Beruflich Dokumente
Kultur Dokumente
GROUP 18
Abhave Sharma B13001
Girish Deshpande B13025
Ketan Lukhi B13031
Vishap Rana B13061
Vinay Goyal B13123
Valuation
The Current Market price of Titan Company Ltd is 350.9 Rs per share
and intrinsic value is Rs. 392.49 per share based on FCF valuation. The
share price based on Relative Valuation using P/E multiple is Rs.
355.99 now and Rs. 476.63 in FY 2015. So the recommendation is to
buy the share.
In a scenario where a stable Government at the Centre is anticipated,
the rupee is expected to remain stable, the stock market is expected
to be buoyant and overall consumer sentiment is expected to be
good, the company is targeting aggressive growth1. The company is
planning aggressive store expansion plans in FY15, and revenue
growth for Watches and Jewellery is expected to increase because of
improved customer sentiments. The margins on jewellery should
benefit from overseas gold hedging, incremental direct gold imports,
and scale leverage2. The company is also taking various initiatives to
driver higher sale of wedding/studded/fashion jewellery and also
planning for more product innovation across watches and new
lifestyle segments1. Titan has started jewellery exports to Singapore
and Dubai (focusing on NRI population). This would help to use the
direct gold import license which would be more cost effective2.
Buy
Current Price: Rs. 350.9
FCF Valuation Intrinsic Price: Rs. 392.49
Relative Valuation based Price: Rs. 355.99
Company Information
Shares
888 mn
Price
52wk Range
350.9
203.00 - 362.70
Beta
0.81
Market Cap
311.52 B
BSE Sensex
26,103.23
NSE Nifty
7,791.70
Returns
1 Week
30 Days
3 Months
6 Months
1 Year
2.59%
7.18%
14.36%
51.51%
28.37%
After successful venture into watch industry, Titan Company launched Tanishq, a Jewellery brand in highly fragmented
Indian jewellery market. Titan Company has also entered into eyewear with brand Titan Eye+, and offers a variety of
differentiated products to consumers consisting of frames, lenses, contact lenses and accessories.
For Titan Company Ltd, the sales increased Rs. 738.78 crores by 7.34% to Rs. 10,995.14 crores. Profit Before Tax grew
by Rs. 9.66 crores from Rs. 1006.27 crores to Rs. 1015.93 crores. Net Profit (PAT) also increased by 2.2% to Rs. 741.14
crores.3
Watches: The watches segment growth is 6.9% in FY 2014. The jewellery segment grew by 6.5%.3
Jewellery: The jewellery segment sales was affected by the RBI decision of increasing customs duty on Gold imports.
RBI also put a ban on Gold on Lease facility and because of this ban, the company could not take advantage of Natural
hedge of gold rate provided by Gold on Lease.3
Others: The Eyewear, Precision Engineering and Accessories revenue increased by 20.7%. The number of stores for
Titan Eye+ increased by 72 to 280.3
The total number of stores in watches, jewellery and eyewear segments increased by 125. Total number of retail
outlets is 1078 as of March 2014. The company achieved exports of Rs. 220.39 crores during FY 2014. The exports grew
by 11.7%.3
REVENUE GROWTH
IN FY 2014
12000.00
10123.29
10927.39
PAT GROWTH IN
FY2014
800.00
724.50
734.57
2012-2013
2013-2014
700.00
10000.00
600.00
8000.00
500.00
6000.00
400.00
300.00
4000.00
200.00
2000.00
100.00
0.00
0.00
2012-2013
2013-2014
Shareholding Pattern
As on 30.6.2014
1 Public shareholding
Number of shares
Percentage of shareholding
2 Promoters and Promoter group shareholding
a) Pledged / Encumbered
Number of shares
% of shares (as a % of the total shareholding of promoter and promoter group)
% of shares (as a % of the total share capital of the Company)
b) Non-encumbered
Number of shares
% of shares (as a % of the total shareholding of promoter and promoter group)
% of shares (as a % of the total share capital of the Company)
3 Total Shares
4167,78,240
46.90%
25,59,589
0.50%
0.30%
4684,48,331
99.50%
52.80%
8877,86,160
4.
