{"text_format":"1","workbook":"xlsx","n_sheets":40,"sheets":["Sheet1","Points","fin summary","cons revenues","cons expenses","HT Delhi-NCR","HTD DCF","HT Mumbai","HT Others","HTO DCF","HT Mint","HTM DCF","Hindustan","M-Now","HT-Burda","Fever-FM","Internet","interim_saln_qtr","interim_saln_cum","interim_cons_qtr","interim_cons_cum","sotp valuation","earnings changes","saln finstats","cons finstats","profit model","balance model","cash model","capex est","capex","interest","depn","tax","cons DCF","profit model (F)","cash model (F)","balance model (F)","Kotakval","interim_quarterly","short model"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":3,"comments":9,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Sheet1","index":0,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":true,"merged":[]}

{"sheet":"Points","index":1,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Overview - What Happened to HT Media"]
[]
[null,"Summary Pages"]
[null,null,"First, Look at the last period ROIC"]
[null,null,"Graph the statements with actual and forecast"]
[]
[]
[null,"DCF Page"]
[null,null,"Fixed reduction in Cap Exp"]
[null,null,"Out of Order"]
[null,null,"No Depreciation to Cap/Exp Stats"]
[null,null,"No ROIC in Last Period"]
[null,null,"Merged Cells"]
[null,null,"Error in Discounting"]

{"sheet":"fin summary","index":2,"n_rows":47,"n_cols":11,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
["Financial summary of HT Media, March fiscal year-ends, 2008-14E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E"]
["Profit model"]
["Net sales",{"$f":"'profit model (F)'!G4","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H4","v":8210.1050000000014},{"$f":"'profit model (F)'!I4","v":10396.574999999999},{"$f":"'profit model (F)'!J4","v":12032.51},{"$f":"'profit model (F)'!K4","v":13466.1},{"$f":"'profit model (F)'!L4","v":14129.199999999999},{"$f":"'profit model (F)'!M4","v":17673.900000000001},{"$f":"'profit model (F)'!N4","v":20010.086386822586},{"$f":"'profit model (F)'!O4","v":23529.706641501765},{"$f":"'profit model (F)'!P4","v":27652.077327222552}]
["EBITDA",{"$f":"'profit model (F)'!G8","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H8","v":1183.9880000000021},{"$f":"'profit model (F)'!I8","v":1680.3719999999994},{"$f":"'profit model (F)'!J8","v":1698.9700000000007},{"$f":"'profit model (F)'!K8","v":878.80000000000109},{"$f":"'profit model (F)'!L8","v":2498.7999999999975},{"$f":"'profit model (F)'!M8","v":3171.2000000000016},{"$f":"'profit model (F)'!N8","v":2798.1906642505373},{"$f":"'profit model (F)'!O8","v":3128.1144169801482},{"$f":"'profit model (F)'!P8","v":4532.4487939783994}]
["Other income",{"$f":"'profit model (F)'!G9","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H9","v":177.33799999999999},{"$f":"'profit model (F)'!I9","v":366.85599999999999},{"$f":"'profit model (F)'!J9","v":438.66},{"$f":"'profit model (F)'!K9","v":330.4},{"$f":"'profit model (F)'!L9","v":408.79999999999995},{"$f":"'profit model (F)'!M9","v":477.7},{"$f":"'profit model (F)'!N9","v":796.75845579897555},{"$f":"'profit model (F)'!O9","v":805.34693216832579},{"$f":"'profit model (F)'!P9","v":859.54239335815191}]
["Interest",{"$f":"'profit model (F)'!G10","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H10","v":-135.4},{"$f":"'profit model (F)'!I10","v":-142.9},{"$f":"'profit model (F)'!J10","v":-177.89999999999998},{"$f":"'profit model (F)'!K10","v":-322.8},{"$f":"'profit model (F)'!L10","v":-295.10000000000002},{"$f":"'profit model (F)'!M10","v":-236},{"$f":"'profit model (F)'!N10","v":-331.02499999999998},{"$f":"'profit model (F)'!O10","v":-281.02499999999998},{"$f":"'profit model (F)'!P10","v":-281.02499999999998}]
["Depreciation",{"$f":"'profit model (F)'!G11","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H11","v":-385.36399999999998},{"$f":"'profit model (F)'!I11","v":-435.988},{"$f":"'profit model (F)'!J11","v":-569.87},{"$f":"'profit model (F)'!K11","v":-688.1},{"$f":"'profit model (F)'!L11","v":-706.9},{"$f":"'profit model (F)'!M11","v":-841.9},{"$f":"'profit model (F)'!N11","v":-919.86918061063898},{"$f":"'profit model (F)'!O11","v":-996.04948890819196},{"$f":"'profit model (F)'!P11","v":-1077.4766910454418}]
["Pretax profits",{"$f":"'profit model (F)'!G12","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H12","v":840.56200000000194},{"$f":"'profit model (F)'!I12","v":1468.3399999999992},{"$f":"'profit model (F)'!J12","v":1389.8600000000006},{"$f":"'profit model (F)'!K12","v":198.30000000000121},{"$f":"'profit model (F)'!L12","v":1905.5999999999976},{"$f":"'profit model (F)'!M12","v":2571.0000000000014},{"$f":"'profit model (F)'!N12","v":2344.054939438874},{"$f":"'profit model (F)'!O12","v":2656.3868602402822},{"$f":"'profit model (F)'!P12","v":4033.4894962911094}]
["Extraordinary items",{"$f":"'profit model (F)'!G13","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H13","v":-228.88799999999998},{"$f":"'profit model (F)'!I13","v":2.1660000000000004},{"$f":"'profit model (F)'!J13","v":0},{"$f":"'profit model (F)'!K13","v":-189.4},{"$f":"'profit model (F)'!L13","v":-20.8},{"$f":"'profit model (F)'!M13","v":0},{"$f":"'profit model (F)'!N13","v":0},{"$f":"'profit model (F)'!O13","v":0},{"$f":"'profit model (F)'!P13","v":0}]
["Tax",{"$f":"'profit model (F)'!G14","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H14","v":-64.84},{"$f":"'profit model (F)'!I14","v":-572.77599999999995},{"$f":"'profit model (F)'!J14","v":-519.67000000000007},{"$f":"'profit model (F)'!K14","v":-40},{"$f":"'profit model (F)'!L14","v":-561.5},{"$f":"'profit model (F)'!M14","v":-931.5},{"$f":"'profit model (F)'!N14","v":-663.7981962957947},{"$f":"'profit model (F)'!O14","v":-801.31198322776663},{"$f":"'profit model (F)'!P14","v":-1284.3003882587491}]
["Deferred taxation",{"$f":"'profit model (F)'!G15","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H15","v":-174.12799999999999},{"$f":"'profit model (F)'!I15","v":27.010999999999999},{"$f":"'profit model (F)'!J15","v":143.07},{"$f":"'profit model (F)'!K15","v":-84.9},{"$f":"'profit model (F)'!L15","v":25},{"$f":"'profit model (F)'!M15","v":218.7},{"$f":"'profit model (F)'!N15","v":41.263311484797221},{"$f":"'profit model (F)'!O15","v":64.592738058621748},{"$f":"'profit model (F)'!P15","v":88.030769736359076}]
["Net income ",{"$f":"'profit model (F)'!G16","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H16","v":372.70600000000201},{"$f":"'profit model (F)'!I16","v":924.74099999999919},{"$f":"'profit model (F)'!J16","v":1013.2600000000004},{"$f":"'profit model (F)'!K16","v":-115.99999999999881},{"$f":"'profit model (F)'!L16","v":1348.2999999999977},{"$f":"'profit model (F)'!M16","v":1858.2000000000014},{"$f":"'profit model (F)'!N16","v":1721.5200546278766},{"$f":"'profit model (F)'!O16","v":1919.6676150711373},{"$f":"'profit model (F)'!P16","v":2837.2198777687195}]
["Minority interest",{"$f":"'profit model (F)'!G17","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H17","v":0},{"$f":"'profit model (F)'!I17","v":-45.691000000000003},{"$f":"'profit model (F)'!J17","v":0},{"$f":"'profit model (F)'!K17","v":-125},{"$f":"'profit model (F)'!L17","v":-10.9},{"$f":"'profit model (F)'!M17","v":49.1},{"$f":"'profit model (F)'!N17","v":64.367432217988579},{"$f":"'profit model (F)'!O17","v":166.94534449914414},{"$f":"'profit model (F)'!P17","v":265.9394636598683}]
["Adjusted net income",{"$f":"'profit model (F)'!G18","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H18","v":601.59400000000198},{"$f":"'profit model (F)'!I18","v":969.07107715515406},{"$f":"'profit model (F)'!J18","v":1013.2600000000004},{"$f":"'profit model (F)'!K18","v":79.105698436713979},{"$f":"'profit model (F)'!L18","v":1374.1439966414755},{"$f":"'profit model (F)'!M18","v":1809.1000000000015},{"$f":"'profit model (F)'!N18","v":1657.152622409888},{"$f":"'profit model (F)'!O18","v":1752.7222705719932},{"$f":"'profit model (F)'!P18","v":2571.2804141088513}]
["Earnings per share (Rs)",{"$f":"'profit model (F)'!G22","v":{"$error":"#REF!"}},{"$f":"'profit model (F)'!H22","v":2.5684010092687153},{"$f":"'profit model (F)'!I22","v":4.1372805124692249},{"$f":"'profit model (F)'!J22","v":4.3255496264674509},{"$f":"'profit model (F)'!K22","v":0.33661999334771908},{"$f":"'profit model (F)'!L22","v":5.8449340563227379},{"$f":"'profit model (F)'!M22","v":7.6917517006802791},{"$f":"'profit model (F)'!N22","v":7.0457169320148303},{"$f":"'profit model (F)'!O22","v":7.4520504701190191},{"$f":"'profit model (F)'!P22","v":10.932314685836953}]
[]
["Balance sheet "]
["Total equity",{"$f":"'balance model (F)'!G7","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H7","v":6932.348},{"$f":"'balance model (F)'!I7","v":7642.0539999999992},{"$f":"'balance model (F)'!J7","v":8528.77},{"$f":"'balance model (F)'!K7","v":8485.4},{"$f":"'balance model (F)'!L7","v":9711.2999999999993},{"$f":"'balance model (F)'!M7","v":13022},{"$f":"'balance model (F)'!N7","v":14569.549422409889},{"$f":"'balance model (F)'!O7","v":15774.25569298188},{"$f":"'balance model (F)'!P7","v":17249.504107090735}]
["Minority interest",{"$f":"'balance model (F)'!G8","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H8","v":0},{"$f":"'balance model (F)'!I8","v":0.108},{"$f":"'balance model (F)'!J8","v":0.52},{"$f":"'balance model (F)'!K8","v":-69.400000000000006},{"$f":"'balance model (F)'!L8","v":218.2},{"$f":"'balance model (F)'!M8","v":1298.8},{"$f":"'balance model (F)'!N8","v":1363.1674322179886},{"$f":"'balance model (F)'!O8","v":1530.1127767171326},{"$f":"'balance model (F)'!P8","v":1796.052240377001}]
["Deferred taxation liability",{"$f":"'balance model (F)'!G9","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H9","v":295.84200000000004},{"$f":"'balance model (F)'!I9","v":272.59899999999999},{"$f":"'balance model (F)'!J9","v":121.61},{"$f":"'balance model (F)'!K9","v":206.5},{"$f":"'balance model (F)'!L9","v":178.1},{"$f":"'balance model (F)'!M9","v":-85.5},{"$f":"'balance model (F)'!N9","v":-126.76331148479721},{"$f":"'balance model (F)'!O9","v":-191.35604954341898},{"$f":"'balance model (F)'!P9","v":-279.38681927977802}]
["Total borrowings",{"$f":"'balance model (F)'!G13","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H13","v":1695.7260000000001},{"$f":"'balance model (F)'!I13","v":1657.55},{"$f":"'balance model (F)'!J13","v":2230.67},{"$f":"'balance model (F)'!K13","v":3706.2},{"$f":"'balance model (F)'!L13","v":4020.9},{"$f":"'balance model (F)'!M13","v":3122.5},{"$f":"'balance model (F)'!N13","v":3122.5},{"$f":"'balance model (F)'!O13","v":3122.5},{"$f":"'balance model (F)'!P13","v":3122.5}]
["Current liabilities",{"$f":"'balance model (F)'!G14","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H14","v":1809.4060000000002},{"$f":"'balance model (F)'!I14","v":2112.5070000000001},{"$f":"'balance model (F)'!J14","v":2803.7},{"$f":"'balance model (F)'!K14","v":5399},{"$f":"'balance model (F)'!L14","v":5764.5},{"$f":"'balance model (F)'!M14","v":6037},{"$f":"'balance model (F)'!N14","v":6536.7515124034389},{"$f":"'balance model (F)'!O14","v":7416.582460242922},{"$f":"'balance model (F)'!P14","v":8189.4993953174808}]
["Total liabilities and equity",{"$f":"'balance model (F)'!G15","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H15","v":10733.322},{"$f":"'balance model (F)'!I15","v":11684.817999999999},{"$f":"'balance model (F)'!J15","v":13685.27},{"$f":"'balance model (F)'!K15","v":17727.7},{"$f":"'balance model (F)'!L15","v":19893},{"$f":"'balance model (F)'!M15","v":23394.799999999999},{"$f":"'balance model (F)'!N15","v":25465.205055546518},{"$f":"'balance model (F)'!O15","v":27652.094880398516},{"$f":"'balance model (F)'!P15","v":30078.16892350544}]
["Cash",{"$f":"'balance model (F)'!G17","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H17","v":2677.5039999999999},{"$f":"'balance model (F)'!I17","v":1104.1389999999999},{"$f":"'balance model (F)'!J17","v":773.97},{"$f":"'balance model (F)'!K17","v":705.4},{"$f":"'balance model (F)'!L17","v":1086.8},{"$f":"'balance model (F)'!M17","v":1152.4000000000001},{"$f":"'balance model (F)'!N17","v":3002.6113949743922},{"$f":"'balance model (F)'!O17","v":4117.1119092033186},{"$f":"'balance model (F)'!P17","v":5568.1564721546129}]
["Other current assets",{"$f":"'balance model (F)'!G18","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H18","v":3275.5940000000001},{"$f":"'balance model (F)'!I18","v":2863.0309999999999},{"$f":"'balance model (F)'!J18","v":4424.8999999999996},{"$f":"'balance model (F)'!K18","v":6270.3},{"$f":"'balance model (F)'!L18","v":5622.8},{"$f":"'balance model (F)'!M18","v":6403.7999999999993},{"$f":"'balance model (F)'!N18","v":7763.8628411827631},{"$f":"'balance model (F)'!O18","v":8960.8016407140258},{"$f":"'balance model (F)'!P18","v":10098.232811915092}]
["Total fixed assets",{"$f":"'balance model (F)'!G21+'balance model (F)'!G22","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H21+'balance model (F)'!H22","v":3736.4030000000002},{"$f":"'balance model (F)'!I21+'balance model (F)'!I22","v":4108.6970000000001},{"$f":"'balance model (F)'!J21+'balance model (F)'!J22","v":4751.6000000000004},{"$f":"'balance model (F)'!K21+'balance model (F)'!K22","v":6718},{"$f":"'balance model (F)'!L21+'balance model (F)'!L22","v":7572.4999999999982},{"$f":"'balance model (F)'!M21+'balance model (F)'!M22","v":7558.9},{"$f":"'balance model (F)'!N21+'balance model (F)'!N22","v":7469.0308193893616},{"$f":"'balance model (F)'!O21+'balance model (F)'!O22","v":7344.4813304811687},{"$f":"'balance model (F)'!P21+'balance model (F)'!P22","v":7182.0796394357276}]
["Intangible assets",{"$f":"'balance model (F)'!G24","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H24","v":182.41900000000001},{"$f":"'balance model (F)'!I24","v":1098.18},{"$f":"'balance model (F)'!J24","v":1077.75},{"$f":"'balance model (F)'!K24","v":998.2},{"$f":"'balance model (F)'!L24","v":834.3},{"$f":"'balance model (F)'!M24","v":684.7},{"$f":"'balance model (F)'!N24","v":684.7},{"$f":"'balance model (F)'!O24","v":684.7},{"$f":"'balance model (F)'!P24","v":684.7}]
["Investments",{"$f":"'balance model (F)'!G25","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H25","v":861.40200000000004},{"$f":"'balance model (F)'!I25","v":2510.0169999999998},{"$f":"'balance model (F)'!J25","v":2656.36},{"$f":"'balance model (F)'!K25","v":3035},{"$f":"'balance model (F)'!L25","v":4754.7},{"$f":"'balance model (F)'!M25","v":7595},{"$f":"'balance model (F)'!N25","v":6595},{"$f":"'balance model (F)'!O25","v":6595},{"$f":"'balance model (F)'!P25","v":6595}]
["Total assets",{"$f":"'balance model (F)'!G27","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H27","v":10733.322},{"$f":"'balance model (F)'!I27","v":11684.818000000001},{"$f":"'balance model (F)'!J27","v":13685.270000000002},{"$f":"'balance model (F)'!K27","v":17727.7},{"$f":"'balance model (F)'!L27","v":19893},{"$f":"'balance model (F)'!M27","v":23394.799999999999},{"$f":"'balance model (F)'!N27","v":25515.205055546518},{"$f":"'balance model (F)'!O27","v":27702.094880398512},{"$f":"'balance model (F)'!P27","v":30128.168923505433}]
[]
["Free cash flow "]
["Operating cash flow, excl. working capital",{"$f":"'cash model (F)'!G14","v":{"$error":"#REF!"}},{"$f":"'cash model (F)'!H14","v":892.9079999999999},{"$f":"'cash model (F)'!I14","v":1336.7949999999998},{"$f":"'cash model (F)'!J14","v":1242.1500000000001},{"$f":"'cash model (F)'!K14","v":586.20000000000027},{"$f":"'cash model (F)'!L14","v":2307.5999999999995},{"$f":"'cash model (F)'!M14","v":2819.8},{"$f":"'cash model (F)'!N14","v":2134.3924679547422},{"$f":"'cash model (F)'!O14","v":2326.8024337523811},{"$f":"'cash model (F)'!P14","v":3248.1484057196503}]
["Working capital changes",{"$f":"'cash model (F)'!G12","v":{"$error":"#REF!"}},{"$f":"'cash model (F)'!H12","v":-231.62300000000005},{"$f":"'cash model (F)'!I12","v":-226.03399999999999},{"$f":"'cash model (F)'!J12","v":-130.91000000000008},{"$f":"'cash model (F)'!K12","v":1313.2},{"$f":"'cash model (F)'!L12","v":1695.1},{"$f":"'cash model (F)'!M12","v":-328.09999999999997},{"$f":"'cash model (F)'!N12","v":-860.31132877932578},{"$f":"'cash model (F)'!O12","v":-317.10785169178052},{"$f":"'cash model (F)'!P12","v":-364.51423612650706}]
["Capital expenditure",{"$f":"'cash model (F)'!G16+'cash model (F)'!G17","v":{"$error":"#REF!"}},{"$f":"'cash model (F)'!H16+'cash model (F)'!H17","v":-327.03699999999998},{"$f":"'cash model (F)'!I16+'cash model (F)'!I17","v":-866.69399999999996},{"$f":"'cash model (F)'!J16+'cash model (F)'!J17","v":-1196.3800000000001},{"$f":"'cash model (F)'!K16+'cash model (F)'!K17","v":-2597},{"$f":"'cash model (F)'!L16+'cash model (F)'!L17","v":-1574.8},{"$f":"'cash model (F)'!M16+'cash model (F)'!M17","v":-773.2},{"$f":"'cash model (F)'!N16+'cash model (F)'!N17","v":-830},{"$f":"'cash model (F)'!O16+'cash model (F)'!O17","v":-871.5},{"$f":"'cash model (F)'!P16+'cash model (F)'!P17","v":-915.07500000000073}]
["Investments",{"$f":"'cash model (F)'!G18","v":{"$error":"#REF!"}},{"$f":"'cash model (F)'!H18","v":387.67800000000011},{"$f":"'cash model (F)'!I18","v":-319.22199999999975},{"$f":"'cash model (F)'!J18","v":-325.32999999999993},{"$f":"'cash model (F)'!K18","v":-1126.3999999999996},{"$f":"'cash model (F)'!L18","v":-1778.3999999999994},{"$f":"'cash model (F)'!M18","v":-3097.7},{"$f":"'cash model (F)'!N18","v":1000},{"$f":"'cash model (F)'!O18","v":0},{"$f":"'cash model (F)'!P18","v":0}]
["Other income",{"$f":"-'cash model (F)'!G8","v":{"$error":"#REF!"}},{"$f":"-'cash model (F)'!H8","v":130.04000000000002},{"$f":"-'cash model (F)'!I8","v":196.62099999999998},{"$f":"-'cash model (F)'!J8","v":298.29000000000002},{"$f":"-'cash model (F)'!K8","v":205.70000000000002},{"$f":"-'cash model (F)'!L8","v":145.69999999999999},{"$f":"-'cash model (F)'!M8","v":291.2},{"$f":"-'cash model (F)'!N8","v":796.75845579897555},{"$f":"-'cash model (F)'!O8","v":805.34693216832579},{"$f":"-'cash model (F)'!P8","v":859.54239335815191}]
["Free cash flow",{"$f":"SUM(B34:B38)","v":{"$error":"#REF!"}},851.96599999999989,121.46600000000024,-112.18,-1618.2999999999993,795.20000000000027,-1087.9999999999995,2240.8395949743917,1943.5415142289264,2828.1015629512945]
[]
["Ratios (%)"]
["Debt/equity",{"$f":"'balance model (F)'!G30","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H30","v":23.459897982759173},{"$f":"'balance model (F)'!I30","v":20.942800650893982},{"$f":"'balance model (F)'!J30","v":25.786959648015461},{"$f":"'balance model (F)'!K30","v":42.639699030131503},{"$f":"'balance model (F)'!L30","v":40.658685056727407},{"$f":"'balance model (F)'!M30","v":24.137131372473235},{"$f":"'balance model (F)'!N30","v":21.61978981076247},{"$f":"'balance model (F)'!O30","v":20.0379908197304},{"$f":"'balance model (F)'!P30","v":18.399990683875725}]
["Net debt/equity",{"$f":"'balance model (F)'!G32","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H32","v":-13.582625802586815},{"$f":"'balance model (F)'!I32","v":6.9922332665753011},{"$f":"'balance model (F)'!J32","v":16.839722648022398},{"$f":"'balance model (F)'!K32","v":34.524097147919328},{"$f":"'balance model (F)'!L32","v":29.669140696098857},{"$f":"'balance model (F)'!M32","v":15.229003207977426},{"$f":"'balance model (F)'!N32","v":0.83009333590365486},{"$f":"'balance model (F)'!O32","v":-6.3827139490186147},{"$f":"'balance model (F)'!P32","v":-14.411547254957647}]
["ROAE (%)",{"$f":"'balance model (F)'!G34","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H34","v":0},{"$f":"'balance model (F)'!I34","v":12.799063916269276},{"$f":"'balance model (F)'!J34","v":12.233721478248796},{"$f":"'balance model (F)'!K34","v":0.91228717834925943},{"$f":"'balance model (F)'!L34","v":14.790612030821046},{"$f":"'balance model (F)'!M34","v":15.851291734389457},{"$f":"'balance model (F)'!N34","v":12.105155815210523},{"$f":"'balance model (F)'!O34","v":11.674819252494673},{"$f":"'balance model (F)'!P34","v":15.797493790141083}]
["ROACE (%)",{"$f":"'balance model (F)'!G35","v":{"$error":"#REF!"}},{"$f":"'balance model (F)'!H35","v":0},{"$f":"'balance model (F)'!I35","v":10.62623992217234},{"$f":"'balance model (F)'!J35","v":9.5982093187231889},{"$f":"'balance model (F)'!K35","v":3.5738979778230333},{"$f":"'balance model (F)'!L35","v":11.800386707697493},{"$f":"'balance model (F)'!M35","v":11.945522578938151},{"$f":"'balance model (F)'!N35","v":11.40568960240981},{"$f":"'balance model (F)'!O35","v":11.311213338110196},{"$f":"'balance model (F)'!P35","v":15.159193069941059}]
[]
["Source: Company data, Kotak Institutional Equities estimates"]

{"sheet":"cons revenues","index":3,"n_rows":49,"n_cols":17,"rows_kept":49,"cut":false,"hidden":false,"merged":[]}
["Derivation of revenues of HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,"2011E","2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues (Rs mn)"]
["HT Delhi-NCR",null,null,{"$f":"'HT Delhi-NCR'!D5","v":5900},{"$f":"'HT Delhi-NCR'!E5","v":6302.38},{"$f":"'HT Delhi-NCR'!F5","v":6446.7045020000005},{"$f":"'HT Delhi-NCR'!G5","v":5802.0340518000003},{"$f":"'HT Delhi-NCR'!H5","v":6857.4240458224203},{"$f":"'HT Delhi-NCR'!I5","v":7200.2952481135417},{"$f":"'HT Delhi-NCR'!J5","v":7937.6054815203688},{"$f":"'HT Delhi-NCR'!K5","v":9080.6206708593036},{"$f":"'HT Delhi-NCR'!L5","v":8938.9629883938996},{"$f":"'HT Delhi-NCR'!M5","v":9096.2887369896325},{"$f":"'HT Delhi-NCR'!N5","v":9838.5458979279865},{"$f":"'HT Delhi-NCR'!O5","v":10641.371243198912},{"$f":"'HT Delhi-NCR'!P5","v":11179.824628104778},{"$f":"'HT Delhi-NCR'!Q5","v":11745.52375428688}]
["HT Mumbai",null,null,{"$f":"'HT Mumbai'!D5","v":800},{"$f":"'HT Mumbai'!E5","v":1010.08},{"$f":"'HT Mumbai'!F5","v":1112.7041280000001},{"$f":"'HT Mumbai'!G5","v":1123.6086284543999},{"$f":"'HT Mumbai'!H5","v":1409.0052200818177},{"$f":"'HT Mumbai'!I5","v":1589.9214903403231},{"$f":"'HT Mumbai'!J5","v":1904.4079611296388},{"$f":"'HT Mumbai'!K5","v":2382.0334777809521},{"$f":"'HT Mumbai'!L5","v":2599.7513376501315},{"$f":"'HT Mumbai'!M5","v":2865.9658746255054},{"$f":"'HT Mumbai'!N5","v":3220.1992567292182},{"$f":"'HT Mumbai'!O5","v":3618.2158848609497},{"$f":"'HT Mumbai'!P5","v":3988.7211914707113},{"$f":"'HT Mumbai'!Q5","v":4314.2008406947216}]
