ASTRAL LTD

Narration Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Sales 2,507.30 2,577.90 3,176.30 4,394.00 4012.52 4393.47 4780.65 5194.54 5620.61
Expenses 2,125.70 2,135.80 2,538.70 3,640.50 3290.26 3602.65 3920.13 4259.53 4608.90
Operating Profit 381.60 442.10 637.60 753.50 722.25 790.82 860.52 935.02 1011.71
Other Income 15.10 11.30 25.00 34.80 29.62 34.62 39.90 45.34 48.60
Depreciation 81.40 107.90 116.50 126.90 154 177 204 234 259
Interest 31.90 39.40 13.10 12.90 20.31 23.09 28.04 30.93 35.55
Profit before tax 283.40 306.10 533.00 648.50 578.03 625.08 667.90 715.16 765.80
Tax 86.10 56.50 124.80 158.10 139.65 151.02 161.36 172.78 185.02
Net profit 195.80 247.90 404.40 483.80 438.38 474.06 506.54 542.37 580.78

FCFF -0.47 142.13 148.43 63.66 438.15 274.53 308.99 350.64 462.08 491.65312
ke 13.01 Rf+ B(Rm-Rf)
kd 0.13 int/bvD
wd 0.04 D/E+D
we 0.96 E/E+D
Wacc 0.12 Wd*Kd(1-Tax)+We*Ke
G 0.04
terminal value 4575.00
Enterprise value 4575.00
Value of equity 4500
CMP 1398
Intrinsic price 222.739023211885

Expenses%sales 84.78% 82.85% 79.93% 82.85% 82% 82% 82% 82% 82%
Tax% 30% 18% 23% 24% 24% 24% 24% 24% 24%
NCA%Sales 44.09% 48.68% 41.38% 34.05% 42.05% 42.05% 42.05% 42.05% 42.05%
CA%Sales 36.40% 38.39% 40.98% 40.23% 39.00% 39.00% 39.00% 39.00% 39.00%
CL%Sales 22% 23% 22% 22% 22% 22% 22% 22% 22%
ASTRAL LTD

Narration Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
Equity Share Capital 12.00 15.10 20.10 20.10 20.1 20.1 20.1 20.1 20.1
Reserves 1,265.70 1,487.80 1,875.70 2,316.50 2207.45 2520.84 2873.37 3258.23 3587.87
Non current liabilities 275.30 191.00 80.20 98.30 160.50 175.74 191.23 207.78 224.82
Current Liabilities 546.10 595.20 696.70 952.00 882.75381333333 966.56360533333 1051.7422999111 1142.7994586311 1236.533140845
Total Liabilities and Equity 2,099.10 2,289.10 2,672.70 3,386.90 3270.81 3683.24 4136.44 4628.91 5069.33

Non Current Assets 1,105.40 1,254.90 1,314.50 1,496.00 1705.93 1969.79 2271.99 2603.04 2877.29
Current Assets 912.70 989.60 1,301.60 1,767.70 1564.88 1713.45 1864.45 2025.87 2192.04
Total Assets 2,099.10 2,289.10 2,672.70 3,386.90 3270.81 3683.24 4136.44 4628.91 5069.33

Working Capital 366.60 394.40 604.90 815.70 682.13 746.89 812.71 883.07 955.50
WCI 74.88 27.80 210.50 210.80 -133.57 64.76 65.82 70.36
ASTRAL LTD

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity 64.80 67.43 116.98 225.75 114.19 281.85 342.00 405.40 664.10 543.10
Cash from Investing Activity -66.51 -91.13 -343.49 -202.92 -157.98 -185.27 -291.30 -317.70 -454.10 71.50
Cash from Financing Activity -22.28 13.14 237.07 15.65 12.05 -71.11 -5.00 -163.00 -153.20 -44.00
Net Cash Flow -23.99 -10.56 10.56 38.48 -31.73 25.46 45.70 -75.30 56.80 570.60
 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Land 37 61 79 89 123 142 170

Building 65 91 107 122 135 148 225
Plant Machinery 165 202 264 230 302 416 565
267 354 450 441 560 706 960
GROSS FIXED ASSET 281 377 697 687 830 990 1,332
35% 36% 49% 41% 44% 48% 53%
1 2 3 4 5 6 7
342