4. Source
Source for
for 20
20 Year
Year ZCYC
ZCYC Yield:http://www.nseindia.com/products/content/debt/wdm/archieve_debt.htm
Yield:http://www.nseindia.com/products/content/debt/wdm/archieve_debt.htm
5.
Source
for
Nifty
Returns
5. Source for Nifty Returns and
and ZCYC
ZCYC data:
data: Bloomberg
Bloomberg
6.
Source
for
Titan
Daily
Returns
and
6. Source for Titan Daily Returns and Nifty
Nifty Daily
Daily Returns:
Returns: https://in.finance.yahoo.com/
https://in.finance.yahoo.com/
As mentioned in Annual report, the company is working on improving Asset Utilization, reduction in other expenses
such as fuel and electricity consumption through various initiatives and inventory turnover ratio. These effects
would be accounted in forecasting the accounting statements
Revenue Growth:
Revenue Growth is forecasted based on segment wise growth assumptions.
o Watches: Revenue of Watch segment is expected to grow by 11.7% in FY 2015, by 15% in FY 2016 and by
15% in FY 20177. 2018 onwards revenues are forecasted to converge with Long Term GDP growth of 8.4%8
by FY 2020 which is terminal year for explicit forecast period.
o Jewellery: Revenue of Jewellery segment is expected to grow by 13.85 in FY 2015, by 15% in FY 2016 and
by 16.1% in FY 20177. Revenues 2018 onwards are expected to converge with Long term GDP growth.
o Others: Revenues in Others segment are expected to grow by 20% in FY 2015, FY 2016 and in FY 2017 9.
Revenues after 2017 are expected to converge to long term GDP growth by 2020.
Other Operating Income:
o Other Operating Income is derived from sales of precious stones, gold, platinum and scrap materials and
the sales of these items is directly related to total sales and hence, it is expected to grow at the same rate
of total product sales
Other Income: Though other income is derived from Loans and deposits, we have used regression beta which also
takes into account the effect of these assets as well and hence considered to be operating income and assumed
to remain the same over the explicit forecast period.
Cash is not used to generate any income and hence, will not be counted as operating asset. Cash will be added to
present value of FCF to derive total equity value.
Excise duty for explicit forecast period is assumed to be the average of excise duty as % of sales in FY 2013 and FY
2014.
Cost of materials and components consumed is assumed to be as % of Gross Sales for explicit forecast period. The
% of sales figure is calculated based on FY 2014 value.
Purchase of traded goods is assumed to be as % of Gross Sales for explicit forecast period. The % of sales figure is
calculated based on FY 2014 value.
Changes in Finished Goods, WIP and stock in trade is considered to be as % of Net Revenue. The % of sales is
calculated based on FY 2014 value.
Employees Benefits Expenses is assumed to be as % of Gross Sales for FY 2014 and same is assumed to continue
thereon.
Other expenses are reduced to 10% of net sales from 11%. This reduction is due to reduction in fuel and electricity
consumption by various initiatives taken by the company for the same.
Depreciation: Depreciation is calculated as % of Average Gross Block based on Straight line method.
For Capex, Gestation period is assumed to be zero. Capital WIP is assumed to be zero 2014 onwards as the
gestation period is zero.
Inventories is calculated based on inventory turnover ratio; Inventory turnover ratio is assumed to improve slightly
to 3 as the company is moving towards effective inventory management as mentioned in annual report. Inventory
turnover ratio is calculated based on net sales divided average inventory.
Trade receivables is calculated based on Debtors turnover; Debtors turnover is assumed to be average of Debtors
turnover of FY 2013 and FY 2014.
Trade payables is calculated based on creditors turnover; Creditor turnover is calculated by dividing sum of cost of
Material Purchased, purchase of traded Goods, employee benefits expenses with average account payables.