["HT Others",null,null,{"$f":"'HT Others'!D5","v":750},{"$f":"'HT Others'!E5","v":907.2},{"$f":"'HT Others'!F5","v":1000.0972800000001},{"$f":"'HT Others'!G5","v":1050.5021829120001},{"$f":"'HT Others'!H5","v":1256.400610762752},{"$f":"'HT Others'!I5","v":1411.1891660087231},{"$f":"'HT Others'!J5","v":1614.4004059139793},{"$f":"'HT Others'!K5","v":1899.5035175983883},{"$f":"'HT Others'!L5","v":1987.6404808149537},{"$f":"'HT Others'!M5","v":2106.8989096638511},{"$f":"'HT Others'!N5","v":2367.3116148983036},{"$f":"'HT Others'!O5","v":2659.911330499734},{"$f":"'HT Others'!P5","v":2932.2862507429072},{"$f":"'HT Others'!Q5","v":3232.5523628189812}]
["HT Mint",null,null,{"$f":"'HT Mint'!D5","v":50},{"$f":"'HT Mint'!E5","v":200},{"$f":"'HT Mint'!F5","v":300},{"$f":"'HT Mint'!G5","v":450},{"$f":"'HT Mint'!H5","v":630.99},{"$f":"'HT Mint'!I5","v":745.76708100000008},{"$f":"'HT Mint'!J5","v":926.98848168300003},{"$f":"'HT Mint'!K5","v":1161.3311698524624},{"$f":"'HT Mint'!L5","v":1215.2169361336166},{"$f":"'HT Mint'!M5","v":1251.9164876048519},{"$f":"'HT Mint'!N5","v":1391.8807509190744},{"$f":"'HT Mint'!O5","v":1608.1790196118986},{"$f":"'HT Mint'!P5","v":1823.9966440438156},{"$f":"'HT Mint'!Q5","v":2068.7769936744958}]
["Hindustan",null,null,{"$f":"Hindustan!D5","v":1273.5999999999999},{"$f":"Hindustan!E5","v":1651.7},{"$f":"Hindustan!F5","v":2439.9},{"$f":"Hindustan!G5","v":2979.9936000000002},{"$f":"Hindustan!H5","v":3772.9548000000004},{"$f":"Hindustan!I5","v":4402.5041433599999},{"$f":"Hindustan!J5","v":5252.6988528194888},{"$f":"Hindustan!K5","v":6379.5598593526211},{"$f":"Hindustan!L5","v":7402.5942389742795},{"$f":"Hindustan!M5","v":7921.9782480956274},{"$f":"Hindustan!N5","v":9567.1864614446022},{"$f":"Hindustan!O5","v":10928.558302093385},{"$f":"Hindustan!P5","v":12321.161502039893},{"$f":"Hindustan!Q5","v":13884.029147768135}]
["Print advertising revenues",null,null,{"$f":"SUM(D5:D9)","v":8773.6},10071.36,11299.405910000001,11406.1384631664,13926.774676666992,15349.677128822586,17636.101183066476,20903.048695443729,22144.165981966878,23243.048256979469,26385.123981919183,29456.23578026488,32245.990216402104,35245.083099243217]
["actual",null,null,{"$f":"'cons finstats'!D6","v":8749.09},{"$f":"'cons finstats'!E6","v":10073.51},{"$f":"'cons finstats'!F6","v":11282.1},{"$f":"'cons finstats'!G6","v":11409.7}]
[]
["Circulation revenues",null,null,{"$f":"'HT Delhi-NCR'!D10+'HT Mumbai'!D10+'HT Others'!D10+'HT Mint'!D10+Hindustan!D10","v":1368.704},{"$f":"'HT Delhi-NCR'!E10+'HT Mumbai'!E10+'HT Others'!E10+'HT Mint'!E10+Hindustan!E10","v":1487.3063999999999},{"$f":"'HT Delhi-NCR'!F10+'HT Mumbai'!F10+'HT Others'!F10+'HT Mint'!F10+Hindustan!F10","v":1563.2788},{"$f":"'HT Delhi-NCR'!G10+'HT Mumbai'!G10+'HT Others'!G10+'HT Mint'!G10+Hindustan!G10","v":1860.0379200000002},{"$f":"'HT Delhi-NCR'!H10+'HT Mumbai'!H10+'HT Others'!H10+'HT Mint'!H10+Hindustan!H10","v":1808.1765},{"$f":"'HT Delhi-NCR'!I10+'HT Mumbai'!I10+'HT Others'!I10+'HT Mint'!I10+Hindustan!I10","v":1981.7298000000001},{"$f":"'HT Delhi-NCR'!J10+'HT Mumbai'!J10+'HT Others'!J10+'HT Mint'!J10+Hindustan!J10","v":2214.980775},{"$f":"'HT Delhi-NCR'!K10+'HT Mumbai'!K10+'HT Others'!K10+'HT Mint'!K10+Hindustan!K10","v":2334.5362800000003},{"$f":"'HT Delhi-NCR'!L10+'HT Mumbai'!L10+'HT Others'!L10+'HT Mint'!L10+Hindustan!L10","v":2364.7523400000005},{"$f":"'HT Delhi-NCR'!M10+'HT Mumbai'!M10+'HT Others'!M10+'HT Mint'!M10+Hindustan!M10","v":2555.4568500000005},{"$f":"'HT Delhi-NCR'!N10+'HT Mumbai'!N10+'HT Others'!N10+'HT Mint'!N10+Hindustan!N10","v":2778.6159000000007},{"$f":"'HT Delhi-NCR'!O10+'HT Mumbai'!O10+'HT Others'!O10+'HT Mint'!O10+Hindustan!O10","v":2959.1928000000007},{"$f":"'HT Delhi-NCR'!P10+'HT Mumbai'!P10+'HT Others'!P10+'HT Mint'!P10+Hindustan!P10","v":3189.0060000000003},{"$f":"'HT Delhi-NCR'!Q10+'HT Mumbai'!Q10+'HT Others'!Q10+'HT Mint'!Q10+Hindustan!Q10","v":3357.7020000000011}]
["HT-Burda JV",null,null,{"$f":"'HT-Burda'!D4","v":0},{"$f":"'HT-Burda'!E4","v":0},{"$f":"'HT-Burda'!F4","v":0},{"$f":"'HT-Burda'!G4","v":90},{"$f":"'HT-Burda'!H4","v":645.5163},{"$f":"'HT-Burda'!I4","v":1113.4012499999999},{"$f":"'HT-Burda'!J4","v":1833.2028},{"$f":"'HT-Burda'!K4","v":2324.5282800000004},{"$f":"'HT-Burda'!L4","v":2730.8496599999999},{"$f":"'HT-Burda'!M4","v":3096.6429479999997},{"$f":"'HT-Burda'!N4","v":3476.0965876559994},{"$f":"'HT-Burda'!O4","v":3869.5602757190395},{"$f":"'HT-Burda'!P4","v":4277.3929046695384},{"$f":"'HT-Burda'!Q4","v":4364.2511627629283}]
["Fever FM",null,null,{"$f":"'Fever-FM'!D6","v":21.400000000000002},{"$f":"'Fever-FM'!E6","v":257.89999999999998},{"$f":"'Fever-FM'!F6","v":338.7192858947368},{"$f":"'Fever-FM'!G6","v":437.17490526315783},{"$f":"'Fever-FM'!H6","v":631.91856000000007},{"$f":"'Fever-FM'!I6","v":674.06320800000003},{"$f":"'Fever-FM'!J6","v":785.08538343529426},{"$f":"'Fever-FM'!K6","v":863.59392177882364},{"$f":"'Fever-FM'!L6","v":1020.3821688060002},{"$f":"'Fever-FM'!M6","v":1122.4203856866004},{"$f":"'Fever-FM'!N6","v":1003.1632197073992},{"$f":"'Fever-FM'!O6","v":272.6546186897034},{"$f":"'Fever-FM'!P6","v":0},{"$f":"'Fever-FM'!Q6","v":0}]
["Internet",null,null,{"$f":"Internet!D6","v":0},{"$f":"Internet!E6","v":0},{"$f":"Internet!F6","v":10},{"$f":"Internet!G6","v":40},{"$f":"Internet!H6","v":80},{"$f":"Internet!I6","v":200},{"$f":"Internet!J6","v":300},{"$f":"Internet!K6","v":390},{"$f":"Internet!L6","v":468},{"$f":"Internet!M6","v":538.19999999999993},{"$f":"Internet!N6","v":618.92999999999984},{"$f":"Internet!O6","v":711.76949999999977},{"$f":"Internet!P6","v":818.5349249999997},{"$f":"Internet!Q6","v":941.31516374999956}]
["Other operating",null,null,{"$f":"SUM('cons finstats'!D11:D13)","v":265.90899999999999},{"$f":"SUM('cons finstats'!E11:E13)","v":281.94},{"$f":"SUM('cons finstats'!F11:F13)","v":354.1},{"$f":"SUM('cons finstats'!G11:G13)","v":369.3},{"$f":"SUM('cons finstats'!H11:H13)","v":592},{"$f":"SUM('cons finstats'!I11:I13)","v":691.21499999999992},{"$f":"SUM('cons finstats'!J11:J13)","v":760.3365},{"$f":"SUM('cons finstats'!K11:K13)","v":836.37014999999997},{"$f":"SUM('cons finstats'!L11:L13)","v":920.00716500000021},{"$f":"SUM('cons finstats'!M11:M13)","v":966.00752325000019},{"$f":"SUM('cons finstats'!N11:N13)","v":1014.3078994125003},{"$f":"SUM('cons finstats'!O11:O13)","v":1065.0232943831254},{"$f":"SUM('cons finstats'!P11:P13)","v":1118.2744591022818},{"$f":"SUM('cons finstats'!Q11:Q13)","v":1174.1881820573958}]
["Total revenues",null,null,{"$f":"D10+SUM(D13:D17)","v":10429.613000000001},{"$f":"E10+SUM(E13:E17)","v":12098.5064},13565.503995894738,14202.651288429559,17684.386036666991,20010.086386822586,23529.706641501769,27652.077327222552,29648.157315772878,31521.775963916072,35276.237588695083,38334.43626905675,41649.198505173925,45082.539607813538]
["actual",null,null,{"$f":"'cons finstats'!D14","v":10396.574999999999},{"$f":"'cons finstats'!E14","v":12032.51},{"$f":"'cons finstats'!F14","v":13466.1},{"$f":"'cons finstats'!G14","v":14129.199999999999}]
[]
["Common-size (%)"]
["HT Delhi-NCR",null,null,{"$f":"D5/D$18*100","v":56.569692470851983},52.09221528369816,47.522779131176662,40.851767279020152,38.776715412139076,35.983329151718273,33.734400528054167,32.838837254081213,30.150146915330733,28.857158135386879,27.890009168894274,27.75930019815771,26.842832585880256,26.053376443440623]
["HT Mumbai",null,null,{"$f":"D6/D$18*100","v":7.6704667757087428},8.3487991542493223,8.202453283982166,7.9112597052197389,7.9675099670430836,7.9456003317774169,8.0936324032643832,8.614302099596399,8.7686776279585459,9.0920190471065556,9.1285224186186742,9.4385524792014337,9.5769458588145628,9.5695603624490584]
["HT Others",null,null,{"$f":"D7/D$18*100","v":7.191062602226947},7.4984462544897283,7.3723562375762413,7.3965216886498526,7.1045758001307924,7.0523891737821058,6.8611157398218259,6.8692977208203816,6.7040944893985879,6.6839473514299499,6.710782602442138,6.9386994811419553,7.0404386062282569,7.1702978380098346]
["HT Mint",null,null,{"$f":"D8/D$18*100","v":0.47940417348179643},1.653096616950998,2.2114917373566625,3.1684225069061607,3.5680628023596568,3.726955829091855,3.9396516743985872,4.199797201887506,4.0987941449134135,3.9715924922439605,3.9456610059943809,4.1951289131386229,4.3794279590211742,4.5888652495431801]
["Hindustan",null,null,{"$f":"D9/D$18*100","v":12.211383106928318},13.652098411089819,17.986062299921734,20.981952872614034,21.334949328617441,22.001424972653886,22.323690358105708,23.07081592409752,24.968142741997948,25.13176369619578,27.120767733207984,28.508462274988062,29.583189939439723,30.796909997860471]
["Print advertising revenues",null,null,{"$f":"D10/D$18*100","v":84.122009129197778},83.244655720478036,83.295142690013463,80.30992405240994,78.751813310290046,76.709699459023525,74.952490703644671,75.59305020048302,74.689855919599225,73.736480722363126,74.795742929157456,76.840143346627784,77.422834949383969,78.179009891303181]
["Circulation revenues",null,null,{"$f":"D13/D$18*100","v":13.123248197224575},12.29330589104784,11.523927164616127,13.096413354282049,10.224706112221867,9.9036543955404692,9.4135503206538509,8.4425349038848765,7.9760516473715128,8.1069570855566937,7.8767354171876285,7.7194112865790006,7.656824415489873,7.447898963123313]
["HT-Burda JV",null,null,{"$f":"D14/D$18*100","v":0},0,0,0.63368450138123222,3.65020475498318,5.5642001162634545,7.7910142609538156,8.4063423246382278,9.2108579663640082,9.8238213213139396,9.8539323501154179,10.094214633964809,10.270048544003011,9.6805796672699707]
["Fever FM",null,null,{"$f":"D15/D$18*100","v":0.2051849862502089},2.1316680875583121,2.496916340131865,3.0781217984230178,3.5733135359620265,3.3686171812026591,3.3365710648111446,3.1230706885397144,3.4416377312702493,3.5607777524066817,2.8437364307492965,0.71125245399731629,0,0]
["Internet",null,null,{"$f":"D16/D$18*100","v":0},0,7.3716391245222071E-2,0.28163755616943653,0.45237646268367565,0.9994959348686655,1.274984021563869,1.4103822847915224,1.5785129410083878,1.7073911083439388,1.7545238446810645,1.8567365775365121,1.965307747514796,2.087981670817086]
["Other operating",null,null,{"$f":"D17/D$18*100","v":2.5495576873274204},2.3303703009158223,2.6102974139933139,2.6002187373343228,3.3475858238591996,3.4543329131012235,3.2313896283726553,3.0246195976626367,3.103083794386623,3.0645720100156102,2.8753290281091481,2.7782417012945713,2.6849843436083471,2.604529807486466]
["Total revenues",null,null,{"$f":"D18/D$18*100","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100]
[]
["Growth (%)"]
["HT Delhi-NCR",null,null,null,{"$f":"(E5/D5-1)*100","v":6.8200000000000038},2.2900000000000142,-9.9999999999999982,18.189999999999994,5.0000000000000044,10.240000000000006,14.400000000000013,-1.5599999999999836,1.760000000000006,8.1599999999999895,8.1600000000000108,5.06000000000002,5.0599999999999978]
["HT Mumbai",null,null,null,{"$f":"(E6/D6-1)*100","v":26.259999999999994},10.160000000000014,0.97999999999998089,25.400000000000023,12.840000000000007,19.779999999999998,25.079999999999991,9.1400000000000148,10.240000000000027,12.360000000000015,12.360000000000015,10.240000000000006,8.1600000000000108]
["HT Others",null,null,null,{"$f":"(E7/D7-1)*100","v":20.96},10.240000000000006,5.04,19.599999999999994,12.319999999999997,14.400000000000013,17.660000000000011,4.6399999999999997,6.0000000000000053,12.360000000000015,12.360000000000015,10.240000000000006,10.240000000000006]
["HT Mint",null,null,null,{"$f":"(E8/D8-1)*100","v":300},50,50,40.220000000000013,18.190000000000019,24.29999999999999,25.27999999999999,4.6399999999999997,3.0200000000000005,11.180000000000012,15.54,13.420000000000009,13.420000000000009]
["Hindustan",null,null,null,{"$f":"(E9/D9-1)*100","v":29.687500000000021},47.720530362656667,22.135890815197357,26.609493389516015,16.685843767860664,19.31161633866445,21.452990893020019,16.036127917537456,7.0162431217263954,20.767643659517354,14.229594522225097,12.742789684159472,12.684418148966659]
["Advertising revenues",null,null,null,{"$f":"(E10/D10-1)*100","v":14.791647670283581},12.193446664601403,0.94458552968648135,22.09894454324246,10.217027884708552,14.895584024699748,18.524204859484783,5.9374941167968265,4.9624008233476236,13.518346174737239,11.639557958682412,9.4708450086697926,9.3006692079054432]
["Circulation revenues",null,null,null,{"$f":"(E13/D13-1)*100","v":8.6653067427288946},5.1080530548379244,18.983121884592833,-2.7881915439659566,9.5982499496039217,11.770069511999059,5.3975865772469378,1.2943067220184901,8.0644601455389662,8.7326479412086488,6.4988075537896428,7.7660772897257591,5.2899241958152654]
["HT-Burda JV",null,null,null,null,null,null,null,{"$f":"(I14/H14-1)*100","v":72.482282786662381},64.648890056482358,26.801479901732673,17.47973485614034,13.39485264816811,12.253709776294164,11.319124142300097,10.539508365061344,2.0306354835574858]
["Fever FM",null,null,null,null,{"$f":"(F15/E15-1)*100","v":31.33745090916511},29.067024957952327,44.545936281410327,6.6693163751987194,16.470588235294127,9.9999999999999858,18.155320813771535,10.000000000000009,-10.624999999999996,-72.820512820512818,-100]
["Internet",null,null,null,null,null,null,{"$f":"(H16/G16-1)*100","v":100},150,50,30.000000000000004,19.999999999999996,14.999999999999991,14.999999999999991,14.999999999999991,14.999999999999991,14.999999999999991]
["Other operating",null,null,null,{"$f":"(E17/D17-1)*100","v":6.028754197864683},25.594098035042933,4.2925727195707308,60.303276468995378,16.759290540540526,10.000000000000009,9.9999999999999858,10.000000000000032,5.0000000000000044,5.0000000000000044,5.0000000000000044,5.0000000000000044,5.0000000000000044]
["Total revenues",null,null,null,{"$f":"(E18/D18-1)*100","v":16.001489221124498},12.125443814244186,4.6968199097330743,24.51468164309496,13.151151220819667,17.589230684166314,17.519855850857624,7.2185534740467849,6.3195112876253789,11.910691926358652,8.6692881367306676,8.6469570410582008,8.24347460663164]
[]
["Source: Company data, Kotak Institutional Equities estimates"]

{"sheet":"cons expenses","index":4,"n_rows":91,"n_cols":17,"rows_kept":91,"cut":false,"hidden":false,"merged":[]}
["Derivation of expenses of HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Expenses (Rs mn)"]
["Newsprint costs",null,null,{"$f":"D53","v":4314.8439868999167},4670.8870124243449,5681.6069514215997,4746.055283259001,6211.2546352500003,7444.0337735159992,9266.6474685216017,10407.944629512003,10416.126057297661,11025.596509959294,12152.308408189518,13410.303234139537,14766.224018948138,15857.835273628711]
["Employee costs",null,null,{"$f":"D67","v":1551.1499999999999},1904.2250000000001,2377.7800000000002,2503.2877440000002,3011.6029056000007,3547.7172614400001,4266.6086614560008,5048.9649899704018,5807.4979978067622,6150.5737824169764,6712.640001697805,7103.2542479310614,7700.7035678893708,8444.4402186893894]
["SG&A and other costs",null,null,{"$f":"D84","v":2770.7449999999999},3707.52,4580.3999999999996,4350.3,5244.8,6220.1446876160489,6868.3360945440145,7662.7189137617479,8376.3442672478886,8861.4467632254236,9618.6616566845987,10151.568805413732,10912.387998231494,11844.178647864092]
["Total expenses",null,null,{"$f":"SUM(D5:D7)","v":8636.7389868999162},10282.632012424345,12639.7869514216,11599.643027259001,14467.657540849999,17211.895722572048,20401.592224521617,23119.628533244155,24599.96832235231,26037.617055601695,28483.61006657192,30665.126287484331,33379.315585069002,36146.454140182192]
["actual",null,null,{"$f":"'cons finstats'!D18+'cons finstats'!D22+'cons finstats'!D37","v":8716.2029999999995},{"$f":"'cons finstats'!E18+'cons finstats'!E22+'cons finstats'!E37","v":10333.539999999999},{"$f":"'cons finstats'!F18+'cons finstats'!F22+'cons finstats'!F37","v":12587.3},{"$f":"'cons finstats'!G18+'cons finstats'!G22+'cons finstats'!G37","v":11630.400000000001}]
[]
["Common-size (%)"]
["Newsprint costs",null,null,{"$f":"D5/D$8*100","v":49.959180119309046},45.425013817285155,44.950179724212738,40.915528797790039,42.931999307505578,43.249354362249207,45.421197358231623,45.017784842633702,42.342030366897824,42.344875440847083,42.664214191203754,43.731446296416593,44.237647657321233,43.871067441717202]
["Employee costs",null,null,{"$f":"D6/D$8*100","v":17.959903643640988},18.51884807021349,18.811867708993073,21.580730873504546,20.81610583535463,20.612007640665915,20.913116067126207,21.838434742627456,23.607745838151693,23.621876645941956,23.566675663685245,23.163949110590114,23.070285992724173,23.361738847026022]
["SG&A and other costs",null,null,{"$f":"D7/D$8*100","v":32.080916237049969},36.056138112501365,36.237952566794178,37.503740328705419,36.251894857139803,36.138637997084878,33.665686574642166,33.143780414738835,34.05022379495049,34.033247913210957,33.769110145111007,33.10460459299329,32.692066349954594,32.767193711256773]
["Total expenses",null,null,{"$f":"D8/D$8*100","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100]
[]
["Growth (%)"]
["Newsprint costs",null,null,null,{"$f":"(E5/D5-1)*100","v":8.2515851466563603},21.638715222800009,-16.466321520683746,30.87194026498743,19.847506029937211,24.484221195905963,12.316181929520242,7.8607526047536069E-2,5.8512200150902638,10.219056150045747,10.351900097451839,10.111037469732519,7.3926228755557766]
["Employee costs",null,null,null,{"$f":"(E6/D6-1)*100","v":22.762144215582005},24.868647349971784,5.2783581323755824,20.305902220723702,17.801628323677999,20.263491903078169,18.336725736815485,15.023534711434138,5.9074628134142992,9.1384355210507593,5.8190852799265169,8.4109240512167496,9.6580350645007798]
["SG&A and other costs",null,null,null,{"$f":"(E7/D7-1)*100","v":33.809498889287902},23.543500776799586,-5.0235787267487453,20.561800335609036,18.596413354485364,10.420841306448668,11.565869932439178,9.3129522499450612,5.791339043624566,8.5450481585194424,5.5403461287026667,7.4945972135067818,8.5388335695505635]
["Total expenses",null,null,null,{"$f":"(E8/D8-1)*100","v":19.056880473300119},22.923653556299016,-8.2291254445994717,24.725023924022537,18.9680891600702,18.531930203170678,13.322667558542832,6.4029566347899802,5.8441080671762125,9.3940739882108382,7.6588473715718308,8.8510618614097822,8.2899799070504709]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
["Print standalone",null,null,{"$f":"'HT Delhi-NCR'!D79+'HT Mumbai'!D79+'HT Others'!D79+'HT Mint'!D79","v":95716.799999999988},{"$f":"'HT Delhi-NCR'!E79+'HT Mumbai'!E79+'HT Others'!E79+'HT Mint'!E79","v":113529.59999999999},{"$f":"'HT Delhi-NCR'!F79+'HT Mumbai'!F79+'HT Others'!F79+'HT Mint'!F79","v":105786.00000000001},{"$f":"'HT Delhi-NCR'!G79+'HT Mumbai'!G79+'HT Others'!G79+'HT Mint'!G79","v":101122.56},{"$f":"'HT Delhi-NCR'!H79+'HT Mumbai'!H79+'HT Others'!H79+'HT Mint'!H79","v":118720.80000000002},{"$f":"'HT Delhi-NCR'!I79+'HT Mumbai'!I79+'HT Others'!I79+'HT Mint'!I79","v":125278.56000000001},{"$f":"'HT Delhi-NCR'!J79+'HT Mumbai'!J79+'HT Others'!J79+'HT Mint'!J79","v":136429.92000000001},{"$f":"'HT Delhi-NCR'!K79+'HT Mumbai'!K79+'HT Others'!K79+'HT Mint'!K79","v":149094.00000000003},{"$f":"'HT Delhi-NCR'!L79+'HT Mumbai'!L79+'HT Others'!L79+'HT Mint'!L79","v":134799.84},{"$f":"'HT Delhi-NCR'!M79+'HT Mumbai'!M79+'HT Others'!M79+'HT Mint'!M79","v":134954.64000000001},{"$f":"'HT Delhi-NCR'!N79+'HT Mumbai'!N79+'HT Others'!N79+'HT Mint'!N79","v":144072.35999999999},{"$f":"'HT Delhi-NCR'!O79+'HT Mumbai'!O79+'HT Others'!O79+'HT Mint'!O79","v":152772.47999999998},{"$f":"'HT Delhi-NCR'!P79+'HT Mumbai'!P79+'HT Others'!P79+'HT Mint'!P79","v":163938.60000000003},{"$f":"'HT Delhi-NCR'!Q79+'HT Mumbai'!Q79+'HT Others'!Q79+'HT Mint'!Q79","v":174938.4}]
["Print consolidated",null,null,{"$f":"D25+Hindustan!D43","v":137601.67499999999},{"$f":"E25+Hindustan!E43","v":161925.47999999998},{"$f":"F25+Hindustan!F43","v":158814},{"$f":"G25+Hindustan!G43","v":160860.06},{"$f":"H25+Hindustan!H43","v":189757.80000000002},{"$f":"I25+Hindustan!I43","v":202228.56},{"$f":"J25+Hindustan!J43","v":222148.17},{"$f":"K25+Hindustan!K43","v":243945.00000000006},{"$f":"L25+Hindustan!L43","v":237406.59},{"$f":"M25+Hindustan!M43","v":240700.14},{"$f":"N25+Hindustan!N43","v":258201.36},{"$f":"O25+Hindustan!O43","v":276783.48},{"$f":"P25+Hindustan!P43","v":295644.60000000009},{"$f":"Q25+Hindustan!Q43","v":312476.40000000002}]
["Print + Burda",null,null,{"$f":"D26+'HT-Burda'!D16","v":137601.67499999999},{"$f":"E26+'HT-Burda'!E16","v":161925.47999999998},{"$f":"F26+'HT-Burda'!F16","v":158814},{"$f":"G26+'HT-Burda'!G16","v":160860.06},{"$f":"H26+'HT-Burda'!H16","v":202757.80000000002},{"$f":"I26+'HT-Burda'!I16","v":225228.56},{"$f":"J26+'HT-Burda'!J16","v":255148.17},{"$f":"K26+'HT-Burda'!K16","v":283945.00000000006},{"$f":"L26+'HT-Burda'!L16","v":282406.58999999997},{"$f":"M26+'HT-Burda'!M16","v":290700.14},{"$f":"N26+'HT-Burda'!N16","v":313201.36},{"$f":"O26+'HT-Burda'!O16","v":336783.48},{"$f":"P26+'HT-Burda'!P16","v":360644.60000000009},{"$f":"Q26+'HT-Burda'!Q16","v":377476.4}]
[null,null,null,null,{"$f":"(E27/D27-1)*100","v":17.676968685155892},{"$f":"(F27/E27-1)*100","v":-1.9215505799334287},1.2883373002380072,26.046080052438136,11.082562545066077,13.284110150151474,11.286316496018788,-0.54179858775470491,2.936740959196471,7.7403540294132434,7.5293798213392105,7.0850031005084135,4.6671432207774366]
[]
["Key assumptions"]
[]
["A. Imported np price"]
["Landed price (US$/ton)",null,null,680,620,710,600,620,650,{"$f":"650","v":650},{"$f":"J33*(1+2%)","v":663},676.26,689.78520000000003,703.58090400000003,717.65252208000004,732.00557252160002,746.64568397203197]
["Forex rate (Rs/US Dollar)",null,null,46,42,45,47,46,47,52,{"$f":"J34-1","v":51},{"$f":"K34-1","v":50},{"$f":"L34","v":50},50,50,50,50]
