Zomato

Income Statement Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

12 Month 12 Month 12 Month 12 Month 12 Month
Value in INR (Cr.) Actual Actual Actual Actual Actual

Revenue 7,726.39 13,169.48 11,107.93 17,727.78 20,093.36

Other Income 582.62 1260.19 2987.11 4085.39 1852.39

Total Revenue 8,309.01 14,429.67 14,095.04 21,813.17 21,945.75

COGS - - - - 147.26

Gross Profit 8,309.01 14,429.67 14,095.04 21,813.17 21,798.49

SG & A 610.71 697.49 737.59 746.17 794.71
Other Expenses 4,193.89 9,750.02 8,822.94 15,370.23 15,250.77

EBITDA 3,504.41 3,982.16 4,534.51 5,696.77 5,753.01

Depreciation and Amortization 685.75 1,234.70 1,134.23 1,167.47 1,188.46

EBIT 2,818.66 2,747.46 3,400.28 4,529.30 4,564.55

Exceptional Item -957.75 190.33 1,546.46 1,808.27 204.00
Interest 1,510.38 2,496.68 2,188.94 2,226.60 2,257.45

PBT 350.53 441.11 2,757.80 4,110.97 2,511.10

Tax -207.82 101.40 -492.96 843.07 281.24

PAT 558.35 339.71 3,250.76 3,267.90 2,229.86

End of Sheet
-
Tata Power Company Ltd.
Assumption
Income Statement Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
12 Month 12 Month 12 Month 12 Month 12 Month
Value in INR (Cr.) Actual Actual Actual Actual Actual

Revenue 7,726.39 13,169.48 11,107.93 17,727.78 20,093.36

Other Income 582.62 1,260.19 2,987.11 4,085.39 1,852.39
- - - - -
Total Revenue 8,309.01 14,429.67 14,095.04 21,813.17 21,945.75
COGS - - - - 147.26
- - - - -
Gross Profit 8,309.01 14,429.67 14,095.04 21,813.17 21,798.49
SG & A 610.71 697.49 737.59 746.17 794.71
Other Expenses 4,193.89 9,750.02 8,822.94 15,370.23 15,250.77
- - - - -
EBITDA 3,504.41 3,982.16 4,534.51 5,696.77 5,753.01
Depreciation and Amortization 685.75 1,234.70 1,134.23 1,167.47 1,188.46
- - - - -
EBIT 2,818.66 2,747.46 3,400.28 4,529.30 4,564.55
Exceptional Item -957.75 190.33 1,546.46 1,808.27 204.00
Interest 1,510.38 2,496.68 2,188.94 2,226.60 2,257.45

PBT 350.53 441.11 2,757.80 4,110.97 2,511.10

Tax -207.82 101.40 -492.96 843.07 281.24
- - - - -
PAT 558.35 339.71 3,250.76 3,267.90 2,229.86

COGS % of Revenue 0.00% 0.00% 0.00% 0.00% 0.67%

GP Margin 100% 100% 100% 100% 99%
Other Income % Reveue 8% 10% 27% 23% 9%
Tax % of PBT -59% 23% -18% 21% 11%
SG &A % of Revenue 7% 5% 5% 3% 4%
Other Exp % of Revenue 50% 68% 63% 70% 69%
Exceptional item % of EBIT -34% 7% 45% 40% 4%
Ineterest % of EBIT 54% 91% 64% 49% 49%
 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
12 Month 12 Month 12 Month 12 Month 12 Month
Forecasted Forecasted Forecasted Forecasted Forecasted

20,120.33 20,147.33 20,174.37 20,201.44 20,228.55

2,134.94 2,460.58 2,835.89 3,268.46 3,767.00

17,985.39 17,686.75 17,338.47 16,932.99 16,461.56

24.14 28.48 33.51 39.27 45.81

17,961.25 17,658.26 17,304.97 16,893.72 16,415.75

879.80 778.23 747.87 699.24 703.10

18,841.05 18,436.50 18,052.83 17,592.95 17,118.85

1,494.48 1,496.49 1,498.50 1,500.51 1,502.52

17,346.57 16,940.01 16,554.34 16,092.44 15,616.33

2,179.49 3,705.30 4,115.77 3,337.34 2,639.39
10,666.36 10,684.18 9,520.46 9,033.87 8,984.52

8,859.70 9,961.13 11,149.65 10,395.91 9,271.20

-398.11 336.68 1,254.70 1,988.39 2,503.22

0.13% 0.16% 0.19% 0.23% 0.28%

99.87% 99.84% 99.81% 99.77% 99.72%
15.25% 16.80% 18.24% 16.51% 15.20%
-4.49% 3.38% 11.25% 19.13% 27.00% 27% 7.87%
4.89% 4.40% 4.31% 4.13% 4.27%
64.12% 66.85% 66.70% 67.53% 66.94%
12.56% 21.87% 24.86% 20.74% 16.90%
61.49% 63.07% 57.51% 56.14% 57.53%
Zomato
Assumption
Balance sheet Mar-20 Mar-21 Mar-22 Mar-23
12 Month 12 Month 12 Month 12 Month
Value in INR (Cr.) Actual Actual Actual Actual