Short Term loan are mostly used for working capital financing and gold loan/lease payments which are paid in year
2015 and are not expected to occur every year and hence, considered as non-operating liabilities. Also, short term
loans are considered as non-operating liabilities and not source of capital as it is very less as compared to market
value of equity [In FY 2014, it is 2.58% of market value of equity10
7. JP Morgan Asia Pacific Equity Research report on Titan Company Limited dated 02nd August 2014
8. http://rbi.org.in/scripts/SPF18.aspx
9. HDFC Securities Institutional Research Results review on Titan Company Limited dated on 2nd August 2014
10. Source for Market Value of Equity: https://in.finance.yahoo.com/
Since Titan is highly profitable company, its marginal tax rate equal the statutory tax rate which is 33.99% 11. But as
the debt for the company is zero, effective tax rate can be calculated using the formula given below:
T= (taxes paid + Int*t)/ EBIT Book
Dividend and Dividend Distribution Tax is assumed to remain same over explicit forecast period.
Long Term Provision and Deferred Tax Liabilities are assumed to remain same
Other current liabilities are considered to be % of net sales
Short Term provisions are considered to be % of net sales
Non-current investments and Deferred Tax Asset are assumed to remain same over explicit forecast period.
Long Term Loans and advances are assumed to remain same over explicit forecast period.
Short Term Loans and advances are considered to be % of net sales
Other current assets are considered to be % of net sales
Operating Invested capital is considered to be equal to book value of equity as there is no debt with the company.
Cash is not included in FCF calculation and hence, will be added to the present value of FCF.
3. Terminal Value:
Long term GDP growth is considered to be 8.4% and current GDP growth is assumed to be 4%. Terminal growth rate is
considered to be the average of these two growth rates.
Cost of Equity after explicit forecast period is also expected to reduce to 9.9% from 12.1% based on reduction in long
term growth/terminal growth rate.
OIC
EBITDA
D&A
EBIT/PBT
NOPAT
ROIC
Capex
Inc in WC
NI
Investment Rate
FCF
Terminal Growth Rate (g)
Terminal Value
2015
2405.27
1602.52
53.65
1548.87
1145.50
47.62%
70.08
-69.03
1.06
0.00
1144.44
2016
3174.72
1833.07
66.73
1766.35
1306.34
41.15%
339.21
563.69
902.90
0.69
403.44
2017
3287.45
2109.06
73.02
2036.04
1505.80
45.80%
225.09
33.69
258.77
0.17
1247.03
2014
31157.00
26.04%
12.10%
8.40%
4.00%
9.90%
2018
4194.69
2427.63
89.12
2338.52
1729.50
41.23%
427.11
658.36
1085.47
0.63
644.03
2019
4178.14
2711.87
93.20
2618.67
1936.69
46.35%
192.44
-22.59
169.85
0.09
1766.84
2020
4994.74
2978.03
107.97
2870.06
2122.61
42.50%
418.17
614.37
1032.54
0.49
1090.07
2561.41
44.11%
360.03
14.06%
2201.38
6.20%
63185.56
11. Source
Source for
for Marginal
Marginal Tax:
Tax: http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-tax-rates-table.aspx
http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-tax-rates-table.aspx
11.