["Import tariff (%)",null,null,5.0999999999999996,5.0999999999999996,3.1,0,{"$f":"G35","v":0},{"$f":"H35","v":0},0,0,0,0,0,0,0,0]
["India price (Rs/ton)",null,null,{"$f":"D33*D34*(1+D35%)","v":32875.279999999999},27368.039999999997,32940.449999999997,28200,28520,30550,33800,33813,{"$f":"L33*L34*(1+L35%)","v":33813},34489.26,35179.0452,35882.626104000003,36600.278626079999,37332.284198601599]
["Discount to landed price (%)",null,null,5,{"$f":"D37","v":5},{"$f":"E37","v":5},5,5,5,5,5,5,5,5,5,5,5]
["Transport cost (Rs/ton)",null,null,2500,2750,2750,2750,{"$f":"G38+250","v":3000},{"$f":"H38+250","v":3250},{"$f":"I38+250","v":3500},{"$f":"J38+250","v":3750},{"$f":"K38+250","v":4000},{"$f":"L38+100","v":4100},{"$f":"M38+100","v":4200},{"$f":"N38+100","v":4300},{"$f":"O38+100","v":4400},{"$f":"P38+100","v":4500}]
["Net imported price (Rs/ton)",null,null,{"$f":"D36*(1-D37%)+D38","v":33731.515999999996},{"$f":"E36*(1-E37%)+E38","v":28749.637999999995},34043.427499999991,29540,30094,32272.5,35610,35872.35,{"$f":"L36*(1-L37%)+L38","v":36122.35},36864.796999999999,37620.092940000002,38388.494798799999,39170.264694776,39965.669988671514]
["B. Domestic np price"]
["India price (Rs/ton)",null,null,{"$f":"D39*(1-18%)","v":27659.843119999998},{"$f":"E39*(1-14%)","v":24724.688679999996},{"$f":"F39*(1-20%)","v":27234.741999999995},{"$f":"G39*(1-14%)","v":25404.399999999998},{"$f":"H39*(1-20%)","v":24075.200000000001},{"$f":"I39*(1-6%)","v":30336.149999999998},{"$f":"J39*(1-12%)","v":31336.799999999999},{"$f":"K39*(1-12%)","v":31567.667999999998},{"$f":"L39*(1-12%)","v":31787.667999999998},32441.021359999999,33105.681787200003,33781.875422944002,34469.832931402882,35169.78959003093]
["Discount to landed price (%)",null,null,0,0,0,0,{"$f":"G42","v":0},0,0,0,0,0,0,0,0,0]
["Net domestic price (Rs/ton)",null,null,{"$f":"D41","v":27659.843119999998},24724.688679999996,27234.741999999995,25404.399999999998,24075.200000000001,30336.149999999998,31336.799999999999,31567.667999999998,31787.667999999998,32441.021359999999,33105.681787200003,33781.875422944002,34469.832931402882,35169.78959003093]
[]
["Newsprint costs"]
["HT Delhi-NCR",null,null,{"$f":"'HT Delhi-NCR'!D87","v":2067.7805736247296},{"$f":"'HT Delhi-NCR'!E87","v":2037.1648491143992},{"$f":"'HT Delhi-NCR'!F87","v":2287.1954209535998},{"$f":"'HT Delhi-NCR'!G87","v":1801.0555960320003},{"$f":"'HT Delhi-NCR'!H87","v":2016.3943007999999},{"$f":"'HT Delhi-NCR'!I87","v":2258.9768915999998},{"$f":"'HT Delhi-NCR'!J87","v":2576.4565432320005},{"$f":"'HT Delhi-NCR'!K87","v":2770.1310531628801},{"$f":"'HT Delhi-NCR'!L87","v":2425.6967165639999},{"$f":"'HT Delhi-NCR'!M87","v":2503.059847869672},{"$f":"'HT Delhi-NCR'!N87","v":2652.5871854256447},{"$f":"'HT Delhi-NCR'!O87","v":2855.1782668009478},{"$f":"'HT Delhi-NCR'!P87","v":3047.7174634679905},{"$f":"'HT Delhi-NCR'!Q87","v":3249.6778153467649}]
["HT Mumbai",null,null,{"$f":"'HT Mumbai'!D87","v":511.56029816236799},{"$f":"'HT Mumbai'!E87","v":537.8115201662016},{"$f":"'HT Mumbai'!F87","v":502.97121525599988},{"$f":"'HT Mumbai'!G87","v":491.19698073599994},{"$f":"'HT Mumbai'!H87","v":627.32267136000019},{"$f":"'HT Mumbai'!I87","v":823.27157827199994},{"$f":"'HT Mumbai'!J87","v":1065.265686144},{"$f":"'HT Mumbai'!K87","v":1185.4164416688004},{"$f":"'HT Mumbai'!L87","v":1131.9918010631998},{"$f":"'HT Mumbai'!M87","v":1089.2436261059231},{"$f":"'HT Mumbai'!N87","v":1226.6461375989491},{"$f":"'HT Mumbai'!O87","v":1359.6086984766421},{"$f":"'HT Mumbai'!P87","v":1517.3557783980036},{"$f":"'HT Mumbai'!Q87","v":1686.7656174032213}]
["HT Others",null,null,{"$f":"'HT Others'!D87-'M-Now'!D5","v":435.43512079441911},{"$f":"'HT Others'!E87-'M-Now'!E5","v":538.07596544614398},{"$f":"'HT Others'!F87-'M-Now'!F5","v":775.644919114},{"$f":"'HT Others'!G87-'M-Now'!G5","v":415.86450329600001},{"$f":"'HT Others'!H87","v":474.06717072000009},{"$f":"'HT Others'!I87","v":607.42912230000024},{"$f":"'HT Others'!J87","v":724.93299648000027},{"$f":"'HT Others'!K87","v":822.23420944896043},{"$f":"'HT Others'!L87","v":714.8480134752001},{"$f":"'HT Others'!M87","v":772.45492911321617},{"$f":"'HT Others'!N87","v":895.36537483769598},{"$f":"'HT Others'!O87","v":994.63177327082212},{"$f":"'HT Others'!P87","v":1124.8332508058647},{"$f":"'HT Others'!Q87","v":1265.6059802710172}]
["HT Mint",null,null,{"$f":"'HT Mint'!D87","v":92.167994318399991},{"$f":"'HT Mint'!E87","v":184.43467769759994},{"$f":"'HT Mint'!F87","v":218.39539609799994},{"$f":"'HT Mint'!G87","v":197.64670464000005},{"$f":"'HT Mint'!H87","v":256.93534943999998},{"$f":"'HT Mint'!I87","v":305.89992576000003},{"$f":"'HT Mint'!J87","v":402.06367871999998},{"$f":"'HT Mint'!K87","v":475.03026806399981},{"$f":"'HT Mint'!L87","v":460.08834909839982},{"$f":"'HT Mint'!M87","v":469.54485496036784},{"$f":"'HT Mint'!N87","v":500.94524509937418},{"$f":"'HT Mint'!O87","v":551.64451290650641},{"$f":"'HT Mint'!P87","v":618.90585028333862},{"$f":"'HT Mint'!Q87","v":664.70902325158477}]
["Hindustan",null,null,{"$f":"-Hindustan!D17","v":1207.9000000000001},{"$f":"-Hindustan!E17","v":1315.3999999999999},{"$f":"-Hindustan!F17","v":1737.9},{"$f":"-Hindustan!G17","v":1718.0914985550003},{"$f":"-Hindustan!H17","v":2249.7021429300003},{"$f":"-Hindustan!I17","v":2557.7352555839998},{"$f":"-Hindustan!J17","v":3087.7725639456003},{"$f":"-Hindustan!K17","v":3433.2598571673607},{"$f":"-Hindustan!L17","v":3732.8942770968611},{"$f":"-Hindustan!M17","v":3979.4054319101142},{"$f":"-Hindustan!N17","v":4393.8383311878524},{"$f":"-Hindustan!O17","v":4885.2683571710186},{"$f":"-Hindustan!P17","v":5402.1310298004128},{"$f":"-Hindustan!Q17","v":5873.7545782397447}]
["Metro Now",null,null,{"$f":"-50%*'M-Now'!D5","v":0},{"$f":"-50%*'M-Now'!E5","v":58},{"$f":"-50%*'M-Now'!F5","v":159.5},{"$f":"-50%*'M-Now'!G5+50","v":52.2},{"$f":"-50%*'M-Now'!H5","v":0},{"$f":"-50%*'M-Now'!I5","v":0},{"$f":"-50%*'M-Now'!J5","v":0},{"$f":"-50%*'M-Now'!K5","v":0},{"$f":"-50%*'M-Now'!L5","v":0},{"$f":"-50%*'M-Now'!M5","v":0},{"$f":"-50%*'M-Now'!N5","v":0},{"$f":"-50%*'M-Now'!O5","v":0},{"$f":"-50%*'M-Now'!P5","v":0},{"$f":"-50%*'M-Now'!Q5","v":0}]
["HT-Burda JV",null,null,{"$f":"-'HT-Burda'!D5","v":0},{"$f":"-'HT-Burda'!E5","v":0},{"$f":"-'HT-Burda'!F5","v":0},{"$f":"-'HT-Burda'!G5","v":70},{"$f":"-'HT-Burda'!H5","v":586.83299999999997},{"$f":"-'HT-Burda'!I5","v":890.721},{"$f":"-'HT-Burda'!J5","v":1410.1559999999999},{"$f":"-'HT-Burda'!K5","v":1721.8728000000001},{"$f":"-'HT-Burda'!L5","v":1950.6069},{"$f":"-'HT-Burda'!M5","v":2211.8878199999999},{"$f":"-'HT-Burda'!N5","v":2482.9261340399999},{"$f":"-'HT-Burda'!O5","v":2763.9716255136},{"$f":"-'HT-Burda'!P5","v":3055.2806461925279},{"$f":"-'HT-Burda'!Q5","v":3117.3222591163776}]
["Newsprint costs (Rs mn)",null,null,{"$f":"SUM(D46:D52)","v":4314.8439868999167},{"$f":"SUM(E46:E52)","v":4670.8870124243449},5681.6069514215997,4746.055283259001,6211.2546352500003,7444.0337735159992,9266.6474685216017,10407.944629512003,10416.126057297661,11025.596509959294,12152.308408189518,13410.303234139537,14766.224018948138,15857.835273628711]
["growth (%)",null,null,null,{"$f":"(E53/D53-1)*100","v":8.2515851466563603},21.638715222800009,-16.466321520683746,30.87194026498743,19.847506029937211,24.484221195905963,12.316181929520242,7.8607526047536069E-2,5.8512200150902638,10.219056150045747,10.351900097451839,10.111037469732519,7.3926228755557766]
["actual",null,null,{"$f":"'cons finstats'!D18","v":4349.2339999999995},{"$f":"'cons finstats'!E18","v":4643.2299999999996},{"$f":"'cons finstats'!F18","v":5587.7},{"$f":"'cons finstats'!G18","v":4760.3}]
[]
["Employee costs"]
["HT Delhi-NCR",null,null,{"$f":"'HT Delhi-NCR'!D97","v":705},{"$f":"'HT Delhi-NCR'!E97","v":775.5},{"$f":"'HT Delhi-NCR'!F97","v":882},{"$f":"'HT Delhi-NCR'!G97","v":864},{"$f":"'HT Delhi-NCR'!H97","v":950.4},{"$f":"'HT Delhi-NCR'!I97","v":1067.22},{"$f":"'HT Delhi-NCR'!J97","v":1231.8768000000002},{"$f":"'HT Delhi-NCR'!K97","v":1407.0228480000005},{"$f":"'HT Delhi-NCR'!L97","v":1577.7780480000008},{"$f":"'HT Delhi-NCR'!M97","v":1607.8309632000007},{"$f":"'HT Delhi-NCR'!N97","v":1752.6860144640007},{"$f":"'HT Delhi-NCR'!O97","v":1892.9008956211214},{"$f":"'HT Delhi-NCR'!P97","v":2025.0534211117067},{"$f":"'HT Delhi-NCR'!Q97","v":2185.942986495445}]
["HT Mumbai",null,null,{"$f":"'HT Mumbai'!D97","v":231.00000000000006},{"$f":"'HT Mumbai'!E97","v":272.25000000000006},{"$f":"'HT Mumbai'!F97","v":336.6},{"$f":"'HT Mumbai'!G97","v":336.6},{"$f":"'HT Mumbai'!H97","v":392.04},{"$f":"'HT Mumbai'!I97","v":455.202},{"$f":"'HT Mumbai'!J97","v":550.07568000000026},{"$f":"'HT Mumbai'!K97","v":646.13767680000035},{"$f":"'HT Mumbai'!L97","v":727.28054784000039},{"$f":"'HT Mumbai'!M97","v":727.28054784000039},{"$f":"'HT Mumbai'!N97","v":785.46299166720041},{"$f":"'HT Mumbai'!O97","v":867.57957715968064},{"$f":"'HT Mumbai'!P97","v":960.50698964656203},{"$f":"'HT Mumbai'!Q97","v":1039.7999070897249}]
["HT Others",null,null,{"$f":"'HT Others'!D97","v":213.75},{"$f":"'HT Others'!E97","v":259.875},{"$f":"'HT Others'!F97","v":310.5},{"$f":"'HT Others'!G97","v":310.5},{"$f":"'HT Others'!H97","v":356.4},{"$f":"'HT Others'!I97","v":408.375},{"$f":"'HT Others'!J97","v":484.82280000000014},{"$f":"'HT Others'!K97","v":563.49216000000024},{"$f":"'HT Others'!L97","v":631.11121920000028},{"$f":"'HT Others'!M97","v":642.38106240000025},{"$f":"'HT Others'!N97","v":718.11440870400043},{"$f":"'HT Others'!O97","v":801.8538516172805},{"$f":"'HT Others'!P97","v":877.83279034429506},{"$f":"'HT Others'!Q97","v":945.27264280884094}]
["HT Mint",null,null,{"$f":"'HT Mint'!D97","v":18},{"$f":"'HT Mint'!E97","v":59.4},{"$f":"'HT Mint'!F97","v":108},{"$f":"'HT Mint'!G97","v":129.6},{"$f":"'HT Mint'!H97","v":190.08},{"$f":"'HT Mint'!I97","v":222.15600000000001},{"$f":"'HT Mint'!J97","v":278.08704000000006},{"$f":"'HT Mint'!K97","v":327.84998400000012},{"$f":"'HT Mint'!L97","v":360.63498240000018},{"$f":"'HT Mint'!M97","v":360.63498240000018},{"$f":"'HT Mint'!N97","v":389.48578099200023},{"$f":"'HT Mint'!O97","v":441.6768756449282},{"$f":"'HT Mint'!P97","v":512.76582039158825},{"$f":"'HT Mint'!Q97","v":567.1635856853045}]
["Hindustan",null,null,{"$f":"-Hindustan!D18","v":313.60000000000002},{"$f":"-Hindustan!E18","v":348.4},{"$f":"-Hindustan!F18","v":463.6},{"$f":"-Hindustan!G18","v":537.29999999999995},{"$f":"-Hindustan!H18","v":632.952},{"$f":"-Hindustan!I18","v":738.34872000000007},{"$f":"-Hindustan!J18","v":886.13726880000013},{"$f":"-Hindustan!K18","v":1127.235935616},{"$f":"-Hindustan!L18","v":1383.7713177792},{"$f":"-Hindustan!M18","v":1623.7916649292806},{"$f":"-Hindustan!N18","v":1855.2272705573382},{"$f":"-Hindustan!O18","v":2099.6239946089613},{"$f":"-Hindustan!P18","v":2386.1797671376107},{"$f":"-Hindustan!Q18","v":2722.7352394468166}]
["Metro Now",null,null,{"$f":"-50%*'M-Now'!E6","v":21},{"$f":"-50%*'M-Now'!F6","v":22.5},{"$f":"-50%*'M-Now'!G6","v":5.8},{"$f":"-50%*'M-Now'!H6","v":0},{"$f":"-50%*'M-Now'!I6","v":0},{"$f":"-50%*'M-Now'!J6","v":0},{"$f":"-50%*'M-Now'!K6","v":0},{"$f":"-50%*'M-Now'!L6","v":0},{"$f":"-50%*'M-Now'!M6","v":0},{"$f":"-50%*'M-Now'!N6","v":0},{"$f":"-50%*'M-Now'!O6","v":0},{"$f":"-50%*'M-Now'!P6","v":0},{"$f":"-50%*'M-Now'!Q6","v":0},{"$f":"-50%*'M-Now'!R6","v":0}]
["HT-Burda JV",null,null,{"$f":"-'HT-Burda'!D6","v":0},{"$f":"-'HT-Burda'!E6","v":0},{"$f":"-'HT-Burda'!F6","v":0},{"$f":"-'HT-Burda'!G6","v":25},{"$f":"-'HT-Burda'!H6","v":137.5},{"$f":"-'HT-Burda'!I6","v":193.60000000000002},{"$f":"-'HT-Burda'!J6","v":237.16000000000008},{"$f":"-'HT-Burda'!K6","v":280.79744000000011},{"$f":"-'HT-Burda'!L6","v":325.57324800000009},{"$f":"-'HT-Burda'!M6","v":333.92128000000014},{"$f":"-'HT-Burda'!N6","v":360.63498240000013},{"$f":"-'HT-Burda'!O6","v":389.48578099200017},{"$f":"-'HT-Burda'!P6","v":412.85492785152024},{"$f":"-'HT-Burda'!Q6","v":437.62622352261144}]
["Fever FM",null,null,{"$f":"-'Fever-FM'!D9","v":48.8},{"$f":"-'Fever-FM'!E9","v":116.3},{"$f":"-'Fever-FM'!F9","v":156.28},{"$f":"-'Fever-FM'!G9","v":174.28774399999998},{"$f":"-'Fever-FM'!H9","v":200.43090559999996},{"$f":"-'Fever-FM'!I9","v":230.49554143999995},{"$f":"-'Fever-FM'!J9","v":265.06987265599992},{"$f":"-'Fever-FM'!K9","v":304.83035355439989},{"$f":"-'Fever-FM'!L9","v":350.55490658755986},{"$f":"-'Fever-FM'!M9","v":403.13814257569385},{"$f":"-'Fever-FM'!N9","v":373.06025771946042},{"$f":"-'Fever-FM'!O9","v":104.25162865396574},{"$f":"-'Fever-FM'!P9","v":0},{"$f":"-'Fever-FM'!Q9","v":0}]
["Internet",null,null,{"$f":"-Internet!D8","v":0},{"$f":"-Internet!E8","v":50},{"$f":"-Internet!F8","v":115},{"$f":"-Internet!G8","v":126},{"$f":"-Internet!H8","v":151.80000000000001},{"$f":"-Internet!I8","v":232.32000000000002},{"$f":"-Internet!J8","v":333.37920000000008},{"$f":"-Internet!K8","v":391.59859200000011},{"$f":"-Internet!L8","v":450.79372800000016},{"$f":"-Internet!M8","v":451.59513907200017},{"$f":"-Internet!N8","v":477.96829519380503},{"$f":"-Internet!O8","v":505.8816436331233},{"$f":"-Internet!P8","v":525.5098514060885},{"$f":"-Internet!Q8","v":545.89963364064477}]
["Employee costs (Rs mn)",null,null,{"$f":"SUM(D58:D66)","v":1551.1499999999999},1904.2250000000001,2377.7800000000002,2503.2877440000002,3011.6029056000007,3547.7172614400001,4266.6086614560008,5048.9649899704018,5807.4979978067622,6150.5737824169764,6712.640001697805,7103.2542479310614,7700.7035678893708,8444.4402186893894]
["growth (%)",null,null,null,{"$f":"(E67/D67-1)*100","v":22.762144215582005},24.868647349971784,5.2783581323755824,20.305902220723702,17.801628323677999,20.263491903078169,18.336725736815485,15.023534711434138,5.9074628134142992,9.1384355210507593,5.8190852799265169,8.4109240512167496,9.6580350645007798]
["actual",null,null,{"$f":"'cons finstats'!D22","v":1596.2239999999999},{"$f":"'cons finstats'!E22","v":1982.79},{"$f":"'cons finstats'!F22","v":2419.1999999999998},{"$f":"'cons finstats'!G22","v":2519.8000000000002}]
[]
["SG&A and other costs"]
["HT Delhi-NCR",null,null,{"$f":"D88%*D$76","v":1191.5503166666665},1325.427038687548,1438.8222469968196,1527.1292007643772,1897.2455014873055,2334.5356285183207,2562.5138106038125,2887.373257417848,2987.8703162913594,3069.8211389681255,3296.4320633257971,3510.1109502823692,3652.0729108851715,3827.1153400549406]
["HT Mumbai",null,null,{"$f":"D89%*D$76","v":424.21686666666665},549.76882866814094,724.04705994430446,626.74629442599326,721.38678567067768,801.5817907992141,942.933423107723,1006.5329480748125,1141.3598626361852,1258.8422780848,1400.0628272167705,1545.5857661207326,1683.3344290496432,1816.2560562074102]
["HT Others",null,null,{"$f":"D90%*D$76","v":187.15449999999998},292.67280781694274,349.11574411930195,334.85434357899982,408.02520473261472,503.47506291984564,575.00383127806163,645.26840281654154,711.2945884893071,762.402785243778,851.38861138789173,943.06411951217456,1031.4068184976145,1135.9157147036874]
["HT Mint",null,null,{"$f":"D91%*D$76","v":68.623316666666668},168.97172482736832,220.3237489395737,197.15816123062996,270.86910790940277,266.07001887066906,330.1671175042801,394.50851349789571,434.8760446647745,453.01870567431655,500.58108627724295,570.17537154643094,641.57534930531642,726.96619685473775]
["Print SG&A costs (Rs mn)",null,null,{"$f":"D84-SUM(D79:D83)","v":1871.5449999999998},{"$f":"E84-SUM(E79:E83)","v":2291.02},2627.22,2685.8880000000004,3297.5265998000004,3905.6625011080487,4410.6181824938776,4933.6831218070984,5275.4008120816261,5544.0849079710206,6048.464588207702,6568.9362074617075,7008.3895077377456,7506.2533078207753]
["growth (%)",null,null,null,{"$f":"(E76/D76-1)*100","v":22.413300241244549},14.674686384230595,2.2330828784799417,22.772304720077674,18.442183342658481,12.928809932823725,11.859220582486829,6.9262188478242726,5.0931503682916102,9.0976182473595948,8.6050205248574088,6.6898701159079588,7.103826057803353]
[]
["Hindustan",null,null,{"$f":"-Hindustan!D19","v":718.6},{"$f":"-Hindustan!E19","v":850.4},{"$f":"-Hindustan!F19","v":1154.8},{"$f":"-Hindustan!G19","v":1130},{"$f":"-Hindustan!H19","v":1216.7},{"$f":"-Hindustan!I19","v":1495.6145714600002},{"$f":"-Hindustan!J19","v":1588.8008813909748},{"$f":"-Hindustan!K19","v":1812.3379816192501},{"$f":"-Hindustan!L19","v":2104.8820116262787},{"$f":"-Hindustan!M19","v":2276.5282706393036},{"$f":"-Hindustan!N19","v":2540.3432306125078},{"$f":"-Hindustan!O19","v":2859.0443573044531},{"$f":"-Hindustan!P19","v":3209.6140458602708},{"$f":"-Hindustan!Q19","v":3601.7874565901693}]
["Metro Now",null,null,{"$f":"-50%*'M-Now'!D7","v":0},{"$f":"-50%*'M-Now'!E7","v":81},{"$f":"-50%*'M-Now'!F7","v":66.5},{"$f":"-50%*'M-Now'!G7","v":3.6},{"$f":"-50%*'M-Now'!H7","v":0},{"$f":"-50%*'M-Now'!I7","v":0},{"$f":"-50%*'M-Now'!J7","v":0},{"$f":"-50%*'M-Now'!K7","v":0},{"$f":"-50%*'M-Now'!L7","v":0},{"$f":"-50%*'M-Now'!M7","v":0},{"$f":"-50%*'M-Now'!N7","v":0},{"$f":"-50%*'M-Now'!O7","v":0},{"$f":"-50%*'M-Now'!P7","v":0},{"$f":"-50%*'M-Now'!Q7","v":0}]
["HT-Burda JV",null,null,{"$f":"-'HT-Burda'!D7","v":0},{"$f":"-'HT-Burda'!E7","v":0},{"$f":"-'HT-Burda'!F7","v":0},{"$f":"-'HT-Burda'!G7","v":15},{"$f":"-'HT-Burda'!H7","v":96.827444999999997},{"$f":"-'HT-Burda'!I7","v":111.340125},{"$f":"-'HT-Burda'!J7","v":146.65622400000001},{"$f":"-'HT-Burda'!K7","v":151.09433820000004},{"$f":"-'HT-Burda'!L7","v":163.85097959999999},{"$f":"-'HT-Burda'!M7","v":170.31536213999999},{"$f":"-'HT-Burda'!N7","v":191.18531232107998},{"$f":"-'HT-Burda'!O7","v":193.47801378595199},{"$f":"-'HT-Burda'!P7","v":213.86964523347694},{"$f":"-'HT-Burda'!Q7","v":218.21255813814642}]
["Fever FM",null,null,{"$f":"-SUM('Fever-FM'!D7:D8)-SUM('Fever-FM'!D10:D11)","v":180.6},{"$f":"-SUM('Fever-FM'!E7:E8)-SUM('Fever-FM'!E10:E11)","v":455.09999999999997},{"$f":"-SUM('Fever-FM'!F7:F8)-SUM('Fever-FM'!F10:F11)","v":481.87999999999994},{"$f":"-SUM('Fever-FM'!G7:G8)-SUM('Fever-FM'!G10:G11)","v":315.81200000000001},{"$f":"-SUM('Fever-FM'!H7:H8)-SUM('Fever-FM'!H10:H11)","v":388.74595519999997},{"$f":"-SUM('Fever-FM'!I7:I8)-SUM('Fever-FM'!I10:I11)","v":417.527490048},{"$f":"-SUM('Fever-FM'!J7:J8)-SUM('Fever-FM'!J10:J11)","v":399.76080665916237},{"$f":"-SUM('Fever-FM'!K7:K8)-SUM('Fever-FM'!K10:K11)","v":416.40347213539917},{"$f":"-SUM('Fever-FM'!L7:L8)-SUM('Fever-FM'!L10:L11)","v":452.02646393998384},{"$f":"-SUM('Fever-FM'!M7:M8)-SUM('Fever-FM'!M10:M11)","v":471.03582247509939},{"$f":"-SUM('Fever-FM'!N7:N8)-SUM('Fever-FM'!N10:N11)","v":422.11138554330898},{"$f":"-SUM('Fever-FM'!O7:O8)-SUM('Fever-FM'!O10:O11)","v":85.513832861618937},{"$f":"-SUM('Fever-FM'!P7:P8)-SUM('Fever-FM'!P10:P11)","v":0},{"$f":"-SUM('Fever-FM'!Q7:Q8)-SUM('Fever-FM'!Q10:Q11)","v":0}]
["Internet",null,null,{"$f":"-Internet!D7-Internet!D9","v":0},{"$f":"-Internet!E7-Internet!E9","v":30},{"$f":"-Internet!F7-Internet!F9","v":250},{"$f":"-Internet!G7-Internet!G9","v":200},{"$f":"-Internet!H7-Internet!H9","v":245},{"$f":"-Internet!I7-Internet!I9","v":290},{"$f":"-Internet!J7-Internet!J9","v":322.5},{"$f":"-Internet!K7-Internet!K9","v":349.20000000000005},{"$f":"-Internet!L7-Internet!L9","v":380.18400000000003},{"$f":"-Internet!M7-Internet!M9","v":399.48240000000004},{"$f":"-Internet!N7-Internet!N9","v":416.55714000000006},{"$f":"-Internet!O7-Internet!O9","v":444.59639400000009},{"$f":"-Internet!P7-Internet!P9","v":480.51479940000013},{"$f":"-Internet!Q7-Internet!Q9","v":517.92532531500012}]
["SG&A and other costs (Rs mn)",null,null,{"$f":"'cons finstats'!D37","v":2770.7449999999999},{"$f":"'cons finstats'!E37","v":3707.52},{"$f":"'cons finstats'!F37","v":4580.3999999999996},{"$f":"'cons finstats'!G37","v":4350.3},{"$f":"'cons finstats'!H37","v":5244.8},{"$f":"'cons finstats'!I37","v":6220.1446876160489},{"$f":"'cons finstats'!J37","v":6868.3360945440145},{"$f":"'cons finstats'!K37","v":7662.7189137617479},{"$f":"'cons finstats'!L37","v":8376.3442672478886},{"$f":"'cons finstats'!M37","v":8861.4467632254236},{"$f":"'cons finstats'!N37","v":9618.6616566845987},{"$f":"'cons finstats'!O37","v":10151.568805413732},{"$f":"'cons finstats'!P37","v":10912.387998231494},{"$f":"'cons finstats'!Q37","v":11844.178647864092}]
["growth (%)",null,null,null,{"$f":"(E84/D84-1)*100","v":33.809498889287902},23.543500776799586,-5.0235787267487453,20.561800335609036,18.596413354485364,10.420841306448668,11.565869932439178,9.3129522499450612,5.791339043624566,8.5450481585194424,5.5403461287026667,7.4945972135067818,8.5388335695505635]
[]
["SG&A and other costs (%)"]
["HT Delhi-NCR",null,null,{"$f":"'cons revenues'!D5/SUM('cons revenues'!D$5:D$8)*100-15","v":63.666666666666657},{"$f":"'cons revenues'!E5/SUM('cons revenues'!E$5:E$8)*100-17","v":57.853141338248818},{"$f":"'cons revenues'!F5/SUM('cons revenues'!F$5:F$8)*100-18","v":54.765959721561941},{"$f":"'cons revenues'!G5/SUM('cons revenues'!G$5:G$8)*100-12","v":56.857516052954438},{"$f":"'cons revenues'!H5/SUM('cons revenues'!H$5:H$8)*100-10","v":57.535411590080159},{"$f":"'cons revenues'!I5/SUM('cons revenues'!I$5:I$8)*100-6","v":59.773101947646666},{"$f":"'cons revenues'!J5/SUM('cons revenues'!J$5:J$8)*100-6","v":58.098744996215046},{"$f":"'cons revenues'!K5/SUM('cons revenues'!K$5:K$8)*100-4","v":58.523686790007446},{"$f":"'cons revenues'!L5/SUM('cons revenues'!L$5:L$8)*100-4","v":56.637787776212072},{"$f":"'cons revenues'!M5/SUM('cons revenues'!M$5:M$8)*100-4","v":55.371106141510985},{"$f":"'cons revenues'!N5/SUM('cons revenues'!N$5:N$8)*100-4","v":54.500311860180787},{"$f":"'cons revenues'!O5/SUM('cons revenues'!O$5:O$8)*100-4","v":53.434998292344588},{"$f":"'cons revenues'!P5/SUM('cons revenues'!P$5:P$8)*100-4","v":52.110016243432689},{"$f":"'cons revenues'!Q5/SUM('cons revenues'!Q$5:Q$8)*100-4","v":50.985693968886764}]
