STATEMENT OF PROFIT AND LOSS OF

EMAMI LTD
Particulars 2016 2017 2018
Income
Revenue from Operations 161,399 185,805 230,209
Other Income 4,614 7,891 9,469
Total Revenue 166,013 193,696 239,677
Expenses
Costs of Material Consumed 47,793 63,415 77,601
Aircraft and engine rentals 26,122 31,253 36,102
Purchase of Finished Goods 1,148 1,238 1,239
Changes in Inventories (11) (3) 13
Employee Benefits 17,899 20,482 24,550
Transfer From General Reserve - - -
Foreign Exchange Losss/(Gain) - - -
Other Expenses 38,394 47,986 61,139
Total Expenses 131,344 164,371 200,644
EBIDTA 34,669 29,325 39,034
Depreciation and Amortization 4,914 4,398 4,082
EBIT 29,755 24,927 34,952
Interest 1,349 3,308 3,398
Profit Before Tax 28,407 21,619 31,554
Tax Expense
Current Tax (7,304) 4,912 6,690
Deferred Tax (1,088) (60) 2,153
(Excess)/Short Provision of Earlier Years - - -
Dividend 13,271 6,526 14,801
Profit for the Period 23,528 10,241 7,910
Earnings Per Equity Share
(1) Basic 58 46 60
(2) Diluted 56 46 60
(3) Cash - - -
No of Outstanding Shares 3,604 3,615 3,844

BALANCE SHEET OF EMAMI LTD

Particulars 2012 2013 2014
EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 3,604 3,615 3,844
Reserves and Surplus 14,739 34,177 66,930
18,343 37,792 70,774
Minority Interest - - -
Non-Current Liabilities
Long-Term Borrowings 29,499 23,957 22,414
Deferred Tax Liabilities (Net) 5,180 1,618 3,695
Other Long Term Liabilities 24,722 75 674
Long-Term Provisions 811 1,224 1,969
Other Financial Liabilities - 22,685 29,959
Deferred Incentives 11,778 16,900 20,579
71,990 66,459 79,290
Current Liabilities
Short-Term Borrowings - - -
Trade Payables 7,412 7,746 10,002
Other Current Liabilities 21,509 34,049 44,630
Short-Term Provisions 6,883 667 1,032
Current Tax Liabilities - 447 128
Deferred Incentives 4,054 4,938 5,439
39,859 47,846 61,230
TOTAL 130,191 152,098 211,294
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 46,755 37,475 45,348
Intangible Assets 200 464 441
Capital Work-in-Progess 237 233 294
Intangible Assets under Development 82 19 31
Deferred Tax Assets and Income Tax Assets (Net) - 98 386
Non-Current Investments 0 0 1
Long-Term Loans and Advances 11,931 5,440 6,831
Other Non-Current Assets 14,978 3,549 3,451
Other Financial Assets - 10,356 8,195
74,183 57,634 64,979
Current Assets
Current Investments 9,741 37,134 63,439
Inventories 1,267 1,632 1,832
Trade Receivables 1,571 1,587 2,263
Cash and Bank Balances 37,187 46,325 65,806
Short-Term Loans and Advances 2,249 40 1,915
Other Current Assets 3,993 7,746 11,059
56,008 94,464 146,315
TOTAL 130,191 152,098 211,294
 (Rs. IN
LACS)
2019 2020 2021 E 2022 E 2023 E 2024 E 2025 E

284,967 357,560 437,742 535,904 656,079 803,202 983,317

13,249 15,362 20,751 28,031 37,864 51,148 69,091
298,216 372,922 458,493 563,935 693,943 854,350 1,052,408

119,428 124,537 153,456 188,747 232,260 285,948 352,237

49,994 63,639 74,058 91,089 112,088 137,998 169,989
1,398 1,809 2,569 3,160 3,888 4,787 5,896
(7) (31) (12) (15) (19) (23) (29)
31,378 43,954 55,182 69,278 86,975 109,193 137,087
- - - - - - -
4,675 15,462 - - - - -
80,156 67,808 108,636 133,619 164,424 202,431 249,359
287,022 317,177 393,887 485,877 599,617 740,333 914,540
11,194 55,745 64,606 78,057 94,326 114,017 137,868
7,322 39,456 5,972 6,776 7,581 8,385 9,189
3,873 16,289 58,633 71,281 86,746 105,632 128,679
5,090 18,759 - - - - -
(1,217) (2,470) 58,633 71,281 86,746 105,632 128,679