Non-Current Asset

Net Block 8036.29 21663.41 20912.22 20800.81

Capital Working Progress 402.87 322.43 965.15 1272.56
Investment 24429.14 15217.24 17454.51 18596.23
Other fixed assets 258.32 573.6 725.92 1913.22
Total Non-Current Assets 33126.62 37776.68 40057.8 42582.82

Current Assets

Receiveables 1108.68 1579.87 1026.65 1904.34

Inventory 635.01 1181.4 2292.33 2457.95
Cash & Bank 178.94 383.13 78.55 295.92
Other Assets 1067.23 2034.56 3698.07 931.68

Total Current Assets 2989.86 5178.96 7095.6 5589.89

Total Assets 36116.48 42955.64 47153.4 48172.71

Current Liabilities

Non controlling int - - - -

Trade Payables 1001.87 3282.47 4079.89 1985.02
Short term debt 6212.31 7878.24 6620.41 10593.18
Other Liabilities 4372.32 3283.91 3886 5990.56

Total Current-Liabilities 11586.5 14444.62 14586.3 18568.76

Equity+Non-Current liabilities

Equity Share Capital 270.5 319.56 319.56 319.56

Reserve & Surplus 13491.47 8058.51 10560.24 13380.03
Borrowings 9825.33 16583.06 18087.97 11272.3

Total Capital Employed 23587.3 24961.13 28967.77 24971.89

Other Non current Liabilities 942.68 3549.89 3599.33 4632.06

Total Liabilities 36116.48 42955.64 47153.4 48172.71

 Check

Working Capital -8775.58 -9648.79 -7569.25 -13274.79

Accumulated Dep 685.75 1920.45 3054.68 4222.15

Operating Current Assets

Accounts and Notes Receivable 1,108.68 1,579.87 1,026.65 1,904.34
Receivable Days 52 43 33 39
Inventories 635.01 1,181.40 2,292.33 2,457.95
Inventories Days 30 32 74 50
Other Current Assets 1,067.23 2,034.56 3,698.07 931.68
% of Revenue 13.81% 15.45% 33.29% 5.26%

Accouts Payble 1,001.87 3,282.47 4,079.89 1,985.02

Accouts Payble Days - - - -

Net working capital (NWC)

Net working capital -8,775.58 -9,648.79 -7,569.25 -13,274.79

FCFF
NOPAT 8,309.01 14,429.67 14,095.04 21,813.17
Add: Depreciation 685.75 1,234.70 1,134.23 1,167.47
Add: Change in net working capital -8,775.58 -873.21 2,079.54 -5,705.54
Less: Capital Expenditure 1,092.19 14,861.82 383.04 1,056.06
FCFF -873.01 -70.66 16,925.77 16,219.04
 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
12 Month 12 Month 12 Month 12 Month 12 Month 12 Month
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

20694.25 24,144.69 24,177.09 24,209.54 24,242.03 24,274.56

1798.53
20398.87
2245.44
45137.09

1582.37 2,181.26 2,184.19 2,187.12 2,190.06 2,192.99

2119.53 2,504.57 2,507.93 2,511.29 2,514.66 2,518.04
618.59
1031.37 2,935.25 2,939.19 2,943.13 2,947.08 2,951.04

5351.86

50488.95

-
4081.38 668.97 789.43 928.67 1,088.34 1,269.65
6152.95
6077.51

16311.84

319.56
15468.1
13373.21

29160.87

5016.24

50488.95
 -11578.57
5410.61

1,582.37 2,181.26 2,184.19 2,187.12 2,190.06 2,192.99

28 39
2,119.53 2,504.57 2,507.93 2,511.29 2,514.66 2,518.04
38 45
1,031.37 2,935.25 2,939.19 2,943.13 2,947.08 2,951.04
5.13% 14.59%

4,081.38 668.97 789.43 928.67 1,088.34 1,269.65

9,977.57 9,978

-11,578.57 6,952.11 6,841.87 6,712.88 6,563.46 6,392.42

21,798.49 18,126.03 16,367.45 14,691.43 13,014.50 11,399.92

1,188.46 1,494.48 1,496.49 1,498.50 1,500.51 1,502.52
1,696.22 18,530.68 -110.24 -128.99 -149.42 -171.04
1,081.90 4,944.92 1,528.89 1,530.94 1,533.00 1,535.06
23,601.27 33,206.27 16,224.81 14,530.00 12,832.60 11,196.35
Zomato
PPE Schedule Mar-20 Mar-21 Mar-22 Mar-23
12 Month 12 Month 12 Month 12 Month
Value in INR (Cr.) Actual Actual Actual Actual

