INR (Crores) 2020A 2021A 2022E 2023E

Company Name
# Income Statement-Company Name
Revenue 20,000.0 22,500.0 24,750.0 27,225.0
COGS 8,000.0 9,000.0 9,900.0 10,890.0
Gross Profit 12,000.0 13,500.0 14,850.0 16,335.0
S&G Exp 2,000.0 2,250.0 2,500.0 2,500.0
EBITDA 10,000.0 11,250.0 12,350.0 13,835.0
Depreciation 800.0 900.0 1,237.5 1,361.3
Interest 200.0 225.0 250.0 250.0
EBT 9,000.0 10,125.0 10,862.5 12,223.8
Taxes 2,700.0 3,037.5 3,258.8 3,667.1
Net Income 6,300.0 7,087.5 7,603.8 8,556.6

# Assumption Drivers-Company Name

Revenue Growth N/A 12.50% 10.00% 10.00%
COGS% of Revenue 40.00% 40.00% 40.00% 40.00%
S&G Expenses 2,000.0 2,250.0 2,500.0 2,500.0
Depreciation% Sales 4.00% 4.00% 5.00% 5.00%
Interest 200.0 225.0 250 250
Taxes 30.00% 30.00% 30.00% 30.00%

# Common Size Statements-Company Name

Revenue 100.00% 100.00% 100.00% 100.00%
COGS 40.00% 40.00% 40.00% 40.00%
Gross Profit 60.00% 60.00% 60.00% 60.00%
S&G Exp 10.00% 10.00% 10.10% 9.18%
EBITDA 50.00% 50.00% 49.90% 50.82%
Depreciation 4.00% 4.00% 5.00% 5.00%
Interest 1.00% 1.00% 1.01% 0.92%
EBT 45.00% 45.00% 43.89% 44.90%
Taxes 13.50% 13.50% 13.17% 13.47%
Net Income 31.50% 31.50% 30.72% 31.43%

# Change Analysis Statement-Company Name

10.00%
Revenue 22,000.0 24,750.0 27,225.0 29,947.5
COGS 8,800.0 9,900.0 10,890.0 11,979.0
Gross Profit 13,200.0 14,850.0 16,335.0 17,968.5
Selling & General Expenses 2,200.0 2,475.0 2,750.0 2,750.0
EBITDA 11,000.0 12,375.0 13,585.0 15,218.5
Depreciation 880.0 990.0 1,361.3 1,497.4
Interest 220.0 247.5 275.0 275.0
EBT 9,900.0 11,137.5 11,948.8 13,446.1
Taxes 2,970.0 3,341.3 3,584.6 4,033.8
Net Income 6,930.0 7,796.3 8,364.1 9,412.3

Costing Analysis-Company Name

COGS 0.1 8,000.0 9,000.0 9,900.0 10,890.0
S&G Exp 0.2 2,000.0 2,250.0 2,500.0 2,500.0
Depreciation 0.2 800.0 900.0 1,237.5 1,361.3
Interest 0.3 200.0 225.0 250.0 250.0
Taxes 0.2 2,700.0 3,037.5 3,258.8 3,667.1
Total 13,700.0 15,412.5 17,146.3 18,668.4

Average 2,740.0 3,082.5 3,429.3 3,733.7

Weighted Average 1,960.0 2,205.0 2,464.3 2,669.7
Median 2,000.0 2,250.0 2,500.0 2,500.0

Min 200.0 225.0 250.0 250.0

Max 8,000.0 9,000.0 9,900.0 10,890.0
Small 3 2,000.0 2,250.0 2,500.0 2,500.0
Large 3 2,000.0 2,250.0 2,500.0 2,500.0
 2024E 2025E

29,947.5 32,942.3
11,979.0 13,176.9
17,968.5 19,765.4
2,500.0 2,500.0
15,468.5 17,265.4
1,497.4 1,647.1
250.0 250.0
13,721.1 15,368.2
4,116.3 4,610.5
9,604.8 10,757.8