33,575.96
892.67
375.84
34,844.47
392.49
9.10%
2224.79
2192.29
2158.77
2124.24
2088.69
2052.13
2014.55
10.10%
906.34
893.59
880.44
866.91
852.98
838.66
823.95
11.10%
565.20
557.55
549.67
541.55
533.20
524.63
515.81
12.10%
408.93
403.61
398.13
392.49
386.69
380.73
374.61
13.10%
319.51
315.51
311.40
307.16
302.81
298.35
293.76
14.10%
261.73
258.58
255.34
252.02
248.60
245.09
241.49
15.10%
221.40
218.85
216.22
213.52
210.75
207.91
204.99
Intrinsic Value
321.73
347.77
361.90
376.80
409.00
426.37
444.62
483.87
% Change
-18.03%
-11.39%
-7.79%
-4.00%
4.21%
8.63%
13.28%
23.28%
Intrinsic Value
% Change
-3%
2124.24
441.23%
-2%
866.91
120.88%
-1%
541.55
37.98%
1%
307.16
-21.74%
2%
252.02
-35.79%
3%
213.52
-45.60%
Key Ratios:
2014 E
2015 E
2016 E
2017 E
2018 E
2019 E
2020 E
GPM
21.37%
21.96%
21.96%
21.96%
21.96%
21.96%
21.96%
EBITDA Margin
EBIT Margin
NPM
ROE
9.86%
9.24%
6.72%
29.12%
12.93%
12.50%
9.24%
33.20%
12.80%
12.33%
9.12%
28.78%
12.68%
12.24%
9.06%
25.85%
12.58%
12.12%
8.96%
23.57%
12.52%
12.09%
8.94%
21.39%
12.46%
12.01%
8.88%
19.37%
ROCE
38.88%
43.94%
38.29%
34.51%
31.55%
28.68%
26.01%
Asset Turnover
Invetory Days
1.79
128.76
1.78
128.53
1.73
130.52
1.59
129.34
1.56
130.26
1.46
125.77
1.40
127.69
Debtors Days
Payables
5.13
36.09
6.70
40.12
5.41
37.46
6.55
39.92
5.57
37.77
6.26
38.55
5.54
37.22
CCC
Current Ratio
97.79
1.49
95.11
1.79
98.47
1.98
95.97
2.05
98.05
2.22
93.48
2.35
96.00
2.56
Quick Ratio
1.24
1.46
1.59
1.48
1.57
1.49
1.56
EPS
EPS Growth
8.27
12.90
55.94%
14.71
14.04%
16.96
15.27%
19.48
14.86%
21.81
11.98%
23.91
9.60%
2. Relative Valuation
Relative valuation of Titan company Limited is carried out using P/E multiples based on peers data 12.
P/E
FY 14
FY 15 E
ITC
32.18
27.7
HUL
38.06
38
Dabur
41.82
33.4
Godrej Consumer
39.91
31
Colgate India
36.5
38
Nestle India
45.56
38.9
GSK Consumer
41.16
33
Asian Paints
48.62
40.8
Jubilant Foodworks
63.41
51.8
Average
43.02444
36.95556
734.568
1145.499
31604.38
42332.54
355.99
476.83
APPENDICES
Appendix A: Ratios/parameters used in Forecast
Ratio/Parameter
2013-14
2012-13
Average
11.58
11.94
11.76
149.62
138.57
144.10
68.30
61.04
64.67
2.89
2.75
3.00
10.11
4.19
7.15
13.54
13.54
7.11
6.94
7.03
35.10
34.52
34.81
34.75
34.75
34.75
654.11
1063.04
858.57
2013
2014
2015 E
2016 E
2017 E
2018 E
2019 E
2020 E
1,74,591.23
1,82,687.31
2,04,061.73
2,34,670.98
2,69,871.63
3,10,352.38
3,50,698.19
3,89,274.99
4.6%
11.70%
15%
15%
15%
13%
11.00%
8,52,576.52
9,70,232.08
11,19,647.82
12,99,911.12
15,09,196.81
16,90,300.43
18,59,330.47
7.3%
13.80%
15%
16%
16%
12%
10.00%
49,199.04
59,038.85
70,846.62
85,015.94
1,00,318.81
1,15,366.63
1,29,210.63
21.9%
20.00%
20%
20%