Opening Balance 7,629.85 8,036.29 21,663.41 20,912.22

Add: Net aditional during the period 1,092.19 14,861.82 383.04 1,056.06

Total depreciable assets during the year 8,722.04 22,898.11 22,046.45 21,968.28
Less: Depreciation during the year 685.75 1,234.70 1,134.23 1,167.47

Closing Balance-WDV 8,036.29 21,663.41 20,912.22 20,800.81

PPE Turnover ratio 0.96 0.61 0.53 0.85

Depreciation Rate 7.86% 5.39% 5.14% 5.31%

 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
12 Month 12 Month 12 Month 12 Month 12 Month 12 Month
Actual Forecasted Forecasted Forecasted Forecasted Forecasted

20,800.81 20,694.25 24,144.69 24,177.09 24,209.54 24,242.03

1,081.90 4,944.92 1,528.89 1,530.94 1,533.00 1,535.06

21,882.71 25,639.17 25,673.58 25,708.03 25,742.53 25,777.08

1,188.46 1,494.48 1,496.49 1,498.50 1,500.51 1,502.52

20,694.25 24,144.69 24,177.09 24,209.54 24,242.03 24,274.56

0.97 0.78

5.43% 5.83%
Tata Power company Ltd.

Bottom up beta 0.4794018722903

Cost of equity
Particulars Note Value
Risk-free rate (%) 10 year T bill rate 7.09%
Beta 1.55
Equity market risk premium 4.35%
Cost of equity capital (%) 13.85%

Cost of debt
Particulars Note Value
Debt borrowing rate (%) 16.88%
Expected Income tax (%) 27%
After tax cost of debt (%) 12.32%

Weighted average cost of capital

Particulars Weight Particulars Cost Value
Debt (%) 45.86% Cost of debt 12.32% 5.65%
Equity (%) 54.14% Cost of equit 13.85% 7.50%
Weighted average cost of capital (%) 13.15%

Market Return
Time period Closing price
Start 4/22/1996 1107 Closing price
End 12/10/2024 24610.05

