INDEX

# Worksheet
1 1.Source-->
2 P&L Source
3 BS Source
4 2.Input-->
5 P&L Assumption
6 BS Assumption
7 Schedules
7 3.Output-->
8 P&L Output
9 BS Output
10 Cash Flow
11 WACC
12 DCF Valuation
13 4.Ratios-->
14 Liquidity
15 Solvency
16 Profitability
17 Efficiency
18 Valuation
19 Equity Analysis
20 5.Charts-->
21 Revenues & EBITDA
22 Cash Flow
23 Working Capital
1.Sources -->
 <----Index

P&L Source

FY 20 FY 21 FY 22
$ in million Actual Actual Actual
Revenue 70,950 76,118 80,187
COGS -35,250 -37,108 -42,157
Gross Profit 35,700 39,010 38,030
Selling,General & Administrative expenses -19,994 -21,024 -20,217
EBITDA 15,706 17,986 17,813
EBIT 15,706 17,986 17,813
Interest Income 155 45 51
Interest Expenses -465 -502 -439
Other Income (expenses),net 438 86 570
EBT 15,834 17,615 17,995
Taxes -2,731 -3,263 -3,202
Tax Rate -17% -19% -18%
Net Income 13,103 14,352 14,793
 <----Index

BS Source
FY 20 FY 21 FY 22
$ in million Actual Actual Actual
PP&E 20,692 21,686 21,195
Goodwill 39,901 40,924 39,700
Trademarks and other intangible assets,net 23,792 23,642 23,679
Other noncurrent assets 8,328 9964 10981
Fixed assets 92,713 96,216 95,555

Inventory 5,498 5,983 6,924

Account receivables 4,178 4,725 5,143
Prepaid expenses and other current assets 2,130 2,095 2,372
Cash and equivalents 16,181 10,288 7,214
Non fixed assets 27,987 23,091 21,653

Total Assets 120,700 119,307 117,208

 FY 20 FY 21 FY 22
$ in million Actual Actual Actual
Convertible Class A preferred stock 897 870 843
Common stock 4,009 4,009 4,009
Additional paid-in capital 64,194 64,848 65,795
Reserve for ESOP debt retirement -1,080 -1,006 -916
Accumulated other comprehensive loss -16,165 -13,744 -12,189
Treasury stock -105,573 -114,973 -123,382
Retained earnings 100,239 106,374 112,429
Noncontrolling interest 357 276 265
Total Equity 46,878 46,654 46,854
Account payable 12,071 13,720 14,882
Accrued and other liabilities 9,722 10,523 9,554
Debt due within one year 11,183 8,889 8,645
Total current liabilities 32,976 33,132 33,081
Long term debt 23,537 23,099 22,848
Deferred income taxes 6,199 6,153 6,809
Other noncurrent liabilities 11,110 10,269 7,616
Total Non-current Liabilities 40,846 39,521 37,273

Total Liabilities 73,822 72,653 70,354

Total Liabilities & Equity 120,700 119,307 117,208

- - -
2.Input-->
 <----Index

P&L Assumptions

Selected Case 1

$ in thousands FY20 Actual FY21 Actual FY22 Actual

Revenue 70,950 76,118 80,187
Y-o-y growth 7.28% 5.35%
Case1:
Case2:
Case3:

COGS -32,237 -34,373 -39,350

% of revenue -45% -45% -49%
Case1:
Case2:
Case3:

Selling,General & Administrative expenses -19,994 -21,024 -20,217

% of revenue -28% -28% -25%
Case1:
Case2:
Case3:

Interest Income 155 45 51

Y-o-y growth -70.97% 13.33%
Case1:
Case2:
Case3:

Other Income (expenses),net 438 86 570

% of revenue 0.6% 0.1% 0.7%
case1:
case2:
Case3:
Scenarios:
Case1: Optimistic case
Case2: Base case
Case3: Worst Case

FY23 FY24 FY25 FY26 FY27

Forecasted Forecasted Forecasted Forecasted Forecasted
85,251 91,487 99,094 108,324 119,497
6% 7% 8% 9% 10%
6% 7% 8% 9% 10%
6% 6% 6% 6% 6%
6% 5.8% 5.3% 4.8% 4.3%

-39,689 -38,018 -36,224 -34,182 -31,733

-47% -42% -37% -32% -27%
-47% -42% -37% -32% -27%
-47% -47% -47% -47% -47%
-47% -52% -57% -62% -67%