10.00% 10.00%
40.00% 40.00%
2,500.0 2,500.0
5.00% 5.00%
250 250
30.00% 30.00%

100.00% 100.00%
40.00% 40.00%
60.00% 60.00%
8.35% 7.59%
51.65% 52.41%
5.00% 5.00%
0.83% 0.76%
45.82% 46.65%
13.75% 14.00%
32.07% 32.66%

32,942.3 36,236.5
13,176.9 14,494.6
19,765.4 21,741.9
2,750.0 2,750.0
17,015.4 18,991.9
 1,647.1 1,811.8
275.0 275.0
15,093.2 16,905.1
4,528.0 5,071.5
10,565.3 11,833.5

11,979.0 13,176.9
2,500.0 2,500.0
1,497.4 1,647.1
250.0 250.0
4,116.3 4,610.5
20,342.7 22,184.5

4,068.5 4,436.9
2,895.6 3,144.2
2,500.0 2,500.0

250.0 250.0
11,979.0 13,176.9
2,500.0 2,500.0
2,500.0 2,500.0
Situation 1
Time Periods 8/15/2022 0 1 2 3
Monthly Data 8/31/2022 9/30/2022 10/31/2022 11/30/2022
Annual Data 12/31/2022 12/31/2023 12/31/2024 12/31/2025

Monthly Period 0.04444444 0.125 0.21111111 0.29166667

Annual Period 0.37777778 1.37777778 2.37777778 3.37777778
Stub or Full Year Stub Full Year Full Year Full Year
 4 5
12/31/2022 1/31/2023
12/31/2026 12/31/2027

0.37777778 0.46111111
4.37777778 5.37777778
Full Year Full Year
Simplification 1
Risk Free Rate 4.00%
Market Returns 10.00%
Beta 1.25
Cost of Debt 14.00%
Tax Rate 30.00%
Equity Value 125,000.0
Debt Value 125,000.0

Cost of Capital 10.65%

Cost of Capital (Name Manager) 10.65% Formula (Name Manager)

Simplification 2
D/E Ratio 25%
Coupon Rate 9.50% Formula (IF)

D/E Ratio Risk Rating Coupon Rate

0% Baa2 9.50%
30% Baa3 9.75%
50% Ba1 12.25%
60% Ba2 13.75%

D/E Ratio 22%

Coupon Rate 9.50% Formula (VLOOKUP)
Situation 1
Cuurent Sales 14,500.0
Sales Growth 10.00%
Gross Margin 60.00%

Next Year Sales 15,950.0

Cost of Sales (6,380.0)
Gross Profit 9,570.0

Desired Profit 19570

Cuurent Sales 14,500.0

Sales Growth 124.94%
Gross Margin 60.00%

Next Year Sales 32,616.7

Cost of Sales (13,046.7)
Gross Profit 19,570.0 By Goal Seek Function
Situation 2
Cuurent Sales 80,000.0
Sales Growth 10.00%
Gross Margin 60.00%

Next Year Sales 88,000.0

Cost of Sales (35,200.0)
Gross Profit 52,800.0

Desired Profit 78000

Cuurent Sales 80,000.0

Sales Growth 62.50%
Gross Margin 60.00%

Next Year Sales 130,000.0

Cost of Sales (52,000.0)
Gross Profit 78,000.0 By Goal Seek Function
Situation 1 Situation 2
Cuurent Sales 14,500.0 Cuurent Sales
Sales Growth 10.00% Sales Growth
Gross Margin 60.00% Gross Margin