NPER 28.633153969603
Maket Return 11.44%
Date Nifty-50 Return Date Tata Pow
11-Dec-23 20997.1 11-Dec-23 333.65
12-Dec-23 20906.4 -0.43% 12-Dec-23 330.8
13-Dec-23 20926.35 0.10% 13-Dec-23 338.15
14-Dec-23 21182.7 1.23% 14-Dec-23 335.4
15-Dec-23 21456.65 1.29% 15-Dec-23 333.2
18-Dec-23 21418.65 -0.18% 18-Dec-23 337.05
19-Dec-23 21453.1 0.16% 19-Dec-23 335.9
20-Dec-23 21150.15 -1.41% 20-Dec-23 320.15
21-Dec-23 21255.05 0.50% 21-Dec-23 328.55
22-Dec-23 21349.4 0.44% 22-Dec-23 326.65
26-Dec-23 21441.35 0.43% 26-Dec-23 325.4
27-Dec-23 21654.75 1.00% 27-Dec-23 324.85
28-Dec-23 21778.7 0.57% 28-Dec-23 329.8
29-Dec-23 21731.4 -0.22% 29-Dec-23 332.15
1-Jan-24 21741.9 0.05% 1-Jan-24 330.3
2-Jan-24 21665.8 -0.35% 2-Jan-24 329.85
3-Jan-24 21517.35 -0.69% 3-Jan-24 326.7
4-Jan-24 21658.6 0.66% 4-Jan-24 337.85
5-Jan-24 21710.8 0.24% 5-Jan-24 340.75
8-Jan-24 21513 -0.91% 8-Jan-24 338.95
9-Jan-24 21544.85 0.15% 9-Jan-24 340.2
10-Jan-24 21618.7 0.34% 10-Jan-24 346.45
11-Jan-24 21647.2 0.13% 11-Jan-24 357.3
12-Jan-24 21894.55 1.14% 12-Jan-24 357.75
15-Jan-24 22097.45 0.93% 15-Jan-24 358.9
16-Jan-24 22032.3 -0.29% 16-Jan-24 353.45
17-Jan-24 21571.95 -2.09% 17-Jan-24 348.8
18-Jan-24 21462.25 -0.51% 18-Jan-24 345.55
19-Jan-24 21622.4 0.75% 19-Jan-24 348.65
20-Jan-24 21571.8 -0.23% 20-Jan-24 345.85
23-Jan-24 21238.8 -1.54% 23-Jan-24 346.2
24-Jan-24 21453.95 1.01% 24-Jan-24 356.95
25-Jan-24 21352.6 -0.47% 25-Jan-24 365.1
29-Jan-24 21737.6 1.80% 29-Jan-24 381.9
30-Jan-24 21522.1 -0.99% 30-Jan-24 383.25
45,322 21,726 0.95% 45,322 390
1-Feb-24 21697.45 -0.13% 1-Feb-24 388.85
2-Feb-24 21853.8 0.72% 2-Feb-24 389.8
5-Feb-24 21771.7 -0.38% 5-Feb-24 394
6-Feb-24 21929.4 0.72% 6-Feb-24 392.95
7-Feb-24 21930.5 0.01% 7-Feb-24 395.15
8-Feb-24 21,718 -0.97% 8-Feb-24 407.4
9-Feb-24 21,783 0.30% 9-Feb-24 392.1
12-Feb-24 21616.05 -0.76% 12-Feb-24 361.7
13-Feb-24 21743.25 0.59% 13-Feb-24 365.05
14-Feb-24 21840.05 0.45% 14-Feb-24 373.7
15-Feb-24 21910.75 0.32% 15-Feb-24 378.85
16-Feb-24 22040.7 0.59% 16-Feb-24 376.3
19-Feb-24 22122.25 0.37% 19-Feb-24 380.5
20-Feb-24 22196.95 0.34% 20-Feb-24 378.95
21-Feb-24 22055.05 -0.64% 21-Feb-24 375.45
22-Feb-24 22217.45 0.74% 22-Feb-24 377.9
23-Feb-24 22212.7 -0.02% 23-Feb-24 378.4
26-Feb-24 22122.05 -0.41% 26-Feb-24 378.4
27-Feb-24 22198.35 0.34% 27-Feb-24 375.55
28-Feb-24 21951.15 -1.11% 28-Feb-24 365.75
29-Feb-24 21982.8 0.14% 29-Feb-24 371.75
1-Mar-24 22338.75 1.62% 1-Mar-24 377.4
2-Mar-24 22378.4 0.18% 2-Mar-24 379.15
4-Mar-24 22405.6 0.12% 4-Mar-24 391.75
5-Mar-24 22356.3 -0.22% 5-Mar-24 396.15
6-Mar-24 22474.05 0.53% 6-Mar-24 394.95
7-Mar-24 22493.55 0.09% 7-Mar-24 425.25
11-Mar-24 22332.65 -0.72% 11-Mar-24 413.15
12-Mar-24 22335.7 0.01% 12-Mar-24 396.1
13-Mar-24 21997.7 -1.51% 13-Mar-24 371.95
14-Mar-24 22146.65 0.68% 14-Mar-24 384.45
15-Mar-24 22023.35 -0.56% 15-Mar-24 380.75
18-Mar-24 22055.7 0.15% 18-Mar-24 392.75
19-Mar-24 21817.45 -1.08% 19-Mar-24 383.25
20-Mar-24 21839.1 0.10% 20-Mar-24 379.9
21-Mar-24 22011.95 0.79% 21-Mar-24 392.15
22-Mar-24 22096.75 0.39% 22-Mar-24 390.7
26-Mar-24 22004.7 -0.42% 26-Mar-24 390.1
27-Mar-24 22123.65 0.54% 27-Mar-24 388.4
28-Mar-24 22326.9 0.92% 28-Mar-24 394.2
1-Apr-24 22462 0.61% 1-Apr-24 406.95
2-Apr-24 22453.3 -0.04% 2-Apr-24 408.8
3-Apr-24 22434.65 -0.08% 3-Apr-24 412.25
4-Apr-24 22514.65 0.36% 4-Apr-24 414.1
5-Apr-24 22513.7 0.00% 5-Apr-24 414.6
8-Apr-24 22666.3 0.68% 8-Apr-24 416.35