-23,021 -23,790 -24,778 -26,002 -27,490

-27% -26% -25% -24% -23%
-27% -26% -25% -24% -23%
-27% -27% -27% -27% -27%
-27% -27.5% -28.0% -28.5% -29.0%

66 87 117 161 227

29% 32% 35% 38% 41%
29% 32% 35% 38% 41%
29% 29% 29% 29% 29%
29% 26.8% 24.8% 22.8% 20.8%

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%
 <----Index

BS Assumptions
FY20 FY21 FY22
$ in million Actual Actual Actual
Trade Receivable 4,178 4,725 5,143
Days Receivables 21.5 22.7 23.4

Trade Payables 12,071 13,720 14,882

Days Payables 136.7 145.7 138.0

Inventory 5,498 5,983 6,924

Inventory Days 62.3 63.5 64.2

Other Current Assets 2,130 2,095 2,372

% of Revenues 3% 3% 3%

Other Current Liabilities 9,722 10,523 9,554

% of Revenues 14% 14% 12%

Deffered Revenue 11,183 8,889 8,645

% of Revenues 16% 12% 11%
 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
5,260 5,645 6,114 6,684 7,373
22.5 22.5 22.5 22.5 22.5

15,238 14,596 13,908 13,124 12,183

140.1 140.1 140.1 140.1 140.1

6,887 6,597 6,286 5,931 5,506

63.3 63.3 63.3 63.3 63.3

2,476 2,657 2,878 3,146 3,470

3% 3% 3% 3% 3%

11,208 12,028 13,028 14,242 15,711

13% 13% 13% 13% 13%

10,861 11,656 12,625 13,801 15,224

13% 13% 13% 13% 13%
 <----Index

Schedules
FY20 FY21 FY22
$ in million Actual Actual Actual

PP&E

Opening Balance 20,692 21,686

Capex 3,729 2,316
Depreciation & Amortization 3,013 2,735 2,807
Closing Balance 20,692 21,686 21,195

Useful Life (in years) 9 9

Long Term Debt

Opening Balance 23,537 23,099

Debt taken/paid -438 -251
Closing Balance 23,537 23,099 22,848

Interest -465 -502 -439

Interest Rate % -2% -2% -2%
 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted

21,195 21,447 21,669 21,867 22,041

3,023 3,023 3,023 3,023 3,023
2,771 2,800 2,825 2,848 2,868
21,447 21,669 21,867 22,041 22,196

9 9 9 9 9

22,848 22,504 22,159 21,815 21,470

-345 -345 -345 -345 -345
22,504 22,159 21,815 21,470 21,126

-455 -448 -441 -434 -427

-2% -2% -2% -2% -2%
3.Output -->
 <----Index

P&L Output
FY 20 FY 21 FY 22
$ in million Actual Actual Actual
Revenue 70,950 76,118 80,187
COGS -32,237 -34,373 -39,350
Gross Profit 38,713 41,745 40,837
Selling,General & Administrative expenses -19,994 -21,024 -20,217
EBITDA 18,719 20,721 20,620
D&A -3,013 -2,735 -2,807
EBIT 15,706 17,986 17,813
Interest Income 155 45 51
Interest Expenses -465 -502 -439
Other Income (expenses),net 438 86 570
EBT 15,834 17,615 17,995
Taxes -2,731 -3,263 -3,202
Tax Rate -17% -19% -18%
Net Income 13,103 14,352 14,793
FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
85,251 91,487 99,094 108,324 119,497
-39,689 -38,018 -36,224 -34,182 -31,733
45,562 53,469 62,869 74,142 87,764
-23,021 -23,790 -24,778 -26,002 -27,490
22,540 29,678 38,092 48,139 60,275
-2,771 -2,800 -2,825 -2,848 -2,868
19,770 26,879 35,267 45,292 57,407
66 87 117 161 227
-455 -448 -441 -434 -427
0 0 0 0 0
19,380 26,517 34,942 45,018 57,206
-4,070 -5,569 -7,338 -9,454 -12,013
-21% -21% -21% -21% -21%
15,310 20,948 27,604 35,564 45,193
 <----Index

BS Output

FY20 FY21 FY22

$ in millions Actual Actual Actual
PP&E 20,692 21,686 21,195
Goodwill 39,901 40,924 39,700
Trademarks and other intangible assets,net 23,792 23,642 23,679
Other noncurrent assets 8,328 9,964 10,981
Fixed assets 92,713 96,216 95,555
Inventory 5,498 5,983 6,924
Account receivables 4,178 4,725 5,143
Prepaid expenses and other current assets 2,130 2,095 2,372
Cash and equivalents 16,181 10,288 7,214
Non fixed assets 27,987 23,091 21,653