PP&E%Sales 33% 33% 32% 26% 30% 34% 38%

1 2 3 4 5 6 7
Depreciation 18 22 36 42 50 57 81
Depreciation% 7% 6% 8% 10% 9% 8% 8%

Borrowings 92.29 141.95 202.64 196.56 228.97 189.08 275.3

Borrowings%Sales 12% 13% 14% 12% 12% 9% 11%

interest% 21% 22% 13% 15% 8% 11% 12%

1 2 3 4 5 6 7

Interest 19.18 31.12 25.45 30.24 18.4 21.58 31.9

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

189 222 291

291 334 403
713 801 955
1193 1357 1649 1706 1970 2272 2603 2877
1,589 1,768 2,074 2357 2645 2910 3316 3651
62% 56% 47% 59% 60% 61% 64% 65%
8 9 10 11 12 13 14 15
257 179 306 283 289 265 406 335

46% 43% 38% 43% 45% 48% 50% 51%

8 9 10 11 12 13 14 15
108 116 127 154 177 204 234 259
9% 9% 8% 9% 9% 9% 9% 9%

191 80.2 98.3 160.50 175.74 191.23 207.78 224.82

7% 3% 2% 4% 4% 4% 4% 4%

21% 16% 13% 13% 13% 15% 15% 16%

8 9 10 11 12 13 14 15

39.4 13.1 12.9 20.31 23.09 28.04 30.93 35.55

Sales forecast Other Income
1 802.49 1 1.87
2 1056.9 2 2.34
3 1410.48 3 3.09
4 1677.8 4 -4.05
5 1894.67 5 8.01
6 2072.92 6 12.68
7 2507.3 7 15.1
8 2577.9 8 11.3
9 3176.3 9 25
10 4394 10 34.8
11 4012.52 11 29.619
12 4393.47 12 34.623
13 4780.65 13 39.904
14 5194.54 14 45.344
15 5620.61 15 48.603
COMPANY NAME ASTRAL LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 26.86
Face Value 1.00
Current Price 1,395.00
Market Capitalization 37,471.30

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16
Sales 802.49 1,056.90 1,410.48 1,677.80
Raw Material Cost 602.92 805.25 1,036.19 1,230.95
Change in Inventory 22.47 32.63 -13.28 29.71
Power and Fuel 19.49 20.45 28.88 36.01
Other Mfr. Exp 18.24 24.40 24.90 37.56
Employee Cost 20.66 24.45 48.07 75.07
Selling and admin 64.77 74.93 103.98 110.34
Other Expenses -16.38 -15.17 -13.12 10.00
Other Income 1.87 2.34 3.09 -4.05
Depreciation 18.12 21.91 36.42 41.79
Interest 19.18 31.12 25.45 30.24
Profit before tax 79.83 104.53 109.52 131.50
Tax 18.86 25.23 31.34 29.56
Net profit 60.61 78.91 75.89 100.95
Dividend Amount 2.81 3.65 4.44 4.79

Quarters
Report Date Sep-20 Dec-20 Mar-21 Jun-21
Sales 747.10 897.50 1,127.80 700.80
Expenses 607.90 706.70 873.60 571.40
Other Income 8.30 7.90 5.00 4.30
Depreciation 28.80 30.00 29.20 30.60
Interest 2.50 3.50 1.20 4.60
Profit before tax 116.20 165.20 228.80 98.50
Tax 28.30 41.30 52.70 23.40
Net profit 86.70 123.20 174.60 73.90
Operating Profit 139.20 190.80 254.20 129.40

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 11.24 11.24 11.84 11.98
Reserves 230.14 304.08 606.94 696.38
Borrowings 92.29 141.95 202.64 196.56
Other Liabilities 210.55 237.10 343.89 396.53
Total 544.22 694.37 1,165.31 1,301.45
Net Block 214.96 289.30 556.84 645.08
Capital Work in Progress 11.99 8.20 26.83 14.94
Investments
Other Assets 317.27 396.87 581.64 641.43
Total 544.22 694.37 1,165.31 1,301.45
Receivables 106.29 145.08 232.72 227.12
Inventory 150.47 194.97 265.55 277.32
Cash & Bank 11.52 0.96 11.52 49.92
No. of Equity Shares 22,476,112.00 56,190,280.00 ### ###
New Bonus Shares
Face value 5.00 2.00 1.00 1.00