9-Apr-24 22642.75 -0.10% 9-Apr-24 429.9
10-Apr-24 22753.8 0.49% 10-Apr-24 431.95
12-Apr-24 22519.4 -1.03% 12-Apr-24 436.95
15-Apr-24 22272.5 -1.10% 15-Apr-24 431.6
16-Apr-24 22147.9 -0.56% 16-Apr-24 430.4
18-Apr-24 21995.85 -0.69% 18-Apr-24 429.75
19-Apr-24 22147 0.69% 19-Apr-24 428.1
22-Apr-24 22336.4 0.86% 22-Apr-24 427.95
23-Apr-24 22368 0.14% 23-Apr-24 429.65
 24-Apr-24 22402.4 0.15% 24-Apr-24 428.3
25-Apr-24 22570.35 0.75% 25-Apr-24 431.45
26-Apr-24 22419.95 -0.67% 26-Apr-24 436.9
29-Apr-24 22643.4 1.00% 29-Apr-24 448
30-Apr-24 22604.85 -0.17% 30-Apr-24 449.25
2-May-24 22648.2 0.19% 2-May-24 457.85
3-May-24 22475.85 -0.76% 3-May-24 454.75
6-May-24 22442.7 -0.15% 6-May-24 446.3
7-May-24 22302.5 -0.62% 7-May-24 436.4
8-May-24 22302.5 0.00% 8-May-24 435.05
9-May-24 21957.5 -1.55% 9-May-24 413.5
10-May-24 22055.2 0.44% 10-May-24 414.85
13-May-24 22104.05 0.22% 13-May-24 411.75
14-May-24 22217.85 0.51% 14-May-24 430.35
15-May-24 22200.55 -0.08% 15-May-24 431.3
16-May-24 22403.85 0.92% 16-May-24 433.95
17-May-24 22466.1 0.28% 17-May-24 436.3
18-May-24 22502 0.16% 18-May-24 441.45
21-May-24 22529.05 0.12% 21-May-24 441.7
22-May-24 22597.8 0.31% 22-May-24 447.7
23-May-24 22967.65 1.64% 23-May-24 449.15
24-May-24 22957.1 -0.05% 24-May-24 447.2
27-May-24 22932.45 -0.11% 27-May-24 446.05
28-May-24 22888.15 -0.19% 28-May-24 436.9
29-May-24 22704.7 -0.80% 29-May-24 432.85
30-May-24 22488.65 -0.95% 30-May-24 425.35
31-May-24 22530.7 0.19% 31-May-24 436.75
3-Jun-24 23263.9 3.25% 3-Jun-24 456.55
4-Jun-24 21884.5 -5.93% 4-Jun-24 399.6
5-Jun-24 22620.35 3.36% 5-Jun-24 422.8
6-Jun-24 22821.4 0.89% 6-Jun-24 431.55
7-Jun-24 23290.15 2.05% 7-Jun-24 443.55
10-Jun-24 23259.2 -0.13% 10-Jun-24 448
11-Jun-24 23264.85 0.02% 11-Jun-24 448.4
12-Jun-24 23322.95 0.25% 12-Jun-24 449.65
13-Jun-24 23398.9 0.33% 13-Jun-24 451.9
14-Jun-24 23465.6 0.29% 14-Jun-24 448.65
18-Jun-24 23557.9 0.39% 18-Jun-24 451.7
19-Jun-24 23516 -0.18% 19-Jun-24 442.35
20-Jun-24 23567 0.22% 20-Jun-24 443.65
21-Jun-24 23501.1 -0.28% 21-Jun-24 438.7
24-Jun-24 23537.85 0.16% 24-Jun-24 435.6
25-Jun-24 23721.3 0.78% 25-Jun-24 430.75
26-Jun-24 23868.8 0.62% 26-Jun-24 432.2
27-Jun-24 24044.5 0.74% 27-Jun-24 439.45
28-Jun-24 24010.6 -0.14% 28-Jun-24 440.6
1-Jul-24 24141.95 0.55% 1-Jul-24 435.4
2-Jul-24 24123.85 -0.07% 2-Jul-24 432.75
 3-Jul-24 24286.5 0.67% 3-Jul-24 433.85
4-Jul-24 24302.15 0.06% 4-Jul-24 436.25
5-Jul-24 24323.85 0.09% 5-Jul-24 439.95
8-Jul-24 24320.55 -0.01% 8-Jul-24 433.45
9-Jul-24 24433.2 0.46% 9-Jul-24 438.95
10-Jul-24 24324.45 -0.45% 10-Jul-24 437.35
11-Jul-24 24315.95 -0.03% 11-Jul-24 440.4
12-Jul-24 24502.15 0.77% 12-Jul-24 434.05
15-Jul-24 24586.7 0.35% 15-Jul-24 439.35
16-Jul-24 24613 0.11% 16-Jul-24 436.9
18-Jul-24 24800.85 0.76% 18-Jul-24 429.95
19-Jul-24 24530.9 -1.09% 19-Jul-24 414.15
22-Jul-24 24509.25 -0.09% 22-Jul-24 424.05
23-Jul-24 24479.05 -0.12% 23-Jul-24 416.45
24-Jul-24 24413.5 -0.27% 24-Jul-24 419.95
25-Jul-24 24406.1 -0.03% 25-Jul-24 423.35
26-Jul-24 24834.85 1.76% 26-Jul-24 444.7
29-Jul-24 24836.1 0.01% 29-Jul-24 442.25
30-Jul-24 24857.3 0.09% 30-Jul-24 444.1
31-Jul-24 24951.15 0.38% 31-Jul-24 453.6
1-Aug-24 25010.9 0.24% 1-Aug-24 464.4
2-Aug-24 24717.7 -1.17% 2-Aug-24 460.35
5-Aug-24 24055.6 -2.68% 5-Aug-24 434.8
6-Aug-24 23992.55 -0.26% 6-Aug-24 436.7
7-Aug-24 24297.5 1.27% 7-Aug-24 430.3
8-Aug-24 24117 -0.74% 8-Aug-24 417.95
9-Aug-24 24367.5 1.04% 9-Aug-24 417.75
