Profit and Loss Statement

INR Crore 2023E 2024E 2025E 2026E

I Revenue from operations 10 12 15 20
% growth in Revenue 20.00% 25.00% 30.00%
II Other income ----
III Total Income (I+II) 10 12 15 20
IV Expenses
7 8 10 12
Cost of materials consumed
18.00% 20.00% 22.00%
% growth in Cost of materials consumed
1111
Purchases of stock-in-trade
----
Finance costs
-
Depreciation and amortisation expense
8888
Other expenses
16 17 19 21
Total expenses (IV)
-6 -5 -4 -2
VII Profit before tax
VIII Tax expense
Current tax
Deferred tax

IX Profit for the year (VII - VIII)

2027E
27
40.00%
-
27

15
24.00%
1
- 100% Equity Funded
8
24
3
Balance Sheet

INR Crore 2023E 2024E 2025E 2026E

ASSETS
Non-current assets 10
Property, plant and equipment
Capital work-in-progress
Intangible assets
Intangible assets under development
Right-of-use assets
Financial assets
Loans
Other financial assets
Non-current tax assets (net)
Deferred tax assets
Other non-current assets
Total non-current assets
Current assets
Inventories
Financial assets
Investments
Trade receivables
Cash and cash equivalents
Other bank balances
Loans
Other financial assets
Current tax assets (net)
Other current assets
Total current assets
Total Assets

EQUITY AND LIABILITIES

Equity
Equity share capital
Other equity
Equity attributable to owners of
the Company
Non controlling interest
Total equity
Liabilities
Non-current liabilities
Financial liabilities
Borrowings
Lease liabilities
Provisions
Deferred tax liabilities (net)
Other non-current liabilities
Total non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Trade payables
Payables - MSME
Payables - Others
Lease liabilities
Other financial liabilities
Provisions
Current tax liabilities (net)
Other current liabilities
Total current liabilities
Total liabilities
Total Equity and Liabilities
2027E
 Year 1
Initial Investment by
the Firm(T=0)Operating Cash Flow
-₹ 100,000,000.00₹ 4,000,000.00
CAGR of Indian Footwear 12.00%
Industry
% growth in Cash Flows
Cost of Debt 7%
Risk free rate
Beta
Cost of Equity
Discounting Factor(WACC)

BATA OCF 184

Relaxo OCF 73

22
Year 2Year 3Year 4

Operating Cash FlowOperating Cash FlowOperating Cash Flow

₹ 6,800,000.00₹ 11,560,000.00₹ 19,652,000.00
12.00% 12.00% 12.00%
70.00% 70.00% 70.00%
7% 7% 7%

182 119 204

-1.09% -34.62% 71.43%

54 125 107
-26% 131% -14%

-21 125 18
-195% 695% -86%
Year 5Year 6

Operating Cash FlowTerminal Cash Flow

₹ 33,408,400.00₹ 56,794,280.00 ₹ 32,214,680.00

12.00% 12.00%
70.00% 70.00%
7% 7.00%

257 160 345 582

25.98% -37.74% 115.63% 68.70%

159 180 154 123

49% 13% -14% -20%

126
600% 254%
 CompaniesLevered BetaD/E RatioUnleverd Beta

Bata 0.975 0.164 0.8745963402

Relaxo 0.812 0.02 0.8007889546
Campus 0.77 0.33 0.6255077173
Liberty 0.6 0.82 0.3811944091
Sreeleathers 1.1 0 1.1
Mirza Int.0.9960.060.9558541267
Average 0.7896569247

461 212 629

-20.79% -54.01% 196.70% 33.02%

319 513 56 400

159% 61% -89% 614% 79%
Tax Rate

30%
30%
30%
30%
30%
30%
Assuming that it would take Two year for production facilities to come u

Five Year System

If project is sold after 5 years. Assuming a S.L Depreciation.
Depriciation rate (SL in years)
WC

Initial Cashflows
Initial Investment
NWC
Total

Terminal Cash-flows
Salvage value
WC recovered at end of project
TCF excluding PV of tax savings
Discounted TCF excluding PV of Tax savings

Operating Cashflows
Particular
Sales
Price
Total Units
Total Sales
Cost
units
total Costs

Sales and General Exp

Depreciation
EBIT

Tax @ 35%
EAT
Cashflow (EAT+Depreciation)

WC (% of Sales)
Changes in WC (WC - Initial WC)
New Capital Investment
OFCFF (Cashflow - Changes in WC)
Discounted CF

NPV excluding PV of Tax savings

NPV with the PV of tax savings

FCFF
Discounted FCFF
Payback
Discounted payback

Payback
Discounted
Payback IRR
NPV
PI
MIRR
 EcoFit Kicks
up

8
0.3

100000000
50000000
150000000

18750000
28683117.69
47433117.69
27196949.36

Year 1Year 2 Year 3

1000 1070 1144.9

280000 313600.0 351232.0
280000000 335552000 402125516.8
700 749.0 801.4
280000 313600.0 351232.0
196000000 234886400 281487861.76

