In ₹Crores FY 2018 FY 2019 FY 2020

Operating Revenues 61,941 73,107 79,047

Other Income 4,019 2,852 2,700
Total Revenue 65,960 75,959 81,747
COGS 6,764 12,633 10,000
Employee Benefit Expenses 32,472 38,296 42,434
Finance cost 0 0 0
Depreciation And Amortisation Expenses 1,408 1,599 2,144
Other Expenses 5,408 3,504 5,000
Total Expenses 46,052 56,032 59,578
EBIT 19,908 19,927 22,169

Tax 3,753 5,225 4,934

PAT 16,155 14,702 17,235
Profit/Loss For The Period 16,155 14,702 17,235
In ₹Crores FY 2018 FY 2019 FY 2020
Total Shareholders Funds 63,502 62,711 62,234
Total Non-Current Liabilities 713 789 3,587
Trade Payables 738 1,604 1,529
Other Current Liabilities 10,924 13,826 13,691
Total Current Liabilities 11,662 15,430 15,220
Total Liabilities 75,877 78,930 81,041
ASSETS
PP&E 31,787 32,707 37,221
Trade Receivables 12,151 13,370 15,459
Cash And Cash Equivalents 16,770 15,551 13,562
Other Current Assets 15,169 17,302 14,799
Total Current Assets 31,939 32,853 28,361
Total Assets 75,877 78,930 81,041
P&L Assumptions: FY 2018 FY 2019 FY 2020 FY 2022 FY 2023 FY 2024
Operating Revenue 61,941 73,107 79,047 87742 97394 108107
y-o-y growth% 18% 8%
% Operating Revenue Growth
Selected Scenario 11% 11% 11%
Best Case 15% 15% 15%
Base Case 13% 13% 13%
Worst Case 11% 11% 11%
Other Income 4,019 2,852 2,700 2160 1728 1382
y-o-y growth% -29% -5%
% Other Income Growth
Selected Scenario -20% -20% -20%
Best Case -15% -15% -15%
Base Case -18% -18% -18%
Worst Case -20% -20% -20%
COGS (6,764) (12,633) (10,000) (14,916) (16,557) (18,378)
% revenues -11% -17% -13%
% COGS
Selected Scenario -17% -17% -17%
Best Case -11% -11% -11%
Base Case -13% -13% -13%
Worst Case -17% -17% -17%
Employee Benefit Growth (32,472) (38,296) (42,434) (47,381) (52,593) (58,378)
% revenues -52% -52% -54%
% Employee Benefit Growth
Selected Scenario -54% -54% -54%
Best Case -52% -52% -52%
Base Case -53% -53% -53%
Worst Case -54% -54% -54%
Other expense Growth (5,408) (3,504) (5,000) (7,897) (8,765) (9,730)
% revenues -9% -5% -6%
% Other expense Growth
Selected Scenario -9% -9% -9%
Best Case -5% -5% -5%
Base Case -6% -6% -6%
Worst Case -9% -9% -9%
DA (1,408) (1,599) (2,144) (1,755) (1,948) (2,162)
% revenues -2% -2% -3%
Selected Scenario -3% -3% -3%
Best Case -2% -2% -2%
Base Case -2% -2% -2%
Worst Case -3% -3% -3%
Taxes (3,753) (5,225) (4,934)
%EBT -19% -26% -22%
Selected Scenario -26% -26% -26%
Best Case -19% -19% -19%
Base Case -22% -22% -22%
Worst Case -26% -26% -26%
FY 2025 FY 2026
119999 133199

11% 11%
15% 15%
13% 13%
11% 11%
1106 885

-20% -20%
-15% -15%
-18% -18%
-20% -20%
(20,400) (22,644)

-17% -17%
-11% -11%
-13% -13%
-17% -17%
(64,799) (71,927)

-54% -54%
-52% -52%
-53% -53%
-54% -54%
(10,800) (11,988)

-9% -9%
-5% -5%
-6% -6%
-9% -9%
(2,400) (2,664)

-3% -3%
-2% -2%
-2% -2%
-3% -3%

-26% -26%
-19% -19%
-22% -22%
-26% -26%
 Historical Period Forecast Period
BS Assumption FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
Trade Receivables 12151 13370 15459 16593 18418 20444
Days Sales Outstanding 67.2 64.2 69.0 69.0 69.0 69.0
Trade Payables 738 1604 1529 2281 2532 2810
Days Payables Outstanding 39.8 46.3 55.8 55.8 55.8 55.8
Other assets 15169 17302 14799 19560 21712 24100
Other assets as % of Revenue 24.5% 23.7% 18.7% 22% 22% 22%
PPE 31787 32707 37221 41866 46471 51583
PPE as % of Revenue 51.3% 44.7% 47.1% 48% 48% 48%
Other Current LIabilities 10924 13826 13691 15755 17488 19412
Other Current Liabilities as % of Revenue 17.6% 18.9% 17.3% 18% 18% 18%
orecast Period
FY 2024 FY 2025
22693 25189
69.0 69.0
3119 3462
55.8 55.8
26751 29694
22% 22%
57257 63555
48% 48%
21547 23917
18% 18%
Scenarios : Worst Case