- 8 5 6 8 9 11
(3,052) (278) - - - - -
- - - - - - -
2,780 2,318 4,392 5,339 6,497 7,912 9,638
(946) (4,518) 54,237 65,936 80,241 97,711 119,030

4 (6) - - - - -
4 (6) - - - - -
- - - - - - -
3,844 3,844 3,844 3,844 3,844 3,844 3,844

(RS. IN LACS)
2015 2016 2017 E 2018 E 2019 E 2020 E

3,844 3,848 3,848 3,848 3,848 3,848 3,848

65,604 54,776 109,013 174,949 255,190 352,901 471,932
69,448 58,624 112,861 178,797 259,038 356,749 475,780
- - - - - - -
 21,937 3,466 - - - - -
644 - - - - - -
345 156,161 157,945 159,750 161,575 163,421 165,289
2,736 5,533 5,581 5,630 5,679 5,728 5,778
33,879 30,389 - - - - -
41,144 2,206 - - - - -
100,685 197,755 163,526 165,380 167,254 169,149 171,067

- - - - - - -
14,552 15,655 17,014 18,491 20,097 21,842 23,738
53,024 133,993 188,814 266,064 374,920 528,313 744,464
1,635 13,951 13,951 13,951 13,951 13,951 13,951
34 31 - - - - -
10,739 476 - - - - -
79,984 164,105 219,779 298,506 408,968 564,105 782,153
250,117 420,484 496,166 642,683 835,260 1,090,004 1,428,999

56,316 167,446 25,012 24,236 22,655 20,271 17,082

305 336 57 57 57 57 57
220 1,293 1,293 1,293 1,293 1,293 1,293
16 110 110 110 110 110 110
1,240 7,241 - - - - -
1 2 2 2 2 2 2
5,839 12,742 12,742 12,742 12,742 12,742 12,742
3,158 7,143 7,143 7,143 7,143 7,143 7,143
1,988 58 - - - - -
69,084 196,370 46,358 45,582 44,001 41,617 38,428

65,166 94,992 94,992 94,992 94,992 94,992 94,992

2,114 2,861 2,906 2,906 2,906 2,906 2,906
3,625 2,596 2,620 2,644 2,669 2,693 2,718
86,064 108,294 0 - 0 - -
4,670 4,551 4,596 4,642 4,688 4,735 4,782
19,395 10,820 - - - - -
181,033 224,115 105,114 105,183 105,254 105,325 105,397
250,116 420,485 151,472 150,765 149,255 146,942 143,825
 STATEMENT OF PROFIT AND LOSS OF
INTERGLOBE AVIATION
Particulars 2016
Income
Revenue from Operations 161,399
Other Income 4,614
Total Revenue 166,013
Expenses
Costs of Material Consumed 47,793
% of Sales 29%
Aircraft and engine rentals 26,122
% of Sales 16%
Purchase of Finished Goods 1,148
% of Sales 1%
Changes in Inventories (11)
% of Sales 0%
Employee Benefits 17,899
% Increase
Transfer From General Reserve
Foreign Exchange Loss/(Gain)
% of Sales 0%
Other Expenses 38,394
% of Sales 23%
Total Expenses 131,344
EBIDTA 34,669
Depreciation and Amortization 4,914
EBIT 29,755
Interest 1,349
% of Borrowing 5%
PBT 28,407
Tax Expense
% of Sales -5%
Current Tax (7,304)
Deferred Tax (1,088)
(Excess)/Short Provision of Earlier Years
Dividend 13,271
47%
Profit for the Period (PAT) 23,528
Earnings Per Equity Share
(1) Basic 58
(2) Diluted 56
(3) Cash -

BALANCE SHEET OF EMAMI LTD

Particulars 2016
EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 3604
Reserves and Surplus 14739
18343
Minority Interest
Non-Current Liabilities
Long-Term Borrowings 29499
Deferred Tax Liabilities (Net) 5180
% Sales/Revenue 3%
Other Long Term Liabilities 24722
% Sales/Revenue 15%
Long-Term Provisions 811
% Sales/Revenue 0%
Other Financial Liabilities
Deferred Incentives 11778
TOTAL NON-CURRENT LIABILITIES 90333