100000000 105000000 110250000

12500000 12500000 12500000
-28500000 -16834400 -2112344.95999992

-9975000.0 -5892040.0 -739320.7

 -18525000 -10942360 -1373024.22399995
-6025000 1557640.00000002 11126975.7760001

84000000 100665600 120637655.04

34000000 16665600 19972055.04

-40025000 -15107960 -8845079.26399998

-35811214.1 -12094313.8637682 -6335265.8201979

-122245478
-120095323

0 1
-150000000 -40025000 2
-150000000 -35811214.0877183 -15107960
-190025000 -12094313.8637682
-185811214 -55132960
-47905528
Tax Rate 0.35 Companies
Growth Factor of 107.00% Bata
Inflation Cost of capital 11.76667% Relaxo
Capital gains Tax Rate 20% Campus
(inflation) 5% Liberty
Debt/Value 0% Sreeleathers
Mirza Int.
Pair of Shoes 14000000 Average
Our Share in Market 0.02
Our share in Market 280000 Debt/Value
Growth in Market Size 1.12 0%
10%
20%
Risk free Rate 7%
30%
Market Returns 13% 40%
MRP 6% 50%
60%
70%
80%
Depriciation 62500000 90%
Depreciated value 37500000
Salvage value 18750000
Capital loss 18750000
Tax savings 3750000
PV of tax savings 2150155

Year 4 Year 5

1225.043 1310.79601
393379.8 440585.4
481907219.33312577517611.648811
857.5 917.6
393379.8 440585.4
337335053.533184404262328.154168

115762500 121550625
12500000 12500000
16309665.7999361 39204658.4946435

5708383.0 13721630.5
10601282.7699584 25483028.0215182
23101282.7699584 37983028.0215182

144572165.799936 173255283.494643
23934510.759936 28683117.6947073

-833227.989977568 9299910.32681091
-533967.307277847 5332333.24044205

3 4 5
-8845079.26399998 -833227.989977568 9299910.32681
-6335265.8201979 -533967.307277847 5332333.24044
-23953039.264 -9678307.25397755 8466682.33683
-18429580 -6869233 4798365.93
Levered BetaD/E RatioUnleverd BetaTax Rate
0.9750.164 0.88108 35%
0.812 0.02 0.80158 35%
0.770.33 0.63401 35%
0.60.82 0.39139 35%
1.1 0 1.10000 35%
0.996 0.06 0.95861 35%
0.79444

Rf Rd MRP Tax rate Equity Beta(Un)

7% 9% 6% 35% 0.7944
7% 9% 6% 35% 0.7944
7% 10% 6% 35% 0.7944
7% 11% 6% 35% 0.7944
7% 13% 6% 35% 0.7944
7% 15% 6% 35% 0.7944
7% 18% 6% 35% 0.7944
7% 24% 6% 35% 0.7944
7% 32% 6% 35% 0.7944
7% 40% 6% 35% 0.7944

Sensiti
4798365.93 1.09 1.10
8.77%
9.77%
10.77%
WACC 11.77%
12.77%
13.77%
14.77%

4798365.93 1.09 1.1

0%
10.0%
20.0%
30.0%
D/Value 40.0%
Ratio 50.0%
60.0%
70.0%
80.0%
90.0%

Year 1Year 2
Revenue 336000000 376320000
Cost 182000000 203840000
Net Profit 154000000 172480000

Scenario->> 1

Year 1Year 2
Revenue Scenario
Best Case 336000000 376320000
Most Occurred 280000000 313600000
Case Worst Case 224000000 250880000

Cost Scenario
Best Case 182000000 203840000
Most Occurred 196000000 219520000
Case 210000000 235200000
Worst Case
Equity Beta(L) CAPMi WACCi
0.79444431473 11.767% 11.767
0.84608319519 12.076% %
0.89772207565 12.386% 11.454
0.94936095611 12.696% %
1.00099983656 13.006% 11.209
1.05263871702 13.316% %
1.10427759748 13.626% 11.032
1.15591647794 13.935% %
1.20755535839 14.245% 11.184
1.25919423885 14.555% %
11.533
%
12.470
%

ivity Analysis 15.101

GROWTH RATE %
1.11 1.12 19.489
1.13 1.14 1.15
%
24.856
%

Sensitivity Analysis
GROWTH RATE
1.11 1.12 1.13 1.14 1.15 1.16
Year 3Year 4Year 5
421478400 472055808 528702504.96
228300800 255696896 286380523.52
193177600 216358912 242321981.44

Year 3Year 4Year 5

421478400 472055808 528702504.96

351232000 393379840 440585420.8
280985600 314703872 352468336.64

228300800 255696896 286380523.52

245862400 275365888 308409794.56
263424000 295034880 330439065.6
1.17 1.18
Company
Lupin
Adani Green
India Mart
TATA Consumer P
Sun Pharma
GAIL

LTI Mindtree
LUPIN
2012 2013 2014 2015
Debtors Days
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

Adani Green
2012 2013 2014 2015
Debtors Days
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

India Mart
2012 2013 2014 2015
Debtors Days
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

TATA Consumer

Products Debtors Days 2012 2013 2014 2015

Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

SUN PHARMA

Debtors Days 2012 2013 2014 2015

Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

GAIL

Debtors Days
2012 2013 2014 2015
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

LTI MINDTREE

Debtors Days
2012 2013 2014 2015
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

2012 2013 2014 2015

Debtors Days
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle

2012 2013 2014 2015

Debtors Days
Inventory Days
Creditors Days
Operating Cycle
Cash Conversion Cycle
2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023