Historical Period Forecast Period

In ₹Crores FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Operating Revenues 61,941 73,107 79,047 87,742 97,394 108,107 119,999
Other Income 4,019 2,852 2,700 2,160 1,728 1,382 1,106
Total Revenue 65,960 75,959 81,747 89,902 99,122 109,490 121,105
COGS (6,764) (12,633) (10,000) (14,916) (16,557) (18,378) (20,400)
Gross Margin 59,196 63,326 71,747 74,986 82,565 91,111 100,705
Employee Benefit
(32,472) (38,296) (42,434) (47,381) (52,593) (58,378) (64,799)
Expenses
Other Expenses (5,408) (3,504) (5,000) (7,897) (8,765) (9,730) (10,800)
EBITDA 21,316 21,526 24,313 19,708 21,207 23,004 25,106
D&A (1,408) (1,599) (2,144) (1,755) (1,948) (2,162) (2,400)
EBIT (EBT) 19,908 19,927 22,169 17,954 19,259 20,842 22,706
Tax (3,753) (5,225) (4,934) (4,668) (5,007) (5,419) (5,903)
Tax Rate -19% -26% -22% -26% -26% -26% -26%
Net Income 16,155 14,702 17,235 13,286 14,252 15,423 16,802
iod
FY 2025
133,199
885
134,084
(22,644)
111,440

(71,927)

(11,988)
27,524
(2,664)
24,861
(6,464)
-26%
18,397
 Historical Period Forecast Period
In ₹Crores FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
LIABILITIES
Total Shareholders Funds 63,502 62,711 62,234 75,520 88,805 103,057
Total Non-Current Liabilities 713 789 3,587 3,587 3,587 3,587
Trade Payables 738 1,604 1,529 2,281 2,532 2,810
Other Current Liabilities 10,924 13,826 13,691 15,755 17,488 19,412
Total Liabilities 75,877 78,930 81,041 97,142 112,412 128,866
ASSETS
PP&E 31,787 32,707 37,221 41,866 46,471 51,583
Trade Receivables 12,151 13,370 15,459 16,593 18,418 20,444
Cash And Cash Equivalents 16,770 15,551 13,562 19,124 25,811 32,739
Other Current Assets 15,169 17,302 14,799 19,560 21,712 24,100
Total Assets 75,877 78,930 81,041 97,142 112,412 128,866

Check - - - - - -
recast Period
FY 2024 FY 2025 NOTE

118,480 135,282
3,587 3,587 flat
3,119 3,462
21,547 23,917
146,733 166,248

57,257 63,555
22,693 25,189
40,032 47,811
26,751 29,694
146,733 166,248

- -
 Historical Data Forecast Period
In ₹Crores FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
EBIT 19,927 22,169 17,954 19,259 20,842 22,706
Tax Rate -26% -22% -26% -26% -26% -26%
Taxes (5,225.0) (4,934.0) (4,668) (5,007) (5,419) (5,903)
NOPAT 14,702 17,235 13,286 14,252 15,423 16,802
add back DA 1,599 2,144 1,755 1,948 2,162 2,400
GROSS CASHFLOW 16,301 19,379 15,041 16,199 17,585 19,202
Change in Trade Receivable (1,219) (2,089) (1,134) (1,825) (2,026) (2,249)
Change in Trade Payable 866 (75) 752 251 278 309
Change in other Assets (2,133) 2,503 (4,761) (2,152) (2,388) (2,651)
Change in other Liabilities 2,902 (135) 2,064 1,733 1,924 2,135
Capex (2,519) (6,658) (6,400) (6,553) (7,274) (8,074)
UFCF 14,198 12,925 5,562 7,653 8,099 8,673
Dividends (15,493) (17,712) 0 (966) (1,171) (1,379)
Difference between non current liabilities 76 2,798 0 0 0 0
Net Cashflow (1,219) (1,989) 5,562 6,688 6,928 7,293

Opening Cash 16,770 15,551

Closing Cash 15,551 13,562

Check 15,551 13,562

iod
FY 2025
24,861
-26%
(6,464)
18,397
2,664
21,061
(2,496)
343
(2,943)
2,370
(8,962)
9,373
(1,595)
0
7,778
Equity Schedule
Historical Period Forecast Period
In ₹Crores FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Beginning Equity 62,234 69,541 77,379 85,862
Increase of Capital 0 0 0 0
Net Income/Loss 13,286 14,252 15,423 16,802
Dividends (5,979) (6,413) (6,940) (7,561)
Ending Equity 62,234.0 69,541 77,379 85,862 95,103

Dividend as a % of Net Income 45.0% 45.0% 45.0% 45.0%

iod
FY 2025
95,103
0
18,397
(8,279)
105,222

45.0%
 FARF - Fixed Assets Roll Forward

Historical Period Forecast Period

In ₹Crores FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Beginning PP&E 31,787 32,707 37,221 36,016
D&A (1,599) (2,144) (2,156) (2,086)
Capex -679 2,370 951 920
Ending PP&E 32,707 37,221 36,016 34,850

D&A as a beginning % of PP&E -5.0% -6.6% -5.8% -5.8%

Capex as a beginning % of PP&E -2.1% 7.2% 2.6% 2.6%
Forecast Period
FY 2023 FY 2024 FY 2025
34,850 33,721 32,630
(2,019) (1,953) (1,890)
890 862 834
33,721 32,630 31,573

-5.8% -5.8% -5.8%

2.6% 2.6% 2.6%