Current Liabilities
Short-Term Borrowings
Trade Payables 7412
% COGS 10%
Other Current Liabilities 21509
% COGS 29%
Short-Term Provisions 6883
Current Tax Liabilities
Deferred Incentives 4054
TOTAL CURRENT LIABILITIES 39859
TOTAL 130191
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 46755
Intangible Assets 200
Capital Work-in-Progess 237
Intangible Assets under Development 82
Deferred Tax Assets and Income Tax Assets (Net)
Non-Current Investments 0
Long-Term Loans and Advances 11931
Other Non-Current Assets 14978
Other Financial Assets
74183
Current Assets
Current Investments 9741
Inventories 1267
% of COGS 2%
Trade Receivables 1571
% of Sales 1%
Cash and Bank Balances 37187
% of Sales 22%
Short-Term Loans and Advances 2249
% of Sales 1%
Other Current Assets 3993
% of Sales 2%
CURRENT ASSETS 56008
TOTAL 130191
Check 0

Particulars 2016
Gross Block 60219.71
Depreciation 4914
% of TANGIABLE, INTANGIBLE AND CWIP 10%

CAPEX 3,782.85
% of capex based on GB

COGS 75051

Dividend 2,016
Dividend paid 11026
Dividend Tax 2,245
Total Dividend payout 13,271
Dividend payout (%) 44%
Dividend tax(%) 20%
DPS 2.9

o/s shares 3847.96

Retention Ratio 0.56

Sustainable Growth 0.234737558

2017 2018 2019 2020 2021 E

185,805 230,209 284,967 357,560 437,742

7,891 9,469 13,249 15,362 20,751
193,696 239,677 298,216 372,922 458,493

63,415 77,601 119,428 124,537 153,456

33% 32% 40% 33%
31,253 36,102 49,994 63,639 74,058
16% 15% 17% 17%
1,238 1,239 1,398 1,809 2,569
1% 1% 0% 0%
(3) 13 (7) (31) (12)
0% 0% 0% 0%
20,482 24,550 31,378 43,954 55,182
14% 20% 28% 40%

4,675 15,462
0% 0% 2% 4%
47,986 61,139 80,156 67,808 108,636
25% 26% 27% 18%
164,371 200,644 287,022 317,177 393,887
29,325 39,034 11,194 55,745 64,606
4,398 4,082 7,322 39,456 5,972
24,927 34,952 3,873 16,289 58,633
3,308 3,398 5,090 18,759 -
14% 15% 0 541%
21,619 31,554 (1,217) (2,470) 58,633

3% 4% -1% 0% 3%
4,912 6,690 - 8 5
(60) 2,153 (3,052) (278)
 6,526 14,801 2,780 2,318 4,392
30% 47% -228% -94%
10,241 7,910 (946) (4,518) 54,237

46 60 4 -6.45
46 60 4 -6.45
- - - -

2017 2018 2019 2020 2021 E

3615 3844 3844 3848 3848

34177 66930 65604 54776 109013
37792 70774 69448 58624 112861

23957 22414 21937 3466 0

1618 3695 644
1% 2% 0% 0%
75 674 345 156161 157945
0% 0% 0% 42%
1224 1969 2736 5533 5581
1% 1% 1% 1%
22685 29959 33879 30389
16900 20579 41144 2206
104252 150064 170133 256380 276387
 7746 10002 14552 15655 17014
8% 9% 9% 8%
34049 44630 53024 133993 188814
36% 39% 31% 71%
667 1032 1635 13951 13951
447 128 34 31
4938 5439 10739 476
47846 61230 79984 164105 219779
152098 211294 250117 420485 496166

37475 45348 56316 167446 25012

464 441 305 336 57
233 294 220 1293 1293
19 31 16 110 110
98 386 1240 7241
0 1 1 2 2
5440 6831 5839 12742 12742
3549 3451 3158 7143 7143
10356 8195 1988 58
57634 64979 69084 196370 46358

