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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | ₹565.51 - ₹678.58 | ₹620.25 |
| Upside | 9.3% - 31.2% | 19.9% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (INR in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 46,413 | 48,485 | 54,292 | 60,686 | 65,237 | 67,520 | 68,871 | 70,248 | 71,653 | 73,086 | 74,548 |
| % Growth | -5.1% | 4.5% | 12.0% | 11.8% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,113 | 2,773 | 3,893 | 5,091 | 6,125 | 6,340 | 6,466 | 6,596 | 6,728 | 6,862 | 6,999 |
| % of Revenue | 4.6% | 5.7% | 7.2% | 8.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 2,773 | 3,893 | 5,091 | 6,125 | 6,340 | 6,466 | 6,596 | 6,728 | 6,862 | 6,999 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,198) | (1,774) | (2,534) | (2,724) | (2,820) | (2,876) | (2,934) | (2,992) | (3,052) | (3,113) | |
| EBIT | 1,575 | 2,119 | 2,557 | 3,401 | 3,520 | 3,590 | 3,662 | 3,735 | 3,810 | 3,886 | |
| Pro forma Taxes | (394) | (530) | (639) | (850) | (880) | (898) | (916) | (934) | (953) | (972) | |
| NOPAT | 1,190 | 1,181 | 1,589 | 1,918 | 2,551 | 2,640 | 2,693 | 2,747 | 2,802 | 2,858 | 2,915 |
| Capital Expenditures | (1,237) | (850) | (1,300) | (1,300) | (1,398) | (1,446) | (1,381) | (1,408) | (1,412) | (1,401) | (1,407) |
| NWC Investment | 387 | (323) | (905) | (997) | (710) | (356) | (211) | (215) | (219) | (223) | (228) |
| (+) D&A | 527 | 1,198 | 1,774 | 2,534 | 2,724 | 2,820 | 2,876 | 2,934 | 2,992 | 3,052 | 3,113 |
| Free Cash Flow | 867 | 1,206 | 1,158 | 2,155 | 3,168 | 3,657 | 3,977 | 4,057 | 4,163 | 4,286 | 4,393 |
| % Growth | -4% | 86% | 47% | 15% | 9% | 2% | 3% | 3% | 3% | ||