18%
15%
12.00%
Sale of products
Watches
yoy growth
Jewellery
7,94,464.69
yoy growth
Others
40,355.56
yoy growth
Total - Sale of products (a)
yoy growth
Other operating revenue (b)
yoy growth
Revenue from operations (gross)
(a+b)
12,387.48
13.7%
15.6%
16.1%
16.0%
12.3%
10.3%
12,437.59
14,144.96
16,345.07
18,978.71
22,015.31
24,723.19
27,269.68
0.4%
13.7%
15.6%
16.1%
16.0%
12.3%
10.3%
yoy growth
Less : Excise duty
7.4%
7.3%
13.7%
15.6%
16.1%
16.0%
12.3%
10.3%
9,469.57
4,161.28
8,146.79
9,413.94
10,930.79
12,681.68
14,243.84
15,706.68
0.93%
0.38%
0.65%
0.65%
0.65%
0.65%
0.65%
0.65%
13.42%
15.55%
16.11%
16.02%
12.32%
10.27%
88.78
1881.07
1969.85
88.78
2433.96
2522.74
88.78
3361.35
3450.13
88.78
4449.58
4538.36
88.78
5737.27
5826.05
88.78
7248.66
7337.44
88.78
8967.24
9056.02
88.78
10871.74
10960.52
65.10
0.22
65.33
74.05
0.55
74.61
74.05
0.55
74.61
74.05
0.55
74.61
74.05
0.55
74.61
74.05
0.55
74.61
74.05
0.55
74.61
74.05
0.55
74.61
2097.99
1457.82
293.28
3849.09
5884.27
806.84
859.44
1536.49
311.32
3514.09
6111.44
0.00
1075.53
1948.73
394.85
3419.11
6943.85
0.00
1160.40
2078.58
421.16
3660.14
8273.11
0.00
1435.81
2597.63
526.33
4559.77
10460.43
0.00
1576.27
2827.61
572.93
4976.81
12388.85
0.00
1806.84
3265.93
661.74
5734.51
14865.14
0.00
1923.71
3453.42
699.73
6076.86
17111.99
446.62
17.28
41.76
505.67
2.91
8.04
173.60
690.21
600.50
13.73
32.87
647.10
3.09
9.35
204.55
864.09
574.28
35.61
0.00
609.89
3.09
9.35
204.55
826.88
784.05
31.60
0.00
815.65
3.09
9.35
204.55
1032.64
837.35
57.34
0.00
894.69
3.09
9.35
204.55
1111.68
1086.95
56.62
0.00
1143.57
3.09
9.35
204.55
1360.56
1072.90
76.70
0.00
1149.61
3.09
9.35
204.55
1366.60
1279.48
72.35
0.00
1351.83
3.09
9.35
204.55
1568.82
3680.33
165.83
1139.04
199.33
9.52
5194.06
5884.27
3869.39
154.13
892.67
314.45
16.71
5247.35
6111.44
4392.81
229.12
1119.46
356.63
18.95
6116.97
6943.85
5154.50
213.74
1438.25
412.10
21.89
7240.48
8273.11
5931.14
300.48
2613.21
478.50
25.42
9348.75
10460.43
6930.20
296.10
3217.36
555.15
29.49
11028.30
12388.86
7515.43
373.97
4952.49
623.53
33.13
13498.54
14865.14
8413.76
364.92
6040.39
687.57
36.53
15543.17
17111.99
2013-2014
10969.00
41.61
10927.39
7.94%
120.22
19.17%
11047.61
2014-2015 E
12474.78
81.47
12393.31
13.42%
120.22
0.00%
12513.53
2015-2016 E
14415.10
94.14
14320.97
15.55%
120.22
0.00%
14441.19
2016-2017 E
16737.77
109.31
16628.47
16.11%
120.22
0.00%
16748.69
2017-2018 E
19418.83
126.82
19292.02
16.02%
120.22
0.00%
19412.24
2018-2019 E
21810.88
142.44
21668.45
12.32%
120.22
0.00%
21788.67
2019-2020 E
24050.86
157.07
23893.79
10.27%
120.22
0.00%
24014.01
7360.12
59.00%
1809.69
14.51%
-112.75
-0.91%
614.62
4.93%
