Initiating Coverage | 8 September 2014
Sector: Capital Goods
VA Tech Wabag
Treating water globally
Satyam Agarwal
(AgarwalS@MotilalOswal.com); +91 22 3982 5410
Amit Shah
(Amit.Shah@MotilalOswal.com);
Nirav Vasa
(Nirav.Vasa@MotilalOswal.com)

VA Tech Wabag
VA Tech Wabag: Treating water globally
Page No.
Summary
..............................................................................................................
3
Ramp-up of overseas operations to drive overall profitability
..................
4-5
O&M focus, increasing exports from India to drive growth
.......................
6-7
Technology focus + asset light model = high return ratios
.........................
8-9
Initiating coverage with Buy ....................................................................... 10
Investment concerns
........................................................................................
11
Annexure I: India's STPs in dire state
........................................................
13-14
Annexure II: Wabag has a proven track record of execution
........................
15
Financials and valuations
...........................................................................
16-17
Investors are advised to refer through disclosures made at the end of the Research Report.
8 September 2014
2

VA Tech Wabag
Initiating Coverage | Sector: Capital Goods
VA Tech Wabag
BSE Sensex
27,320
S&P CNX
8,174
CMP: INR1,392
TP: INR1,725
Buy
Treating water globally
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
A true Indian MNC; initiating coverage with Buy
VATW IN
26.8
1,550/452
-7/76/148
37.3
0.6
VATW is a true Indian MNC. Its superior technology and robust execution skills
have enabled it to leave a mark globally. It is one of the few companies in the
world to have executed over 100 water-treatment projects over FY00-13.
While we expect increasing profitability of its overseas subsidiaries to drive
consolidated profits, its focused approach towards O&M, higher FOB exports, and
increasing support to global subsidiaries from India would drive growth across
domestic operations.
Financial Snapshot (INR Million)
Y/E Mar
2015E 2016E 2017E
Net Sales
26,156 32,145 36,970
EBITDA
Adj PAT
EPS (INR)
Growth (%)
2,426 3,288 3,878
1,357 1,889 2,286
51.1
71.1
38.0
413
18.5
26.0
19.7
3.4
86.1
21.0
481
19.3
27.1
16.3
2.9
We model revenue CAGR of 19% and PAT CAGR of 28% over FY15-17, resulting in
RoCE of 25% for FY16 and 27% for FY17. We initiate coverage with a Buy rating
and a target price of INR1,725, implying 24% upside.
Ramp-up of overseas operations to drive overall profitability
In FY14, subsidiaries accounted for 49% of consolidated revenues. Their
contribution to consolidated PAT was 18%, up from just 5% in FY13.
Profitability continues to improve, courtesy (a) stabilization of subsidiaries in
Austria, Turkey and the Philippines, (b) incremental order inflows of INR7.02b
from Libya, Turkey, Bulgaria, Romania and Switzerland in 2HFY14, and (c)
increased support from Indian operations for global subsidiaries, resulting in
lower manpower cost vis-à-vis high cost countries like Austria.
26.4
BV/Share (INR) 355
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
15.3
21.2
27.5
3.9
O&M focus, increasing exports from India to drive growth
Shareholding Pattern (%)
As on
Promoter
FII
DII
Others
Jun-14 Mar-14 Jun-13
30.2
25.0
21.0
21.9
30.3
28.1
20.7
20.8
30.3
29.3
21.6
18.8
In India, the overall macro scenario continues to be in VATW’s favor, considering
the dire state of sewage treatment plants. Growth across its standalone
operations would be supported by: (1) focused approach towards O&M, and (2)
increased FOB exports and (3) support to global subsidiaries from India.
Technology focus + asset light business model = high return ratios
VATW is one of the few water treatment companies in the world with presence
across the value chain. It focuses on its core strength of technology and
knowhow. While it offers a ‘conceptualization to commissioning’ solution, it
outsources civil construction work. This helps maintain an asset-light business
model, resulting in healthy RoCE on a consistent basis.
Notes:
FII incl. depository receipts
Stock Performance
Va Tech Wabag
Sensex - Rebased
1,600
1,250
900
550
200
Initiating coverage with Buy
With operations in ramp-up mode locally and globally, we model revenue CAGR
of 19% and PAT CAGR of 28% over FY15-17, resulting in RoCE of 26% for FY16
and 28% for FY17. We initiate coverage with a
Buy
rating. Our target price is
INR1,725 (20x FY17E EPS of INR86.3), implying 24% upside.
8 September 2014
3