12-Aug-24 24347 -0.08% 12-Aug-24 418.15
13-Aug-24 24139 -0.85% 13-Aug-24 408.25
14-Aug-24 24143.75 0.02% 14-Aug-24 405.45
16-Aug-24 24541.15 1.65% 16-Aug-24 413.65
19-Aug-24 24572.65 0.13% 19-Aug-24 418.8
20-Aug-24 24698.85 0.51% 20-Aug-24 422.3
21-Aug-24 24770.2 0.29% 21-Aug-24 424.5
22-Aug-24 24811.5 0.17% 22-Aug-24 422.95
23-Aug-24 24823.15 0.05% 23-Aug-24 417.95
26-Aug-24 25010.6 0.76% 26-Aug-24 422.5
27-Aug-24 25017.75 0.03% 27-Aug-24 428.15
28-Aug-24 25052.35 0.14% 28-Aug-24 431.4
29-Aug-24 25151.95 0.40% 29-Aug-24 430.9
30-Aug-24 25235.9 0.33% 30-Aug-24 434.65
2-Sep-24 25278.7 0.17% 2-Sep-24 433.2
3-Sep-24 25279.85 0.00% 3-Sep-24 433.95
4-Sep-24 25198.7 -0.32% 4-Sep-24 420.9
5-Sep-24 25145.1 -0.21% 5-Sep-24 420.9
6-Sep-24 24852.15 -1.17% 6-Sep-24 417
9-Sep-24 24936.4 0.34% 9-Sep-24 417.85
10-Sep-24 25041.1 0.42% 10-Sep-24 445.35
11-Sep-24 24918.45 -0.49% 11-Sep-24 435.65
12-Sep-24 25388.9 1.89% 12-Sep-24 439.9
13-Sep-24 25356.5 -0.13% 13-Sep-24 441.8
16-Sep-24 25383.75 0.11% 16-Sep-24 443.35
17-Sep-24 25418.55 0.14% 17-Sep-24 445.1
18-Sep-24 25377.55 -0.16% 18-Sep-24 440.6
19-Sep-24 25415.8 0.15% 19-Sep-24 439.6
20-Sep-24 25790.95 1.48% 20-Sep-24 444.15
23-Sep-24 25939.05 0.57% 23-Sep-24 454.45
24-Sep-24 25940.4 0.01% 24-Sep-24 468.75
25-Sep-24 26004.15 0.25% 25-Sep-24 468.1
26-Sep-24 26216.05 0.81% 26-Sep-24 476.05
27-Sep-24 26178.95 -0.14% 27-Sep-24 485.5
30-Sep-24 25810.85 -1.41% 30-Sep-24 482.6
1-Oct-24 25796.9 -0.05% 1-Oct-24 481.25
3-Oct-24 25250.1 -2.12% 3-Oct-24 471.8
4-Oct-24 25014.6 -0.93% 4-Oct-24 466.65
7-Oct-24 24795.75 -0.87% 7-Oct-24 441.3
8-Oct-24 25013.15 0.88% 8-Oct-24 456.9
9-Oct-24 24981.95 -0.12% 9-Oct-24 460.85
10-Oct-24 24998.45 0.07% 10-Oct-24 465.65
11-Oct-24 24964.25 -0.14% 11-Oct-24 461.15
14-Oct-24 25127.95 0.66% 14-Oct-24 462.3
15-Oct-24 25057.35 -0.28% 15-Oct-24 463.5
16-Oct-24 24971.3 -0.34% 16-Oct-24 460.45
17-Oct-24 24749.85 -0.89% 17-Oct-24 450.2
18-Oct-24 24854.05 0.42% 18-Oct-24 453.55
21-Oct-24 24781.1 -0.29% 21-Oct-24 453.8
22-Oct-24 24472.1 -1.25% 22-Oct-24 435.85
23-Oct-24 24435.5 -0.15% 23-Oct-24 437.7
24-Oct-24 24399.4 -0.15% 24-Oct-24 438
25-Oct-24 24180.8 -0.90% 25-Oct-24 422.1
28-Oct-24 24339.15 0.65% 28-Oct-24 425.7
29-Oct-24 24466.85 0.52% 29-Oct-24 425.4
30-Oct-24 24340.85 -0.51% 30-Oct-24 427
31-Oct-24 24205.35 -0.56% 31-Oct-24 440.05
1-Nov-24 24304.35 0.41% 1-Nov-24 445.45
4-Nov-24 23995.35 -1.27% 4-Nov-24 429.05
5-Nov-24 24213.3 0.91% 5-Nov-24 434.1
6-Nov-24 24484.05 1.12% 6-Nov-24 449.3
7-Nov-24 24199.35 -1.16% 7-Nov-24 444.9
8-Nov-24 24148.2 -0.21% 8-Nov-24 432.75
11-Nov-24 24141.3 -0.03% 11-Nov-24 431.5
12-Nov-24 23883.45 -1.07% 12-Nov-24 414.15
13-Nov-24 23559.05 -1.36% 13-Nov-24 399.35
14-Nov-24 23532.7 -0.11% 14-Nov-24 404.65
18-Nov-24 23453.8 -0.34% 18-Nov-24 404.7
19-Nov-24 23518.5 0.28% 19-Nov-24 408.1
21-Nov-24 23349.9 -0.72% 21-Nov-24 408.05
22-Nov-24 23907.25 2.39% 22-Nov-24 413.75
25-Nov-24 24221.9 1.32% 25-Nov-24 412.35
26-Nov-24 24194.5 -0.11% 26-Nov-24 410.3
27-Nov-24 24274.9 0.33% 27-Nov-24 417.65
28-Nov-24 23914.15 -1.49% 28-Nov-24 414.5
29-Nov-24 24131.1 0.91% 29-Nov-24 414.15
2-Dec-24 24276.05 0.60% 2-Dec-24 416.5
3-Dec-24 24457.15 0.75% 3-Dec-24 428.55
4-Dec-24 24467.45 0.04% 4-Dec-24 425.65
5-Dec-24 24708.4 0.98% 5-Dec-24 430.85
6-Dec-24 24677.8 -0.12% 6-Dec-24 439.7
9-Dec-24 24619 -0.24% 9-Dec-24 440.75
10-Dec-24 24610.05 -0.04% 10-Dec-24 435.2
Return