["HT Mumbai",null,null,{"$f":"'cons revenues'!D6/SUM('cons revenues'!D$5:D$8)*100+12","v":22.666666666666668},{"$f":"'cons revenues'!E6/SUM('cons revenues'!E$5:E$8)*100+12","v":23.996683951608496},{"$f":"'cons revenues'!F6/SUM('cons revenues'!F$5:F$8)*100+15","v":27.559437730540438},{"$f":"'cons revenues'!G6/SUM('cons revenues'!G$5:G$8)*100+10","v":23.334788882708185},{"$f":"'cons revenues'!H6/SUM('cons revenues'!H$5:H$8)*100+8","v":21.876602472727004},{"$f":"'cons revenues'!I6/SUM('cons revenues'!I$5:I$8)*100+6","v":20.523580585158161},{"$f":"'cons revenues'!J6/SUM('cons revenues'!J$5:J$8)*100+6","v":21.378713461308138},{"$f":"'cons revenues'!K6/SUM('cons revenues'!K$5:K$8)*100+4","v":20.401248382286493},{"$f":"'cons revenues'!L6/SUM('cons revenues'!L$5:L$8)*100+4","v":21.63550985590069},{"$f":"'cons revenues'!M6/SUM('cons revenues'!M$5:M$8)*100+4","v":22.706042547705152},{"$f":"'cons revenues'!N6/SUM('cons revenues'!N$5:N$8)*100+4","v":23.147408847302867},{"$f":"'cons revenues'!O6/SUM('cons revenues'!O$5:O$8)*100+4","v":23.528707195620036},{"$f":"'cons revenues'!P6/SUM('cons revenues'!P$5:P$8)*100+4","v":24.018848084729392},{"$f":"'cons revenues'!Q6/SUM('cons revenues'!Q$5:Q$8)*100+4","v":24.196572933597253}]
["HT Others",null,null,{"$f":"'cons revenues'!D7/SUM('cons revenues'!D$5:D$8)*100","v":10},{"$f":"'cons revenues'!E7/SUM('cons revenues'!E$5:E$8)*100+2","v":12.774781879553332},{"$f":"'cons revenues'!F7/SUM('cons revenues'!F$5:F$8)*100+2","v":13.288409197528262},{"$f":"'cons revenues'!G7/SUM('cons revenues'!G$5:G$8)*100","v":12.467174490485075},{"$f":"'cons revenues'!H7/SUM('cons revenues'!H$5:H$8)*100","v":12.373674400605655},{"$f":"'cons revenues'!I7/SUM('cons revenues'!I$5:I$8)*100","v":12.890900398511345},{"$f":"'cons revenues'!J7/SUM('cons revenues'!J$5:J$8)*100","v":13.036808163542727},{"$f":"'cons revenues'!K7/SUM('cons revenues'!K$5:K$8)*100","v":13.078837592232597},{"$f":"'cons revenues'!L7/SUM('cons revenues'!L$5:L$8)*100","v":13.483233100702288},{"$f":"'cons revenues'!M7/SUM('cons revenues'!M$5:M$8)*100","v":13.751643380274203},{"$f":"'cons revenues'!N7/SUM('cons revenues'!N$5:N$8)*100","v":14.076111366309208},{"$f":"'cons revenues'!O7/SUM('cons revenues'!O$5:O$8)*100","v":14.356420731273664},{"$f":"'cons revenues'!P7/SUM('cons revenues'!P$5:P$8)*100","v":14.716745086140978},{"$f":"'cons revenues'!Q7/SUM('cons revenues'!Q$5:Q$8)*100","v":15.132925417267431}]
["HT Mint",null,null,{"$f":"'cons revenues'!D8/SUM('cons revenues'!D$5:D$8)*100+3","v":3.666666666666667},{"$f":"'cons revenues'!E8/SUM('cons revenues'!E$5:E$8)*100+5","v":7.3753928305893588},{"$f":"'cons revenues'!F8/SUM('cons revenues'!F$5:F$8)*100+5","v":8.3861933503693535},{"$f":"'cons revenues'!G8/SUM('cons revenues'!G$5:G$8)*100+2","v":7.3405205738522952},{"$f":"'cons revenues'!H8/SUM('cons revenues'!H$5:H$8)*100+2","v":8.214311536587191},{"$f":"'cons revenues'!I8/SUM('cons revenues'!I$5:I$8)*100","v":6.8124170686838443},{"$f":"'cons revenues'!J8/SUM('cons revenues'!J$5:J$8)*100","v":7.4857333789340856},{"$f":"'cons revenues'!K8/SUM('cons revenues'!K$5:K$8)*100","v":7.9962272354734454},{"$f":"'cons revenues'!L8/SUM('cons revenues'!L$5:L$8)*100","v":8.2434692671849561},{"$f":"'cons revenues'!M8/SUM('cons revenues'!M$5:M$8)*100","v":8.1712079305096488},{"$f":"'cons revenues'!N8/SUM('cons revenues'!N$5:N$8)*100","v":8.2761679262071457},{"$f":"'cons revenues'!O8/SUM('cons revenues'!O$5:O$8)*100","v":8.679873780761703},{"$f":"'cons revenues'!P8/SUM('cons revenues'!P$5:P$8)*100","v":9.1543905856969428},{"$f":"'cons revenues'!Q8/SUM('cons revenues'!Q$5:Q$8)*100","v":9.6848076802485554}]

{"sheet":"HT Delhi-NCR","index":5,"n_rows":98,"n_cols":17,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
["Derivation of financials of HT English Delhi-NCR, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues from advertising"]
["Total advertising revenues",null,null,{"$f":"D41","v":5900},6302.38,6446.7045020000005,5802.0340518000003,6857.4240458224203,7200.2952481135417,7937.6054815203688,9080.6206708593036,8938.9629883938996,9096.2887369896325,9838.5458979279865,10641.371243198912,11179.824628104778,11745.52375428688]
["growth (%)",null,null,null,{"$f":"(E5/D5-1)*100","v":6.8200000000000038},2.2900000000000142,-9.9999999999999982,18.189999999999994,5.0000000000000044,10.240000000000006,14.400000000000013,-1.5599999999999836,1.760000000000006,8.1599999999999895,8.1600000000000108,5.06000000000002,5.0599999999999978]
["actual",null,null,5900,6300,6400,5900]
[]
["Revenues from circulation"]
["Total circulation revenues",null,null,{"$f":"D72","v":406.08},395.92799999999994,391.71599999999995,439.99200000000002,430.92,461.7,492.48,537.79499999999996,523.2600000000001,574.56000000000017,604.80000000000007,622.08000000000015,671.32800000000009,722.3040000000002]
["growth (%)",null,null,null,{"$f":"(E10/D10-1)*100","v":-2.5000000000000133},-1.0638297872340385,12.324234904880083,-2.0618556701030966,7.1428571428571397,6.6666666666666652,9.201388888888884,-2.7027027027026751,9.8039215686274606,5.2631578947368141,2.8571428571428692,7.9166666666666607,7.5933075933076077]
["actual",null,null,400,400,400,450]
[]
["Other operating revenue",null,null,{"$f":"+'cons revenues'!D17*60%","v":159.5454},{"$f":"+'cons revenues'!E17*60%","v":169.16399999999999},{"$f":"+'cons revenues'!F17*60%","v":212.46},{"$f":"+'cons revenues'!G17*60%","v":221.58},{"$f":"+'cons revenues'!H17*60%","v":355.2},{"$f":"+'cons revenues'!I17*60%","v":414.72899999999993},{"$f":"+'cons revenues'!J17*55%","v":418.18507500000004},{"$f":"+'cons revenues'!K17*55%","v":460.00358249999999},{"$f":"+'cons revenues'!L17*55%","v":506.00394075000014},{"$f":"+'cons revenues'!M17*50%","v":483.0037616250001},{"$f":"+'cons revenues'!N17*50%","v":507.15394970625016},{"$f":"+'cons revenues'!O17*50%","v":532.5116471915627},{"$f":"+'cons revenues'!P17*50%","v":559.13722955114088},{"$f":"+'cons revenues'!Q17*50%","v":587.0940910286979}]
[]
["Operating expenses"]
["Newsprint costs",null,null,{"$f":"-D87","v":-2067.7805736247296},-2037.1648491143992,-2287.1954209535998,-1801.0555960320003,-2016.3943007999999,-2258.9768915999998,-2576.4565432320005,-2770.1310531628801,-2425.6967165639999,-2503.059847869672,-2652.5871854256447,-2855.1782668009478,-3047.7174634679905,-3249.6778153467649]
["Employee costs",null,null,{"$f":"-D97","v":-705},-775.5,-882,-864,-950.4,-1067.22,-1231.8768000000002,-1407.0228480000005,-1577.7780480000008,-1607.8309632000007,-1752.6860144640007,-1892.9008956211214,-2025.0534211117067,-2185.942986495445]
["SG&A and other costs",null,null,{"$f":"-'cons expenses'!D72","v":-1191.5503166666665},{"$f":"-'cons expenses'!E72","v":-1325.427038687548},{"$f":"-'cons expenses'!F72","v":-1438.8222469968196},{"$f":"-'cons expenses'!G72","v":-1527.1292007643772},{"$f":"-'cons expenses'!H72","v":-1897.2455014873055},{"$f":"-'cons expenses'!I72","v":-2334.5356285183207},{"$f":"-'cons expenses'!J72","v":-2562.5138106038125},{"$f":"-'cons expenses'!K72","v":-2887.373257417848},{"$f":"-'cons expenses'!L72","v":-2987.8703162913594},{"$f":"-'cons expenses'!M72","v":-3069.8211389681255},{"$f":"-'cons expenses'!N72","v":-3296.4320633257971},{"$f":"-'cons expenses'!O72","v":-3510.1109502823692},{"$f":"-'cons expenses'!P72","v":-3652.0729108851715},{"$f":"-'cons expenses'!Q72","v":-3827.1153400549406}]
["Total operating expenses",null,null,{"$f":"SUM(D17:D19)","v":-3964.3308902913959},-4138.0918878019475,-4608.0176679504193,-4192.1847967963777,-4864.0398022873051,-5660.7325201183203,-6370.8471538358135,-7064.5271585807295,-6991.3450808553607,-7180.7119500377985,-7701.7052632154428,-8258.1901127044384,-8724.8437954648689,-9262.7361418971504]
["growth (%)",null,null,null,{"$f":"(E20/D20-1)*100","v":4.3831103487372847},11.356098242615031,-9.0241162495151244,16.026369018950493,16.379239278765191,12.544571417104343,10.888347938582378,-1.0359090719395225,2.7085899350181908,7.2554548462969937,7.2254757936123015,5.6507984969070613,6.1650656337466581]
[]
["Total EBITDA",null,null,{"$f":"D5+D10+D14+D20","v":2501.294509708604},2729.3801121980523,2442.8628340495816,2271.4212550036227,2779.5042435351152,2415.9917279952215,2477.4234026845552,3013.8920947785737,2976.8818482885399,2973.1405485768328,3248.7945844187925,3537.7727776860356,3685.4460621910494,3792.1857034184268]
["growth (%)",null,null,null,{"$f":"(E23/D23-1)*100","v":9.1187024000632277},-10.497522014906513,-7.0180599850445446,22.368505507829383,-13.078322020388789,2.5427104727841598,21.65429984687708,-1.2279884390735907,-0.12567847507478636,9.2714767882032376,8.8949358218331618,4.1741879364452172,2.8962475484967332]
["EBITDA margin (%)",null,null,{"$f":"D23/(D5+D10+D14)*100","v":38.68604125609572},39.743592870827179,34.646209552929697,35.141703204066282,36.364077015481492,29.913014902787076,27.9989562577166,29.90441277558476,29.863704643250959,29.2809113485003,29.668002644835134,29.991386125570685,29.696696084157086,29.047938764789734]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
[]
["Key assumptions"]
[]
["Advertising revenues"]
["Pagination (#)",null,null,48,50,48,44,{"$f":"G33+4+2","v":50},{"$f":"H33","v":50},{"$f":"I33+2","v":52},{"$f":"J33+2","v":54},{"$f":"K33-4","v":50},{"$f":"L33+2","v":52},{"$f":"M33+2","v":54},{"$f":"N33+2","v":56},{"$f":"O33+1","v":57},{"$f":"P33+1","v":58}]
["Ad:Total ratio (%)",null,null,48,45,50,54,{"$f":"G34-3","v":51},{"$f":"H34","v":51},{"$f":"I34","v":51},51,51,{"$f":"L34+1","v":52},52,52,52,52]
["Volume growth (%)",null,null,null,{"$f":"(E33-D33)*2+(E34-D34)*2","v":-2},{"$f":"(F33-E33)*2+(F34-E34)*2","v":6},0,6,0,4,4,-8,6,4,4,2,2]
[]
["Color:BW ratio (%)",null,null,80,{"$f":"D37+2","v":82},{"$f":"E37+2","v":84},{"$f":"F37-4","v":80},{"$f":"G37+2","v":82},{"$f":"H37+2","v":84},{"$f":"I37+2","v":86},{"$f":"J37+2","v":88},{"$f":"K37+2","v":90},{"$f":"L37-4","v":86},{"$f":"M37+2","v":88},{"$f":"N37+2","v":90},{"$f":"O37","v":90},{"$f":"P37","v":90}]
["Rate increase (%)",null,null,null,8.5,-4,-9,11,4.5,5.5,9.5,6.5,-3,3.5,3.5,3,3]
["Yield growth (%)",null,null,null,{"$f":"(E37-D37)/4+E38","v":9},-3.5,-10,11.5,5,6,10,7,-4,4,4,3,3]
[]
["Advertising revenues (Rs mn)",null,null,5900,{"$f":"D41*(1+E35%)*(1+E39%)","v":6302.38},6446.7045020000005,5802.0340518000003,6857.4240458224203,7200.2952481135417,7937.6054815203688,9080.6206708593036,8938.9629883938996,9096.2887369896325,9838.5458979279865,10641.371243198912,11179.824628104778,11745.52375428688]
["Advertising growth (%)",null,null,null,{"$f":"(E41/D41-1)*100","v":6.8200000000000038},2.2900000000000142,-9.9999999999999982,18.189999999999994,5.0000000000000044,10.240000000000006,14.400000000000013,-1.5599999999999836,1.760000000000006,8.1599999999999895,8.1600000000000108,5.06000000000002,5.0599999999999978]
[null,null,null,null,7,2,-7]
["Readership"]
["IRS Round",null,null,null,"R1 2007","R1 2008","R1 2009","Q1 2010","Q1 2011","Q1 2012"]
["HT Delhi (mn)",null,null,null,1881,1862,1991,2012,1954,1921]
["TOI Delhi (mn)",null,null,null,2051,2113,1954,1948,1890,1891]
["Mail Today (mn)",null,null,null,0,0,187,187,221,211]
[]
[]
["Total ( mn)",null,null,null,{"$f":"SUM(E46:E50)","v":3932},{"$f":"SUM(F46:F50)","v":3975},{"$f":"SUM(G46:G50)","v":4132},{"$f":"SUM(H46:H50)","v":4147},{"$f":"SUM(I46:I48)","v":4065},4023,0,0,0,0,0,0,0]
["HT Delhi (%)",null,null,null,{"$f":"E46/E$51*100","v":47.838250254323498},46.842767295597483,48.18489835430784,48.51700024113817,{"$f":"I46/I$51*100","v":48.068880688806885},47.750434998757143,45]
["TOI Delhi (%)",null,null,null,52.161749745676502,53.15723270440251,47.28944820909971,46.97371593923318,46.494464944649444,47.004722843649013,45]
["Mail Today (%)",null,null,null,0,0,4.5256534365924495,4.5092838196286467,5.4366543665436655,5.2448421575938351,10]
[]
[]
["Total (%)",null,null,null,{"$f":"SUM(E52:E56)","v":100},100,100,100,{"$f":"SUM(I52:I56)","v":99.999999999999986},{"$f":"SUM(J52:J56)","v":100},100,0,{"$f":"SUM(M52:M54)","v":0},{"$f":"SUM(N52:N54)","v":0},{"$f":"SUM(O52:O54)","v":0},{"$f":"SUM(P52:P54)","v":0},{"$f":"SUM(Q52:Q54)","v":0}]
[]
["Circulation revenues"]
["Print order (mn)",null,null,0.8,0.9,0.9,0.9,{"$f":"G60","v":0.9},{"$f":"H60","v":0.9},{"$f":"I60","v":0.9},{"$f":"J60+0.025","v":0.92500000000000004},{"$f":"K60-0.025","v":0.9},{"$f":"L60-0.025","v":0.875},{"$f":"M60","v":0.875},{"$f":"N60+0.025","v":0.9},{"$f":"O60+0.025","v":0.92500000000000004},{"$f":"P60+0.025","v":0.95000000000000007}]
["growth (%)",null,null,null,{"$f":"(E60/D60-1)*100","v":12.5},0,0,0,0,0,2.7777777777777901,-2.7027027027027084,-2.777777777777779,0,2.8571428571428692,2.7777777777777901,2.7027027027026973]
["Unsold copies (%)",null,null,6,6,7,3,5,{"$f":"H62","v":5},{"$f":"I62","v":5},{"$f":"J62","v":5},{"$f":"K62","v":5},{"$f":"L62-1","v":4},{"$f":"M62","v":4},{"$f":"N62","v":4},{"$f":"O62","v":4},{"$f":"P62","v":4}]
["Circulation (mn)",null,null,{"$f":"D60*(1-D62%)","v":0.752},0.84599999999999997,0.83699999999999997,0.873,0.85499999999999998,0.85499999999999998,0.85499999999999998,0.87875000000000003,0.85499999999999998,0.84,0.84,0.86399999999999999,0.88800000000000001,0.91200000000000003]
["growth (%)",null,null,null,{"$f":"(E63/D63-1)*100","v":12.5},-1.0638297872340385,4.3010752688172005,-2.0618556701030966,0,0,2.7777777777777901,-2.7027027027027084,-1.7543859649122862,0,2.8571428571428692,2.7777777777777901,2.7027027027026973]
[]
["Cover price (Rs/day)",null,null,3,2.8,2.8,3,3,{"$f":"H66+0.1","v":3.1},{"$f":"I66+0.1","v":3.2},3.3000000000000003,3.4000000000000004,{"$f":"L66+0.2","v":3.6000000000000005},3.7000000000000006,3.8000000000000007,3.9000000000000008,4.0000000000000009]
["growth (%)",null,null,null,{"$f":"(E66/D66-1)*100","v":-6.6666666666666767},0,7.1428571428571397,0,3.3333333333333437,3.2258064516129004,3.125,3.0303030303030276,5.8823529411764719,2.7777777777777901,2.7027027027026973,2.6315789473684292,2.564102564102555]
["Commission (Rs/day)",null,null,1.5,1.5,1.5,{"$f":"F68+0.1","v":1.6},{"$f":"G68","v":1.6},{"$f":"H68","v":1.6},{"$f":"I68","v":1.6},{"$f":"J68","v":1.6},{"$f":"K68+0.1","v":1.7000000000000002},{"$f":"L68","v":1.7000000000000002},{"$f":"M68","v":1.7000000000000002},{"$f":"N68+0.1","v":1.8000000000000003},{"$f":"O68","v":1.8000000000000003},{"$f":"P68","v":1.8000000000000003}]
["Net realization (Rs/day)",null,null,{"$f":"D66-D68","v":1.5},1.2999999999999998,1.2999999999999998,1.4,1.4,1.5,1.6,1.7000000000000002,1.7000000000000002,1.9000000000000004,2.0000000000000004,2.0000000000000004,2.1000000000000005,2.2000000000000006]
["growth (%)",null,null,null,{"$f":"(E69/D69-1)*100","v":-13.333333333333341},0,7.6923076923077094,0,7.1428571428571397,6.6666666666666652,6.25,0,11.764705882352944,5.2631578947368363,0,5.0000000000000044,4.7619047619047672]
[]
["Circulation revenues (Rs mn)",null,null,{"$f":"D63*10^3*360*D69/10^3","v":406.08},{"$f":"E63*10^3*360*E69/10^3","v":395.92799999999994},391.71599999999995,439.99200000000002,430.92,461.7,492.48,537.79499999999996,523.2600000000001,574.56000000000017,604.80000000000007,622.08000000000015,671.32800000000009,722.3040000000002]
["Circulation growth (%)",null,null,null,{"$f":"(E72/D72-1)*100","v":-2.5000000000000133},-1.0638297872340385,12.324234904880083,-2.0618556701030966,7.1428571428571397,6.6666666666666652,9.201388888888884,-2.7027027027026751,9.8039215686274606,5.2631578947368141,2.8571428571428692,7.9166666666666607,7.5933075933076077]
[]
["Newsprint costs"]
["Pagination (#)",null,null,{"$f":"D33","v":48},50,48,44,50,50,52,54,50,52,54,56,57,58]
["Print order ('000)",null,null,{"$f":"D60","v":0.8},0.9,0.9,0.9,0.9,0.9,0.9,0.92500000000000004,0.9,0.875,0.875,0.9,0.92500000000000004,0.95000000000000007]
["Total pagination (bn #)",null,null,{"$f":"D76*D77*360/10^3","v":13.824000000000002},{"$f":"E76*E77*360/10^3","v":16.2},15.552000000000001,14.256,16.2,16.2,16.847999999999999,17.981999999999999,16.2,16.38,17.010000000000002,18.143999999999998,18.981000000000002,19.835999999999999]
["Newsprint quantity (tons)",null,null,{"$f":"4.6*D78*10^3","v":63590.400000000001},{"$f":"4.5*E78*10^3","v":72899.999999999985},{"$f":"4.5*F78*10^3","v":69984.000000000015},{"$f":"4.4*G78*10^3","v":62726.400000000009},{"$f":"4.4*H78*10^3","v":71280},{"$f":"4.4*I78*10^3","v":71280},{"$f":"4.4*J78*10^3","v":74131.200000000012},{"$f":"4.4*K78*10^3","v":79120.800000000003},{"$f":"4.3*L78*10^3","v":69660},{"$f":"4.3*M78*10^3","v":70434},{"$f":"4.3*N78*10^3","v":73143},{"$f":"4.2*O78*10^3","v":76204.799999999988},{"$f":"4.2*P78*10^3","v":79720.200000000012},{"$f":"4.2*Q78*10^3","v":83311.199999999997}]
["growth (%)",null,null,null,{"$f":"(E79/D79-1)*100","v":14.63994565217388},-3.9999999999999591,-10.370370370370374,13.636363636363624,0,4.0000000000000258,6.7307692307692069,-11.957411957411956,1.1111111111111072,3.8461538461538547,4.1860465116278833,4.6130952380952772,4.5045045045044807]
[]
["Imported np (%)",null,null,80,80,80,80,{"$f":"G82-10","v":70},{"$f":"H82","v":70},{"$f":"I82+10","v":80},{"$f":"J82","v":80},{"$f":"K82-10","v":70},70,{"$f":"M82","v":70},{"$f":"N82+10","v":80},80,80]
["Domestic np (%)",null,null,{"$f":"100-D82","v":20},20,20,20,30,30,20,20,30,30,{"$f":"100-N82","v":30},{"$f":"100-O82","v":20},20,20]
["Average newsprint price (Rs/ton)",null,null,{"$f":"D82%*'cons expenses'!D39+D83%*'cons expenses'!D43","v":32517.181423999999},{"$f":"E82%*'cons expenses'!E39+E83%*'cons expenses'!E43","v":27944.648135999996},{"$f":"F82%*'cons expenses'!F39+F83%*'cons expenses'!F43","v":32681.690399999992},{"$f":"G82%*'cons expenses'!G39+G83%*'cons expenses'!G43","v":28712.880000000001},{"$f":"H82%*'cons expenses'!H39+H83%*'cons expenses'!H43","v":28288.36},{"$f":"I82%*'cons expenses'!I39+I83%*'cons expenses'!I43","v":31691.595000000001},{"$f":"J82%*'cons expenses'!J39+J83%*'cons expenses'!J43","v":34755.360000000001},{"$f":"K82%*'cons expenses'!K39+K83%*'cons expenses'!K43","v":35011.4136},{"$f":"L82%*'cons expenses'!L39+L83%*'cons expenses'!L43","v":34821.945399999997},{"$f":"M82%*'cons expenses'!M39+M83%*'cons expenses'!M43","v":35537.664307999999},{"$f":"N82%*'cons expenses'!N39+N83%*'cons expenses'!N43","v":36265.769594160003},{"$f":"O82%*'cons expenses'!O39+O83%*'cons expenses'!O43","v":37467.170923628801},{"$f":"P82%*'cons expenses'!P39+P83%*'cons expenses'!P43","v":38230.178342101375},{"$f":"Q82%*'cons expenses'!Q39+Q83%*'cons expenses'!Q43","v":39006.493908943397}]
["growth (%)"]
[]
["Newsprint costs (Rs mn)",null,null,{"$f":"+D79*D84/10^6","v":2067.7805736247296},2037.1648491143992,2287.1954209535998,1801.0555960320003,2016.3943007999999,2258.9768915999998,2576.4565432320005,2770.1310531628801,2425.6967165639999,2503.059847869672,2652.5871854256447,2855.1782668009478,3047.7174634679905,3249.6778153467649]
["Newsprint growth (%)",null,null,null,{"$f":"(E87/D87-1)*100","v":-1.4806079958794904},12.273457984899672,-21.254844272069828,11.956249726128586,12.030513610545102,14.054134542612996,7.5170881666774436,-12.433864318643407,3.1893159098330015,5.973781956641333,7.6374900130867784,6.7435087646128267,6.6266100548888929]
[]
["Employee costs"]
["Year-end employees (#)",null,1200,1150,1200,1250,1150,1200,{"$f":"H91+50","v":1250},{"$f":"I91+25","v":1275},{"$f":"J91+25","v":1300},{"$f":"K91+25","v":1325},{"$f":"L91+25","v":1350},{"$f":"M91","v":1350},{"$f":"N91","v":1350},{"$f":"O91+25","v":1375},{"$f":"P91+25","v":1400}]
["growth (%)",null,null,null,{"$f":"(E91/D91-1)*100","v":4.3478260869565188},4.1666666666666741,-7.9999999999999964,4.3478260869565188,4.1666666666666741,2.0000000000000018,1.9607843137254832,1.9230769230769162,1.8867924528301883,0,0,1.8518518518518601,1.8181818181818077]
["Average employees (#)",null,null,{"$f":"AVERAGE(C91:D91)","v":1175},1175,1225,1200,{"$f":"AVERAGE(G91:H91)+25","v":1200},1225,1262.5,1287.5,1312.5,1337.5,1350,1350,1362.5,1387.5]
["Employee cost (Rs/month)",null,null,50000,55000,60000,60000,{"$f":"G94*(1+H95%)","v":66000},72600,81312.000000000015,91069.440000000031,100176.38400000005,100176.38400000005,108190.49472000006,116845.73429760008,123856.47835545609,131287.86705678346]
["growth (%)",null,null,null,{"$f":"(E94/D94-1)*100","v":10.000000000000009},{"$f":"(F94/E94-1)*100","v":9.0909090909090828},{"$f":"(G94/F94-1)*100","v":0},10,10,12,12,10,0,8,8,6,6]
[]
["Employee costs (Rs mn)",null,null,{"$f":"+D93*D94*12/10^6","v":705},775.5,882,864,950.4,1067.22,1231.8768000000002,1407.0228480000005,1577.7780480000008,1607.8309632000007,1752.6860144640007,1892.9008956211214,2025.0534211117067,2185.942986495445]
["Employee growth (%)",null,null,null,{"$f":"(E97/D97-1)*100","v":10.000000000000009},13.733075435203101,-2.0408163265306145,9.9999999999999858,12.291666666666679,15.428571428571459,14.21782178217823,12.135922330097104,1.904761904761898,9.0093457943925195,8.0000000000000515,6.9814814814814552,7.9449541284404068]

{"sheet":"HTD DCF","index":6,"n_rows":35,"n_cols":14,"rows_kept":35,"cut":false,"hidden":false,"merged":[[27,5,34,5],[23,6,23,13],[24,7,24,13]]}
["Discounted cash flow analysis of HT Delhi (Rs mn)"]
[]
[null,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E","2021E","2022E","2023E","2024E"]
["EBIT",{"$f":"'HT Delhi-NCR'!I23+'cons revenues'!I22%*'profit model'!I11","v":2084.9921729708813},{"$f":"'HT Delhi-NCR'!J23+'cons revenues'!J22%*'profit model'!J11","v":2141.4120786386293},{"$f":"'HT Delhi-NCR'!K23+'cons revenues'!K22%*'profit model'!K11","v":2660.0612777555016},{"$f":"'HT Delhi-NCR'!L23+'cons revenues'!L22%*'profit model'!L11","v":2628.0749573580133},{"$f":"'HT Delhi-NCR'!M23+'cons revenues'!M22%*'profit model'!M11","v":2614.2389895534357},{"$f":"'HT Delhi-NCR'!N23+'cons revenues'!N22%*'profit model'!N11","v":2873.6124220062411},{"$f":"'HT Delhi-NCR'!O23+'cons revenues'!O22%*'profit model'!O11","v":3126.2641735109296},{"$f":"'HT Delhi-NCR'!P23+'cons revenues'!P22%*'profit model'!P11","v":3243.4290475812572},{"$f":"'HT Delhi-NCR'!Q23+'cons revenues'!Q22%*'profit model'!Q11","v":3318.2474040593456},{"$f":"J4*(1+$B$16%)","v":3384.6123521405325},{"$f":"K4*(1+$B$16%)","v":3452.3045991833433},{"$f":"L4*(1+$B$16%)","v":3521.3506911670102},{"$f":"M4*(1+$B$16%)","v":3591.7777049903502}]