VA Tech Wabag
Ramp-up of overseas operations to drive overall profitability
VATW is present across multiple countries through its subsidiaries. In FY14,
subsidiaries accounted for 49% of consolidated revenues. Their contribution to
consolidated PAT was 18%, up from just 5% in FY13.
Profitability is improving, driven by:
Stabilization of subsidiaries in Austria, Turkey and the Philippines
Incremental order inflows of INR7.02b from Libya, Turkey, Bulgaria, Romania
and Switzerland in 2HFY14
Increased support from Indian operations for global subsidiaries, resulting in
lower manpower cost vis-à-vis high cost countries like Austria
Subsidiaries’ revenues ramping up
Subsidiary revenues
18.0
14.3
10.9
5.8
5.2
5.0
4.4
5.6
20.6
Subsidiaries’ PAT to increase, as execution picks up pace
Subsidiary PAT
881
733
453
248
38
(27)
FY11
(14)
FY12
1
FY13
FY14 FY15E FY16E FY17E
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
FY10
Source: Company, MOSL
Source: Company, MOSL
Staff cost continues to get rationalized across subsidiaries
Staff cost as % of Revenues
EBITDA improves, with support from Indian operations
EBITDA (%)
16.0
-5.7
4.6
-0.5
9.9 1.7 3.7
-2.3
6.8 2.5 3.2 5.7 7.4 3.3
Source: Company, MOSL
Source: Company, MOSL
Major orders received across subsidiaries in 2HFY14
Country
Switzerland
Romania
Bosnia
Egypt
Philippines
Turkey
Libya
Order Value
0.34
0.54
0.26
1.32
1.48
1.47
1.20
(INR b)
Order Details
Bio filtration plants
O&M of refinery effluent treatment plant
Waste water treatment plant
40 MLD, municipal effluent after treatment plant
100 MLD Llugin, STP
360,000 cu mtrs/day drinking water treatment plant
Demineralization & electro chlorination plants
Source: Company, MOSL
8 September 2014
4

VA Tech Wabag
VATW has an efficient global structure. It caters to Europe through its Austrian
subsidiary. Its Chinese subsidiary executes orders from China, and it is developing
Turkey as a base to cater to CIS nations. Opportunities arising from neighboring
regions like Sri Lanka, Nepal, South East Asia, and select GCC nations are being
supported from India.
VATW: Business structure
Domestic Business
Desalination
Municipal
Industrial
O&M
Wabag India
International Business
Exports
a) Sri Lanka
b) Qatar
c) Tanzania
d) Indonesia
e) Nepal
f) Bahrain
Subsidiaries / JVs
a) China
b) Philippines
c) Oman
d) Spain
Wabag Austria
European Countries
a) Austria
b) Switzerland
c) Turkey
d) Czech Republic
e) Romania
Sub-Sahara / North Africa / Others
a) Tunisia
b) Namibia
c) Libya
d) Algeria
e) Iran
f) Macao
Source: Company, MOSL
8 September 2014
5

VA Tech Wabag
O&M focus, increasing exports from India to drive growth
In India, the overall macro scenario continues to be in VATW’s favor, considering the
dire state of sewage treatment plants, making upgradation of existing water
treatment assets a pressing necessity (please refer to annexure I). Growth across its
standalone operations would be supported by:
Focused approach towards O&M
Increased FOB exports and support to global subsidiaries from India
Focused approach towards O&M
In FY14, operation & maintenance (O&M) orders accounted for 15% of VATW’s
order inflows at INR5.2b, up 38%. Municipalities accounted for 79% (INR4.1b) of its
O&M order inflows, with an average execution period of 4.6 years. At the end of
FY14, VATW had O&M orders of INR13.4b in the standalone entity (95% municipal;
5% industrial) and INR18.4b across subsidiaries (68% municipal; 32% industrial).
29% CAGR in standalone O&M order inflows (FY12-14) but
near-term outlook is not very robust
O&M order inflows (SL - INR - B)
21.9
14.8
10.3
17.2
12.6
7.4
6.7
17.4
16.4
20.8
49% CAGR in O&M order inflows in subsidiaries (FY12-14);
expect robust ordering from overseas subsidiaries
O&M order inflows (Sub - INR - B)
24.0
27.8
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
FY14 closing order book (standalone) at INR 30.2b, up 5%
Order Book (SL - INR - B)
39.8
FY14 closing order book (subsidiaries) at INR23.3b, up 66%
Order Book (Sub - INR - B)
43.0
23.3
12.8
14.0
29.8
35.8
24.5
28.8
30.2
31.0
34.3
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
The O&M business holds strong potential considering that (1) just ~37% of India’s
sewage is being treated, and (2) the existing STPs, with an installed capacity of 156b
liters/day across 35 cities of India, are running at low utilization levels.
8 September 2014
6