-0.85%
2.22%
-0.81%
-0.66%
1.16%
-0.34%
-4.69%
2.62%
-0.58%
-0.38%
-0.17%
1.52%
0.71%
-0.56%
-0.14%
-0.95%
3.41%
0.86%
-0.53%
0.37%
1.84%
3.13%
0.13%
0.32%
-1.52%
-1.32%
-0.93%
0.90%
-0.80%
0.10%
3.11%
2.28%
4.60%
0.35%
1.70%
-0.23%
0.24%
1.08%
-0.27%
0.56%
3.10%
-3.76%
-7.75%
0.93%
2.37%
1.38%
-0.67%
1.12%
-0.41%
-0.92%
0.65%
0.13%
0.00%
-0.75%
-2.61%
1.64%
1.52%
0.46%
3.32%
1.12%
-0.30%
7.67%
-2.85%
-4.13%
-6.10%
3.36%
-0.96%
3.15%
-2.42%
-0.87%
3.22%
-0.37%
-0.15%
-0.44%
1.49%
3.23%
0.45%
0.84%
0.45%
0.12%
0.42%
3.25%
0.48%
1.16%
-1.22%
-0.28%
-0.15%
-0.38%
-0.04%
0.40%
 -0.31%
0.74%
1.26%
2.54%
0.28%
1.91%
-0.68%
-1.86%
-2.22%
-0.31%
-4.95%
0.33%
-0.75%
4.52%
0.22%
0.61%
0.54%
1.18%
0.06%
1.36%
0.32%
-0.43%
-0.26%
-2.05%
-0.93%
-1.73%
2.68%
4.53%
-12.47%
5.81%
2.07%
2.78%
1.00%
0.09%
0.28%
0.50%
-0.72%
0.68%
-2.07%
0.29%
-1.12%
-0.71%
-1.11%
0.34%
1.68%
0.26%
-1.18%
-0.61%
 0.25%
0.55%
0.85%
-1.48%
1.27%
-0.36%
0.70%
-1.44%
1.22%
-0.56%
-1.59%
-3.67%
2.39%
-1.79%
0.84%
0.81%
5.04%
-0.55%
0.42%
2.14%
2.38%
-0.87%
-5.55%
0.44%
-1.47%
-2.87%
-0.05%
0.10%
-2.37%
-0.69%
2.02%
1.25%
0.84%
0.52%
-0.37%
-1.18%
1.09%
1.34%
0.76%
-0.12%
0.87%
-0.33%
0.17%
-3.01%
0.00%
-0.93%
0.20%
6.58%
-2.18%
0.98%
0.43%
0.35%
0.39%
-1.01%
-0.23%
1.04%
2.32%
3.15%
-0.14%
1.70%
1.99%
-0.60%
-0.28%
-1.96%
-1.09%
-5.43%
3.54%
0.86%
1.04%
-0.97%
0.25%
0.26%
-0.66%
-2.23%
0.74%
0.06%
-3.96%
0.42%
0.07%
-3.63%
0.85%
-0.07%
0.38%
3.06%
1.23%
-3.68%
1.18%
3.50%
-0.98%
-2.73%
-0.29%
-4.02%
-3.57%
1.33%
0.01%
0.84%
-0.01%
1.40%
-0.34%
-0.50%
1.79%
-0.75%
-0.08%
0.57%
2.89%
-0.68%
1.22%
2.05%
0.24%
-1.26%
 Tata Power company Ltd. DCF Valuation
(In INR cr. Expected per share data)

