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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 10.3x - 12.3x | 11.3x |
| Fair Value | ₹356.23 - ₹409.24 | ₹381.85 |
| Upside | 74.5% - 100.5% | 87.1% |
| 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 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 | 10,067 |
| % Growth | -17.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 541 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 |
| % of Revenue | 5.4% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (INR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| EBITDA | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | 560 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (37) | (37) | (37) | (37) | (37) | (37) | (37) | (37) | (37) | (37) | |
| EBIT | 523 | 523 | 523 | 523 | 523 | 523 | 523 | 523 | 523 | 523 | |
| Pro forma Taxes | (131) | (131) | (131) | (131) | (131) | (131) | (131) | (131) | (131) | (131) | |
| NOPAT | 376 | 392 | 392 | 392 | 392 | 392 | 392 | 392 | 392 | 392 | 392 |
| Capital Expenditures | (50) | (65) | (65) | (65) | (65) | (65) | (65) | (65) | (65) | (65) | (65) |
| NWC Investment | 77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 40 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Free Cash Flow | 443 | 364 | 364 | 364 | 364 | 364 | 364 | 364 | 364 | 364 | 364 |
| % Growth | -18% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |