You are required to prepare a fully integrated financial model for the next 3 years from the below

given information for Hi

Income Statement Dec-16 Dec-17

Sales ₹ 16,734.00 ₹ 17,085.00
Cost of Sales ₹ 6,723.00 ₹ 6,728.00
Gross profit ₹ 10,011.00 ₹ 10,357.00

Depreciation ₹ 421.00 ₹ 425.00

Selling, General & Admn. Expenses ₹ 5,758.00 ₹ 5,930.00

EBIT ₹ 3,832.00 ₹ 4,002.00

Interest Income ₹ 9.00 ₹ 10.00
Interest Expense 58 77
Income after interest before extra ordinary items ₹ 3,783.00 ₹ 3,935.00
Extra ordinary items ₹ 6.00 -₹ 61.00

Pre-Tax Income ₹ 3,789.00 ₹ 3,874.00

Income Taxes ₹ 1,235.00 ₹ 1,243.00
Net income including noncontrolling interests ₹ 2,554.00 ₹ 2,631.00
Less: Net income attributable to noncontrolling interests ₹ 123.00 ₹ 159.00
Net income attributable to HUL ₹ 2,431.00 ₹ 2,472.00
Earnings per common share, basic ₹ 2.49 ₹ 2.60

Basic Weighted Average Shares ₹ 976.70 ₹ 952.10

Segment Information Dec-16 Dec-17

Oral, Personal and Home Care
North America ₹ 2,878.00 ₹ 2,971.00
Latin America ₹ 4,895.00 ₹ 5,032.00
Europe/South Pacific ₹ 3,508.00 ₹ 3,417.00
Asia ₹ 2,074.00 ₹ 2,264.00
Africa/Eurasia ₹ 1,207.00 ₹ 1,241.00
Total Oral, Personal and Home Care ₹ 14,562.00 ₹ 14,925.00

Pet Nutrition ₹ 2,172.00 ₹ 2,160.00

Total Sales ₹ 16,734.00 ₹ 17,085.00

Notes to Account: Selling, General & Admin Exp Dec-16 Dec-17

Employee Costs ₹ 2,159 ₹ 2,233
Advertising and Sales Promotion ₹ 1,440 ₹ 1,483
Rent, Rates & Taxes ₹ 1,152 ₹ 1,186
Insurance ₹ 288 ₹ 297
Repairs & Maintenance ₹ 173 ₹ 178
Auditor's Remuneration ₹ 546 ₹ 553
Selling, General & Admn. Expenses ₹ 5,758.00 ₹ 5,930.00

Balance Sheet Dec-16 Dec-17

Assets
Cash and cash equivalents ₹ 878 ₹ 884
Accounts Receivable ₹ 1,675 ₹ 1,668
Inventories ₹ 1,327 ₹ 1,365
Other Current Assets ₹ 522 ₹ 639
Total Current Assets ₹ 4,402 ₹ 4,556

Property, Plant and Equipment, Net ₹ 3,668 ₹ 3,842

Goodwill, net ₹ 2,494 ₹ 2,500
Other intangible assets, net ₹ 1,504 ₹ 1,499
Deferred income taxes ₹ 115 ₹ 92
Other Non-Current Assets ₹ 541 ₹ 905
Total Non-Current Assets ₹ 8,322 ₹ 8,838

Total Assets ₹ 12,724 ₹ 13,394

Liabilities and Shareholders' Equity

Notes and loans payable ₹ 34 ₹ 54
Current portion of long-term debt ₹ 346 ₹ 250
Accounts payable ₹ 2,944 ₹ 3,178
Other Current liabilities ₹ 392 ₹ 254
Total Current Liabilities ₹ 3,716 ₹ 3,736

Long-term debt ₹ 4,430 ₹ 4,926

Deferred income taxes ₹ 252 ₹ 293
Other liabilities ₹ 1,785 ₹ 2,049
Total Non Current Liabilities ₹ 6,467 ₹ 7,268

Total HUL' equity ₹ 2,375 ₹ 2,189

Noncontrolling interests ₹ 166 ₹ 201
Total Shareholders' Equity ₹ 2,541 ₹ 2,390

Total Liabilities and Shareholders' Equity ₹ 12,724 ₹ 13,394

Supplemental Cash Flow Information Dec-16 Dec-17

Capital expenditures ₹ 537 ₹ 565
Principal payments on debt ₹ 4,429 ₹ 5,011
Dividends paid ₹ 1,203 ₹ 1,277
Proceeds from exercise of stock options ₹ 339 ₹ 478
Interest paid ₹ 58 ₹ 77
Notes to Accounts - PPE (GROSS) Dec-17 Dec-18
Land ₹ 251 ₹ 254
Building ₹ 1,439 ₹ 1,625
Plant & machinery ₹ 4,987 ₹ 5,220
Other Equipment ₹ 1,144 ₹ 1,231
Total ₹ 7,821 ₹ 8,330

Notes to Accounts - Equity (No of shares) Dec-16 Dec-17

Opening 989.70 960.04
Shares issued for stock options 12.98 14.42
Share repurchase 42.64 38.73
Closing 960.04 935.73

Notes to Accounts - Debt schedule Dec-19 Dec-20

Principal debt repayment 895.00 491.00
Interest due 90 81
he below given information for Hindustan Unilever Ltd.

Dec-18 1. Sales will be forecasted using the segnmental information provided. After evaluating the mar
₹ 17,420.00
₹ 6,780.00 Oral, Personal and Home Care
₹ 10,640.00 North America
Latin America
Europe/South Pacific
₹ 439.00 Asia
₹ 6,223.00 Africa/Eurasia

₹ 3,978.00 Pet Nutrition

₹ 9.50
118 2. Cost of sales to be taken on the basis of average of historical percentage of sales
₹ 3,869.50 3. The fixed components of Selling, general and administrative expenses will grow at an inflatio
-₹ 304.50 4. The variable components of Selling, general and administrative expenses will grow on the ba
5. Capex to be forecasted on the basis of average historical percentage of sales
₹ 3,565.00 6. The proportion of assets in Capex will be the same as historical average of proportion of asse
₹ 1,155.00 7. Depreciation should be calculated on the basis of SLM method by assuming mid year deploym
₹ 2,410.00 8. Good will is assumed to have inifinite life, other intangible assets will be ammortised by Rs. 2
₹ 169.00 9. Other Non Current Assets & liabilities, DTA & DTL, Notes and loan payable are to be assumed
₹ 2,241.00 10. The company has a policy of share repurchase, for convenience it has been assumed that th
₹ 2.41 11. Future P/E has been assumed as 19
12. The stock options to be exercised and the exercise price can be assumed to be equal to hist
13. Expected cash balance to be maintained can be calculated applying linear forecast
₹ 930.80 14. Interest Income can be calculated as an average of historical percentage of cash
15. The company has a revolving credit facility to be used for fund requirement at an interest ra

Dec-18 Calculate the below mentioned components for the forecasted period and create a control pan
1. GP margin, NP margin, Operating profit margin
₹ 3,072.00 2. Debt service coverage ratio, Interest service coverage ratio
₹ 5,012.00 3. Debt Equity Ratio, Debt to Assets Ratio, Net debt to EBITDA
₹ 3,396.00 4. CFO to Revenue, CFO to Net Income
₹ 2,472.00
₹ 1,257.00 The developer function aided inputs to be created in the control panel are
₹ 15,209.00 1. Interest rate on the revolver credit facility
2. Each year's principal debt to be repaid
₹ 2,211.00 3. Inflation rate

₹ 17,420.00

Dec-18
₹ 2,357 Fixed
₹ 1,556 Variable
₹ 1,245 Fixed
₹ 312 Fixed
 ₹ 187 Fixed
₹ 566 Fixed
₹ 6,223.00

Dec-18

₹ 962
₹ 1,636
₹ 1,425
₹ 799
₹ 4,822

₹ 4,083
₹ 2,474
₹ 1,496
₹ 77
₹ 924
₹ 9,054

₹ 13,876

₹ 13
₹ 895
₹ 3,323
₹ 239
₹ 4,470

₹ 4,749
₹ 444
₹ 1,677
₹ 6,870

₹ 2,305
₹ 231
₹ 2,536

₹ 13,876

Dec-18
₹ 509
₹ 7,554
₹ 1,382
₹ 353
₹ 118
Useful life
NA
40
18
18

Dec-18
935.728676
9.791216
25.573317
919.95

Dec-21
255.00 664.00
66 62
egnmental information provided. After evaluating the markets, the following estimates have been made

growth rate
Average of the past
Average of the past
Average of the past
Expected to grow in a linear manner (growth rate)
Expected to grow in a linear manner (growth rate)

Expected to grow in an aggressive manner

sis of average of historical percentage of sales

eneral and administrative expenses will grow at an inflation rate of 3% p.a
, general and administrative expenses will grow on the basis of average of historical percentage of sales
s of average historical percentage of sales
will be the same as historical average of proportion of assets
on the basis of SLM method by assuming mid year deployment of assets
te life, other intangible assets will be ammortised by Rs. 29 p.a
es, DTA & DTL, Notes and loan payable are to be assumed as constant
e repurchase, for convenience it has been assumed that the company will repurchase Rs. 1500 p.a

and the exercise price can be assumed to be equal to historical average

tained can be calculated applying linear forecast
as an average of historical percentage of cash
it facility to be used for fund requirement at an interest rate of 8% p.a

onents for the forecasted period and create a control panel with the same
rofit margin
st service coverage ratio
atio, Net debt to EBITDA

o be created in the control panel are

A owns 80% of company B The other 20% owners -> NCI -> Minority Interest
Company B is a subsidary of A
Income = 100% A income + 100% of B income
Expense = 100% of A income + 100% of B income
Profit = 100% A + 100% B - 20% of B
> Minority Interest
Segment Information Dec-16 Dec-17
Oral, Personal and Home Care
North America ₹ 2,878.00 ₹ 2,971.00
₹ 0.03

Latin America ₹ 4,895.00 ₹ 5,032.00

₹ 0.03

Europe/South Pacific ₹ 3,508.00 ₹ 3,417.00

-₹ 0.03

Asia ₹ 2,074.00 ₹ 2,264.00

₹ 0.09

Africa/Eurasia ₹ 1,207.00 ₹ 1,241.00

₹ 0.03

Total Oral, Personal and Home Care ₹ 14,562.00 ₹ 14,925.13

Pet Nutrition ₹ 2,172.00 ₹ 2,160.00

-₹ 0.01

Total Sales ₹ 16,734.00 ₹ 17,085.13

Cost of sales
% of sales 0.4017569021 0.39379572725

Notes to Account: Selling, General & Admin Exp Dec-16 Dec-17

Employee Costs ₹ 2,159 ₹ 2,233
Advertising and Sales Promotion ₹ 1,440 ₹ 1,483
Rent, Rates & Taxes ₹ 1,152 ₹ 1,186
Insurance ₹ 288 ₹ 297
Repairs & Maintenance ₹ 173 ₹ 178
Auditor's Remuneration ₹ 546 ₹ 553
Selling, General & Admn. Expenses ₹ 5,758.00 ₹ 5,930.00

Inflation 3%

VC as a % of sales 0.0860523485 0.08680128768

Interest income 0.0102505695 0.01131221719

% of cash

Interest expense

Int on LTD 90 81

Int on STD 8%

Income tax 0.3259435207 0.32085699535

% of pre tax income

NCI share of profit 0.0481597494 0.06043329532

% of profit including NCI

WC forecast Dec-16 Dec-17

Cash and cash equivalents ₹ 878 ₹ 884

Accounts Receivable 0.1000956137 0.09762949956

% of sales

Inventories 0.1973821211 0.20288347206

% of COS

Other Current Assets 0.0311939763 0.03740122915

% of Sales

Acc payable 0.4378997471 0.47235434007

% of COS

Other Current liab 0.0583073033 0.03775267539

% of COS

PPE

1) Forecast the CAPEX

2) Breakup of forecasted CAPEX
3) Gross block for forecasted years
4) Depreciation for each year
Dec-16 Dec-17
Capex 0.032090355 0.0330699444
% of sales
Dec-19 Dec-20
Capex 560.1274962 572.497860935

Notes to Accounts - PPE (GROSS) Dec-17 Dec-18

Land ₹ 251 ₹ 254
Building ₹ 1,439 ₹ 1,625
Plant & machinery ₹ 4,987 ₹ 5,220
Other Equipment ₹ 1,144 ₹ 1,231
Total ₹ 7,821 ₹ 8,330

OP Gross block
Notes to Accounts - PPE (GROSS) Useful life Dec-18
Land NA ₹ 254
Building 40 ₹ 1,625
Plant & machinery 18 ₹ 5,220
Other Equipment 18 ₹ 1,231
Total

Net block Dec-19 Dec-20

Opening 4083.00 4230.66
(+) Capex 560.13 572.50
(-) Depreciation -412.46 -439.66
Closing 4230.66 4363.50

Intangible assets Dec-19 Dec-20

Opening 1496 1467
(+) Additions
(-) Ammortization -29 -29
Closing 1467 1438

Debt schedule
Notes to Accounts - Debt schedule Dec-19 Dec-20
Principal debt repayment 895.00 491.00
Interest due 90 81

Equity forecast

Notes to Accounts - Equity (No of shares) Dec-16 Dec-17

Opening 989.70 960.04
Shares issued for stock options 12.98 14.42
Share repurchase 42.64 38.73
Closing 960.04 935.73

No of stock options exercised 12.40 > Historical avg

Exercise price 26.122963796 33.1412159692
Amt on exercise of share options 393.88579046 (Hist avg no of options * Historical avg exerc

EPS ( closing no of shares)

PE
MPS
Amt of buy back
No of shares

Dec-16 Dec-17
Dividend 0.4948580831 0.51658576052
% of NI

Dec-19 Dec-20
Forecasted dividend 1342.610466 1356.96971177
 Dec-18 Dec-19 Dec-20 Dec-21

₹ 3,072.00 3173.85123041381 3279.0793076 3387.79618975

₹ 0.03 ₹ 0.03 ₹ 0.03 ₹ 0.03

₹ 5,012.00 5072.17702856976 ₹ 5,133.08 5194.70732343

₹ 0.00 ₹ 0.01 ₹ 0.01 ₹ 0.01

₹ 3,396.00 3341.51720987924 3287.9084994 3235.15984547

-₹ 0.01 -₹ 0.02 -₹ 0.02 -₹ 0.02

₹ 2,472.00 ₹ 2,699.76 ₹ 2,949.21 ₹ 3,222.49

₹ 0.09 0.092135168381203 0.0923982641 0.09266064095

₹ 1,257.00 ₹ 1,254.00 ₹ 1,231.81 ₹ 1,191.18

₹ 0.01 -0.002383357356062 -0.017701396 -0.0329775814

₹ 15,209.12 ₹ 15,541.31 ₹ 15,881.08 ₹ 16,231.33

₹ 2,211.00 2263.20416666667 2316.6409317 2371.33939816

₹ 0.02 ₹ 0.02 ₹ 0.02 ₹ 0.02

₹ 17,420.12 ₹ 17,804.51 ₹ 18,197.72 ₹ 18,602.67

0.3892078071183 0.394920145493277

Dec-18 Dec-19 Dec-20 Dec-21

₹ 2,357 ₹ 2,427.71 ₹ 2,500.54 ₹ 2,575.56 Fixed
₹ 1,556 ₹ 1,555.97 ₹ 1,590.34 ₹ 1,625.73 Variable
₹ 1,245 ₹ 1,282.35 ₹ 1,320.82 ₹ 1,360.45 Fixed
₹ 312 ₹ 321.36 ₹ 331.00 ₹ 340.93 Fixed
₹ 187 ₹ 192.61 ₹ 198.39 ₹ 204.34 Fixed
₹ 566 ₹ 582.98 ₹ 600.47 ₹ 618.48 Fixed
₹ 6,223.00 ₹ 6,362.98 ₹ 6,541.56 ₹ 6,725.48

0.0893226176808 0.08739208462403

0.0098752598753 0.010479348848637
 66

0.3239831697055 0.323594561925659

0.0701244813278 0.059572508688486

Dec-18 Dec-19 Dec-20 Dec-21

₹ 962 992 1034.1150685 1076.11506849

0.0939150401837 0.097213384488428

0.2101769911504 0.203480861428139

0.0458668197474 0.038154008410466

0.4901179941003 0.466790693769444

0.0352507374631 0.043770238712265

Dec-18
0.0292192881745 0.03145986251204

Dec-21 Step 1) Forecast CAPEX

585.23757102083

% for year 2017 % of year 2018 % Average

3.21% 3.05% 3.13%
18.40% 19.51% 18.95%
63.76% 62.67% 63.21%
14.63% 14.78% 14.70%
Total

CAPEX per annum

Dec-19 Dec-20 Dec-21
17.53 17.91 18.31
106.16 108.51 110.92
354.08 361.90 369.96
82.35 84.17 86.05
Other method
Building
P&M
Other Equipment
Total Dep
Dec-21
4363.50
585.24
-467.46
4481.27

Dec-21
1438

-29
1409

Dec-21
255.00 664.00
66 62

Dec-18 Dec-19 Dec-20 Dec-21

 935.728676 919.95 903.02 886.65
9.791216 12.40 12.40 12.40
25.573317 29.32 28.77 28.03
919.95 903.02 886.65 871.02

36.052723175548 31.77230
avg no of options * Historical avg exercise price)

2.69 2.74 2.82

19.00 19.00 19.00
51.16 52.14 53.51 (PE * EPS)
1500.00 1500.00 1500.00
29.32 28.77 28.03 (Amt of buyback/MPS)

Dec-18
0.6166889781348 0.5427109406

Dec-21
1373.7963711516
Average of the past

Average of the past

Average of the past

Expected to grow in a linear manner (growth rate)

Expected to grow in a linear manner (growth rate)

Expected to grow in an aggressive manner

For project,look at the CAPEX breakup in notes
CAPEX BREAKUP
Dec-19 Dec-20 Dec-21
17.53 17.91 18.31
106.16 108.51 110.92
354.08 361.90 369.96
82.35 84.17 86.05
560.13 572.50 585.24

Dep per annum on each category

Opening Capex -19 Capex 20 Capex 2021
0 0 0 0 Land
₹ 40.63 ₹ 2.65 ₹ 2.71 ₹ 2.77 Building
₹ 290.00 ₹ 19.67 ₹ 20.11 ₹ 20.55 Plant & machinery
₹ 68.39 ₹ 4.58 ₹ 4.68 ₹ 4.78 Other Equipment
Total
₹ 41.95 ₹ 44.64 ₹ 47.38
₹ 299.84 ₹ 319.72 ₹ 340.05
₹ 70.68 ₹ 75.30 ₹ 80.03
₹ 412.46 ₹ 439.66 ₹ 467.46
Closing no of shares -> EPS based on closing -> P/E -> MPS -> No of shares repurchase
Depreciation PA
Dec-19 Dec-20 Dec-21
0 0 0
₹ 41.95 ₹ 44.64 ₹ 47.38
₹ 299.84 ₹ 319.72 ₹ 340.05
₹ 70.68 ₹ 75.30 ₹ 80.03
₹ 412.46 ₹ 439.66 ₹ 467.46
Income Statement Dec-16 Dec-17 Dec-18
Sales ₹ 16,734.00 ₹ 17,085.00 ₹ 17,420.00
Cost of Sales ₹ 6,723.00 ₹ 6,728.00 ₹ 6,780.00
Gross profit ₹ 10,011.00 ₹ 10,357.00 ₹ 10,640.00

Depreciation ₹ 421.00 ₹ 425.00 ₹ 439.00

Selling, General & Admn. Expenses ₹ 5,758.00 ₹ 5,930.00 ₹ 6,223.00

EBIT ₹ 3,832.00 ₹ 4,002.00 ₹ 3,978.00

Interest Income ₹ 9.00 ₹ 10.00 ₹ 9.50
Interest Expense 58 77 118
Income after interest before extra ordinary items ₹ 3,783.00 ₹ 3,935.00 ₹ 3,869.50
Extra ordinary items ₹ 6.00 -₹ 61.00 -₹ 304.50

Pre-Tax Income ₹ 3,789.00 ₹ 3,874.00 ₹ 3,565.00

Income Taxes ₹ 1,235.00 ₹ 1,243.00 ₹ 1,155.00
Net income including noncontrolling interests ₹ 2,554.00 ₹ 2,631.00 ₹ 2,410.00
Less: Net income attributable to noncontrolling interests ₹ 123.00 ₹ 159.00 ₹ 169.00
Net income attributable to HUL ₹ 2,431.00 ₹ 2,472.00 ₹ 2,241.00
Earnings per common share, basic ₹ 2.49 ₹ 2.60 ₹ 2.41

Basic Weighted Average Shares ₹ 976.70 ₹ 952.10 ₹ 930.80

Balance Sheet Dec-16 Dec-17 Dec-18

Assets
Cash and cash equivalents ₹ 878 ₹ 884 ₹ 962
Accounts Receivable ₹ 1,675 ₹ 1,668 ₹ 1,636
Inventories ₹ 1,327 ₹ 1,365 ₹ 1,425
Other Current Assets ₹ 522 ₹ 639 ₹ 799
Total Current Assets ₹ 4,402 ₹ 4,556 ₹ 4,822

Property, Plant and Equipment, Net ₹ 3,668 ₹ 3,842 ₹ 4,083

Goodwill, net ₹ 2,494 ₹ 2,500 ₹ 2,474
Other intangible assets, net ₹ 1,504 ₹ 1,499 ₹ 1,496
Deferred income taxes ₹ 115 ₹ 92 ₹ 77
Other Non-Current Assets ₹ 541 ₹ 905 ₹ 924
Total Non-Current Assets ₹ 8,322 ₹ 8,838 ₹ 9,054

Total Assets ₹ 12,724 ₹ 13,394 ₹ 13,876

Liabilities and Shareholders' Equity

Notes and loans payable ₹ 34 ₹ 54 ₹ 13
Current portion of long-term debt ₹ 346 ₹ 250 ₹ 895
Accounts payable ₹ 2,944 ₹ 3,178 ₹ 3,323
Other Current liabilities ₹ 392 ₹ 254 ₹ 239
Revolving credit facility
Total Current Liabilities ₹ 3,716 ₹ 3,736 ₹ 4,470

Long-term debt ₹ 4,430 ₹ 4,926 ₹ 4,749

Deferred income taxes ₹ 252 ₹ 293 ₹ 444
Other liabilities ₹ 1,785 ₹ 2,049 ₹ 1,677
Total Non Current Liabilities ₹ 6,467 ₹ 7,268 ₹ 6,870