Next Year Sales 15,950.0 Next Year Sales

Cost of Sales (6,380.0) Cost of Sales
Gross Profit 9,570.0 Gross Profit

Data Table Function Data Table Function

Sales Growth Gross Profit Sales Growth
9,570.0
8.00% 9,396.0 8.00%
10.00% 9,570.0 10.00%
12.00% 9,744.0 12.00%
14.00% 9,918.0 14.00%
16.00% 10,092.0 16.00%
18.00% 10,266.0 18.00%
20.00% 10,440.0 20.00%
22.00% 10,614.0 22.00%
24.00% 10,788.0 24.00%
 90,000.0
10.00%
60.00%

99,000.0
(39,600.0)
59,400.0

ata Table Function

Gross Profit
59,400.0
58,320.0
59,400.0
60,480.0
61,560.0
62,640.0
63,720.0
64,800.0
65,880.0
66,960.0
Situation 1
Cuurent Sales 14,500.0
Sales Growth 10.00%
Gross Margin 60.00%

Next Year Sales 15,950.0

Cost of Sales (6,380.0)
Gross Profit 9,570.0

Gross Margin
9,570.0 40.00% 50.00% 60.00% 70.00% 80.00%
8.00% 6,264.0 7,830.0 9,396.0 10,962.0 12,528.0
10.00% 6,380.0 7,975.0 9,570.0 11,165.0 12,760.0
12.00% 6,496.0 8,120.0 9,744.0 11,368.0 12,992.0
14.00% 6,612.0 8,265.0 9,918.0 11,571.0 13,224.0
Sales Growth 16.00% 6,728.0 8,410.0 10,092.0 11,774.0 13,456.0
18.00% 6,844.0 8,555.0 10,266.0 11,977.0 13,688.0
20.00% 6,960.0 8,700.0 10,440.0 12,180.0 13,920.0
22.00% 7,076.0 8,845.0 10,614.0 12,383.0 14,152.0
24.00% 7,192.0 8,990.0 10,788.0 12,586.0 14,384.0
 Situation 2
Cuurent Sales 20,000.0
Sales Growth 10.00%
Gross Margin 60.00%

Next Year Sales 22,000.0

Cost of Sales (8,800.0)
Gross Profit 13,200.0

Gross Margin
90.00% 13,200.0 40.00% 50.00%
14,094.0 8.00% 8,640.0 10,800.0
14,355.0 10.00% 8,800.0 11,000.0
14,616.0 12.00% 8,960.0 11,200.0
14,877.0 14.00% 9,120.0 11,400.0
15,138.0 Sales Growth 16.00% 9,280.0 11,600.0
15,399.0 18.00% 9,440.0 11,800.0
15,660.0 20.00% 9,600.0 12,000.0
15,921.0 22.00% 9,760.0 12,200.0
16,182.0 24.00% 9,920.0 12,400.0
Gross Margin
60.00% 70.00% 80.00% 90.00%
12,960.0 15,120.0 17,280.0 19,440.0
13,200.0 15,400.0 17,600.0 19,800.0
13,440.0 15,680.0 17,920.0 20,160.0
13,680.0 15,960.0 18,240.0 20,520.0
13,920.0 16,240.0 18,560.0 20,880.0
14,160.0 16,520.0 18,880.0 21,240.0
14,400.0 16,800.0 19,200.0 21,600.0
14,640.0 17,080.0 19,520.0 21,960.0
14,880.0 17,360.0 19,840.0 22,320.0
Cuurent Sales 14,500.0
Sales Growth 10.00%
Gross Margin 60.00%

Next Year Sales 15,950.0

Cost of Sales (6,380.0)
Gross Profit 9,570.0
Scenario Summary
Current Values: Base Case Worst Case Best Case
Changing Cells:
$C$2 14,500.0 14,500.0 13,500.0 15,500.0
$C$3 10.00% 10.00% 7.00% 15.00%
$C$4 60.00% 60.00% 50.00% 70.00%
Result Cells:
$C$6 15,950.0 15,950.0 14,445.0 17,825.0
$C$7 (6,380.0) (6,380.0) (7,222.5) (5,347.5)
$C$8 9,570.0 9,570.0 7,222.5 12,477.5
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in grey.