VA Tech Wabag
VATW is the only water treatment company in India focusing on O&M, which is now
becoming an integral part of upcoming tenders, especially for projects backed by
government schemes like JNURM, or by institutions like JICA, ADB and World Bank.
Increasing FOB exports and support to global subsidiaries
VATW’s standalone operations support order inflows from neighboring countries
like Sri Lanka, Nepal, Bangladesh, Qatar, Indonesia and Bahrain. Increased
outsourcing / technical support to its global subsidiaries would not only help
enhance growth for standalone operations but also play an important role in cost
rationalization across its global subsidiaries.
FOB exports from India
FOB Exports (INR - B)
2.2
1.9
1.5
0.6
FY11
FY12
FY13
FY14
Source: Company, MOSL
The impact of implementing a cluster model via presence in regional low cost
countries is visible in a sharp EUR9m drop in its Austrian subsidiary’s operating costs
during the period FY09-13.
Austrian subsidiary’s operating costs declined by EUR9m over FY09-13
Other Geographies
Austria
22
12
14
FY09
14
FY13
Source: Company, MOSL
8 September 2014
7

VA Tech Wabag
Technology focus + asset light model = high return ratios
VATW is one of the few water treatment companies in the world with a presence
across the value chain. It focuses on its core strength of technology and project
execution, while offering the entire ‘conceptualization to commissioning’ solution,
and outsources civil construction work. This helps VATW maintain an asset-light
business model, resulting in double-digit return ratios.
RoE to inch up as operating leverage kicks in
RoE
17.1
11.5
11.5
12.6
12.9
14.4
17.8
19.2
17.8
19.6
18.6
21.8
FY15-17E RoCE consistently above 20%
RoCE
25.4
26.6
FY11
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY11
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Offering a complete range of solutions across project lifecycle
Source: Company
8 September 2014
8

VA Tech Wabag
Asset-light business model
Source: Company, MOSL
8 September 2014
9

VA Tech Wabag
Initiating coverage with Buy
With operations in ramp-up mode locally and globally, we model consolidated
revenue CAGR of 19% and PAT CAGR of 28% over FY15-17, resulting in RoCE of 25%
for FY16 and 27% for FY17. We initiate coverage with a
Buy
rating. Our target price
is INR1,725 (20x FY17E EPS of INR86.3), implying 24% upside.
40
30
20
10
0
P/E (x)
4 Yrs Avg(x)
4.0
P/B (x)
4 Yrs Avg(x)
3.6
3.0
14.5
23.0
2.0
1.9
1.0
Source: MOSL, Bloomberg
Source: MOSL, Bloomberg
Operating matrix
INR M
Order Intake
% YoY
Standalone
Overseas
Order Book
% YoY
Standalone
Overseas
Revenues
% YoY
Standalone
Overseas
of which, O&M Business
O&M, %
EBIDTA Margins
(Adjusted)
Standalone
Overseas
EPS (INR/sh)
Standalone
Subsidiaries
Consolidated
Consolidated NWC
(Days)
Standalone
Subsidiaries
Net Cash / Debt (INR M)
Standalone
Subsidiaries
Consolidated
FY12
17,738
10,321
7,417
37,314
24,520
12,794
14,382
10,001
4,381
2,025
14.1%
9.0%
11.7%
2.9%
28.3
-0.5
27.8
72.5
84.0
37.6
1,405
1,330
2,735
FY13
21,550
21.5%
14,828
6,722
42,842
14.8%
28,807
14,035
16,019
11.4%
10,409
5,610
2,666
16.6%
9.5%
13.1%
2.9%
34.0
0.1
34.1
68.5
75.0
56.2
2,127
877
3,003
FY14
33,539
55.6%
17,150
16,389
53,540
25.0%
30,237
23,303
22,301
39.2%
11,400
10,901
4,359
19.5%
9.3%
13.2%
5.2%
33.4
7.4
40.9
54.8
92.1
9.6
1,648
1,445
3,094
FY15E
33,408
-0.4%
12,620
20,788
60,791
13.5%
31,034
29,757
26,156
17.3%
11,822
14,334
4,475
17.1%
9.2%
12.5%
6.5%
33.6
18.1
51.7
72.6
114.8
31.1
1,365
453
1,818
FY16E
41,430
24.0%
17,409
24,021
70,076
15.3%
34,277
35,799
32,145
22.9%
14,167
17,978
4,841
15.1%
10.2%
13.3%
7.8%
43.7
27.7
71.3
51.4
91.2
13.5
FY17E
49,655
19.9%
21,879
27,776
82,761
18.1%
39,762
42,999
36,970
15.0%
16,394
20,576
5,264
14.2%
10.5%
13.5%
8.0%
53.1
33.2
86.3
55.6
74.8
15.8
2,344
3,540
1,720
2,357
4,065
5,897
Source: Company, MOSL
8 September 2014
10