["Tax expense",{"$f":"-'profit model'!I35%*B4","v":-590.43583852186907},{"$f":"-'profit model'!J35%*C4","v":-645.96734207855536},{"$f":"-'profit model'!K35%*D4","v":-846.98813148139868},{"$f":"-'profit model'!L35%*E4","v":-863.17926407380241},{"$f":"-'profit model'!M35%*F4","v":-877.16712348790065},{"$f":"-'profit model'!N35%*G4","v":-969.80255961628097},{"$f":"-'profit model'!O35%*H4","v":-1060.3793612614486},{"$f":"-'profit model'!P35%*I4","v":-1111.5252586035863},{"$f":"-'profit model'!Q35%*J4","v":-1148.4192357766476}]
["Changes in working capital",{"$f":"'cons revenues'!I22%*'cash model'!I11","v":-309.56865716418599},{"$f":"'cons revenues'!J22%*'cash model'!J11","v":-106.97443279561323},{"$f":"'cons revenues'!K22%*'cash model'!K11","v":-119.70223676954095},{"$f":"'cons revenues'!L22%*'cash model'!L11","v":-5.0041655159595599},{"$f":"'cons revenues'!M22%*'cash model'!M11","v":-39.75211347935349},{"$f":"'cons revenues'!N22%*'cash model'!N11","v":-99.063383995131602},{"$f":"'cons revenues'!O22%*'cash model'!O11","v":-89.603594729371849},{"$f":"'cons revenues'!P22%*'cash model'!P11","v":-74.005467687060801},{"$f":"'cons revenues'!Q22%*'cash model'!Q11","v":-58.700647176873026}]
["Cash flow from operations",{"$f":"SUM(B4:B6)","v":1184.9876772848261},{"$f":"SUM(C4:C6)","v":1388.4703037644608},1693.370909504562,1759.8915277682513,1697.3197525861815,1804.7464783948285,1976.2812175201091,2057.8983212906101,2111.1275211058251]
["Capital expenditure",{"$f":"-40%*'capex est'!I14","v":-84},{"$f":"-40%*'capex est'!J14","v":-88.2},{"$f":"-40%*'capex est'!K14","v":-92.610000000000014},{"$f":"-40%*'capex est'!L14","v":-97.240500000000011},{"$f":"-40%*'capex est'!M14","v":-102.10252500000001},{"$f":"-40%*'capex est'!N14","v":-241.21721531250006},{"$f":"-40%*'capex est'!O14","v":-253.27807607812511},{"$f":"-40%*'capex est'!P14","v":-265.94197988203138},{"$f":"-40%*'capex est'!Q14","v":-279.23907887613296}]
["Cash flows for minority interest",{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
["Free cash flow to the firm",{"$f":"SUM(B7:B9)","v":1100.9876772848261},1300.2703037644608,1600.7609095045618,1662.6510277682512,1595.2172275861815,1563.5292630823285,1723.0031414419839,1791.9563414085787,{"$f":"SUM(J7:J9)","v":1831.8884422296921},{"$f":"J10*(1+$B$16%)","v":1868.526211074286},{"$f":"K10*(1+$B$16%)","v":1905.8967352957718},{"$f":"L10*(1+$B$16%)","v":1944.0146700016874},{"$f":"M10*(1+$B$16%)","v":1982.894963401721}]
["Dicounted cash flow-now",{"$f":"B10*B22","v":983.02471186145181},1036.5675253224335,1139.3899968571779,1056.6447862250966,904.88809371962498,791.88667283883319,779.15716133809894,723.51643239710074,660.18724711955292,601.2419571981643]
["Discounted cash flow-1 year forward",null,{"$f":"C10*B22","v":1160.9556283611257},1276.1167964800395,1183.4421605721082,1013.7893871138524,886.91307357949324,872.65602069867089,810.33840428475287,739.63933140785616,673.39099206194396,613.26679634212758]
["Discounted cash flow-2 year forward",null,null,{"$f":"D10*B22","v":1429.2508120576445},1325.4552198407614,1135.4441135675145,993.65111280380324,977.37474318251157,907.57901279892326,828.39605117679901,754.43211803601332,686.85881190318287,625.53213226897014]
[]
["Discount rate (%)",12]
["Growth from 2020E to perpetuity (%)",2]
[]
["Fiscal year-end (March 31, XXXX)",{"$f":"'cons DCF'!B18","v":"2012-03-31"},{"$f":"'cons DCF'!C18","v":"2013-03-31"},{"$f":"'cons DCF'!D18","v":"2014-03-31"},{"$f":"'cons DCF'!E18","v":"2015-03-31"},{"$f":"'cons DCF'!F18","v":"2016-03-31"},{"$f":"'cons DCF'!G18","v":"2017-03-31"},{"$f":"'cons DCF'!H18","v":"2018-03-31"},{"$f":"'cons DCF'!I18","v":"2019-03-31"},{"$f":"'cons DCF'!J18","v":"2020-03-31"},{"$f":"'cons DCF'!K18","v":"2021-03-31"},{"$f":"'cons DCF'!L18","v":"2022-03-31"},{"$f":"'cons DCF'!M18","v":"2023-03-31"},{"$f":"'cons DCF'!N18","v":"2024-03-31"}]
["Today",{"$f":"'cons DCF'!B19","v":"2011-04-01"},{"$f":"B19","v":"2011-04-01"},{"$f":"+C19","v":"2011-04-01"},"2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01"]
["Days left",{"$f":"B18-B19","v":365},730,1095,1460,1826,2191,2556,2921,3287,3652,4017,4382,4748]
["Years left",{"$f":"B20/365","v":1},2,3,4,5.0027397260273974,6.0027397260273974,7.0027397260273974,8.0027397260273965,9.0054794520547947,10.005479452054795,11.005479452054795,12.005479452054795,13.008219178082191]
["Discount factor at WACC",{"$f":"1/(1+$B$15%)^B21","v":0.89285714285714279},0.79719387755102034,0.71178024781341087,0.63551807840483121,0.56725070295840851,0.50647384192715039,0.45220878743495568,0.40375784592406755,0.36038616320762562,0.32177336000680862,0.2872976428632219,0.2565157525564481,0.22896082094593051]
[]
[null,"+ 1-year",null,"+ 2-years",null,null,"Sensitivity of share price to different levels of WACC and growth rate (Rs)"]
["Total PV of free cash flow (a)",{"$f":"+SUM(B11:K11)","v":8676.5045848775353},{"$f":"B25/$B$30","v":0.58588719636967423},{"$f":"+SUM(C12:L12)","v":9230.5085909019708},{"$f":"D25/$D$30","v":0.59606160227812499},null,null,"WACC (%)"]
["FCF in terminal year",{"$f":"L10","v":1905.8967352957718},null,{"$f":"M10","v":1944.0146700016874},null,null,{"$f":"D34","v":65.869119156068379},10.5,11,11.5,12,12.5,13,13.5]
["Exit FCF multiple (X)",{"$f":"1/($B$15%-$B$16%)","v":10},null,{"$f":"1/($B$15%-$B$16%)","v":10},null,null,0,69.094639765725418,65.782731353176985,62.762824398262396,59.998291970567394,57.458372168343274,55.117040030019417,52.952130141276605]
["Terminal value ",{"$f":"B26*B27","v":19058.967352957719},null,{"$f":"D26*D27","v":19440.146700016874},null,"Growth rate (%)",0.5,70.938183951113956,67.406503984103537,64.199447216793601,61.27455875002412,58.596463705223286,56.135451043589491,53.866384204447101]
["PV of terminal value (b)",{"$f":"B28*K22","v":6132.6679634212769},{"$f":"B29/$B$30","v":0.41411280363032577},{"$f":"D28*K22","v":6255.3213226897024},{"$f":"D29/$D$30","v":0.40393839772187501},null,1,72.975785419175011,69.192653878122798,65.772891256137314,62.666849782158742,59.833519723571143,57.238729641623749,54.85377859267124]
["EV (a) + (b)",{"$f":"B29+B25","v":14809.172548298811},null,{"$f":"D29+D25","v":15485.829913591673},null,null,1.5,75.239787050353939,71.16681955045982,67.503679699415372,64.191739960210938,61.183035379950631,58.437945509052284,55.923455846580723]
["EV (US$ mn)",{"$f":"+B30/46","v":321.93853365866983},null,{"$f":"+D30/46","v":336.6484763824277},null,null,2,77.770141814612757,73.360336964167644,69.416656399880623,65.869119156068379,62.66107633693769,59.746181000792518,57.086148513873646]
["Net debt/ (cash)",{"$f":"0","v":0},null,{"$f":"0","v":0},null,null,2.5,80.616790924403901,75.811915250076382,71.542186067064208,67.723064583068663,64.286921389623444,61.179010348888944,58.354540514556824]
["Equity value",{"$f":"+B30-B32","v":14809.172548298811},null,{"$f":"+D30-D32","v":15485.829913591673},null,null,3,83.842993248833892,78.569940821723733,73.917778048034123,69.78300394640236,66.083908026802433,62.755122631795025,59.743731753400318]
["Implied share price (Rs)",{"$f":"+B33/'profit model'!F24","v":63.017755524675792},null,{"$f":"+D33/'profit model'!G24","v":65.869119156068379},null,null,3.5,87.530081619611011,81.695703136257379,76.590319026625266,72.085289117187045,68.080559845890193,64.497141470796478,61.271842116128148]
["Exit EV/EBITDA multiple (X)",{"$f":"B28/L4","v":5.5206505699022603},null,{"$f":"D28/M4","v":5.5206505699022603},null,null,4,91.784414355123047,85.268002924295857,79.619198802361893,74.675359934319829,70.312111878988304,66.432717958575878,62.960806201248396]

{"sheet":"HT Mumbai","index":7,"n_rows":98,"n_cols":17,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
["Derivation of financials of HT English Mumbai, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues from advertising"]
["Total advertising revenues",null,null,{"$f":"D41","v":800},1010.08,1112.7041280000001,1123.6086284543999,1409.0052200818177,1589.9214903403231,1904.4079611296388,2382.0334777809521,2599.7513376501315,2865.9658746255054,3220.1992567292182,3618.2158848609497,3988.7211914707113,4314.2008406947216]
["growth (%)",null,null,null,{"$f":"(E5/D5-1)*100","v":26.259999999999994},10.160000000000014,0.97999999999998089,25.400000000000023,12.840000000000007,19.779999999999998,25.079999999999991,9.1400000000000148,10.240000000000027,12.360000000000015,12.360000000000015,10.240000000000006,8.1600000000000108]
["actual",null,null,800,1000,1100,1100]
[]
["Revenues from circulation"]
["Total circulation revenues",null,null,{"$f":"D72","v":-42.3},-45.683999999999997,-41.849999999999994,-41.904000000000018,-58.589999999999989,-54.143999999999977,-30.77999999999999,0,17.099999999999977,46.65599999999997,82.08,86.4,108.86400000000002,133.05600000000004]
["growth (%)",null,null,null,{"$f":"(E10/D10-1)*100","v":8.0000000000000071},-8.3924349881796765,0.12903225806457641,39.819587628865904,-7.5883256528417986,-43.151595744680847,-100,{"$error":"#DIV/0!"},172.84210526315809,75.925925925926038,5.2631578947368585,26.000000000000021,22.222222222222232]
["actual",null,null,-50,-50,-50,-30]
[]
["Other operating revenue",null,null,{"$f":"+'cons revenues'!D17*25%","v":66.477249999999998},{"$f":"+'cons revenues'!E17*25%","v":70.484999999999999},{"$f":"+'cons revenues'!F17*25%","v":88.525000000000006},{"$f":"+'cons revenues'!G17*25%","v":92.325000000000003},{"$f":"+'cons revenues'!H17*25%","v":148},{"$f":"+'cons revenues'!I17*25%","v":172.80374999999998},{"$f":"+'cons revenues'!J17*30%","v":228.10094999999998},{"$f":"+'cons revenues'!K17*30%","v":250.91104499999997},{"$f":"+'cons revenues'!L17*30%","v":276.00214950000003},{"$f":"+'cons revenues'!M17*35%","v":338.10263313750005},{"$f":"+'cons revenues'!N17*35%","v":355.00776479437508},{"$f":"+'cons revenues'!O17*35%","v":372.75815303409388},{"$f":"+'cons revenues'!P17*35%","v":391.3960606857986},{"$f":"+'cons revenues'!Q17*35%","v":410.96586372008852}]
[]
["Operating expenses"]
["Newsprint costs",null,null,{"$f":"-D87","v":-511.56029816236799},-537.8115201662016,-502.97121525599988,-491.19698073599994,-627.32267136000019,-823.27157827199994,-1065.265686144,-1185.4164416688004,-1131.9918010631998,-1089.2436261059231,-1226.6461375989491,-1359.6086984766421,-1517.3557783980036,-1686.7656174032213]
["Employee costs",null,null,{"$f":"-D97","v":-231.00000000000006},-272.25000000000006,-336.6,-336.6,-392.04,-455.202,-550.07568000000026,-646.13767680000035,-727.28054784000039,-727.28054784000039,-785.46299166720041,-867.57957715968064,-960.50698964656203,-1039.7999070897249]
["SG&A and other costs",null,null,{"$f":"-'cons expenses'!D73","v":-424.21686666666665},{"$f":"-'cons expenses'!E73","v":-549.76882866814094},{"$f":"-'cons expenses'!F73","v":-724.04705994430446},{"$f":"-'cons expenses'!G73","v":-626.74629442599326},{"$f":"-'cons expenses'!H73","v":-721.38678567067768},{"$f":"-'cons expenses'!I73","v":-801.5817907992141},{"$f":"-'cons expenses'!J73","v":-942.933423107723},{"$f":"-'cons expenses'!K73","v":-1006.5329480748125},{"$f":"-'cons expenses'!L73","v":-1141.3598626361852},{"$f":"-'cons expenses'!M73","v":-1258.8422780848},{"$f":"-'cons expenses'!N73","v":-1400.0628272167705},{"$f":"-'cons expenses'!O73","v":-1545.5857661207326},{"$f":"-'cons expenses'!P73","v":-1683.3344290496432},{"$f":"-'cons expenses'!Q73","v":-1816.2560562074102}]
["Total operating expenses",null,null,{"$f":"SUM(D17:D19)","v":-1166.7771648290347},-1359.8303488343427,-1563.6182752003044,-1454.5432751619933,-1740.7494570306778,-2080.055369071214,-2558.2747892517236,-2838.0870665436132,-3000.632211539385,-3075.3664520307234,-3412.17195648292,-3772.7740417570558,-4161.1971970942086,-4542.8215807003562]
["growth (%)",null,null,null,{"$f":"(E20/D20-1)*100","v":16.545848669706832},14.98627579099483,-6.9758074440731566,19.676704485592534,19.491944154865038,22.990706271152959,10.937538002855929,5.7272783105180913,2.490616484217445,10.951719403383532,10.568109986046093,10.295425886578059,9.1710237590431518]
[]
["Total EBITDA",null,null,{"$f":"D5+D10+D14+D20","v":-342.59991482903467},-324.94934883434257,-404.23914720030416,-280.51364670759335,-242.33423694886005,-371.47412873089092,-456.54587812208501,-205.14254376266126,-107.77872438925351,175.35805573228208,245.11506504067302,304.599996137988,327.78405506230047,315.40112371445321]
["growth (%)",null,null,null,{"$f":"(E23/D23-1)*100","v":-5.1519469885157871},24.400663872812721,-30.607006112498969,-13.610535603828012,53.289990472655901,22.901123607674734,-55.066390127871422,-47.461544342577902,-262.70192166958583,39.779757489378454,24.268166090666199,7.6113129409922209,-3.7777711138187287]
["EBITDA margin (%)",null,null,{"$f":"D23/(D5+D10+D14)*100","v":-41.568717752041159},-31.399682556191731,-34.866864292929037,-23.893234029952652,-16.172702579437757,-21.741671976738957,-21.722396057096653,-7.7913735738718461,-3.7256890080330596,5.3944299282671349,6.7021008632393384,7.4704943256870937,7.301969793365318,6.4921092116225747]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
[]
["Key assumptions"]
[]
["Advertising revenues"]
["Pagination (#)",null,null,38,44,38,36,{"$f":"G33+4","v":40},{"$f":"H33+1","v":41},{"$f":"I33+2","v":43},{"$f":"J33+2","v":45},{"$f":"K33-3","v":42},{"$f":"L33+2","v":44},{"$f":"M33+2","v":46},{"$f":"N33+2","v":48},{"$f":"O33+2","v":50},{"$f":"P33+2","v":52}]
["Ad:Total ratio (%)",null,null,22,25,35,38,{"$f":"G34+1","v":39},{"$f":"H34+1","v":40},{"$f":"I34+1","v":41},{"$f":"J34+1","v":42},{"$f":"K34+4","v":46},47,48,49,50,{"$f":"P34","v":50}]
["Volume growth (%)",null,null,null,{"$f":"(E33-D33)*2+(E34-D34)*2","v":18},8,2,10,4,6,6,2,6,6,6,6,4]
[]
["Color:BW ratio (%)",null,null,80,{"$f":"D37+2","v":82},{"$f":"E37+2","v":84},{"$f":"F37-4","v":80},{"$f":"G37+2","v":82},{"$f":"H37+2","v":84},{"$f":"I37+2","v":86},{"$f":"J37+2","v":88},{"$f":"K37+2","v":90},{"$f":"L37-4","v":86},{"$f":"M37+2","v":88},{"$f":"N37+2","v":90},{"$f":"O37","v":90},{"$f":"P37","v":90}]
["Rate increase (%)",null,null,null,6.5,1.5,0,13.5,8,12.5,17.5,6.5,5,5.5,5.5,4,4]
["Yield growth (%)",null,null,null,{"$f":"(E37-D37)/4+E38","v":7},2,-1,14,8.5,13,18,7,4,6,6,4,4]
[]
["Advertising revenues (Rs mn)",null,null,800,{"$f":"D41*(1+E35%)*(1+E39%)","v":1010.08},1112.7041280000001,1123.6086284543999,1409.0052200818177,1589.9214903403231,1904.4079611296388,2382.0334777809521,2599.7513376501315,2865.9658746255054,3220.1992567292182,3618.2158848609497,3988.7211914707113,4314.2008406947216]
["Advertising growth (%)",null,null,null,{"$f":"(E41/D41-1)*100","v":26.259999999999994},10.160000000000014,0.97999999999998089,25.400000000000023,12.840000000000007,19.779999999999998,25.079999999999991,9.1400000000000148,10.240000000000027,12.360000000000015,12.360000000000015,10.240000000000006,8.1600000000000108]
[null,null,null,null,25,10,-10]
["Readership"]
["IRS Round",null,null,null,"R1 2007","R1 2008","R1 2009","Q1 2010","Q1 2011","Q1 2012"]
["TOI Mumbai (mn)",null,null,null,1524,1571,1520,1451,1605,1600]
["DNA Mumbai (mn)",null,null,null,501,622,705,610,644,729]
["HT Mumbai (mn)",null,null,null,320,381,548,538,688,791]
["Mumbai Mirror (mn)",null,null,null,721,737,865,811,769,771]
["Mid-Day (mn)",null,null,null,466,538,479,417,317,403]
["Total ( mn)",null,null,null,{"$f":"SUM(E46:E50)","v":3532},{"$f":"SUM(F46:F50)","v":3849},{"$f":"SUM(G46:G50)","v":4117},{"$f":"SUM(H46:H50)","v":3827},{"$f":"SUM(I46:I50)","v":4023},4294,0,0,0,0,0,0,0]
["TOI Mumbai (%)",null,null,null,{"$f":"E46/E$51*100","v":43.148357870894678},40.815796310730057,36.920087442312365,37.91481578259733,{"$f":"I46/I$51*100","v":39.895600298284862},37.261294829995343,{"$f":"J52-2","v":35.261294829995343},{"$f":"K52","v":35.261294829995343}]
["DNA Mumbai (%)",null,null,null,14.184597961494905,16.160041569238764,17.124119504493564,15.939378102952704,16.00795426298782,16.977177456916628,{"$f":"J53+1","v":17.977177456916628},{"$f":"K53","v":17.977177456916628}]
["HT Mumbai (%)",null,null,null,9.0600226500566254,9.8986749805144196,13.310663104202089,14.058008884243534,17.101665423813074,18.421052631578945,{"$f":"J54+1","v":19.421052631578945},{"$f":"K54","v":19.421052631578945}]
["Mumbai Mirror (%)",null,null,null,{"$f":"E49/E$51*100","v":20.413363533408834},19.147830605352041,21.01044449842118,21.191533838515809,19.115088242605022,17.955286446204006,{"$f":"J55-1","v":16.955286446204006},{"$f":"K55","v":16.955286446204006}]
["Mid-Day (%)",null,null,null,13.193657984144961,13.977656534164717,11.634685450570805,10.896263391690619,7.8796917723092221,9.3851886353050773,{"$f":"J56+1","v":10.385188635305077},{"$f":"K56","v":10.385188635305077}]
["Total (%)",null,null,null,{"$f":"SUM(E52:E56)","v":100.00000000000001},100,100,100,{"$f":"SUM(I52:I56)","v":100},{"$f":"SUM(J52:J56)","v":100},100,100,{"$f":"SUM(M52:M54)","v":0},{"$f":"SUM(N52:N54)","v":0},{"$f":"SUM(O52:O54)","v":0},{"$f":"SUM(P52:P54)","v":0},{"$f":"SUM(Q52:Q54)","v":0}]
[]
["Circulation revenues"]
["Print order (mn)",null,null,0.25,0.27,0.25,0.3,0.35,{"$f":"H60+0.05","v":0.39999999999999997},{"$f":"I60+0.05","v":0.44999999999999996},{"$f":"J60+0.025","v":0.47499999999999998},{"$f":"K60+0.025","v":0.5},{"$f":"L60-0.05","v":0.45},{"$f":"M60+0.025","v":0.47500000000000003},{"$f":"N60+0.025","v":0.5},{"$f":"O60+0.025","v":0.52500000000000002},{"$f":"P60+0.025","v":0.55000000000000004}]
["growth (%)",null,null,null,{"$f":"(E60/D60-1)*100","v":8.0000000000000071},-7.4074074074074181,19.999999999999996,16.666666666666675,14.285714285714279,12.5,5.555555555555558,5.2631578947368363,-9.9999999999999982,5.555555555555558,5.2631578947368363,5.0000000000000044,4.7619047619047672]
["Unsold copies (%)",null,null,6,6,7,3,7,6,5,{"$f":"J62","v":5},{"$f":"K62","v":5},{"$f":"L62-1","v":4},{"$f":"M62","v":4},{"$f":"N62","v":4},{"$f":"O62","v":4},{"$f":"P62","v":4}]
["Circulation (mn)",null,null,{"$f":"D60*(1-D62%)","v":0.23499999999999999},0.25380000000000003,0.23249999999999998,0.29099999999999998,0.32549999999999996,0.37599999999999995,0.42749999999999994,0.45124999999999998,0.47499999999999998,0.432,0.45600000000000002,0.48,0.504,0.52800000000000002]
["growth (%)",null,null,null,{"$f":"(E63/D63-1)*100","v":8.0000000000000071},-8.3924349881796871,25.161290322580655,11.855670103092786,15.514592933947768,13.696808510638302,5.555555555555558,5.2631578947368363,-9.0526315789473681,5.555555555555558,5.2631578947368363,5.0000000000000044,4.7619047619047672]
[]
["Cover price (Rs/day)",null,null,1,1,1,1.2,1.1000000000000001,{"$f":"H66+0.1","v":1.2000000000000002},{"$f":"I66+0.2","v":1.4000000000000001},{"$f":"J66+0.2","v":1.6},{"$f":"K66+0.2","v":1.8},{"$f":"L66+0.2","v":2},{"$f":"M66+0.2","v":2.2000000000000002},{"$f":"N66+0.1","v":2.3000000000000003},{"$f":"O66+0.1","v":2.4000000000000004},{"$f":"P66+0.1","v":2.5000000000000004}]
["growth (%)",null,null,null,{"$f":"(E66/D66-1)*100","v":0},0,19.999999999999996,-8.333333333333325,9.0909090909091042,16.66666666666665,14.285714285714279,12.5,11.111111111111116,10.000000000000009,4.5454545454545414,4.3478260869565188,4.1666666666666741]
["Commission (Rs/day)",null,null,1.5,1.5,1.5,{"$f":"F68+0.1","v":1.6},{"$f":"G68","v":1.6},{"$f":"H68","v":1.6},{"$f":"I68","v":1.6},{"$f":"J68","v":1.6},{"$f":"K68+0.1","v":1.7000000000000002},{"$f":"L68","v":1.7000000000000002},{"$f":"M68","v":1.7000000000000002},{"$f":"N68+0.1","v":1.8000000000000003},{"$f":"O68","v":1.8000000000000003},{"$f":"P68","v":1.8000000000000003}]
["Net realization (Rs/day)",null,null,{"$f":"D66-D68","v":-0.5},-0.5,-0.5,-0.40000000000000013,-0.5,-0.39999999999999991,-0.19999999999999996,0,9.9999999999999867E-2,0.29999999999999982,0.5,0.5,0.60000000000000009,0.70000000000000018]
["growth (%)",null,null,null,{"$f":"(E69/D69-1)*100","v":0},0,-19.999999999999972,24.999999999999957,-20.000000000000018,-50,-100,{"$error":"#DIV/0!"},200.00000000000023,66.666666666666757,0,20.000000000000018,16.666666666666675]
[]
["Circulation revenues (Rs mn)",null,null,{"$f":"D63*10^3*360*D69/10^3","v":-42.3},-45.683999999999997,-41.849999999999994,-41.904000000000018,-58.589999999999989,-54.143999999999977,-30.77999999999999,0,17.099999999999977,46.65599999999997,82.08,86.4,108.86400000000002,133.05600000000004]
["Circulation growth (%)",null,null,null,{"$f":"(E72/D72-1)*100","v":8.0000000000000071},-8.3924349881796765,0.12903225806457641,39.819587628865904,-7.5883256528417986,-43.151595744680847,-100,{"$error":"#DIV/0!"},172.84210526315809,75.925925925926038,5.2631578947368585,26.000000000000021,22.222222222222232]
[]
["Newsprint costs"]
["Pagination (#)",null,null,{"$f":"D33","v":38},44,38,36,40,41,43,45,42,44,46,48,50,52]
["Print order ('000)",null,null,{"$f":"D60","v":0.25},0.27,0.25,0.3,0.35,0.39999999999999997,0.44999999999999996,0.47499999999999998,0.5,0.45,0.47500000000000003,0.5,0.52500000000000002,0.55000000000000004]
["Total pagination (bn #)",null,null,{"$f":"D76*D77*360/10^3","v":3.42},4.2768000000000006,3.42,3.8879999999999995,5.04,5.903999999999999,6.9659999999999993,7.6950000000000003,7.56,7.1280000000000001,7.8660000000000005,8.64,9.4499999999999993,10.295999999999999]
["Newsprint quantity (tons)",null,null,{"$f":"4.6*D78*10^3","v":15732},{"$f":"4.5*E78*10^3","v":19245.600000000002},{"$f":"4.5*F78*10^3","v":15390},{"$f":"4.4*G78*10^3","v":17107.199999999997},{"$f":"4.4*H78*10^3","v":22176.000000000004},{"$f":"4.4*I78*10^3","v":25977.599999999999},{"$f":"4.4*J78*10^3","v":30650.399999999998},{"$f":"4.4*K78*10^3","v":33858.000000000007},{"$f":"4.3*L78*10^3","v":32507.999999999996},{"$f":"4.3*M78*10^3","v":30650.399999999998},{"$f":"4.3*N78*10^3","v":33823.799999999996},{"$f":"4.2*O78*10^3","v":36288.000000000007},{"$f":"4.2*P78*10^3","v":39690},{"$f":"4.2*Q78*10^3","v":43243.200000000004}]
["growth (%)",null,null,null,{"$f":"(E79/D79-1)*100","v":22.33409610983983},-20.033670033670049,11.157894736842078,29.629629629629672,17.142857142857125,17.987804878048784,10.465116279069807,-3.9872408293461281,-5.7142857142857046,10.353535353535337,7.2854025863445582,9.3749999999999787,8.9523809523809561]
[]
["Imported np (%)",null,null,80,80,80,80,{"$f":"G82-10","v":70},{"$f":"H82","v":70},{"$f":"I82+10","v":80},{"$f":"J82","v":80},{"$f":"K82-10","v":70},70,70,{"$f":"N82+10","v":80},80,80]
["Domestic np (%)",null,null,{"$f":"100-D82","v":20},20,20,20,30,30,20,20,30,30,30,20,20,20]