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity 64.80 67.43 116.98 225.75
Cash from Investing Activity -66.51 -91.13 -343.49 -202.92
Cash from Financing Activity -22.28 13.14 237.07 15.65
Net Cash Flow -23.99 -10.56 10.56 38.48

Fixed assets purchased 70.00 92.00 86.00 136.00

1.00 2.00 3.00 4.00

PRICE: 32.80 104.87 201.54 185.36

DERIVED:
Adjusted Equity Shares in Cr 50.00 62.45 26.30 26.61
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

1,894.67 2,072.92 2,507.30 2,577.90 3,176.30 4,394.00
1,306.19 1,402.08 1,689.80 1,665.60 1,919.70 3,061.40
2.70 18.71 42.10 69.90 -49.20 133.40
43.54 53.25 65.30 70.30 64.30 77.70
41.47 45.22 54.90 62.40 64.90 87.70
88.79 106.58 139.20 175.40 191.30 245.60
145.48 157.65 200.90 214.10 227.60 278.90
10.58 12.71 17.70 17.90 21.70 22.60
8.01 12.68 15.10 11.30 25.00 34.80
50.20 57.13 81.40 107.90 116.50 126.90
18.40 21.58 31.90 39.40 13.10 12.90
200.73 248.11 283.40 306.10 533.00 648.50
56.16 72.45 86.10 56.50 124.80 158.10
144.68 175.09 195.80 247.90 404.40 483.80
7.19 7.19 8.40 15.10 40.20 60.30

Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

1,199.90 1,102.70 1,390.60 1,212.90 1,171.60 1,267.80
988.40 905.10 1,175.70 1,042.30 1,027.60 1,081.40
8.00 6.20 16.40 13.70 13.90 -1.70
31.40 32.10 32.80 43.30 44.80 45.50
1.10 2.00 5.20 13.30 14.00 9.40
187.00 169.70 193.30 127.70 99.10 129.80
43.70 41.80 49.20 31.60 24.10 34.60
 141.20 127.30 141.40 88.90 69.10 93.00
211.50 197.60 214.90 170.60 144.00 186.40

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

11.98 11.98 12.00 15.10 20.10 20.10
834.87 1,006.26 1,265.70 1,487.80 1,875.70 2,316.50
228.97 189.08 275.30 191.00 80.20 98.30
385.79 467.70 546.10 595.20 696.70 952.00
1,461.61 1,675.02 2,099.10 2,289.10 2,672.70 3,386.90
741.20 842.47 1,105.40 1,254.90 1,314.50 1,496.00
24.98 73.13 80.80 44.40 56.60 123.20
0.20 0.20
695.43 759.42 912.70 989.60 1,301.60 1,767.70
1,461.61 1,675.02 2,099.10 2,289.10 2,672.70 3,386.90
338.50 306.73 339.10 227.80 276.70 269.10
272.10 357.24 397.00 540.40 472.10 733.40
18.19 43.65 98.10 130.10 476.00 641.80
### ### ### ### ### ###
30,132,441.00
1.00 1.00 1.00 1.00 1.00 1.00

291.72

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

114.19 281.85 342.00 405.40 664.10 543.10
-157.98 -185.27 -291.30 -317.70 -454.10 71.50
12.05 -71.11 -5.00 -163.00 -153.20 -44.00
-31.73 25.46 45.70 -75.30 56.80 570.60

160.00 189.00 225.00 218.00 172.00 346.00

5.00 6.00 7.00 8.00 9.00 10.00

246.45 401.92 522.86 526.98 1,212.64 1,517.21

26.61 26.61 26.61 26.79 26.79 26.79

Mar-23 Mar-24 Mar-25 Mar-26 Mar-27

302.73 329.56 357.47 379.10 404.63

11.00 12.00 13.00 14.00 15.00