VA Tech Wabag
Investment concerns
Exposure to multiple currencies:
VATW’s global operations expose it to multiple
currencies. Exchange rate volatility could significantly impact its earnings.
Delays in project execution:
VATW is present in politically unstable countries like
Libya and Iran, where its peers have reported delays in project execution.
Inability to effectively penetrate Chinese market:
VATW has been present in China
through its subsidiary, Biejing VA Tech Wabag Water Treatment Technology.
However, it has been unable to break significant ground. While the management
has guided a change in business strategy to bag orders, we await more clarity.
8 September 2014
11

VA Tech Wabag
Revenue and PAT break-up between standalone entity and subsidiaries
FY15E revenue break-up
FY15E PAT break-up
FY15E
Subsidiary,
32%
Subsidiary,
55%
Standalone,
45%
FY15E
Standalone,
68%
Source: Company, MOSL
Source: Company, MOSL
FY16E revenue break-up
FY16E PAT break-up
FY16E
FY16E
Subsidiary,
56%
Standalone,
44%
Subsidiary,
39%
Standalone,
61%
Source: Company, MOSL
Source: Company, MOSL
FY17E revenue break-up
FY17E PAT break-up
FY17E
FY17E
Subsidiary,
55%
Standalone,
45%
Subsidiary,
39%
Standalone,
61%
Source: Company, MOSL
Source: Company, MOSL
8 September 2014
12

VA Tech Wabag
Annexure I: India’s STPs in dire state
Urgent need for creation/expansion of STP capacity in India…
The cumulative installed capacity of sewage treatment plants (STPs) in India is 19.8b
liters/day against its sewage generation of 53.9b liters/day. Just 37% of the sewage
gets treated in India. There is an urgent need for the expansion of existing STP
capacities and building of new STPs.
In India, just 37% of the sewage generated gets treated
54
20
Sewage Generation (BLD)
Sewage Treatment (BLD)
Source: Industry
Huge disparities related to sewage treatment across tier I, II and III cities in India
further intensify pressures on creation and upgradation of STPs. In tier I cities, 51%
of the sewage generated gets treated. The corresponding figures for tier II and tier
III cities are 36% and 9%. Hyderabad, Ahmedabad, Ludhiana and Chennai are the
only cities in India capable of treating 100% of their sewage generation. Lower
availability of STPs has resulted in sewage being diverted towards rivers, leading to
increased water contamination across national rivers.
Tier II cities treat only 36% of their sewage generation
35.6
Tier III cities treat only 9% of their sewage generation
2.7
11.6
Sewage Generation (BLD)
Sewage Treatment (BLD)
Sewage Generation (BLD)
0.2
Sewage Treatment (BLD)
Source: Industry
Source: Industry
8 September 2014
13

