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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 8.3x - 9.1x | 8.7x |
| Fair Value | ₹218.88 - ₹259.33 | ₹238.44 |
| Upside | -27.6% - -14.3% | -21.2% |
| 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 | 3,006 | 3,382 | 3,635 | 3,763 | 3,838 | 3,915 | 3,993 | 4,073 | 4,154 | 4,237 | 4,322 |
| % Growth | 18.7% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 378 | 512 | 587 | 607 | 620 | 632 | 645 | 657 | 671 | 684 | 698 |
| % of Revenue | 12.6% | 15.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% | 16.1% |
| 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 | 512 | 587 | 607 | 620 | 632 | 645 | 657 | 671 | 684 | 698 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (36) | (38) | (40) | (40) | (41) | (42) | (43) | (44) | (45) | (46) | |
| EBIT | 476 | 549 | 568 | 579 | 591 | 602 | 615 | 627 | 639 | 652 | |
| Pro forma Taxes | (67) | (77) | (79) | (81) | (83) | (84) | (86) | (88) | (90) | (91) | |
| NOPAT | 297 | 410 | 472 | 488 | 498 | 508 | 518 | 528 | 539 | 550 | 561 |
| Capital Expenditures | (477) | (333) | (358) | (390) | (397) | (405) | (397) | (400) | (401) | (399) | (400) |
| NWC Investment | 26 | 21 | 14 | 7 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| (+) D&A | 34 | 36 | 38 | 40 | 40 | 41 | 42 | 43 | 44 | 45 | 46 |
| Free Cash Flow | (121) | 133 | 166 | 145 | 145 | 148 | 167 | 176 | 186 | 200 | 211 |
| % Growth | 25% | -12% | 0% | 2% | 13% | 5% | 6% | 7% | 6% | ||