WACC 13.15%

Date of cashflow Mar-25 Mar-26 Mar-27 Mar-28

12 Month 12 Month 12 Month 12 Month
Forecasted Forecasted Forecasted Forecasted

EBIT 18,841.05 18,436.50 18,052.83 17,592.95

Tax rate -4.49% 3.38% 11.25% 19.13%
NOPAT 19,687.67 17,813.36 16,021.30 14,228.01
Add: Depreciation and amortization 1,494.48 1,496.49 1,498.50 1,500.51
Add: Change in networking capital 18,530.68 -110.24 -128.99 -149.42
Less: Capital Expenditure 4,944.92 1,528.89 1,530.94 1,533.00
Debt free cash flow (Free cash flow to 34,767.91 17,670.72 15,859.86 14,046.11

13.15% Discount rate

Discounting period (Year end) 1 2 3 4
Present value factor (year end or disc 0.88 0.78 0.69 0.61
Present value of debt free cash flow 30,728.06 13,802.81 10,948.87 8,570.03

Present value for explicit period 70678.75626

Terminal value Gordon growth

Long term growth rate 7.83%

Terminal value 249,304.23
Present value of Terminal value 134,435.08

DCF value of firm 383,739.31

Add: Non operating Asstes/Investment 20,398.87

Total value of firm 404,138.18

Less: Gross debt & debt Equivalent -13,373.21
Add: Cash 618.59
Less: Non controling Interest -

DCF value of common equity/Firm 391,383.56

No.of outstanding share 319.56
DCF Value of per share 1,224.76
 Mar-29
12 Month
Forecasted

17,118.85
27.00%
12,496.76
1,502.52
-171.04
1,535.06
12,293.19

5
0.54
6,628.99

Price WACC
don growth 1,224.76 6% 7% 8% 9%
5%
Long term Growth

6%
8%
9%
10%
Rate

11%
CC
10% 11%
Zomato
Balance Sheet Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
12 Month 12 Month 12 Month 12 Month 12 Month
Value in INR (Cr.) Actual Actual Actual Actual Actual

Non-Current Asset

Net Block 8,036.29 21,663.41 20,912.22 20,800.81 20,694.25

Capital Working Progress 402.87 322.43 965.15 1272.56 1,798.53
Investment 24,429.14 15,217.24 17,454.51 18,596.23 20,398.87
Other fixed assets 258.32 573.60 725.92 1,913.22 2,245.44
Total Non-Current Assets 33,126.62 37,776.68 40,057.80 42,582.82 45,137.09

Current Assets

Receiveables 1,108.68 1,579.87 1,026.65 1,904.34 1,582.37

Inventory 635.01 1181.4 2292.33 2457.95 2119.53
Cash & Bank 178.94 383.13 78.55 295.92 618.59
Other Assets 1067.23 2034.56 3698.07 931.68 1031.37

Total Current Assets 2,989.86 5,178.96 7,095.60 5,589.89 5,351.86

Total Assets 36,116.48 42,955.64 47,153.40 48,172.71 50,488.95

Current Liabilities

Non controlling int 0 0 0 0 0

Trade Payables 1,001.87 3,282.47 4,079.89 1,985.02 4,081.38
Short term debt 6,212.31 7,878.24 6,620.41 10,593.18 6,152.95
Other Liabilities 4,372.32 3,283.91 3,886.00 5,990.56 6,077.51

Total Current-Liabilities 11586.5 14444.62 14586.3 18568.76 16311.84

Equity+Non-Current liabilities

Equity Share Capital 270.5 319.56 319.56 319.56 319.56

Reserve & Surplus 13,491.47 8,058.51 10,560.24 13,380.03 15,468.10
Borrowings 9,825.33 16,583.06 18,087.97 11,272.30 13,373.21

Total Capital Employed 23587.3 24961.13 28967.77 24971.89 29160.87

Other Non current Liabilities 942.68 3,549.89 3,599.33 4,632.06 5,016.24

Total Liabilities 36,116.48 42,955.64 47,153.40 48,172.71 50,488.95

Check - - - - -
Working Capital -8,775.58 -9,648.79 -7,569.25 -13,274.79 -11,578.57
Accumulated Dep 685.75 1,920.45 3,054.68 4,222.15 5,410.61