Total Assests 120,700 119,307 117,208

Convertible Class A preferred stock 897 870 843

Common stock 4,009 4,009 4,009
Additional paid-in capital 64,194 64,848 65,795
Reserve for ESOP debt retirement -1,080 -1,006 -916
Accumulated other comprehensive loss -16,165 -13,744 -12,189
Treasury stock -105,573 -114,973 -123,382
Retained earnings 100,239 106,374 112,429
Noncontrolling interest 357 276 265
Total Equity 46,878 46,654 46,854
Account payable 12,071 13,720 14,882
Accrued and other liabilities 9,722 10,523 9,554
Debt due within one year 11,183 8,889 8,645
Total current liabilities 32,976 33,132 33,081
Long term debt 23,537 23,099 22,848
Deferred income taxes 6,199 6,153 6,809
Other noncurrent liabilities 11,110 10,269 7,616
Total Non-current Liabilities 40,846 39,521 37,273

Total Equities & Liabilities 120,700 119,307 117,208

CHECK TRUE TRUE TRUE

 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
21,447 21,669 21,867 22,041 22,196
39,700 39,700 39,700 39,700 39,700
23,679 23,679 23,679 23,679 23,679
10,981 10,981 10,981 10,981 10,981
95,807 96,029 96,227 96,401 96,556
6,887 6,597 6,286 5,931 5,506
5,260 5,645 6,114 6,684 7,373
2,476 2,657 2,878 3,146 3,470
25,970 47,048 75,012 111,179 157,236
40,593 61,947 90,290 126,940 173,586

136,400 157,976 186,516 223,342 270,142

843 843 843 843 843

4,009 4,009 4,009 4,009 4,009
65,795 65,795 65,795 65,795 65,795
-916 -916 -916 -916 -916
-12,189 -12,189 -12,189 -12,189 -12,189
-123,382 -123,382 -123,382 -123,382 -123,382
127,739 148,687 176,292 211,856 257,049
265 265 265 265 265
62,164 83,112 110,717 146,281 191,474
15,238 14,596 13,908 13,124 12,183
11,208 12,028 13,028 14,242 15,711
10,861 11,656 12,625 13,801 15,224
37,307 38,280 39,560 41,166 43,118
22,504 22,159 21,815 21,470 21,126
6,809 6,809 6,809 6,809 6,809
7,616 7,616 7,616 7,616 7,616
36,929 36,584 36,240 35,895 35,551

136,400 157,976 186,516 223,342 270,142

TRUE TRUE TRUE TRUE TRUE

 <----Index

Cash Flow
FY20 FY21 FY22
$ in millions Actual Actual Actual
EBIT
Operating taxes
Operating tax rate %
NOPAT
Depreciation & Amortization
Gross Cash Flow
Other current assets
Other current Liabilities
Deffered Revenues
Inventory
Trade receivables
Trade payables
Investments in working capital
PP&E
CAPEX
Extra ordinary items
UFCF
Interest expenses
Delta Taxes vs. Operating taxes
Delta Financial liabilities
Delta Equity (incl. dividends)
Net Cash Flow
Opening Cash
Ending Cash

CHECK
 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
19,770 26,879 35,267 45,292 57,407
-4,152 -5,645 -7,406 -9,511 -12,055
-21% -21% -21% -21% -21%
15,618 21,234 27,861 35,780 45,351
-2,771 -2,800 -2,825 -2,848 -2,868
18,389 24,034 30,686 38,628 48,219
-104 -181 -221 -268 -324
1,654 820 1,000 1,214 1,469
2,216 794 969 1,176 1,424
37 290 311 354 425
-117 -385 -469 -570 -689
356 -642 -689 -784 -940
4,042 697 902 1,122 1,363
-3022.5 -3022.5 -3022.5 -3022.5 -3022.5
-3,023 -3,023 -3,023 -3,023 -3,023
66 87 117 161 227
19,474 21,795 28,682 36,889 46,787
-455 -448 -441 -434 -427
82 76 68 57 42
-345 -345 -345 -345 -345
0 0 0 0 0
18,756 21,078 27,964 36,167 46,057
7,214 25,970 47,048 75,012 111,179
25,970 47,048 75,012 111,179 157,236