Total HUL' equity ₹ 2,375 ₹ 2,189 ₹ 2,305

Noncontrolling interests ₹ 166 ₹ 201 ₹ 231
Total Shareholders' Equity ₹ 2,541 ₹ 2,390 ₹ 2,536

Total Liabilities and Shareholders' Equity ₹ 12,724 ₹ 13,394 ₹ 13,876

Cash Flow Statement Dec-16 Dec-17 Dec-18

PBT

Adjustements
Dep
Interest exp
Interest income

Changes in WC

Income taxes

Cash generated from operating activities

Investing activities
Purchase of PPE-> CAPEX
Interest income

Cash generated from investing activities

Financing activites
share repurchase
exercise
 Dec-19 Dec-20 Dec-21
17804.51 18197.72 18602.67
7031.36 7186.65 7346.57
₹ 10,773.15 ₹ 11,011.08 ₹ 11,256.10

441.46 468.66 496.46

6362.98 6541.56 6725.48

₹ 3,968.70 ₹ 4,000.86 ₹ 4,034.16

10.39551406 10.83685255 11.2769852
90 81 66
₹ 3,889.10 ₹ 3,930.69 ₹ 3,979.43
₹ 0.00 ₹ 0.00 ₹ 0.00

₹ 3,889.10 ₹ 3,930.69 ₹ 3,979.43

₹ 1,258.49 ₹ 1,271.95 ₹ 1,287.72
₹ 2,630.61 ₹ 2,658.74 ₹ 2,691.71
₹ 156.71 ₹ 158.39 ₹ 160.35
₹ 2,473.90 ₹ 2,500.35 ₹ 2,531.36
2.667415305 2.794203108 2.880362862

911.48 894.84 878.83

Dec-19 Dec-20 Dec-21

992.00 1034.12 1076.12

1730.84 1769.06 1808.43
1430.75 1462.35 1494.89
679.31 694.32 709.77
4832.90 4959.84 5089.20

4230.66 4363.50 4481.27

₹ 2,474 ₹ 2,474 ₹ 2,474
1467 1438 1409
₹ 77 ₹ 77 ₹ 77
₹ 924 ₹ 924 ₹ 924
₹ 9,173 ₹ 9,276 ₹ 9,365

₹ 14,006 ₹ 14,236 ₹ 14,454

₹ 13 ₹ 13 ₹ 13
 491.00 255.00 664.00
3282.17 3354.66 3429.31
307.76 314.56 321.56

₹ 4,094 ₹ 3,937 ₹ 4,428

₹ 4,258 ₹ 4,003 ₹ 3,339

₹ 444 ₹ 444 ₹ 444
₹ 1,677 ₹ 1,677 ₹ 1,677
₹ 6,379 ₹ 6,124 ₹ 5,460

₹ 2,330.17 ₹ 2,367.44 ₹ 2,418.89 (Opening Eq + (Net income - Div)- Amt paid on buyback+ amt recd on s
₹ 387.71 ₹ 546.10 ₹ 706.45
₹ 2,718 ₹ 2,914 ₹ 3,125

₹ 13,191 ₹ 12,975 ₹ 13,013

Dec-19 Dec-20 Dec-21

₹ 3,889.10 ₹ 3,930.69 ₹ 3,979.43

441.46 468.66 496.46

90 81 66
-10.39551406 -10.83685255 -11.2769852

-47.04 5.54 5.71 -(CY WC - PY WC)

-₹ 1,258.49 -₹ 1,271.95 -₹ 1,287.72

₹ 3,104.64 ₹ 3,203.11 ₹ 3,248.60

-560.1274962 -572.4978609 -585.237571

10.39551406 10.83685255 11.2769852

-549.7319821 -561.6610084 -573.9605858

-1500.00
d on buyback+ amt recd on stock options