1239.33
10.00%
10911.01
88.04%
1602.52
12.9%
53.65
8504.91
59.00%
2091.17
14.51%
-130.28
-0.91%
710.21
4.93%
1432.10
10.00%
12608.11
88.04%
1833.07
12.8%
66.73
9875.29
59.00%
2428.12
14.51%
-151.27
-0.91%
824.65
4.93%
1662.85
10.00%
14639.63
88.04%
2109.06
12.7%
73.02
11457.11
59.00%
2817.06
14.51%
-175.50
-0.91%
956.74
4.93%
1929.20
10.00%
16984.60
88.04%
2427.63
12.6%
89.12
12868.42
59.00%
3164.07
14.51%
-197.12
-0.91%
1074.59
4.93%
2166.84
10.00%
19076.80
88.04%
2711.87
12.5%
93.20
14190.01
59.00%
3489.02
14.51%
-217.37
-0.91%
1184.95
4.93%
2389.38
10.00%
21035.99
88.04%
2978.03
12.5%
107.97
1126.81
Total Expenses
% of Net Revenue from operations
EBITDA (iii-iv)
% of Net Revenue from operations
Depreciation and amortization expense
9110.80
90.00%
1113.38
11.0%
56.23
6560.03
59.00%
1591.25
14.51%
-99.41
-0.91%
540.43
4.93%
1290.76
11.00%
9883.06
90.44%
1164.55
10.7%
67.55
1057.15
10.4%
50.65
1006.50
1097.01
10.0%
87.13
1009.87
1548.87
12.5%
0.00
1548.87
1766.35
12.3%
0.00
1766.35
2036.04
12.2%
0.00
2036.04
2338.52
12.1%
0.00
2338.52
2618.67
12.1%
0.00
2618.67
2870.06
12.0%
0.00
2870.06
285.88
-4.32
281.56
724.94
-0.44
724.50
263.00
-0.98
13.10
275.12
734.76
-0.19
734.57
403.37
0.00
0.00
403.37
1145.50
0.00
1145.50
460.01
0.00
0.00
460.01
1306.34
0.00
1306.34
530.24
0.00
0.00
530.24
1505.80
0.00
1505.80
609.02
0.00
0.00
609.02
1729.50
0.00
1729.50
681.97
0.00
0.00
681.97
1936.69
0.00
1936.69
747.44
0.00
0.00
747.44
2122.61
0.00
2122.61
489.83
2013
2014
2015 E
2016 E
2017 E
2018 E
2019 E
2020 E
1,006.50
56.23
(12.01)
0.15
1.86
1.55
(99.99)
(0.00)
50.65
1,004.94
(1.93)
(798.31)
(8.05)
(18.89)
222.38
403.79
5.78
18.95
828.66
(275.69)
552.96
1,009.87
67.55
1.02
0.23
2.90
0.02
0.01
(119.48)
(0.00)
87.13
1,049.24
11.73
(189.06)
10.94
(17.16)
(1,238.62)
76.39
8.95
18.05
(269.54)
(285.19)
(554.74)
1,548.87
53.65
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
1,483.04
(75.00)
(523.42)
(44.42)
0.00
216.10
412.24
0.00
83.53
1,552.06
(403.37)
1,148.69
1,766.35
66.73
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
1,713.59
15.39
(761.69)
(58.42)
0.00
84.87
129.85
0.00
26.31
1,149.90
(460.01)
689.90
2,036.04
73.02
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
1,989.58
(86.74)
(776.64)
(69.93)
0.00
275.40
519.06
0.00
105.17
1,955.89
(530.24)
1,425.65
2,338.52
89.12
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
2,308.15
4.38
(999.06)
(80.72)
0.00
140.46
229.98
0.00
46.60
1,649.79
(609.02)
1,040.77
2,618.67
93.20
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
2,592.38
(77.87)
(585.23)
(72.02)
0.00
230.57
438.32
0.00
88.81
2,614.97
(681.97)
1,933.00
2,870.06
107.97
0.00
0.00