37134 63439 65166 94992 94992

1632 1832 2114 2861 2905.50
2% 2% 1% 2%
1587 2263 3625 2596 2620
1% 1% 1% 1%
46325 65806 86064 108294 0
24% 27% 29% 29%
40 1915 4670 4551 4596
0% 1% 2% 1%
7746 11059 19395 10820
4% 5% 7% 3%
 94464 146315 181033 224115 105114
152098 211294 250117 420485 151472
(0) (0) 0 (0) (344,694)

2017 2018 2019 2020 2021 E

46201.24 57759.98 74817.55 38563.56 44,563.56
4398 4082 7322 39456 5972.30
12% 9% 13% 23%

-14,018.47 11,558.74 17,057.57 -36,253.99

-30% 20% 23% -94%

95903 114955 170814 189954

2,017 2,018 2,019 2,020 2021 E

5422 12297 2306 1923 4392
1,104 2,503 474 395
6,526 14,801 2,780 2,318 4,392
23% 47% 6% 6%
20% 20% 21% 21%
1.4 3.2 0.6 0.5

0.77 0.53 0.94 0.94

0.28485205 0.176826104 0.335755683 0.2858455

 (Rs. IN MILLIONS)
2022 E 2023 E 2024 E 2025 E

535,904 656,079 803,202 983,317

28,031 37,864 51,148 69,091
563,935 693,943 854,350 1,052,408

188,747 232,260 285,948 352,237

91,089 112,088 137,998 169,989

3,160 3,888 4,787 5,896

(15) (19) (23) (29)

69,278 86,975 109,193 137,087

133,619 164,424 202,431 249,359

485,877 599,617 740,333 914,540

78,057 94,326 114,017 137,868
6,776 7,581 8,385 9,189
71,281 86,746 105,632 128,679
- Err:523 Err:523 -

71,281 Err:523 Err:523 128,679

3% 3% 3% 3%
6 Err:523 Err:523 11
 5,339 Err:523 Err:523 9,638

65,936 Err:523 Err:523 119,030

(RS. IN LACS)
2022 E 2023 E 2024 E 2025 E

3848 3848 3848 3848

174949 255190 352901 471932
178797 259038 356749 475780

Err:523 Err:523 Err:523 0

159750 161575 163421 165289

5630 5679 5728 5778

Err:523 Err:523 Err:523 646846

 18491 20097 21842 23738

266064 374920 528313 744464

13951 13951 13951 13951

298506 408968 564105 782153

642683 835260 1090004 1428999

24236 22655 20271 17082

57 57 57 57
1293 1293 1293 1293
110 110 110 110

2 2 2 2
12742 12742 12742 12742
7143 7143 7143 7143

45582 44001 41617 38428

94992 94992 94992 94992

2905.50 2905.50 2905.50 2905.50

2644 2669 2693 2718

Err:523 Err:523 Err:523 1285174

4642 4688 4735 4782

 Err:523 Err:523 Err:523 105397
Err:523 Err:523 Err:523 1428999
Err:523 Err:523 Err:523 -

2022 E 2023 E 2024 E 2025 E

50,563.56 56,563.56 62,563.56 68,563.56
6776.41 7580.52 8384.62 9188.73

2022 E 2023 E 2024 E 2025 E

5339 6497 7912 9638

5,339 6,497 7,912 9,638

CAGR
0.224

expense based on net sales except dep, finance cost

0.335 Average COST OF MATERIAL

0.162 Average aircraft and engine rentals

0.006 average of purchase of finished goods

0.000 average of change in inventories

0.351 CAGR OTHER INCOME
0.255 average of employee benefits
0.000

0.011 average of foreign exchange loss

0.237 average of othe expenses

average
120%

average Tax
0%
 7%

CONSTANT
PAT

average
average
0.01
average % of sales
0.11
average
0.01

average
average % COGS
 0.087
average
0.409

capex
52

constant

Avg first cash then debt for if statement

0.02

0.01

0.26

0.01
 -0.105
average
0.134

average
-0.204

average
25%
20%
23%

0.2636033788
IF Statement:
Plug in:
Cash & Mktg Sec:

If(Debt>0,0,Max(0,TL-CA-NFA))

Plug in:

Debt

IF(TA>CL+Equity,TA-CL-Equity,0)
DEPRECIATION SCHEDULE (Rs. In Millions)
Particulars 2015 2016 2017
Tangible Assets 56340 59,982 45,968
Captial work-in-Progess 96.37 237 233
Gross Block 56437 60220 46201
Capex 3,783 -14,018
Current year Depreciation 4,914 4,398
less: Acc Dep 7676 13,227 8,493

Net Block 48664 46,755 37,475

Intangible Assets
Gross Assets 375 570 755
Change 195 185
Acc. Amortization 81 370 291
Change 290 -79
Net Assets 294 200 464
2018 2019 2020 2021 E 2022 E 2023 E
57,466 74,598 37,271 43,271 49,271 55,271
294 220 1,293 1,293 1,293 1,293
57760 74818 38564 44564 50564 56564
11,559 17,058 -36,254 6,000 6,000 6,000
4,082 7,322 39,456 5,972 6,776 7,581
12,118 18,282 12,286 18,258 25,035 32,615

45,348 56,316 24,985 25,012 24,236 22,655

1,019 1,157 1,467 1,467 1,467 1,467

264 139 310 0 0 0
578 853 1,132 1,411 1,410 1,410
287 274 279 279 279 279
441 305 336 57 57 57
2024 E 2025 E
61,271 67,271
1,293 1,293
62564 68564
6,000 6,000
8,385 9,189
41,000 50,189

20,271 17,082

1,467 1,467
0 0
1,410 1,410
279 279
57 57
DCF APPROACH
Particulars 2013 2014 2015 2016
EBITDA #REF! #REF! #REF!
less: Tax 0 #REF! #REF! #REF!
Add: depn*Tax #REF! #REF! #REF! #REF!
Less: Capex #REF! #REF! #REF! #REF!
Less: Changes in Working Capital #REF! #REF! #REF! #REF!
Free Cash Flow #REF! #REF! #REF! #REF!
PV of FCFF (Explicit Period) #REF! #REF! #REF! #REF!

Total PV of FCF (Explicit Period)

Total of FCF (TERMINAL Period)

discounted FCF ( TERMINAL Period)
Total Value

Target Price Per Share

Assumption:
WACC
Ke
Kdt
Rf
Beta
Rm
No of Outstanding Shares (in Lacs)
Growth
Tax Rate
 Rs.in Lacs
2017 E 2018 E 2019 E 2020 E
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!

#REF!

#REF!
#REF!
#REF!

#REF!

9.20% 0.49 Debt

12% 0.51 Equity
6%
7.5%
0.971 1.8
12.5% 9.3
2269.68
5%
30%
 CHANGES IN WORKING CAPITAL SCHEDULE (Rs. In Lacs)
Particulars 2012 2013 2014 2015 2016 2017 E 2018 E

Current Assets #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Current Liabilities #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Net Working Capital #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Changes in Working Capital #REF! #REF! #REF! #REF! #REF! #REF!
n Lacs)
2019 E 2020 E

#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
 Particulars 2012 2013 2014 2015 2016 2017 E
Valuation Ratios
EPS #REF! #REF! #REF! #REF! #REF! #REF!
Book Value #REF! #REF! #REF! #REF! #REF! #REF!
Dividend per share #REF! #REF! #REF! #REF! #REF! #REF!
Dividend Payout #REF! #REF! #REF! #REF! #REF! #REF!
P/E #REF! #REF! #REF! #REF! #REF! #REF!
P/B #REF! #REF! #REF! #REF! #REF! #REF!

Profitability ratios
ROE #REF! #REF! #REF! #REF! #REF! #REF!
ROCE #REF! #REF! #REF! #REF! #REF! #REF!
EBITDA Margin #REF! #REF! #REF! #REF! #REF! #REF!
PAT margin #REF! #REF! #REF! #REF! #REF! #REF!

Leverage ratios
Debt/Equity #REF! #REF! #REF! #REF! #REF! #REF!
Net Debt to equity #REF! #REF! #REF! #REF! #REF! #REF!

Growth ratios
Sales growth #REF! #REF! #REF! #REF! #REF! #REF!
EPS growth #REF! #REF! #REF! #REF! #REF! #REF!

Price per share 1036.95 as on 5th March 1036.95

Outstanding Number of 2269.68 2269.68

 2018 E 2019 E 2020 E

#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF!
#REF! #REF!

as on 5th March