["Average newsprint price (Rs/ton)",null,null,{"$f":"D82%*'cons expenses'!D39+D83%*'cons expenses'!D43","v":32517.181423999999},{"$f":"E82%*'cons expenses'!E39+E83%*'cons expenses'!E43","v":27944.648135999996},{"$f":"F82%*'cons expenses'!F39+F83%*'cons expenses'!F43","v":32681.690399999992},{"$f":"G82%*'cons expenses'!G39+G83%*'cons expenses'!G43","v":28712.880000000001},{"$f":"H82%*'cons expenses'!H39+H83%*'cons expenses'!H43","v":28288.36},{"$f":"I82%*'cons expenses'!I39+I83%*'cons expenses'!I43","v":31691.595000000001},{"$f":"J82%*'cons expenses'!J39+J83%*'cons expenses'!J43","v":34755.360000000001},{"$f":"K82%*'cons expenses'!K39+K83%*'cons expenses'!K43","v":35011.4136},{"$f":"L82%*'cons expenses'!L39+L83%*'cons expenses'!L43","v":34821.945399999997},{"$f":"M82%*'cons expenses'!M39+M83%*'cons expenses'!M43","v":35537.664307999999},{"$f":"N82%*'cons expenses'!N39+N83%*'cons expenses'!N43","v":36265.769594160003},{"$f":"O82%*'cons expenses'!O39+O83%*'cons expenses'!O43","v":37467.170923628801},{"$f":"P82%*'cons expenses'!P39+P83%*'cons expenses'!P43","v":38230.178342101375},{"$f":"Q82%*'cons expenses'!Q39+Q83%*'cons expenses'!Q43","v":39006.493908943397}]
["growth (%)"]
[]
["Newsprint costs (Rs mn)",null,null,{"$f":"+D79*D84/10^6","v":511.56029816236799},537.8115201662016,502.97121525599988,491.19698073599994,627.32267136000019,823.27157827199994,1065.265686144,1185.4164416688004,1131.9918010631998,1089.2436261059231,1226.6461375989491,1359.6086984766421,1517.3557783980036,1686.7656174032213]
["Newsprint growth (%)",null,null,null,{"$f":"(E87/D87-1)*100","v":5.1315987769444904},-6.4781626283191063,-2.340936054165077,27.713055243139362,31.235744515209941,29.394201653351359,11.278947316862942,-4.5068246674890622,-3.7763678956973301,12.614488457852513,10.839520608441756,11.602388253186934,11.164806660180737]
[]
["Employee costs"]
["Year-end employees (#)",null,350,350,400,450,400,450,{"$f":"H91+50","v":500},{"$f":"I91+25","v":525},550,{"$f":"K91","v":550},{"$f":"L91","v":550},{"$f":"M91","v":550},575,600,{"$f":"P91","v":600}]
["growth (%)",null,null,null,{"$f":"(E91/D91-1)*100","v":14.285714285714279},12.5,-11.111111111111116,12.5,11.111111111111116,5.0000000000000044,4.7619047619047672,0,0,0,4.5454545454545414,4.3478260869565188,0]
["Average employees (#)",null,null,{"$f":"AVERAGE(C91:D91)","v":350},375,425,425,{"$f":"AVERAGE(G91:H91)+25","v":450},475,512.5,537.5,550,550,550,562.5,587.5,600]
["Employee cost (Rs/month)",null,null,{"$f":"'HT Delhi-NCR'!D94*(1+10%)","v":55000.000000000007},{"$f":"'HT Delhi-NCR'!E94*(1+10%)","v":60500.000000000007},{"$f":"'HT Delhi-NCR'!F94*(1+10%)","v":66000},{"$f":"'HT Delhi-NCR'!G94*(1+10%)","v":66000},{"$f":"'HT Delhi-NCR'!H94*(1+10%)","v":72600},{"$f":"'HT Delhi-NCR'!I94*(1+10%)","v":79860},{"$f":"'HT Delhi-NCR'!J94*(1+10%)","v":89443.200000000026},{"$f":"'HT Delhi-NCR'!K94*(1+10%)","v":100176.38400000005},{"$f":"'HT Delhi-NCR'!L94*(1+10%)","v":110194.02240000006},{"$f":"'HT Delhi-NCR'!M94*(1+10%)","v":110194.02240000006},{"$f":"'HT Delhi-NCR'!N94*(1+10%)","v":119009.54419200007},{"$f":"'HT Delhi-NCR'!O94*(1+10%)","v":128530.30772736009},{"$f":"'HT Delhi-NCR'!P94*(1+10%)","v":136242.12619100171},{"$f":"'HT Delhi-NCR'!Q94*(1+10%)","v":144416.65376246182}]
["growth (%)",null,null,null,{"$f":"(E94/D94-1)*100","v":10.000000000000009},{"$f":"(F94/E94-1)*100","v":9.0909090909090828},0,10.000000000000009,10.000000000000009,12.000000000000032,12.000000000000032,10.000000000000009,0,8.0000000000000071,8.0000000000000071,6.0000000000000053,6.0000000000000053]
[]
["Employee costs (Rs mn)",null,null,{"$f":"+D93*D94*12/10^6","v":231.00000000000006},272.25000000000006,336.6,336.6,392.04,455.202,550.07568000000026,646.13767680000035,727.28054784000039,727.28054784000039,785.46299166720041,867.57957715968064,960.50698964656203,1039.7999070897249]
["Employee growth (%)",null,null,null,{"$f":"(E97/D97-1)*100","v":17.857142857142861},23.636363636363612,0,16.470588235294127,16.1111111111111,20.842105263157951,17.463414634146357,12.558139534883717,0,8.0000000000000071,10.454545454545471,10.711111111111116,8.2553191489361577]

{"sheet":"HT Others","index":8,"n_rows":98,"n_cols":17,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
["Derivation of financials of HT English Others, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues from advertising"]
["Total advertising revenues",null,null,{"$f":"D41","v":750},907.2,1000.0972800000001,1050.5021829120001,1256.400610762752,1411.1891660087231,1614.4004059139793,1899.5035175983883,1987.6404808149537,2106.8989096638511,2367.3116148983036,2659.911330499734,2932.2862507429072,3232.5523628189812]
["growth (%)",null,null,null,{"$f":"(E5/D5-1)*100","v":20.96},10.240000000000006,5.04,19.599999999999994,12.319999999999997,14.400000000000013,17.660000000000011,4.6399999999999997,6.0000000000000053,12.360000000000015,12.360000000000015,10.240000000000006,10.240000000000006]
["actual",null,null,750,900,1000,1050]
[]
["Revenues from circulation"]
["Total circulation revenues",null,null,{"$f":"D72","v":121.82400000000001},152.28,150.65999999999997,178.09199999999998,195.85799999999995,189.50399999999996,230.84999999999997,259.92,273.60000000000008,290.30400000000003,323.13600000000014,342.14400000000012,393.98400000000009,449.2800000000002]
["growth (%)",null,null,null,{"$f":"(E10/D10-1)*100","v":24.999999999999979},-1.0638297872340607,18.207885304659509,9.9757428744693613,-3.2441871151548507,21.818009118541038,12.592592592592622,5.2631578947368585,6.1052631578947247,11.309523809523835,5.8823529411764719,15.151515151515138,14.035087719298268]
["actual",null,null,130,150,150,180]
[]
["Other operating revenue",null,null,{"$f":"+'cons revenues'!D17*15%","v":39.88635},{"$f":"+'cons revenues'!E17*15%","v":42.290999999999997},{"$f":"+'cons revenues'!F17*15%","v":53.115000000000002},{"$f":"+'cons revenues'!G17*15%","v":55.395000000000003},{"$f":"+'cons revenues'!H17*15%","v":88.8},{"$f":"+'cons revenues'!I17*15%","v":103.68224999999998},{"$f":"+'cons revenues'!J17*10%","v":76.033650000000009},{"$f":"+'cons revenues'!K17*10%","v":83.637015000000005},{"$f":"+'cons revenues'!L17*10%","v":92.000716500000024},{"$f":"+'cons revenues'!M17*10%","v":96.60075232500003},{"$f":"+'cons revenues'!N17*10%","v":101.43078994125004},{"$f":"+'cons revenues'!O17*10%","v":106.50232943831254},{"$f":"+'cons revenues'!P17*10%","v":111.82744591022818},{"$f":"+'cons revenues'!Q17*10%","v":117.41881820573958}]
[]
["Operating expenses"]
["Newsprint costs",null,null,{"$f":"-D87","v":-435.43512079441911},-422.07596544614393,-456.64491911399995,-411.46450329600003,-474.06717072000009,-607.42912230000024,-724.93299648000027,-822.23420944896043,-714.8480134752001,-772.45492911321617,-895.36537483769598,-994.63177327082212,-1124.8332508058647,-1265.6059802710172]
["Employee costs",null,null,{"$f":"-D97","v":-213.75},-259.875,-310.5,-310.5,-356.4,-408.375,-484.82280000000014,-563.49216000000024,-631.11121920000028,-642.38106240000025,-718.11440870400043,-801.8538516172805,-877.83279034429506,-945.27264280884094]
["SG&A and other costs",null,null,{"$f":"-'cons expenses'!D74","v":-187.15449999999998},{"$f":"-'cons expenses'!E74","v":-292.67280781694274},{"$f":"-'cons expenses'!F74","v":-349.11574411930195},{"$f":"-'cons expenses'!G74","v":-334.85434357899982},{"$f":"-'cons expenses'!H74","v":-408.02520473261472},{"$f":"-'cons expenses'!I74","v":-503.47506291984564},{"$f":"-'cons expenses'!J74","v":-575.00383127806163},{"$f":"-'cons expenses'!K74","v":-645.26840281654154},{"$f":"-'cons expenses'!L74","v":-711.2945884893071},{"$f":"-'cons expenses'!M74","v":-762.402785243778},{"$f":"-'cons expenses'!N74","v":-851.38861138789173},{"$f":"-'cons expenses'!O74","v":-943.06411951217456},{"$f":"-'cons expenses'!P74","v":-1031.4068184976145},{"$f":"-'cons expenses'!Q74","v":-1135.9157147036874}]
["Total operating expenses",null,null,{"$f":"SUM(D17:D19)","v":-836.33962079441915},-974.62377326308672,-1116.260663233302,-1056.8188468749997,-1238.4923754526149,-1519.2791852198459,-1784.7596277580619,-2030.9947722655022,-2057.2538211645074,-2177.2387767569944,-2464.8683949295882,-2739.5497444002772,-3034.0728596477743,-3346.7943377835454]
["growth (%)",null,null,null,{"$f":"(E20/D20-1)*100","v":16.53444952629588},14.532468205244808,-5.3250838550671702,17.190602638741879,22.671662364059021,17.474105162561028,13.796543841410758,1.2929156321615842,5.8322874094636434,13.210752134454417,11.143854578026492,10.750785447481338,10.306986437104705]
[]
["Total EBITDA",null,null,{"$f":"D5+D10+D14+D20","v":75.370729205580915},127.14722673691324,87.611616766698035,227.17033603700042,302.56623531013702,185.09623078887716,136.52442815591735,212.0657603328857,295.98737615044638,316.56488523185681,327.01000990996545,369.0079155377698,404.02483700536095,452.45684324117565]
["growth (%)",null,null,null,{"$f":"(E23/D23-1)*100","v":68.69576303302965},-31.094354933922652,159.29248245918677,33.189148102882804,-38.824558332112147,-26.241378566136962,55.331733080541888,39.573392557962464,6.9521576727485712,3.2995209403779757,12.843003074850067,9.4894770526967154,11.987383398207285]
["EBITDA margin (%)",null,null,{"$f":"D23/(D5+D10+D14)*100","v":8.2669599183096807},11.540258977311369,7.277484349643637,17.692542823592451,19.633661769709128,10.860062228680365,7.1058950255521145,9.4543039410187575,12.577859697857056,12.694058079110802,11.712903016947774,11.870711625954659,11.751406523399979,11.909105812770729]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
[]
["Key assumptions"]
[]
["Advertising revenues"]
["Pagination (#)",null,null,28,32,30,32,{"$f":"G33+2","v":34},{"$f":"H33+1","v":35},{"$f":"I33+1","v":36},{"$f":"J33+2","v":38},{"$f":"K33-4","v":34},{"$f":"L33+2","v":36},{"$f":"M33+2","v":38},{"$f":"N33+2","v":40},{"$f":"O33+2","v":42},{"$f":"P33+2","v":44}]
["Ad:Total ratio (%)",null,null,35,35,40,40,40,{"$f":"H34+1","v":41},{"$f":"I34+1","v":42},{"$f":"J34+1","v":43},{"$f":"K34+2","v":45},{"$f":"L34+1","v":46},{"$f":"M34+1","v":47},{"$f":"N34+1","v":48},{"$f":"O34+1","v":49},{"$f":"P34+1","v":50}]
["Volume growth (%)",null,null,null,{"$f":"(E33-D33)*2+(E34-D34)*2","v":8},6,4,4,4,4,6,-4,6,6,6,6,6]
[]
["Color:BW ratio (%)",null,null,80,{"$f":"D37+2","v":82},{"$f":"E37+2","v":84},{"$f":"F37-4","v":80},{"$f":"G37+2","v":82},{"$f":"H37+2","v":84},{"$f":"I37+2","v":86},{"$f":"J37+2","v":88},{"$f":"K37+2","v":90},{"$f":"L37-4","v":86},{"$f":"M37+2","v":88},{"$f":"N37+2","v":90},{"$f":"O37","v":90},{"$f":"P37","v":90}]
["Rate increase (%)",null,null,null,11.5,3.5,2,14.5,7.5,9.5,10.5,8.5,1,5.5,5.5,4,4]
["Yield growth (%)",null,null,null,{"$f":"(E37-D37)/4+E38","v":12},4,1,15,8,10,11,9,0,6,6,4,4]
[]
["Advertising revenues (Rs mn)",null,null,750,{"$f":"D41*(1+E35%)*(1+E39%)","v":907.2},1000.0972800000001,1050.5021829120001,1256.400610762752,1411.1891660087231,1614.4004059139793,1899.5035175983883,1987.6404808149537,2106.8989096638511,2367.3116148983036,2659.911330499734,2932.2862507429072,3232.5523628189812]
["Advertising growth (%)",null,null,null,{"$f":"(E41/D41-1)*100","v":20.96},10.240000000000006,5.04,19.599999999999994,12.319999999999997,14.400000000000013,17.660000000000011,4.6399999999999997,6.0000000000000053,12.360000000000015,12.360000000000015,10.240000000000006,10.240000000000006]
[null,null,null,null,20,10,5]
["Readership"]
["IRS Round",null,null,null,"R1 2007","R1 2008","R1 2009","Q1 2010","Q1 2011","Q1 2012"]
["Tribune CPH (mn)",null,null,null,483,392,463,532,507,539]
["HT CPH (mn)",null,null,null,357,305,368,376,415,439]
["TOI CPH (mn)",null,null,null,253,216,249,238,240,248]
[]
[]
["Total ( mn)",null,null,null,{"$f":"SUM(E46:E50)","v":1093},913,1080,1146,1162,1226,{"$f":"SUM(K48:K48)","v":0},0,0,0,0,0,0]
["Tribune CPH (mn)",null,null,null,{"$f":"E46/E$51*100","v":44.190301921317477},42.935377875136908,42.870370370370367,46.42233856893543,{"$f":"I46/I$51*100","v":43.631669535283997},43.964110929853177]
["HT CPH (mn)",null,null,null,32.662397072278132,33.406352683461115,34.074074074074076,32.809773123909245,35.714285714285715,35.807504078303424]
["TOI CPH (mn)",null,null,null,23.14730100640439,23.658269441401973,23.055555555555557,20.767888307155321,20.654044750430291,20.228384991843392]
[]
[]
["Total (%)",null,null,null,{"$f":"SUM(E52:E56)","v":100},99.999999999999986,100,100,{"$f":"SUM(I52:I56)","v":100},{"$f":"SUM(J52:J56)","v":100},0,0,{"$f":"SUM(M54:M54)","v":0},{"$f":"SUM(N54:N54)","v":0},{"$f":"SUM(O54:O54)","v":0},{"$f":"SUM(P54:P54)","v":0},{"$f":"SUM(Q54:Q54)","v":0}]
[]
["Circulation revenues"]
["Print order (mn)",null,null,0.3,0.3,0.3,0.3,{"$f":"G60+0.025","v":0.32500000000000001},{"$f":"H60+0.025","v":0.35000000000000003},{"$f":"I60+0.025","v":0.37500000000000006},{"$f":"J60+0.025","v":0.40000000000000008},{"$f":"K60","v":0.40000000000000008},{"$f":"L60","v":0.40000000000000008},{"$f":"M60+0.025","v":0.4250000000000001},{"$f":"N60+0.025","v":0.45000000000000012},{"$f":"O60+0.025","v":0.47500000000000014},{"$f":"P60+0.025","v":0.50000000000000011}]
["growth (%)",null,null,null,{"$f":"(E60/D60-1)*100","v":0},0,0,8.3333333333333481,7.6923076923077094,7.1428571428571397,6.6666666666666652,0,0,6.25,5.8823529411764719,5.555555555555558,5.2631578947368363]
["Unsold copies (%)",null,null,6,6,7,3,7,6,5,{"$f":"J62","v":5},{"$f":"K62","v":5},{"$f":"L62-1","v":4},{"$f":"M62","v":4},{"$f":"N62","v":4},{"$f":"O62","v":4},{"$f":"P62","v":4}]
["Circulation (mn)",null,null,{"$f":"D60*(1-D62%)","v":0.28199999999999997},0.28199999999999997,0.27899999999999997,0.29099999999999998,0.30224999999999996,0.32900000000000001,0.35625000000000001,0.38000000000000006,0.38000000000000006,0.38400000000000006,0.40800000000000008,0.43200000000000011,0.45600000000000013,0.48000000000000009]
["growth (%)",null,null,null,{"$f":"(E63/D63-1)*100","v":0},-1.0638297872340385,4.3010752688172005,3.8659793814432852,8.8502894954508129,8.2826747720364793,6.6666666666666874,0,1.0526315789473717,6.25,5.8823529411764719,5.555555555555558,5.2631578947368363]
[]
["Cover price (Rs/day)",null,null,2.2000000000000002,2.5,2.5,2.8,2.9,{"$f":"H66-0.1","v":2.8},{"$f":"I66+0.2","v":3},{"$f":"J66+0.1","v":3.1},{"$f":"K66+0.2","v":3.3000000000000003},{"$f":"L66+0.1","v":3.4000000000000004},{"$f":"M66+0.1","v":3.5000000000000004},{"$f":"N66+0.1","v":3.6000000000000005},3.8000000000000007,4.0000000000000009]
["growth (%)",null,null,null,{"$f":"(E66/D66-1)*100","v":13.636363636363624},0,11.999999999999989,3.5714285714285809,-3.4482758620689724,7.1428571428571397,3.3333333333333437,6.4516129032258229,3.0303030303030276,2.941176470588247,2.8571428571428692,5.555555555555558,5.2631578947368363]
["Commission (Rs/day)",null,null,1,1,1,{"$f":"F68+0.1","v":1.1000000000000001},{"$f":"G68","v":1.1000000000000001},{"$f":"H68+0.1","v":1.2000000000000002},{"$f":"I68","v":1.2000000000000002},{"$f":"J68","v":1.2000000000000002},{"$f":"K68+0.1","v":1.3000000000000003},{"$f":"L68","v":1.3000000000000003},{"$f":"M68","v":1.3000000000000003},{"$f":"N68+0.1","v":1.4000000000000004},{"$f":"O68","v":1.4000000000000004},{"$f":"P68","v":1.4000000000000004}]
["Net realization (Rs/day)",null,null,{"$f":"D66-D68","v":1.2000000000000002},1.5,1.5,1.6999999999999997,1.7999999999999998,1.5999999999999996,1.7999999999999998,1.9,2,2.1,2.2000000000000002,2.2000000000000002,2.4000000000000004,2.6000000000000005]
["growth (%)",null,null,null,{"$f":"(E69/D69-1)*100","v":24.999999999999979},0,13.333333333333307,5.8823529411764719,-11.111111111111127,12.500000000000021,5.555555555555558,5.2631578947368363,5.0000000000000044,4.7619047619047672,0,9.0909090909091042,8.3333333333333481]
[]
["Circulation revenues (Rs mn)",null,null,{"$f":"D63*10^3*360*D69/10^3","v":121.82400000000001},152.28,150.65999999999997,178.09199999999998,195.85799999999995,189.50399999999996,230.84999999999997,259.92,273.60000000000008,290.30400000000003,323.13600000000014,342.14400000000012,393.98400000000009,449.2800000000002]
["Circulation growth (%)",null,null,null,{"$f":"(E72/D72-1)*100","v":24.999999999999979},-1.0638297872340607,18.207885304659509,9.9757428744693613,-3.2441871151548507,21.818009118541038,12.592592592592622,5.2631578947368585,6.1052631578947247,11.309523809523835,5.8823529411764719,15.151515151515138,14.035087719298268]
[]
["Newsprint costs"]
["Pagination (#)",null,null,{"$f":"D33","v":28},32,30,32,34,35,36,38,34,36,38,40,42,44]
["Print order ('000)",null,null,{"$f":"D60","v":0.3},0.3,0.3,0.3,0.32500000000000001,0.35000000000000003,0.37500000000000006,0.40000000000000008,0.40000000000000008,0.40000000000000008,0.4250000000000001,0.45000000000000012,0.47500000000000014,0.50000000000000011]
["Total pagination (bn #)",null,null,{"$f":"D76*D77*360/10^3","v":3.024},3.456,3.24,3.456,3.9780000000000006,4.410000000000001,4.8600000000000012,5.4720000000000013,4.8960000000000008,5.1840000000000011,5.8140000000000009,6.4800000000000013,7.182000000000003,7.9200000000000008]
["Newsprint quantity (tons)",null,null,{"$f":"4.6*D78*10^3","v":13910.4},{"$f":"4.5*E78*10^3","v":15552},{"$f":"4.5*F78*10^3","v":14580.000000000002},{"$f":"4.4*G78*10^3","v":15206.4},{"$f":"4.4*H78*10^3","v":17503.200000000004},{"$f":"4.4*I78*10^3","v":19404.000000000007},{"$f":"4.4*J78*10^3","v":21384.000000000007},{"$f":"4.4*K78*10^3","v":24076.80000000001},{"$f":"4.3*L78*10^3","v":21052.800000000003},{"$f":"4.3*M78*10^3","v":22291.200000000004},{"$f":"4.3*N78*10^3","v":25000.200000000004},{"$f":"4.2*O78*10^3","v":27216.000000000007},{"$f":"4.2*P78*10^3","v":30164.400000000016},{"$f":"4.2*Q78*10^3","v":33264}]
["growth (%)",null,null,null,{"$f":"(E79/D79-1)*100","v":11.801242236024855},-6.2499999999999893,4.296296296296287,15.104166666666696,10.859728506787336,10.20408163265305,12.592592592592599,-12.559808612440214,5.8823529411764719,12.152777777777768,8.863129094967249,10.833333333333361,10.275689223057594]
[]
["Imported np (%)",null,null,60,60,60,40,{"$f":"G82+10","v":50},{"$f":"H82","v":50},{"$f":"I82+10","v":60},{"$f":"J82","v":60},{"$f":"K82-10","v":50},{"$f":"L82","v":50},{"$f":"M82+10","v":60},{"$f":"N82","v":60},{"$f":"O82","v":60},{"$f":"P82","v":60}]
["Domestic np (%)",null,null,{"$f":"100-D82","v":40},40,40,60,50,50,40,40,50,50,40,40,40,40]
["Average newsprint price (Rs/ton)",null,null,{"$f":"D82%*'cons expenses'!D39+D83%*'cons expenses'!D43","v":31302.846847999994},{"$f":"E82%*'cons expenses'!E39+E83%*'cons expenses'!E43","v":27139.658271999997},{"$f":"F82%*'cons expenses'!F39+F83%*'cons expenses'!F43","v":31319.953299999994},{"$f":"G82%*'cons expenses'!G39+G83%*'cons expenses'!G43","v":27058.639999999999},{"$f":"H82%*'cons expenses'!H39+H83%*'cons expenses'!H43","v":27084.6},{"$f":"I82%*'cons expenses'!I39+I83%*'cons expenses'!I43","v":31304.324999999997},{"$f":"J82%*'cons expenses'!J39+J83%*'cons expenses'!J43","v":33900.720000000001},{"$f":"K82%*'cons expenses'!K39+K83%*'cons expenses'!K43","v":34150.477200000001},{"$f":"L82%*'cons expenses'!L39+L83%*'cons expenses'!L43","v":33955.008999999998},{"$f":"M82%*'cons expenses'!M39+M83%*'cons expenses'!M43","v":34652.909180000002},{"$f":"N82%*'cons expenses'!N39+N83%*'cons expenses'!N43","v":35814.328478880001},{"$f":"O82%*'cons expenses'!O39+O83%*'cons expenses'!O43","v":36545.847048457596},{"$f":"P82%*'cons expenses'!P39+P83%*'cons expenses'!P43","v":37290.09198942675},{"$f":"Q82%*'cons expenses'!Q39+Q83%*'cons expenses'!Q43","v":38047.317829215281}]
["growth (%)"]
[]
["Newsprint costs (Rs mn)",null,null,{"$f":"+D79*D84/10^6","v":435.43512079441911},422.07596544614393,456.64491911399995,411.46450329600003,474.06717072000009,607.42912230000024,724.93299648000027,822.23420944896043,714.8480134752001,772.45492911321617,895.36537483769598,994.63177327082212,1124.8332508058647,1265.6059802710172]
["Newsprint growth (%)",null,null,null,{"$f":"(E87/D87-1)*100","v":-3.0680013417159313},8.1902208365064908,-9.8939928874410157,15.214597352269021,28.131446304846143,19.344458450572375,13.422097413335843,-13.060292887318292,8.0586242882543235,15.911665663857155,11.086691670550719,13.090420096562806,12.51498649815861]
[]
["Employee costs"]
["Year-end employees (#)",null,450,500,550,600,550,600,{"$f":"H91+50","v":650},{"$f":"I91+25","v":675},{"$f":"J91+25","v":700},{"$f":"K91","v":700},{"$f":"L91+25","v":725},{"$f":"M91+25","v":750},{"$f":"N91+25","v":775},{"$f":"O91+25","v":800},{"$f":"P91","v":800}]
["growth (%)",null,null,null,{"$f":"(E91/D91-1)*100","v":10.000000000000009},9.0909090909090828,-8.3333333333333375,9.0909090909090828,8.333333333333325,3.8461538461538547,3.7037037037036979,0,3.5714285714285809,3.4482758620689724,3.3333333333333437,3.2258064516129004,0]
["Average employees (#)",null,null,{"$f":"AVERAGE(C91:D91)","v":475},525,575,575,{"$f":"AVERAGE(G91:H91)+25","v":600},625,662.5,687.5,700,712.5,737.5,762.5,787.5,800]
["Employee cost (Rs/month)",null,null,{"$f":"'HT Delhi-NCR'!D94*(1-25%)","v":37500},{"$f":"'HT Delhi-NCR'!E94*(1-25%)","v":41250},{"$f":"'HT Delhi-NCR'!F94*(1-25%)","v":45000},{"$f":"'HT Delhi-NCR'!G94*(1-25%)","v":45000},{"$f":"'HT Delhi-NCR'!H94*(1-25%)","v":49500},{"$f":"'HT Delhi-NCR'!I94*(1-25%)","v":54450},{"$f":"'HT Delhi-NCR'!J94*(1-25%)","v":60984.000000000015},{"$f":"'HT Delhi-NCR'!K94*(1-25%)","v":68302.080000000016},{"$f":"'HT Delhi-NCR'!L94*(1-25%)","v":75132.28800000003},{"$f":"'HT Delhi-NCR'!M94*(1-25%)","v":75132.28800000003},{"$f":"'HT Delhi-NCR'!N94*(1-25%)","v":81142.871040000042},{"$f":"'HT Delhi-NCR'!O94*(1-25%)","v":87634.300723200053},{"$f":"'HT Delhi-NCR'!P94*(1-25%)","v":92892.358766592064},{"$f":"'HT Delhi-NCR'!Q94*(1-25%)","v":98465.900292587598}]
["growth (%)",null,null,null,{"$f":"(E94/D94-1)*100","v":10.000000000000009},9.0909090909090828,0,10.000000000000009,10.000000000000009,12.000000000000032,12.000000000000011,10.000000000000009,0,8.0000000000000071,8.0000000000000071,6.0000000000000053,6.0000000000000053]
[]