VA Tech Wabag
Even the metros (tier I cities) treat only 51% of their sewage generation
54
20
Sewage Generation (BLD)
Sewage Treatment (BLD)
Source: Industry
…and for effective operation & maintenance of existing facilities
There are 152 STPs across 15 states in India, with an installed capacity of 4.7b
liters/day. However, these are capable of treating only 66% of their installed
capacity. The major factors hindering their optimum utilization are: (a) inability to
get uninterrupted power, (b) inability to get skilled manpower, and (c) low focus on
preventive maintenance. There is a need for specialized O&M.
River-wise sewage treatment capacity and utilization
Discharge to River
Ganga
Godavari
Hindon
Musi
Satluj
Yamuna
Others
Land/Irrigation
Total
Designed Capacity (MLD)
587
151
164
541
588
754
393
1,538
4,716
Utilized Capacity (MLD)
% treated
322
55
129
85
138
84
480
89
564
96
562
75
249
63
682
44
3,126
66
Source: Industry, Company
State-wise STPs and capacity utilization
State
Andhra Pradesh
Bihar
Delhi
Goa
Gujrat
Haryana
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Punjab
Tamil Nadu
Uttar Pradesh
Uttrakhand
West Bengal
Total
Installed Capacity (MLD)
730
158
20
13
232
337
43
5
168
284
637
799
780
54
458
4,716
Utilized Capacity (MLD)
No of STPs
547
10
100
5
20
2
12
1
226
2
270
16
26
9
-
1
124
9
124
6
476
11
394
18
586
24
-
4
223
34
3,126
152
Source: Industry, Company
8 September 2014
14

VA Tech Wabag
Annexure II: Wabag has a proven track record of execution
Wabag has a proven track record of executing water treatment projects across the
globe. Wabag is the only company in the world to have successfully executed 108
water treatment projects over FY00-13. It was able to achieve this distinction due to
its focused approach and global presence.
Partial list of projects commissioned
Project name
Ujams, Wastewater reclamation
Sonzier, Water Treatment Plant
Cudrefin, Water Treatment Plant
Höfe, Wastewater Treatment
Nemmeli, Desalination Plant (RO)
Horgen, Water Treatment Plant
Meilen, Wastewater Treatment
Werdhölzli, Wastewater treatment
Zermatt, Wastewater treatment
Duqm, Reverse Osmosis
Interlaken, Wastewater treatment
Delhi Games Village, Water Treatment Plant
Grabs, Water treatment plant
Maienfeld, Water Treatment Plant
Suralaya, Java, Thermal Desalination
Al Kharj, Desalination (RO)
Al Wasia, Desalination (RO)
Arpechim, Industrial Wastewater Treatment
Balgach, Water Treatment Plant
Baraki, Wastewater Treatment
Brcko, Water Treatment Plant
Tehran South, Wastewater Treatment
Tobruk, Wastewater Treatment
Uster, Wastewater Treatment
Beijing/Beixiaohe WWTP, Water Reclamation Plant
Jijel, Wastewater Treatment
Koudiat Medaour, Water Treatment Plant
Médéa, Wastewater Treatment
Oran, Wastewater Treatment
PetroBrazi, Industrial Wastewater Treatment
Reghaia, Wastewater Treatment, Water Reuse
Rzeszów, Water Treatment Plant
Smederevo, Effluent Recycling Plant
Velekince, Water Treatment Plant
Beni Messous, Wastewater Treatment
Bouira, Water Treatment Plant
Chirita, Water Treatment Plant
El Raswa, Water Treatment Plant
Ningguo No.3, Water Treatment Plant
Panjrapur, Water Treatment Plant
Xiaohongmen WWTP, Sludge Treatment
Country
Year
Namibia
2014
Switzerland
2013
Switzerland
2013
Switzerland
2013
India
2013
Switzerland
2012
Switzerland
2012
Switzerland
2012
Switzerland
2012
Oman
2011
Switzerland
2011
India
2010
Switzerland
2010
Switzerland
2010
Indonesia
2010
Saudi Arabia
2009
Saudi Arabia
2009
Romania
2009
Switzerland
2009
Algeria
2009
Africa
2009
Iran
2009
Libya
2009
Switzerland
2009
China
2008
Algeria
2008
Algeria
2008
Algeria
2008
Algeria
2008
Romania
2008
Algeria
2008
Poland
2008
Serbia
2008
Kosovo
2008
Algeria
2007
Algeria
2007
Romania
2007
Egypt
2007
China
2007
India
2007
China
2007
Source: Company, MOSL
8 September 2014
15