1 1 1 1 TRUE
 <----Index

WACC

Risk Free Rate 3.55%

Market Risk Premium 5.30%
Beta 0.96

FY20 FY21 FY22

$ in millions Actual Actual Actual
Equity 46,878 46,654 46,854
Debt 23,537 23,099 22,848

Tax Rate 17% 19% 18%

Equity/(Equity+Debt) 66.57% 66.88% 67.22%

Debt/(Equity+Debt) 33.43% 33.12% 32.78%

Cost of Equity 8.71% 8.71% 8.71%

Cost of Debt 1.98% 2.17% 1.92%

WACC 6.34% 6.41% 6.37%

 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
62,164 83,112 110,717 146,281 191,474
22,504 22,159 21,815 21,470 21,126

21% 21% 21% 21% 21%

73.42% 78.95% 83.54% 87.20% 90.06%

26.58% 21.05% 16.46% 12.80% 9.94%

8.71% 8.71% 8.71% 8.71% 8.71%

2.02% 2.02% 2.02% 2.02% 2.02%

6.82% 7.21% 7.54% 7.80% 8.00%

 <----Index

DCF Valuation
FY23 FY24 FY25
$ in millions Forecasted Forecasted Forecasted
UFCF 19,474 21,795 28,682
Discounting Factor 0.94 0.88 0.83
No. of years 1 2 3
PV of UFCF 18,313 19,272 23,849

Sum of PV of UFCF 124,677

Terminal Value 763,708

PV of Terminal Value 561,524

Enterprise Value 686,201

Debt -21,126
Preferred stock -843
Noncontrolling interest -265
Cash 157,236
Equity Value 821,204
 FY26 FY27
Forecasted Forecasted
36,889 46,787
0.78 0.74
4 5
28,843 34,400
 <----Index

4.Ratios-->
 <----Index

Liquidity Ratios
FY20 FY21
Ratios Formula Actual Actual

Current Ratio Current Aseets 0.85 0.70

Current Liabilities 0.8:1 0.7:1
Quick Ratio Quick Assets 0.62 0.45
Current Liabilities 0.6:1 0.4:1
Cash Ratio Cash & Cash Equivalents 0.49 0.31
Current Liabilities 0.4:1 0.3:1
Net Trading Cycle DSO+DIO-DPO -52.93 -59.50
 FY23 FY24 FY25 FY26 FY27
FY22 Actual Forecasted Forecasted Forecasted Forecasted Forecasted

0.65 1.09 1.62 2.28 3.08 4.03

0.6:1 1:01 1.6:1 2.2:1 3:01 4:01
0.37 0.84 1.38 2.05 2.86 3.82
0.3;1 0.8:1 1.3:1 2:01 2.8:1 3.8:1
0.22 0.70 1.23 1.90 2.70 3.65
0.2:1 0.7:1 1.2:1 1.9:1 2.7:1 3.6:1
-50.41 -54.28 -54.28 -54.28 -54.28 -54.28
 <----Index

Solvency Ratios
FY20 FY21
Ratios Formula Actual Actual

Debt Ratio Short term+Long term Debt 0.29 0.27

Total Assets 0.2:1 0.2:1
Debt To Equity Ratio Long Term Debt 0.50 0.50
Share holders Equity 0.5:1 0.5:1
Equity Ratio Share holders Equity 0.39 0.39
Total Assets 0.3:1 0.3:1
Total Assets to Debt Ratio Total Assets 5.13 5.17
Long Term Debt 5.1:1 5.1:1
Interest Coverage Ratio EBIT 33.78 35.83
Interest on Long Term Debt 33.7:1 35.8:1
 FY22 FY23 FY24 FY25 FY26 FY27
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

0.27 0.24 0.21 0.18 0.16 0.13

0.2:1 0.2:1 0.2:1 0.1:1 0.1:1 0.1:1
0.49 0.36 0.27 0.20 0.15 0.11
0.4:1 0.3:1 0.2:1 0.2:1 0.1:1 0.1:1
0.40 0.46 0.53 0.59 0.65 0.71
0.4:1 0.4:1 0.5:1 0.5:1 0.6:1 0.7:1
5.13 6.06 7.13 8.55 10.40 12.79
5.1:1 6:01 7.1:1 8.5:1 10.4:1 12.7:1
40.58 43.42 59.95 79.90 104.26 134.30
40.5:1 43.4:1 59.9:1 79.9:1 104.2:1 134.3:1
 <----Index