["Employee costs (Rs mn)",null,null,{"$f":"+D93*D94*12/10^6","v":213.75},259.875,310.5,310.5,356.4,408.375,484.82280000000014,563.49216000000024,631.11121920000028,642.38106240000025,718.11440870400043,801.8538516172805,877.83279034429506,945.27264280884094]
["Employee growth (%)",null,null,null,{"$f":"(E97/D97-1)*100","v":21.578947368421055},19.480519480519476,0,14.782608695652177,14.583333333333348,18.720000000000027,16.226415094339643,12.000000000000011,1.7857142857142794,11.789473684210549,11.661016949152536,9.4754098360655838,7.6825396825396908]

{"sheet":"HTO DCF","index":9,"n_rows":35,"n_cols":14,"rows_kept":35,"cut":false,"hidden":false,"merged":[[27,5,34,5],[23,6,23,13],[24,7,24,13]]}
["Discounted cash flow analysis of HT Others (Rs mn)"]
[]
[null,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E","2021E","2022E","2023E","2024E"]
["EBIT",{"$f":"'HT Others'!I23+'cons revenues'!I24%*'profit model'!I11","v":120.22347628253429},{"$f":"'HT Others'!J23+'cons revenues'!J24%*'profit model'!J11","v":68.184319896022544},{"$f":"'HT Others'!K23+'cons revenues'!K24%*'profit model'!K11","v":138.05067855253031},{"$f":"'HT Others'!L23+'cons revenues'!L24%*'profit model'!L11","v":218.42774229796413},{"$f":"'HT Others'!M23+'cons revenues'!M24%*'profit model'!M11","v":233.43545462043343},{"$f":"'HT Others'!N23+'cons revenues'!N24%*'profit model'!N11","v":236.73517661687222},{"$f":"'HT Others'!O23+'cons revenues'!O24%*'profit model'!O11","v":266.14745011203274},{"$f":"'HT Others'!P23+'cons revenues'!P24%*'profit model'!P11","v":288.09095989637444},{"$f":"'HT Others'!Q23+'cons revenues'!Q24%*'profit model'!Q11","v":322.02158965238209},{"$f":"J4*(1+$B$16%)","v":341.34288503152504},{"$f":"K4*(1+$B$16%)","v":361.82345813341658},{"$f":"L4*(1+$B$16%)","v":383.53286562142159},{"$f":"M4*(1+$B$16%)","v":406.54483755870689}]
["Tax expense",{"$f":"-'profit model'!I35%*B4","v":-34.04533117635043},{"$f":"-'profit model'!J35%*C4","v":-20.568130876831749},{"$f":"-'profit model'!K35%*D4","v":-43.956613802373532},{"$f":"-'profit model'!L35%*E4","v":-71.741598283634644},{"$f":"-'profit model'!M35%*F4","v":-78.325626336279754},{"$f":"-'profit model'!N35%*G4","v":-79.894692296035885},{"$f":"-'profit model'!O35%*H4","v":-90.273005570805083},{"$f":"-'profit model'!P35%*I4","v":-98.728960616225891},{"$f":"-'profit model'!Q35%*J4","v":-111.44913047766097}]
["Changes in working capital",{"$f":"'cons revenues'!I24%*'cash model'!I11","v":-60.67250301165415},{"$f":"'cons revenues'!J24%*'cash model'!J11","v":-21.757136724635604},{"$f":"'cons revenues'!K24%*'cash model'!K11","v":-25.039568114303975},{"$f":"'cons revenues'!L24%*'cash model'!L11","v":-1.1127109447856205},{"$f":"'cons revenues'!M24%*'cash model'!M11","v":-9.2074566857033791},{"$f":"'cons revenues'!N24%*'cash model'!N11","v":-23.836235758395429},{"$f":"'cons revenues'!O24%*'cash model'!O11","v":-22.39726548648401},{"$f":"'cons revenues'!P24%*'cash model'!P11","v":-19.410431075371346},{"$f":"'cons revenues'!Q24%*'cash model'!Q11","v":-16.155338808228816}]
["Cash flow from operations",{"$f":"SUM(B4:B6)","v":25.505642094529712},25.859052294555195,69.0544966358528,145.57343306954388,145.90237159845029,133.00424856244092,153.47717905474366,169.9515682047772,194.41712036649233]
["Capital expenditure",{"$f":"-20%*'capex est'!I14","v":-42},{"$f":"-20%*'capex est'!J14","v":-44.1},{"$f":"-20%*'capex est'!K14","v":-46.305000000000007},{"$f":"-20%*'capex est'!L14","v":-48.620250000000006},{"$f":"-20%*'capex est'!M14","v":-51.051262500000007},{"$f":"-20%*'capex est'!N14","v":-120.60860765625003},{"$f":"-20%*'capex est'!O14","v":-126.63903803906256},{"$f":"-20%*'capex est'!P14","v":-132.97098994101569},{"$f":"-20%*'capex est'!Q14","v":-139.61953943806648}]
["Cash flows for minority interest",{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
["Free cash flow to the firm",{"$f":"SUM(B7:B9)","v":-16.494357905470288},-18.240947705444807,22.749496635852793,96.953183069543883,94.85110909845028,12.395640906190891,26.838141015681103,36.980578263761515,54.797580928425845,{"$f":"J10*(1+$B$16%)","v":58.085435784131398},{"$f":"K10*(1+$B$16%)","v":61.570561931179284},{"$f":"L10*(1+$B$16%)","v":65.26479564705005},{"$f":"M10*(1+$B$16%)","v":69.180683385873053}]
["Dicounted cash flow-now",{"$f":"B10*B22","v":-14.596776907495832},-14.285337697113956,15.766542335213673,59.463202884678346,51.46414661789143,5.951862714402389,11.4040183039409,13.905952118100142,18.229071760604153,17.099837226761419]
["Discounted cash flow-1 year forward",null,{"$f":"C10*B22","v":-16.142431597738767},17.816192838791448,67.193419259686536,58.173961551239287,6.725604867274698,12.886540683453218,15.713725893453153,20.605749621961117,19.322816066240406,18.125827460367105]
["Discounted cash flow-2 year forward",null,null,{"$f":"D10*B22","v":20.132297907834332},75.92856376344578,65.736576552900388,7.6024787093554345,14.561790972302132,17.756510259602067,23.284497072816052,21.842094599278784,20.482185030214829,19.213377107989132]
[]
["Discount rate (%)",13]
["Growth from 2020E to perpetuity (%)",6]
[]
["Fiscal year-end (March 31, XXXX)",{"$f":"'cons DCF'!B18","v":"2012-03-31"},{"$f":"'cons DCF'!C18","v":"2013-03-31"},{"$f":"'cons DCF'!D18","v":"2014-03-31"},{"$f":"'cons DCF'!E18","v":"2015-03-31"},{"$f":"'cons DCF'!F18","v":"2016-03-31"},{"$f":"'cons DCF'!G18","v":"2017-03-31"},{"$f":"'cons DCF'!H18","v":"2018-03-31"},{"$f":"'cons DCF'!I18","v":"2019-03-31"},{"$f":"'cons DCF'!J18","v":"2020-03-31"},{"$f":"'cons DCF'!K18","v":"2021-03-31"},{"$f":"'cons DCF'!L18","v":"2022-03-31"},{"$f":"'cons DCF'!M18","v":"2023-03-31"},{"$f":"'cons DCF'!N18","v":"2024-03-31"}]
["Today",{"$f":"'cons DCF'!B19","v":"2011-04-01"},{"$f":"B19","v":"2011-04-01"},{"$f":"+C19","v":"2011-04-01"},"2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01"]
["Days left",{"$f":"B18-B19","v":365},730,1095,1460,1826,2191,2556,2921,3287,3652,4017,4382,4748]
["Years left",{"$f":"B20/365","v":1},2,3,4,5.0027397260273974,6.0027397260273974,7.0027397260273974,8.0027397260273965,9.0054794520547947,10.005479452054795,11.005479452054795,12.005479452054795,13.008219178082191]
["Discount factor at WACC",{"$f":"1/(1+$B$15%)^B21","v":0.88495575221238942},0.78314668337379612,0.69305016227769578,0.61331872767937679,0.54257822715045378,0.48015772314199462,0.42491833906371201,0.37603392837496652,0.33266197981283435,0.29439113257772948,0.26052312617498191,0.23055143909290435,0.2039595163893447]
[]
[null,"+ 1-year",null,"+ 2-years",null,null,"Sensitivity of share price to different levels of WACC and growth rate (Rs)"]
["Total PV of free cash flow (a)",{"$f":"+SUM(B11:K11)","v":164.40251935698265},{"$f":"B25/$B$30","v":0.38834362129039829},{"$f":"+SUM(C12:L12)","v":220.42140664472819},{"$f":"D25/$D$30","v":0.44538734761103194},null,null,"WACC (%)"]
["FCF in terminal year",{"$f":"L10","v":61.570561931179284},null,{"$f":"M10","v":65.26479564705005},null,null,{"$f":"B34","v":1.8014591985018777},10.5,11,11.5,12,12.5,13,13.5]
["Exit FCF multiple (X)",{"$f":"1/($B$15%-$B$16%)","v":14.285714285714285},null,{"$f":"1/($B$15%-$B$16%)","v":14.285714285714285},null,null,2,1.8563148768170403,1.7308519611270929,1.6189624634156807,1.5185973669425943,1.4280986075303548,1.3461101829841615,1.2715124536125999]
["Terminal value ",{"$f":"B26*B27","v":879.57945615970402},null,{"$f":"D26*D27","v":932.3542235292864},null,"Growth rate (%)",3,2.0207813992817885,1.8713042602145389,1.7397697177666314,1.6231745997422036,1.5191486500026778,1.4257962606997618,1.3415834262079351]
["PV of terminal value (b)",{"$f":"B28*K22","v":258.94039229095864},{"$f":"B29/$B$30","v":0.61165637870960177},{"$f":"D28*K22","v":274.47681582841619},{"$f":"D29/$D$30","v":0.55461265238896795},null,4,2.235853005581844,2.051885787612683,1.8927922399445019,1.7538961407417148,1.6316222318802529,1.5231903556854953,1.4264061825075511]
["EV (a) + (b)",{"$f":"B29+B25","v":423.34291164794126},null,{"$f":"D29+D25","v":494.89822247314441},null,null,5,2.5291324687182839,2.2926611574768763,2.0928986151001787,1.9219666934553723,1.7740887689251821,1.6449329744176628,1.5311872344070767]
["EV (US$ mn)",{"$f":"+B30/46","v":9.2031067749552449},null,{"$f":"+D30/46","v":10.758657010285749},null,null,6,2.9527583599153631,2.629746675286746,2.3657709448579203,2.1460607637402487,1.9603911635223965,1.8014591985018777,1.6639099001464763]
["Net debt/ (cash)",{"$f":"0","v":0},null,{"$f":"0","v":0},null,null,7,3.618456188939347,3.1353749520015515,2.7599198656191026,2.459792462139077,2.2144398834276893,2.0101608306141645,1.8374703091903064]
["Equity value",{"$f":"+B30-B32","v":423.34291164794126},null,{"$f":"+D30-D32","v":494.89822247314441},null,null,8,4.8167122811825136,3.9780887465262258,3.3792967411009593,2.9303900097373172,2.581399145513112,2.3023431155713658,2.0741435942500739]
["Implied share price (Rs)",{"$f":"+B33/'profit model'!F24","v":1.8014591985018777},null,{"$f":"+D33/'profit model'!G24","v":2.1050541151558675},null,null,9,7.6126431630832379,5.663516335575574,4.4941751169683011,3.7147192557343858,3.1580494145044908,2.7406165430071674,2.4160050060030724]
["Exit EV/EBITDA multiple (X)",{"$f":"B28/L4","v":2.4309630467225629},null,{"$f":"D28/M4","v":2.4309630467225629},null,null,10,21.592297572586901,10.719799102723629,7.095557993992105,5.2833777477285251,4.1960198986889736,3.4710722554001712,2.953215795900642]

{"sheet":"HT Mint","index":10,"n_rows":98,"n_cols":17,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
["Derivation of financials of HT Mint business, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues from advertising"]
["Total advertising revenues",null,null,{"$f":"D41","v":50},200,300,450,630.99,745.76708100000008,926.98848168300003,1161.3311698524624,1215.2169361336166,1251.9164876048519,1391.8807509190744,1608.1790196118986,1823.9966440438156,2068.7769936744958]
["growth (%)",null,null,null,{"$f":"(E5/D5-1)*100","v":300},50,50,40.220000000000013,18.190000000000019,24.29999999999999,25.27999999999999,4.6399999999999997,3.0200000000000005,11.180000000000012,15.54,13.420000000000009,13.420000000000009]
["actual",null,null,750,900,1000,1050]
[]
["Revenues from circulation"]
["Total circulation revenues",null,null,{"$f":"D72","v":0},12.182399999999999,12.052800000000001,16.761599999999994,23.435999999999996,37.900800000000004,55.404000000000018,75.240000000000009,90.288000000000025,114.04799999999999,135.12960000000004,149.29920000000004,172.80000000000007,190.08000000000004]
["growth (%)",null,null,null,{"$f":"(E10/D10-1)*100","v":{"$error":"#DIV/0!"}},-1.0638297872340274,39.068100358422875,39.819587628866017,61.720430107526923,46.181610942249264,35.802469135802454,20.000000000000018,26.315789473684159,18.484848484848527,10.485933503836309,15.740740740740744,9.9999999999999858]
["actual",null,null,130,150,150,180]
[]
["Other operating revenue",null,null,{"$f":"+'cons revenues'!D17*0%","v":0},{"$f":"+'cons revenues'!E17*0%","v":0},{"$f":"+'cons revenues'!F17*0%","v":0},{"$f":"+'cons revenues'!G17*0%","v":0},{"$f":"+'cons revenues'!H17*0%","v":0},{"$f":"+'cons revenues'!I17*0%","v":0},{"$f":"+'cons revenues'!J17*5%","v":38.016825000000004},{"$f":"+'cons revenues'!K17*5%","v":41.818507500000003},{"$f":"+'cons revenues'!L17*5%","v":46.000358250000012},{"$f":"+'cons revenues'!M17*5%","v":48.300376162500015},{"$f":"+'cons revenues'!N17*5%","v":50.71539497062502},{"$f":"+'cons revenues'!O17*5%","v":53.251164719156272},{"$f":"+'cons revenues'!P17*5%","v":55.913722955114089},{"$f":"+'cons revenues'!Q17*5%","v":58.709409102869792}]
[]
["Operating expenses"]
["Newsprint costs",null,null,{"$f":"-D87","v":-92.167994318399991},-184.43467769759994,-218.39539609799994,-197.64670464000005,-256.93534943999998,-305.89992576000003,-402.06367871999998,-475.03026806399981,-460.08834909839982,-469.54485496036784,-500.94524509937418,-551.64451290650641,-618.90585028333862,-664.70902325158477]
["Employee costs",null,null,{"$f":"-D97","v":-18},-59.4,-108,-129.6,-190.08,-222.15600000000001,-278.08704000000006,-327.84998400000012,-360.63498240000018,-360.63498240000018,-389.48578099200023,-441.6768756449282,-512.76582039158825,-567.1635856853045]
["SG&A and other costs",null,null,{"$f":"-'cons expenses'!D75","v":-68.623316666666668},{"$f":"-'cons expenses'!E75","v":-168.97172482736832},{"$f":"-'cons expenses'!F75","v":-220.3237489395737},{"$f":"-'cons expenses'!G75","v":-197.15816123062996},{"$f":"-'cons expenses'!H75","v":-270.86910790940277},{"$f":"-'cons expenses'!I75","v":-266.07001887066906},{"$f":"-'cons expenses'!J75","v":-330.1671175042801},{"$f":"-'cons expenses'!K75","v":-394.50851349789571},{"$f":"-'cons expenses'!L75","v":-434.8760446647745},{"$f":"-'cons expenses'!M75","v":-453.01870567431655},{"$f":"-'cons expenses'!N75","v":-500.58108627724295},{"$f":"-'cons expenses'!O75","v":-570.17537154643094},{"$f":"-'cons expenses'!P75","v":-641.57534930531642},{"$f":"-'cons expenses'!Q75","v":-726.96619685473775}]
["Total operating expenses",null,null,{"$f":"SUM(D17:D19)","v":-178.79131098506667},-412.80640252496823,-546.71914503757364,-524.40486587063003,-717.88445734940274,-794.1259446306691,-1010.3178362242801,-1197.3887655618955,-1255.5993761631746,-1283.1985430346847,-1391.0121123686174,-1563.4967600978657,-1773.2470199802433,-1958.838805791627]
["growth (%)",null,null,null,{"$f":"(E20/D20-1)*100","v":130.88728431520221},32.43959921491426,-4.0814885246811761,36.895079369172713,10.620300593046373,27.22387966988753,18.516047389277968,4.8614628995589992,2.1980870168832656,8.4019398182108453,12.399938591155845,13.415458556450632,10.466211628735822]
[]
["Total EBITDA",null,null,{"$f":"D5+D10+D14+D20","v":-128.79131098506667},-200.62400252496823,-234.66634503757365,-57.643265870630046,-63.458457349402693,-10.458063630669017,10.091470458719982,81.000911790566761,95.905918220442118,131.06632073266724,186.7136335210821,247.2326242331892,279.46334701868682,358.7275969857385]
["growth (%)",null,null,null,{"$f":"(E23/D23-1)*100","v":55.774485864369019},16.96823016396991,-75.436074626977089,10.088240822134885,-83.519826879675236,-196.49463624533729,702.66708525687989,18.401035371568696,36.661348084284093,42.457370037812623,32.412732573850221,13.036597773236313,28.363021774641361]
["EBITDA margin (%)",null,null,{"$f":"D23/(D5+D10+D14)*100","v":-257.58262197013335},-94.552612528168325,-75.20084583044077,-12.349616136081041,-9.6968117631944164,-1.3345020108931853,0.98896299677272492,6.3361675415213909,7.0962295611414596,9.2674522354695075,11.834352960741725,13.653758887031337,13.614358436122833,15.478632955493326]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
[]
["Key assumptions"]
[]
["Advertising revenues"]
["Pagination (#)",null,null,30,30,30,32,{"$f":"G33+3","v":35},{"$f":"H33-1","v":34},{"$f":"I33+2","v":36},{"$f":"J33+2","v":38},{"$f":"K33-4","v":34},{"$f":"L33","v":34},{"$f":"M33","v":34},{"$f":"N33+2","v":36},{"$f":"O33+2","v":38},{"$f":"P33+2","v":40}]
["Ad:Total ratio (%)",null,null,null,null,null,20,24,{"$f":"H34+4","v":28},{"$f":"I34+3","v":31},{"$f":"J34+2","v":33},{"$f":"K34+2","v":35},{"$f":"L34+1","v":36},{"$f":"M34+1","v":37},{"$f":"N34+1","v":38},{"$f":"O34+1","v":39},{"$f":"P34+1","v":40}]
["Volume growth (%)",null,null,null,null,null,null,{"$f":"(H33-G33)*2+(H34-G34)*2","v":14},6,10,8,-4,2,2,6,6,6]
[]
["Color:BW ratio (%)",null,null,80,{"$f":"D37+2","v":82},{"$f":"E37+2","v":84},{"$f":"F37-4","v":80},{"$f":"G37+2","v":82},{"$f":"H37+2","v":84},{"$f":"I37+2","v":86},{"$f":"J37+2","v":88},{"$f":"K37+2","v":90},{"$f":"L37-4","v":86},{"$f":"M37+2","v":88},{"$f":"N37+2","v":90},{"$f":"O37","v":90},{"$f":"P37","v":90}]
["Rate increase (%)",null,null,null,null,null,null,22.5,11,12.5,15.5,8.5,2,8.5,8.5,7,7]
["Yield growth (%)",null,null,null,null,null,null,{"$f":"(H37-G37)/4+H38","v":23},11.5,13,16,9,1,9,9,7,7]
[]
["Advertising revenues (Rs mn)",null,null,50,200,300,450,{"$f":"G41*(1+H35%)*(1+H39%)","v":630.99},745.76708100000008,926.98848168300003,1161.3311698524624,1215.2169361336166,1251.9164876048519,1391.8807509190744,1608.1790196118986,1823.9966440438156,2068.7769936744958]
["Advertising growth (%)",null,null,null,{"$f":"(E41/D41-1)*100","v":300},50,50,40.220000000000013,18.190000000000019,24.29999999999999,25.27999999999999,4.6399999999999997,3.0200000000000005,11.180000000000012,15.54,13.420000000000009,13.420000000000009]
[]
["Readership"]
["IRS Round",null,null,null,"R1 2007","R1 2008","R1 2009","Q1 2010","Q1 2011","Q1 2012"]
["Economic Times ('000)",null,null,null,774,743,783,760,769,792]
["HT Mint ('000)",null,null,null,null,0,175,158,222,246]
["Business Standard ('000)",null,null,null,null,0,0,131,151,158]
["Hindu Business Line ('000)",null,null,null,null,88,113,124,91,133]
["Financial Express ('000)",null,null,null,null,25,38,46,46,38]
["Total ('000)",null,null,null,{"$f":"SUM(E46:E50)","v":774},{"$f":"SUM(F46:F50)","v":856},{"$f":"SUM(G46:G50)","v":1109},{"$f":"SUM(H46:H50)","v":1219},{"$f":"SUM(I46:I50)","v":1279},{"$f":"SUM(J46:J50)","v":1367},0,0,0,0,0,0,0]
["Economic Times (%)",null,null,null,null,null,{"$f":"G46/G$51*100","v":70.604147880973855},62.346185397867103,{"$f":"I46/I$51*100","v":60.125097732603592},57.93708851499634,{"$f":"J52-3","v":54.93708851499634},{"$f":"K52-2","v":52.93708851499634}]
["HT Mint (%)",null,null,null,null,null,15.779981965734896,12.961443806398687,17.357310398749025,17.995610826627651,{"$f":"J53+3","v":20.995610826627651},{"$f":"K53+2","v":22.995610826627651}]
["Business Standard (%)",null,null,null,null,null,0,10.746513535684986,11.806098514464425,11.558156547183614,{"$f":"J54","v":11.558156547183614},11.558156547183614]
["Hindu Business Line (%)",null,null,null,null,null,{"$f":"G49/G$51*100","v":10.18935978358882},{"$f":"H49/H$51*100","v":10.172272354388843},7.1149335418295543,9.7293343087051944,9.7293343087051944,9.7293343087051944]
["Financial Express (%)",null,null,null,null,null,{"$f":"G50/G$51*100","v":3.4265103697024344},{"$f":"H50/H$51*100","v":3.7735849056603774},3.5965598123534011,2.7798098024871982,2.7798098024871982,2.7798098024871982]
["Total (%)",null,null,null,null,null,{"$f":"SUM(G52:G56)","v":100},99.999999999999986,{"$f":"SUM(I52:I56)","v":100},{"$f":"SUM(J52:J56)","v":99.999999999999986},99.999999999999986,99.999999999999986,{"$f":"SUM(M54:M54)","v":0},{"$f":"SUM(N54:N54)","v":0},{"$f":"SUM(O54:O54)","v":0},{"$f":"SUM(P54:P54)","v":0},{"$f":"SUM(Q54:Q54)","v":0}]
[]
["Circulation revenues"]
["Print order (mn)",null,null,0.05,0.12,0.12,0.12,{"$f":"G60+0.02","v":0.13999999999999999},{"$f":"H60+0.02","v":0.15999999999999998},{"$f":"I60+0.02","v":0.17999999999999997},{"$f":"J60+0.02","v":0.19999999999999996},{"$f":"K60+0.02","v":0.21999999999999995},{"$f":"L60","v":0.21999999999999995},{"$f":"M60+0.01","v":0.22999999999999995},{"$f":"N60+0.01","v":0.23999999999999996},{"$f":"O60+0.01","v":0.24999999999999997},{"$f":"P60","v":0.24999999999999997}]
["growth (%)",null,null,null,{"$f":"(E60/D60-1)*100","v":140},0,0,16.66666666666665,14.285714285714279,12.5,11.111111111111116,9.9999999999999858,0,4.5454545454545414,4.3478260869565188,4.1666666666666741,0]
["Unsold copies (%)",null,null,6,6,7,3,7,6,5,{"$f":"J62","v":5},{"$f":"K62","v":5},{"$f":"L62-1","v":4},{"$f":"M62","v":4},{"$f":"N62","v":4},{"$f":"O62","v":4},{"$f":"P62","v":4}]
["Circulation (mn)",null,null,{"$f":"D60*(1-D62%)","v":4.7E-2},0.11279999999999998,0.11159999999999999,0.11639999999999999,0.13019999999999998,0.15039999999999998,0.17099999999999996,0.18999999999999995,0.20899999999999994,0.21119999999999994,0.22079999999999994,0.23039999999999997,0.23999999999999996,0.23999999999999996]
["growth (%)",null,null,null,{"$f":"(E63/D63-1)*100","v":139.99999999999994},-1.0638297872340385,4.3010752688172005,11.855670103092786,15.514592933947768,13.696808510638281,11.111111111111116,9.9999999999999858,1.0526315789473717,4.5454545454545414,4.347826086956541,4.1666666666666741,0]
[]
["Cover price (Rs/day)",null,null,1.5,1.8,1.8,2,2.1,{"$f":"H66+0.2","v":2.3000000000000003},{"$f":"I66+0.2","v":2.5000000000000004},{"$f":"J66+0.2","v":2.7000000000000006},{"$f":"K66+0.2","v":2.9000000000000008},{"$f":"L66+0.3","v":3.2000000000000006},{"$f":"M66+0.2","v":3.4000000000000008},{"$f":"N66+0.2","v":3.600000000000001},{"$f":"O66+0.2","v":3.8000000000000012},{"$f":"P66+0.2","v":4.0000000000000009}]
["growth (%)",null,null,null,{"$f":"(E66/D66-1)*100","v":19.999999999999996},0,11.111111111111116,5.0000000000000044,9.5238095238095344,8.6956521739130608,8.0000000000000071,7.4074074074074181,10.344827586206895,6.25,5.8823529411764719,5.555555555555558,5.2631578947368363]
["Commission (Rs/day)",null,null,1.5,1.5,1.5,{"$f":"F68+0.1","v":1.6},{"$f":"G68","v":1.6},{"$f":"H68","v":1.6},{"$f":"I68","v":1.6},{"$f":"J68","v":1.6},{"$f":"K68+0.1","v":1.7000000000000002},{"$f":"L68","v":1.7000000000000002},{"$f":"M68","v":1.7000000000000002},{"$f":"N68+0.1","v":1.8000000000000003},{"$f":"O68","v":1.8000000000000003},{"$f":"P68","v":1.8000000000000003}]
["Net realization (Rs/day)",null,null,{"$f":"D66-D68","v":0},0.30000000000000004,0.30000000000000004,0.39999999999999991,0.5,0.70000000000000018,0.90000000000000036,1.1000000000000005,1.2000000000000006,1.5000000000000004,1.7000000000000006,1.8000000000000007,2.0000000000000009,2.2000000000000006]
["growth (%)",null,null,null,null,{"$f":"(F69/E69-1)*100","v":0},33.333333333333279,25.000000000000021,40.000000000000036,28.57142857142858,22.222222222222232,9.0909090909091042,24.999999999999979,13.33333333333333,5.8823529411764719,11.111111111111116,9.9999999999999858]
[]
["Circulation revenues (Rs mn)",null,null,{"$f":"D63*10^3*360*D69/10^3","v":0},12.182399999999999,12.052800000000001,16.761599999999994,23.435999999999996,37.900800000000004,55.404000000000018,75.240000000000009,90.288000000000025,114.04799999999999,135.12960000000004,149.29920000000004,172.80000000000007,190.08000000000004]
["Circulation growth (%)",null,null,null,null,{"$f":"(F72/E72-1)*100","v":-1.0638297872340274},39.068100358422875,39.819587628866017,61.720430107526923,46.181610942249264,35.802469135802454,20.000000000000018,26.315789473684159,18.484848484848527,10.485933503836309,15.740740740740744,9.9999999999999858]