VA Tech Wabag
Financials and valuation
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT
2012
14,382
17
1,300
9.0
86
1,214
255
151
0
1,111
379
34.1
731
731
41
6
737
2013
16,022
11
1,540
9.5
109
1,431
212
132
0
1,352
456
33.7
896
896
23
7
903
2014
22,302
39
2,090
9.3
150
1,940
252
129
-51
1,766
526
29.8
1,240
1,240
38
-3
1,237
2015E
26,156
17
2,426
9.2
223
2,203
273
138
0
2,067
710
34.4
1,357
1,357
9
0
1,357
(INR Million)
2016E
32,145
23
3,288
10.2
274
3,014
316
154
0
2,853
964
33.8
1,889
1,889
39
0
1,889
2017E
36,970
15
3,878
10.5
288
3,590
350
211
0
3,452
1,166
33.8
2,286
2,286
21
0
2,286
Balance sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2012
53
6,367
6,316
1,248
-104
7,574
1,101
593
507
180
36
16,913
499
10,926
3,983
1,505
10,062
1,424
0
6,850
7,574
2013
53
7,100
7,041
821
-112
7,882
1,213
702
511
477
33
17,770
405
11,095
3,825
2,445
10,909
1,588
0
6,861
7,882
2014
53
8,359
8,341
1,583
-70
9,952
2,044
853
1,192
692
231
22,135
350
13,875
4,476
3,434
14,299
1,734
0
7,835
9,952
2015E
53
9,481
9,434
1,400
-100
10,834
2,309
1,075
1,234
1,117
34
24,086
480
16,073
3,218
4,315
15,638
1,937
0
8,448
10,834
(INR Million)
2016E
2017E
53
53
11,000
12,824
10,953
12,777
1,400
1,400
-100
-100
12,353
14,177
2,545
2,786
1,350
1,638
1,195
1,149
1,117
1,115
34
34
29,608
34,828
592
680
18,720
21,569
5,465
6,222
4,831
6,357
19,601
22,951
2,415
2,800
0
0
10,007
11,877
12,353
14,177
E: MOSL Estimates
8 September 2014
16

VA Tech Wabag
Financials and valuation
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2012
27.6
31.1
238.3
27.6
25.1
50.4
45.2
5.9
0.6
7.2
0.4
12.4
18.0
2.1
276.3
12.6
240.1
-0.4
2013
33.8
38.1
265.2
33.8
24.1
41.2
36.8
5.3
0.6
6.5
0.5
13.4
18.5
2.1
250.2
9.1
232.2
-0.4
2014
46.7
52.3
314.2
46.7
20.1
30.1
26.9
4.5
1.5
16.4
0.6
16.1
21.8
2.5
226.2
5.7
226.0
-0.3
2015E
51.1
59.5
355.3
51.1
20.6
27.5
23.6
3.9
1.3
14.6
0.6
15.3
21.2
2.5
223.2
6.7
209.6
-0.2
2016E
71.1
81.5
412.6
71.1
19.7
19.7
17.2
3.4
1.0
10.1
0.9
18.5
26.0
2.8
211.7
6.7
216.4
-0.4
2017E
86.1
96.9
481.3
86.1
20.3
16.3
14.5
2.9
0.9
8.4
1.1
19.3
27.1
2.8
212.1
6.7
221.3
-0.4
Cash flow statement
Y/E Mar
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2012
1,111
86
151
255
379
-1,190
791
-212
-401
0
-613
0
821
255
185
372
550
4,197
4,747
2013
1,352
109
132
212
456
-169
2,091
-409
-3
0
-412
0
-427
212
217
-865
814
4,747
5,561
2014
1,766
150
129
252
526
-322
2,500
-1,047
198
0
-848
0
761
252
249
251
1,903
5,561
7,464
2015E
2,067
223
138
273
710
-1,870
1,541
-690
-197
0
-888
0
-183
273
279
-706
-53
7,464
7,411
(INR Million)
2016E
2017E
2,853
3,452
274
288
154
211
316
350
964
1,166
688
-1,113
5,249
4,355
-236
-239
0
0
0
0
-236
-239
0
-53
0
0
316
350
372
465
-688
-868
4,325
3,248
7,411
11,737
11,737
14,984
E: MOSL Estimates
8 September 2014
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