Material Cost 222.77 299.43 396.68 419.98 555.33 546.29
Change in Inventory 13.42 -3.77 12.15 -5.08 11.37 -0.44
Power and Fuel 23.16 25.29 40.95 38.34 41.61 41.83
Other Mfr. Exp 39.22 39.28 52.32 54.28 53.29 62.49
Employee Cost 12.09 14.71 21.38 26.18 28.52 33.66
Selling and admin 14.31 17.68 20.69 18.47 31.14 32
Other Expenses 1 14.95 9.61 11.37 10.82 10.68
Other Income 9.78 2.01 1.88 2.6 3.02 1.22
Depreciation 19.26 20.1 28.64 29.1 26.82 28.38
Interest 15.94 14.85 20.66 17.06 13.61 10.82
Profit before tax 39.32 54.17 73.84 99.57 133.82 166.76
Tax 12.87 17.93 26.42 35.15 39.84 44.64
Net profit 26.45 36.24 47.43 64.42 93.98 122.12
Dividend Amount 2.66 6.65 6.65 15.97 19.96 33.26

Quarters
Report Date Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Sales 320.88 294.45 290.76 234.08 262.13 273.17
Expenses 249.7 230.76 214.48 179.77 208.06 203.77
Other Income 1.63 0.33 1.35 0.91 0.75 0.55
Depreciation 8.74 9.43 8.74 8.81 4.73 11.04
Interest 2.11 2.39 3.29 3.03 2.61 4.43
Profit before tax 61.96 52.2 65.6 43.38 47.48 54.48
Tax 14.72 12.73 18.41 10.77 11.85 19.81
Net profit 47.24 39.46 47.18 32.61 35.64 34.67
Operating Profit 71.18 63.69 76.28 54.31 54.07 69.4

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 13.3 13.3 13.3 26.61 26.61 26.61
Reserves 203.86 226.44 265.08 326.18 394.97 483.19
Borrowings 220.47 267.88 302.04 292.07 229.18 210.31
Other Liabilities 72.24 63.15 86.1 80.17 110.96 81.16
Total 509.87 570.77 666.52 725.03 761.72 801.27
Net Block 273.33 257.42 334.4 361.13 339.97 417.31
Capital Work in Progress 41.98 93.65 38.88 53.43
Investments 1.5 1.50 1.5 1.5 1.5 1.5
Other Assets 193.06 218.2 330.62 323.52 366.82 382.46
Total 509.87 570.77 666.52 725.03 761.72 801.27
Receivables 50.1 70.42 87.17 106.75 113.22 128.14
Inventory 89.39 117.15 155.51 137.95 173.53 148.60
Cash & Bank 40.99 5.64 9.35 34.38 26.63 18.68
No. of Equity Shares 13302792 13302792 13302792 133027920 133027920 133027920
New Bonus Shares
Face value 10 10 10 2 2 2

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity 19.63 11.29 25.1 124.79 104.71 160.98
Cash from Investing Activity -33.2 -54.46 -37.53 -58.25 -19.17 -86.97
Cash from Financing Activity 51.55 7.82 16.13 -41.51 -93.29 -81.96
Net Cash Flow 37.98 -35.35 3.7 25.03 -7.75 -7.95

PRICE: 19.16 13.51 25.72 50.85 178.8 193.2

DERIVED:
Adjusted Equity Shares in Cr 13.30 13.30 13.30 13.30 13.30 13.30
DO NOT MAKE ANY CHANGES TO THIS SHEET

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

976.49 1138 1081.42 1139.15
544.06 719.51 601.70 591.91
-7.86 28.94 4.41 32.50
35.72 43.26 45 64.69
69.74 63.05 67.14 87.75
41.79 48.35 59.77 71.32
37.88 46.83 55.84 71.89
7.34 7.04 10.9 -1.86
1.23 4.84 3.34 4.44
33.25 34.09 31.72 47.11
11.17 7.83 8.46 17.96
188.91 201.82 208.64 225.32
54.35 53.7 53.75 59.38
134.56 148.13 154.89 165.94
33.26 33.26 46.57 66.52

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

298.69 302.72 264.58 289.21
237.12 218.54 193.86 226.33
0.42 0.65 2.89 0.05
12.56 12.04 11.48 12.54
4.99 4.08 4.46 4.61
44.44 68.71 57.67 45.78
2.37 21.72 15.48 7.29
42.07 47 42.2 38.48
61.57 84.18 70.72 62.88
 Mar-17 Mar-18 Mar-19 Mar-20
26.61 26.61 26.61 26.61
601.7 713.33 812.31 901.79
142.00 310.96 416.38 468.94
77.87 82.65 166.31 112.03
848.18 1133.55 1421.61 1509.37
393.28 371.13 383 723.64
0.16 226.39 424.13 100.18
1.51 1.48 1.48 1.48
453.23 534.55 613 684.07
848.18 1133.55 1421.61 1509.37
162.74 182.03 235.18 268.11
182.76 183.16 201.95 260.42
16.79 44.21 96.51 38.69
133027920 133027920 133027920 133027920

2 2 2 2

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

101.78 145.15 161.57 90.66
-19.6 -246.71 -174.74 -88.43
-84.32 128.93 42.12 -37.24
-2.14 27.37 28.95 -35.01

343.9 278.5 285 177.4

13.30 13.30 13.30 13.30

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