Profitability Ratios
FY20 FY21
Ratios Formula Actual Actual

Gross Profit Margin Gross Profit 0.55 0.55

Total Revenue 0.5:1 0.5:1
Operating Profit Margin Operating Profit or EBIT 0.22 0.24
Total Revenue 0.2:1 0.2:1
Net Profit Margin Net Income 0.18 0.19
Total Revenue 0.1:1 0.1:1
Return On Assets Net Income 0.11 0.12
Total Assets 0.1:1 0.1:1
Return On Equity Net Income 0.28 0.31
Share holders Equity 0.2:1 0.3:1
Return On Capital Employed EBIT 0.18 0.21
Total Assets - Current Liabilities 0.1:1 0.2:1
 FY22 FY23 FY24 FY25 FY26 FY27
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

0.51 0.53 0.58 0.63 0.68 0.73

0.5:1 0.5:1 0.5:1 0.6:1 0.6:1 0.7:1
0.22 0.23 0.29 0.36 0.42 0.48
0.2:1 0.2:1 0.2:1 0.3:1 0.4:1 0.4:1
0.18 0.18 0.23 0.28 0.33 0.38
0.1:1 0.1:1 0.2:1 0.2:1 0.3:1 0.3:1
0.13 0.11 0.13 0.15 0.16 0.17
0.1:1 0.1:1 0.1:1 0.1:1 0.1:1 0.1:1
0.32 0.25 0.25 0.25 0.24 0.24
0.3:1 0.2:1 0.2:1 0.2:1 0.2:1 0.2:1
0.21 0.20 0.22 0.24 0.25 0.25
0.2:1 0.2:1 0.2:1 0.2:1 0.2:1 0.2:1
 <----Index

Efficiency Ratios

FY20
Ratios Formula Actual

Accounts Receivables Turnover Ratio Net Credit Sales

Average Account Receivables

Asset Turnover Ratio Net Sales

Average Total Assets

Inventory Turnover Ratio Cost Of Goods Sold

Average Inventory

Accounts Receivables Turnover Days No. of Days in period

Accounts Receivables Turnover Ratio

Inventory Turnover Days No. of Days in period

Inventory Turnover Ratio
 FY21 FY22 FY23 FY24 FY25 FY26 FY27
Actual Actual Forecasted Forecasted Forecasted Forecasted Forecasted

17.10 16.25 16.39 16.78 16.85 16.93 17.00

17.1:1 16.2:1 16.3:1 16.7:1 16.8:1 16.9:1 17:01
0.63 0.68 0.67 0.62 0.58 0.53 0.48
0.6:1 0.6:1 0.6:1 0.6:1 0.5:1 0.5:1 0.4:1
5.99 6.10 5.75 5.64 5.62 5.60 5.55
5.9:1 6.1:1 5.7:1 5.6:1 5.6:1 5.6:1 5.5:1

21.35 22.46 22.27 21.75 21.66 21.56 21.47

60.96 59.86 63.51 64.73 64.90 65.23 65.78

 <----Index

Valuation Ratios
FY20 FY21
Ratios Formula Actual Actual

Price to Earning Ratio Share Price 23.59 23.90

Earning Per Share 23.5:1 23.9:1
Dividend Payout Ratio Dividend Per Share 0.29 0.28
Earning Per Share 0.2:1 0.2:1
Enterprise Value Ratio Market Capitalisation + Net Debt 4.69 4.16
EBITDA 4.6:1 4.1:1

Share Price 121 136

Y-o-Y Growth % 12.40%
Case 1
Case 2
Case 3

Dividends 7,789 8,263

Growth%(as of Equity) 11% 12%
 FY22 FY23 FY24 FY25 FY26 FY27
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

24.33 24.71 25.21 25.84 26.61 27.51

24.3:1 24.7:1 25.2:1 25.8:1 26.6:1 27.5:1
0.29 0.25 0.23 0.22 0.20 0.18
0.2:1 0.2:1 0.2:1 0.2:1 0.2:1 0.1:1
4.08 4.40 4.03 3.86 3.78 3.77
4:01 4.4:1 4:01 3.8:1 3.7:1 3.7:1

146 160 177 196 219 245

7.35% 9.87% 10.37% 10.87% 11.37% 11.87%
9.87% 10.37% 10.87% 11.37% 11.87%
9.87% 9.87% 9.87% 9.87% 9.87%
9.87% 9.37% 8.87% 8.37% 7.87%