0.00
0.00
0.00
(119.48)
(0.00)
0.00
2,858.54
9.05
(898.33)
(67.44)
0.00
116.87
187.49
0.00
37.99
2,244.17
(747.44)
1,496.73
(168.84)
3.87
(100.00)
123.24
(141.74)
(212.84)
1.69
(90.00)
112.30
(188.85)
(16.43)
0.00
0.00
119.48
103.05
(272.49)
0.00
0.00
119.48
(153.00)
(152.06)
0.00
0.00
119.48
(32.58)
(337.99)
0.00
0.00
119.48
(218.51)
(99.24)
0.00
0.00
119.48
20.24
(310.20)
0.00
0.00
119.48
(190.71)
0.00
(5.42)
(154.35)
(25.20)
(50.65)
(235.62)
175.60
967.09
1,139.04
1,756.27
(954.85)
(185.23)
(31.68)
(87.13)
497.38
(246.21)
1,139.04
892.67
(806.84)
0.00
(186.43)
(31.68)
0.00
(1,024.95)
226.79
892.67
1,119.46
0.00
0.00
(186.43)
(31.68)
0.00
(218.11)
318.78
1,119.46
1,438.25
0.00
0.00
(186.43)
(31.68)
0.00
(218.11)
1,174.96
1,438.25
2,613.21
0.00
0.00
(186.43)
(31.68)
0.00
(218.11)
604.15
2,613.21
3,217.36
0.00
0.00
(186.43)
(31.68)
0.00
(218.11)
1,735.13
3,217.36
4,952.49
0.00
0.00
(186.43)
(31.68)
0.00
(218.11)
1,087.90
4,952.49
6,040.39
Dep Rate
0.00%
0.03%
2.67%
2.66%
13.83%
6.97%
19.90%
% Gross Block
7.33%
1.60%
11.47%
59.73%
16.40%
2.15%
1.32%
100.00%
2013
21.39
16.96
82.38
560.30
149.95
19.03
13.28
863.28
2014
77.65
16.96
121.45
632.46
173.69
22.73
13.95
1058.88
2015 E
79.36
17.33
124.12
646.38
177.51
23.23
14.26
1082.19
2016 E
99.29
21.68
155.28
808.68
222.08
29.06
17.84
1353.92
2017 E
108.15
23.62
169.14
880.83
241.89
31.66
19.43
1474.71
2018 E
132.52
28.94
207.25
1079.31
296.40
38.79
23.81
1807.01
2019 E
137.80
30.09
215.50
1122.28
308.20
40.33
24.75
1878.96
2020 E
160.28
35.00
250.66
1305.41
358.49
46.92
28.79
2185.56
0.00
0.11
26.17
310.55
70.09
2.81
6.94
416.67
0.00
0.11
28.89
326.43
92.46
4.26
6.22
458.38
41.71
0.00
0.12
32.20
343.64
117.00
5.88
9.06
507.91
49.53
0.00
0.12
36.34
365.18
147.70
7.91
12.61
569.87
61.96
0.00
0.13
40.85
388.64
181.15
10.12
16.48
637.36
67.49
0.00
0.14
46.38
417.38
222.12
12.82
21.21
720.06
82.70
0.00
0.15
52.13
447.27
264.73
15.64
26.14
806.05
85.99
0.00
0.16
58.81
482.03
314.30
18.91
31.87
906.08
100.02
21.39
16.85
56.20
249.75
79.86
16.22
6.34
446.62
77.65
16.85
92.55
306.03
81.22
18.47
7.73
600.50
79.36
17.21
91.91
302.73
60.51
17.35
5.20
574.28
99.29
21.56
118.94
443.50
74.38
21.15
5.23
784.05
108.15
23.49
128.28
492.19
60.75
21.54
2.95
837.35
132.52
28.80
160.87
661.93
74.27
25.97
2.59
1086.95
137.80
29.94
163.37
675.02
43.47
24.70
-1.39
1072.90
160.28
34.84
191.85
823.38
44.20
28.01
-3.08
1279.48
Amo Rate
4.79%
2013
73.06
55.78
17.28
2014
73.01
59.28
13.73
3.50
2015 E
99.01
63.40
35.61
4.12
2016 E
99.76
68.16
31.60
4.76
2017 E
131.04
73.70
57.34
5.53
2018 E
136.73
80.11
56.62
6.42
2019 E
164.02
87.32
76.70
7.21
2020 E
167.62
95.26
72.35
7.95