8,770 8,364 8,364 8,364 8,364 8,364

12% 12% 12% 12% 12% 12%
 <----Index

Analysis
FY20 FY21
Ratios Formula Actual Actual

Equity Analysis

Earning Per Share 5.13 5.69

Y-O-Y Growth% 11%

Price to Earning Ratio Share Price 23.59 23.90

Earning Per Share 23.5:1 23.9:1
Dividend Yield Ratio Dividend Per Share*100 1.22 1.18
Share Price 1.2:1 1.1:1
Retention Rate 1-Dividend Payout Ratio 71% 72%

Sustainable Growth Rate Retention Rate*Return on Equity 20% 22%

 FY22 FY23 FY24 FY25 FY26 FY27
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

6 6.49 7.02 7.60 8.22 8.89

5% 8% 8% 8% 8% 8%

24.33 24.71 25.21 25.84 26.61 27.51

24.3:1 24.7:1 25.2:1 25.8:1 26.6:1 27.5:1
1.17 1.02 0.92 0.83 0.75 0.67
1.1:1 1.0:1 0.9:1 0.8:1 0.7:1 0.6:1
71% 75% 77% 78% 80% 82%

23% 18% 19% 20% 19% 19%

<----Index

5. Charts-->
 <----Index

Operating Income Chart

FY 20 FY 21 FY 22
$ in million Actual Actual Actual
Revenue 70,950 76,118 80,187
COGS 32,237 34,373 39,350
Selling,General & Administrative expenses 19,994 21,024 20,217
EBITDA 18,719 20,721 20,620

Operating Income Chart

140,000
120,000
99,094
100,000 91,487
80,187 85,251
80,000 70,950 76,118

60,000
34,373 39,350 39,689 38,018 36,224
40,000 32,237 29,678
19,994
18,719 21,024
20,721 20,620
20,217 23,021
22,540 23,790 24,
20,000
0
FY 20 Actual FY 21 Actual FY 22 Actual FY23 Forecasted FY24 Forecasted FY25 Fore

Revenue COGS Selling,General & Administrative

EBITDA Linear ( EBITDA )
 FY23 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted Forecasted
85,251 91,487 99,094 108,324 119,497
39,689 38,018 36,224 34,182 31,733
23,021 23,790 24,778 26,002 27,490
22,540 29,678 38,092 48,139 60,275

erating Income Chart

119,497
108,324
99,094
91,487
1

60,275
48,139
9,689 38,018 36,224 38,092 34,182
29,678 26,002 31,733
27,490
23,021
22,540 23,790 24,778

Forecasted FY24 Forecasted FY25 Forecasted FY26 Forecasted FY27 Forecasted

Selling,General & Administrative expenses

DA )
 <----Index

Cashflow Chart
FY23 FY24 FY25 FY26
$ in million Forecasted Forecasted Forecasted Forecasted
UFCF 19,474 21,795 28,682 36,889
PV of UFCF 18,313 19,272 23,849 28,843

Cashflow
50,000

40,000 36,889
28,682 28,843
30,000 23,849
19,474 21,795
18,313 19,272
20,000

10,000

-
0.5 1 1.5 2 2.5 3 3.5 4 4

UFCF PV of UFCF
 FY27
Forecasted
46,787
34,400

w
46,787
36,889
34,400
682 28,843
849

3.5 4 4.5 5 5.5

PV of UFCF
 <----Index

Working Capital Chart

FY 20 FY 21 FY 22 FY23
$ in million Actual Actual Actual Forecasted
Inventory 5,498 5,983 6,924 6,887
Trade Receivables 4,178 4,725 5,143 5,260
Trade Payables 12,071 13,720 14,882 15,238
Working Capital -2,395 -3,012 -2,815 -3,091

DSO 21.5 22.7 23.4 22.5

DIO 62.3 63.5 64.2 63.3
DPO 136.7 145.7 138.0 140.1

Wor
1,000
500
0
-500 1 2 3 4
-1,000
-1,500
-2,000
-2,500
-3,000
-3,500

Working Capital
 FY24 FY25 FY26 FY27
Forecasted Forecasted Forecasted Forecasted
6,597 6,286 5,931 5,506
5,645 6,114 6,684 7,373
14,596 13,908 13,124 12,183
-2,355 -1,508 -509 696

22.5 22.5 22.5 22.5

63.3 63.3 63.3 63.3
140.1 140.1 140.1 140.1

Working Capital

2 3 4 5 6 7 8

Working Capital Row 9 DSO DIO DPO