[]
["Newsprint costs"]
["Pagination (#)",null,null,{"$f":"D33","v":30},30,30,32,35,34,36,38,34,34,34,36,38,40]
["Print order ('000)",null,null,{"$f":"D60","v":0.05},0.12,0.12,0.12,0.13999999999999999,0.15999999999999998,0.17999999999999997,0.19999999999999996,0.21999999999999995,0.21999999999999995,0.22999999999999995,0.23999999999999996,0.24999999999999997,0.24999999999999997]
["Total pagination (bn #)",null,null,{"$f":"D76*D77*360/10^3","v":0.54},1.2959999999999998,1.2959999999999998,1.3823999999999999,1.7639999999999998,1.9583999999999999,2.3327999999999998,2.7359999999999989,2.6927999999999992,2.6927999999999992,2.8151999999999995,3.1103999999999998,3.4199999999999995,3.5999999999999996]
["Newsprint quantity (tons)",null,null,{"$f":"4.6*D78*10^3","v":2484},{"$f":"4.5*E78*10^3","v":5831.9999999999991},{"$f":"4.5*F78*10^3","v":5831.9999999999991},{"$f":"4.4*G78*10^3","v":6082.56},{"$f":"4.4*H78*10^3","v":7761.5999999999995},{"$f":"4.4*I78*10^3","v":8616.9600000000009},{"$f":"4.4*J78*10^3","v":10264.32},{"$f":"4.4*K78*10^3","v":12038.399999999996},{"$f":"4.3*L78*10^3","v":11579.039999999995},{"$f":"4.3*M78*10^3","v":11579.039999999995},{"$f":"4.3*N78*10^3","v":12105.359999999997},{"$f":"4.2*O78*10^3","v":13063.68},{"$f":"4.2*P78*10^3","v":14363.999999999998},{"$f":"4.2*Q78*10^3","v":15120}]
["growth (%)",null,null,null,{"$f":"(E79/D79-1)*100","v":134.78260869565216},0,4.2962962962963092,27.60416666666665,11.020408163265326,19.117647058823508,17.283950617283917,-3.8157894736842168,0,4.5454545454545636,7.9164931897936386,9.9537037037036988,5.2631578947368585]
[]
["Imported np (%)",null,null,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
["Domestic np (%)",null,null,{"$f":"100-D82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
["Average newsprint price (Rs/ton)",null,null,{"$f":"(D82%*'cons expenses'!D39+D83%*'cons expenses'!D43)*(1+10%)","v":37104.667600000001},{"$f":"(E82%*'cons expenses'!E39+E83%*'cons expenses'!E43)*(1+10%)","v":31624.601799999997},{"$f":"(F82%*'cons expenses'!F39+F83%*'cons expenses'!F43)*(1+10%)","v":37447.770249999994},{"$f":"(G82%*'cons expenses'!G39+G83%*'cons expenses'!G43)*(1+10%)","v":32494.000000000004},{"$f":"(H82%*'cons expenses'!H39+H83%*'cons expenses'!H43)*(1+10%)","v":33103.4},{"$f":"(I82%*'cons expenses'!I39+I83%*'cons expenses'!I43)*(1+10%)","v":35499.75},{"$f":"(J82%*'cons expenses'!J39+J83%*'cons expenses'!J43)*(1+10%)","v":39171},{"$f":"(K82%*'cons expenses'!K39+K83%*'cons expenses'!K43)*(1+10%)","v":39459.584999999999},{"$f":"(L82%*'cons expenses'!L39+L83%*'cons expenses'!L43)*(1+10%)","v":39734.584999999999},{"$f":"(M82%*'cons expenses'!M39+M83%*'cons expenses'!M43)*(1+10%)","v":40551.276700000002},{"$f":"(N82%*'cons expenses'!N39+N83%*'cons expenses'!N43)*(1+10%)","v":41382.102234000005},{"$f":"(O82%*'cons expenses'!O39+O83%*'cons expenses'!O43)*(1+10%)","v":42227.344278680001},{"$f":"(P82%*'cons expenses'!P39+P83%*'cons expenses'!P43)*(1+10%)","v":43087.291164253606},{"$f":"(Q82%*'cons expenses'!Q39+Q83%*'cons expenses'!Q43)*(1+10%)","v":43962.236987538672}]
["growth (%)"]
[]
["Newsprint costs (Rs mn)",null,null,{"$f":"+D79*D84/10^6","v":92.167994318399991},184.43467769759994,218.39539609799994,197.64670464000005,256.93534943999998,305.89992576000003,402.06367871999998,475.03026806399981,460.08834909839982,469.54485496036784,500.94524509937418,551.64451290650641,618.90585028333862,664.70902325158477]
["Newsprint growth (%)",null,null,null,{"$f":"(E87/D87-1)*100","v":100.10707519625414},18.413412718448853,-9.5005168738490191,29.997284755134235,19.057158318900115,31.436344000765516,18.148018138891441,-3.1454667144677373,2.0553673833513031,6.6874101179655643,10.120720438632947,12.19287707992336,7.4006689300605499]
[]
["Employee costs"]
["Year-end employees (#)",null,0,50,100,150,150,200,{"$f":"H91+25","v":225},{"$f":"I91+25","v":250},{"$f":"J91","v":250},{"$f":"K91","v":250},{"$f":"L91","v":250},{"$f":"M91","v":250},{"$f":"N91+25","v":275},{"$f":"O91+25","v":300},{"$f":"P91","v":300}]
["growth (%)",null,null,null,{"$f":"(E91/D91-1)*100","v":100},50,0,33.333333333333329,12.5,11.111111111111116,0,0,0,0,10.000000000000009,9.0909090909090828,0]
["Average employees (#)",null,null,{"$f":"AVERAGE(C91:D91)","v":25},{"$f":"AVERAGE(D91:E91)","v":75},{"$f":"AVERAGE(E91:F91)","v":125},{"$f":"AVERAGE(F91:G91)","v":150},{"$f":"AVERAGE(G91:H91)+25","v":200},{"$f":"AVERAGE(H91:I91)","v":212.5},237.5,250,250,250,250,262.5,287.5,300]
["Employee cost (Rs/month)",null,null,{"$f":"'HT Delhi-NCR'!D94*(1+20%)","v":60000},{"$f":"'HT Delhi-NCR'!E94*(1+20%)","v":66000},{"$f":"'HT Delhi-NCR'!F94*(1+20%)","v":72000},{"$f":"'HT Delhi-NCR'!G94*(1+20%)","v":72000},{"$f":"'HT Delhi-NCR'!H94*(1+20%)","v":79200},{"$f":"'HT Delhi-NCR'!I94*(1+20%)","v":87120},{"$f":"'HT Delhi-NCR'!J94*(1+20%)","v":97574.400000000009},{"$f":"'HT Delhi-NCR'!K94*(1+20%)","v":109283.32800000004},{"$f":"'HT Delhi-NCR'!L94*(1+20%)","v":120211.66080000006},{"$f":"'HT Delhi-NCR'!M94*(1+20%)","v":120211.66080000006},{"$f":"'HT Delhi-NCR'!N94*(1+20%)","v":129828.59366400007},{"$f":"'HT Delhi-NCR'!O94*(1+20%)","v":140214.88115712008},{"$f":"'HT Delhi-NCR'!P94*(1+20%)","v":148627.7740265473},{"$f":"'HT Delhi-NCR'!Q94*(1+20%)","v":157545.44046814015}]
["growth (%)",null,null,null,{"$f":"(E94/D94-1)*100","v":10.000000000000009},9.0909090909090828,0,10.000000000000009,10.000000000000009,12.000000000000011,12.000000000000032,10.000000000000009,0,8.0000000000000071,8.0000000000000071,6.0000000000000053,6.0000000000000053]
[]
["Employee costs (Rs mn)",null,null,{"$f":"+D93*D94*12/10^6","v":18},59.4,108,129.6,190.08,222.15600000000001,278.08704000000006,327.84998400000012,360.63498240000018,360.63498240000018,389.48578099200023,441.6768756449282,512.76582039158825,567.1635856853045]
["Employee growth (%)",null,null,null,{"$f":"(E97/D97-1)*100","v":229.99999999999997},81.818181818181813,19.999999999999996,46.666666666666679,16.874999999999996,25.176470588235311,17.894736842105274,10.000000000000009,0,8.0000000000000071,13.39999999999999,16.095238095238141,10.608695652173905]

{"sheet":"HTM DCF","index":11,"n_rows":35,"n_cols":14,"rows_kept":35,"cut":false,"hidden":false,"merged":[[27,5,34,5],[23,6,23,13],[24,7,24,13]]}
["Discounted cash flow analysis of HT Mint (Rs mn)"]
[]
[null,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E","2021E","2022E","2023E","2024E"]
["EBITDA",{"$f":"'HT Mint'!I23+'cons revenues'!I25%*'profit model'!I11","v":-44.741181677456709},{"$f":"'HT Mint'!J23+'cons revenues'!J25%*'profit model'!J11","v":-29.149409908890171},{"$f":"'HT Mint'!K23+'cons revenues'!K25%*'profit model'!K11","v":35.749075869050202},{"$f":"'HT Mint'!L23+'cons revenues'!L25%*'profit model'!L11","v":48.486990337058302},{"$f":"'HT Mint'!M23+'cons revenues'!M25%*'profit model'!M11","v":81.670925296135053},{"$f":"'HT Mint'!N23+'cons revenues'!N25%*'profit model'!N11","v":133.6357869197665},{"$f":"'HT Mint'!O23+'cons revenues'!O25%*'profit model'!O11","v":185.04331718809033},{"$f":"'HT Mint'!P23+'cons revenues'!P25%*'profit model'!P11","v":207.3479446686589},{"$f":"'HT Mint'!Q23+'cons revenues'!Q25%*'profit model'!Q11","v":275.25131524245478},{"$f":"J4*(1+$B$16%)","v":286.261367852153},{"$f":"K4*(1+$B$16%)","v":297.71182256623911},{"$f":"L4*(1+$B$16%)","v":309.62029546888868},{"$f":"M4*(1+$B$16%)","v":322.00510728764425}]
["Tax expense",{"$f":"-'profit model'!I35%*B4","v":12.669974239062705},{"$f":"-'profit model'!J35%*C4","v":8.7930609105253126},{"$f":"-'profit model'!K35%*D4","v":-11.382836638283141},{"$f":"-'profit model'!L35%*E4","v":-15.925331398602903},{"$f":"-'profit model'!M35%*F4","v":-27.403405312550781},{"$f":"-'profit model'!N35%*G4","v":-45.100141974137109},{"$f":"-'profit model'!O35%*H4","v":-62.763766462271704},{"$f":"-'profit model'!P35%*I4","v":-71.058276422178821},{"$f":"-'profit model'!Q35%*J4","v":-95.262307659927458}]
["Changes in working capital",{"$f":"'cons revenues'!I25%*'cash model'!I11","v":-32.063423216278672},{"$f":"'cons revenues'!J25%*'cash model'!J11","v":-12.492944788824619},{"$f":"'cons revenues'!K25%*'cash model'!K11","v":-15.30885868932266},{"$f":"'cons revenues'!L25%*'cash model'!L11","v":-0.68029666238751252},{"$f":"'cons revenues'!M25%*'cash model'!M11","v":-5.4710583316874359},{"$f":"'cons revenues'!N25%*'cash model'!N11","v":-14.014715053854356},{"$f":"'cons revenues'!O25%*'cash model'!O11","v":-13.541358329893722},{"$f":"'cons revenues'!P25%*'cash model'!P11","v":-12.074046703984385},{"$f":"'cons revenues'!Q25%*'cash model'!Q11","v":-10.339134374403356}]
["Cash flow from operations",{"$f":"SUM(B4:B6)","v":-64.134630654672677},-32.849293787189481,9.0573805414444006,31.881362276067883,48.796461651896834,74.52092989177504,108.7381923959249,124.21562154249568,169.64987320812398]
["Capital expenditure",{"$f":"-10%*'capex est'!I14","v":-21},{"$f":"-10%*'capex est'!J14","v":-22.05},{"$f":"-10%*'capex est'!K14","v":-23.152500000000003},{"$f":"-10%*'capex est'!L14","v":-24.310125000000003},{"$f":"-10%*'capex est'!M14","v":-25.525631250000004},{"$f":"-5%*'capex est'!N14","v":-30.152151914062507},{"$f":"-5%*'capex est'!O14","v":-31.659759509765639},{"$f":"-5%*'capex est'!P14","v":-33.242747485253922},{"$f":"-5%*'capex est'!Q14","v":-34.904884859516621}]
["Cash flows for minority interest",{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
["Free cash flow to the firm",{"$f":"SUM(B7:B9)","v":-85.134630654672677},-54.899293787189478,-14.095119458555603,7.5712372760678797,23.270830401896831,44.368777977712533,77.078432886159263,90.972874057241768,134.74498834860736,{"$f":"J10*(1+$B$16%)","v":140.13478788255168},{"$f":"K10*(1+$B$16%)","v":145.74017939785375},{"$f":"L10*(1+$B$16%)","v":151.56978657376791},{"$f":"M10*(1+$B$16%)","v":157.63257803671863}]
["Dicounted cash flow-now",{"$f":"B10*B22","v":-75.340381110329801},-42.994199849001092,-9.7686248280754686,4.6435816131166225,12.626245903780065,21.304011412371121,32.752039679620594,34.2088872073057,44.824534593905021,41.254438918284272]
["Discounted cash flow-1 year forward",null,{"$f":"C10*B22","v":-48.583445829371222},-11.038546055725277,5.247247222821783,14.272436094133925,24.073532895979362,37.009804837971274,38.656042544255428,50.668687297565917,46.617515977661228,42.904616475015644]
["Discounted cash flow-2 year forward",null,null,{"$f":"D10*B22","v":-12.47355704296956},5.9293893617886146,16.127852786371335,27.212202457979402,41.821079466907527,43.681328075008636,57.255616646249472,52.695434789468564,48.48221661676768,44.620801134016268]
[]
["Discount rate (%)",13]
["Growth from 2020E to perpetuity (%)",4]
[]
["Fiscal year-end (March 31, XXXX)",{"$f":"'cons DCF'!B18","v":"2012-03-31"},{"$f":"'cons DCF'!C18","v":"2013-03-31"},{"$f":"'cons DCF'!D18","v":"2014-03-31"},{"$f":"'cons DCF'!E18","v":"2015-03-31"},{"$f":"'cons DCF'!F18","v":"2016-03-31"},{"$f":"'cons DCF'!G18","v":"2017-03-31"},{"$f":"'cons DCF'!H18","v":"2018-03-31"},{"$f":"'cons DCF'!I18","v":"2019-03-31"},{"$f":"'cons DCF'!J18","v":"2020-03-31"},{"$f":"'cons DCF'!K18","v":"2021-03-31"},{"$f":"'cons DCF'!L18","v":"2022-03-31"},{"$f":"'cons DCF'!M18","v":"2023-03-31"},{"$f":"'cons DCF'!N18","v":"2024-03-31"}]
["Today",{"$f":"'cons DCF'!B19","v":"2011-04-01"},{"$f":"B19","v":"2011-04-01"},{"$f":"+C19","v":"2011-04-01"},"2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01"]
["Days left",{"$f":"B18-B19","v":365},730,1095,1460,1826,2191,2556,2921,3287,3652,4017,4382,4748]
["Years left",{"$f":"B20/365","v":1},2,3,4,5.0027397260273974,6.0027397260273974,7.0027397260273974,8.0027397260273965,9.0054794520547947,10.005479452054795,11.005479452054795,12.005479452054795,13.008219178082191]
["Discount factor at WACC",{"$f":"1/(1+$B$15%)^B21","v":0.88495575221238942},0.78314668337379612,0.69305016227769578,0.61331872767937679,0.54257822715045378,0.48015772314199462,0.42491833906371201,0.37603392837496652,0.33266197981283435,0.29439113257772948,0.26052312617498191,0.23055143909290435,0.2039595163893447]
[]
[null,"+ 1-year",null,"+ 2-years",null,null,"Sensitivity of share price to different levels of WACC and growth rate (Rs)"]
["Total PV of free cash flow (a)",{"$f":"+SUM(B11:K11)","v":63.510533540977043},{"$f":"B25/$B$30","v":0.11756235408225579},{"$f":"+SUM(C12:L12)","v":199.82789146030808},{"$f":"D25/$D$30","v":0.28726812213179992},null,null,"WACC (%)"]
["FCF in terminal year",{"$f":"L10","v":145.74017939785375},null,{"$f":"M10","v":151.56978657376791},null,null,{"$f":"B34","v":2.2988446569126988},11.5,12,12.5,13,13.5,14,14.5]
["Exit FCF multiple (X)",{"$f":"1/($B$15%-$B$16%)","v":11.111111111111111},null,{"$f":"1/($B$15%-$B$16%)","v":11.111111111111111},null,null,1,2.2200020553331128,2.0284705935879339,1.8559996130515091,1.7001245139917445,1.5587783252908085,1.4302150879553732,1.312950272017432]
["Terminal value ",{"$f":"B26*B27","v":1619.3353266428194},null,{"$f":"D26*D27","v":1684.1087397085323},null,"Growth rate (%)",2,2.4604792379199507,2.2388669451774899,2.0409508124832332,1.8634118256974594,1.7035116925272882,1.5589717005422381,1.427880657183676]
["PV of terminal value (b)",{"$f":"B28*K22","v":476.71796083350711},{"$f":"B29/$B$30","v":0.88243764591774421},{"$f":"D28*K22","v":495.78667926684744},{"$f":"D29/$D$30","v":0.71273187786820014},null,3,2.7575392869978086,2.4960180415647244,2.2648391065321616,2.0593565997443171,1.875813320189764,1.7111386063267149,1.56279893542231]
["EV (a) + (b)",{"$f":"B29+B25","v":540.22849437448417},null,{"$f":"D29+D25","v":695.61457072715552},null,null,4,3.1338153491630951,2.817456912048768,2.5414069991808383,2.2988446569126988,2.0843889747285504,1.8937388932680874,1.723415933325446]
["EV (US$ mn)",{"$f":"+B30/46","v":11.744097703793134},null,{"$f":"+D30/46","v":15.122055885372946},null,null,5,3.6258686612253928,3.2307354598139661,2.8917263298691616,2.598204728373176,2.3420412538646986,2.1169170217519859,1.9178470360502944]
["Net debt/ (cash)",{"$f":"0","v":0},null,{"$f":"0","v":0},null,null,6,4.2968504504012532,3.7817735235008976,3.3498362238461992,2.9830962488223598,2.6684008074371515,2.3958896823568603,2.1580266335339306]
["Equity value",{"$f":"+B30-B32","v":540.22849437448417},null,{"$f":"+D30-D32","v":695.61457072715552},null,null,7,5.2660463680997198,4.5532268126626025,3.9745315338148886,3.4962849427546052,3.0951786851857457,2.7545688174202705,2.462254123679871]
["Implied share price (Rs)",{"$f":"+B33/'profit model'!F24","v":2.2988446569126988},null,{"$f":"+D33/'profit model'!G24","v":2.9588029380142733},null,null,8,6.7890685244830227,5.7104067464051598,4.8768692037696617,4.2147491142597504,3.6771485184792829,3.2328076641714829,2.8600900723322531]
["Exit EV/EBITDA multiple (X)",{"$f":"B28/L4","v":5.4392711471259325},null,{"$f":"D28/M4","v":5.4392711471259325},null,null,9,9.5305084059729648,7.639039969309418,6.2948283994128751,5.2924453715174655,4.51777161101439,3.9023420496231793,3.4025936386764108]

{"sheet":"Hindustan","index":12,"n_rows":44,"n_cols":17,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
["Derivation of financials of Hindustan Dainik, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,2005,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues from advertising"]
["Total advertising revenues",null,null,1273.5999999999999,1651.7,2439.9,2979.9936000000002,3772.9548000000004,4402.5041433599999,5252.6988528194888,6379.5598593526211,7402.5942389742795,7921.9782480956274,9567.1864614446022,10928.558302093385,12321.161502039893,13884.029147768135]
["growth (%)",null,null,null,{"$f":"(E5/D5-1)*100","v":29.687500000000021},47.720530362656667,22.135890815197357,26.609493389516015,16.685843767860664,19.31161633866445,21.452990893020019,16.036127917537456,7.0162431217263954,20.767643659517354,14.229594522225097,12.742789684159472,12.684418148966659]
["actual",null,null,750,900,1000,1050]
[]
["Revenues from circulation"]
["Total circulation revenues",null,null,883.1,972.6,1050.7,1267.0963200000001,1216.5525,1346.769,1467.026775,1461.5812800000001,1460.5043400000002,1529.88885,1633.4703000000004,1759.2696000000003,1842.0300000000004,1862.9820000000007]
["growth (%)",null,null,null,{"$f":"(E10/D10-1)*100","v":10.134752576152195},8.030022619782029,20.595443037974693,-3.988948527606806,10.703730418539269,8.92935425451582,-0.37119261166859152,-7.3683209735686539E-2,4.7507226168187699,6.7705212702217077,7.7013521457965917,4.7042477173481645,1.1374407582938506]
["actual",null,null,130,150,150,180]
[]
["Other operating revenue",null,null,{"$f":"+'cons revenues'!D17*0%","v":0},{"$f":"+'cons revenues'!E17*0%","v":0},{"$f":"+'cons revenues'!F17*0%","v":0},{"$f":"+'cons revenues'!G17*0%","v":0},{"$f":"+'cons revenues'!H17*0%","v":0},{"$f":"+'cons revenues'!I17*0%","v":0},{"$f":"+'cons revenues'!J17*0%","v":0},{"$f":"+'cons revenues'!K17*0%","v":0},{"$f":"+'cons revenues'!L17*0%","v":0},{"$f":"+'cons revenues'!M17*0%","v":0},{"$f":"+'cons revenues'!N17*0%","v":0},{"$f":"+'cons revenues'!O17*0%","v":0},{"$f":"+'cons revenues'!P17*0%","v":0},{"$f":"+'cons revenues'!Q17*0%","v":0}]
[]
["Operating expenses"]
["Newsprint costs",null,null,-1207.9000000000001,-1315.3999999999999,-1737.9,-1718.0914985550003,-2249.7021429300003,-2557.7352555839998,-3087.7725639456003,-3433.2598571673607,-3732.8942770968611,-3979.4054319101142,-4393.8383311878524,-4885.2683571710186,-5402.1310298004128,-5873.7545782397447]
["Employee costs",null,null,-313.60000000000002,-348.4,-463.6,-537.29999999999995,-632.952,-738.34872000000007,-886.13726880000013,-1127.235935616,-1383.7713177792,-1623.7916649292806,-1855.2272705573382,-2099.6239946089613,-2386.1797671376107,-2722.7352394468166]
["SG&A and other costs",null,null,-718.6,-850.4,-1154.8,-1130,-1216.7,-1495.6145714600002,-1588.8008813909748,-1812.3379816192501,-2104.8820116262787,-2276.5282706393036,-2540.3432306125078,-2859.0443573044531,-3209.6140458602708,-3601.7874565901693]
["Total operating expenses",null,null,{"$f":"SUM(D17:D19)","v":-2240.1},-2514.1999999999998,-3356.3,-3385.391498555,-4099.3541429300003,-4791.6985470439995,-5562.710714136575,-6372.8337744026103,-7221.5476065023395,-7879.725367478698,-8789.408832357698,-9843.9367090844316,-10997.924842798295,-12198.27727427673]
["growth (%)",null,null,null,{"$f":"(E20/D20-1)*100","v":12.236060890138823},33.493755468936449,0.86677289142804703,21.089514895980098,16.889109356605815,16.090581649135949,14.56345839101898,13.317683500685495,9.1140818677665436,11.544608757983577,11.997711072951244,11.722831706637349,10.914353831618119]
[]
["Total EBITDA",null,null,{"$f":"D5+D10+D14+D20","v":-83.400000000000091},110.10000000000036,134.30000000000018,861.69842144500035,890.15315706999991,957.57459631600068,1157.0149136829141,1468.3073649500111,1641.5509724719395,1572.1417306169287,2411.2479290869051,2843.8911930089525,3165.266659241599,3548.7338734914047]
["growth (%)",null,null,null,{"$f":"(E23/D23-1)*100","v":-232.01438848920893},21.980018165304038,541.62205617646998,3.3021687073864214,7.5741392040806765,20.827653337317422,26.904791596524589,11.798865255152258,-4.2282721047943177,53.373444781005851,17.942711684811343,11.30055422031171,12.114847042355814]
["EBITDA margin (%)",null,null,{"$f":"D23/(D5+D10+D14)*100","v":-3.8670190568924792},4.1954044888160791,3.8474760786111317,20.289149457071073,17.840502148779297,16.655576669233934,17.218186839249842,18.725684678483383,18.52118599206549,16.633134113086349,21.527736992950356,22.414326667685447,22.348540996467587,22.53592024664551]
[]
["Other income",null,null,null,null,null,null,83.2,176.54538648039028,174.20728075898083,161.88687941380664,179.80553478121644,189.57707317406667,206.44663045847352,227.99509521314081,248.29292592793001,272.93241256552631]
["Interest expense",null,null,null,null,null,null,-43.3,-20,0,0,0,0,0,0,0,0]
["D&A expenses",null,null,null,null,null,null,-164.4,-193.60392115902965,-235.69186786837378,-280.38421191318508,-327.84843126017796,-367.7231196744616,-409.59154250945943,-465.08650557826292,-534.88933589256237,-608.18230772257675]
["Pretax profit",null,null,null,null,null,null,{"$f":"H23+SUM(H27:H29)","v":765.65315706999991},{"$f":"I23+SUM(I27:I29)","v":920.5160616373613},1095.5303265735211,1349.8100324506327,1493.5080759929781,1393.9956841165338,2208.103017035919,2606.7997826438304,2878.6702492769664,3213.4839783343541]
["Tax provision",null,null,null,null,null,null,-225.8,-264.72164814650387,-334.97413448650212,-432.24071527850441,-487.1470096155748,-463.05051637140991,-733.47661968390571,-865.91371779971416,-956.2222900535761,-1067.4390405032145]
["Net income",null,null,null,null,null,null,{"$f":"SUM(H30:H31)","v":539.85315706999995},{"$f":"SUM(I30:I31)","v":655.79441349085744},760.55619208701887,917.56931717212819,1006.3610663774033,930.94516774512385,1474.6263973520133,1740.8860648441164,1922.4479592233902,2146.0449378311396]
[]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
["Print order (mn)",null,null,1.27,1.37,1.6,1.8,2.0499999999999998,2.25,2.4250000000000003,2.6,2.7250000000000005,2.7250000000000005,2.8250000000000002,2.9500000000000006,3.0500000000000003,3.1000000000000005]
["Circulation (mn)",null,null,1.2329999999999999,1.3249,1.5465,1.7535000000000001,1.9907499999999998,2.1792500000000001,2.340125,2.5090000000000003,2.6296250000000003,2.6432500000000005,2.7402500000000001,2.8615000000000004,2.9585000000000004,3.0070000000000006]
["Unsold copies (%)",null,null,{"$f":"(1-D38/D37)*100","v":2.9133858267716639},{"$f":"(1-E38/E37)*100","v":3.2919708029197192},3.3437500000000009,2.5833333333333375,2.890243902439027,3.1444444444444386,3.5000000000000142,3.499999999999992,3.5000000000000031,3.0000000000000027,3.0000000000000027,3.0000000000000027,2.9999999999999916,3.0000000000000027]
[]
["Pagination (#)",null,null,20.728346456692911,21.700729927007298,21.031249999999996,20.486111111111111,21.390243902439028,21.111111111111111,21.819587628865978,22.51923076923077,23.243119266055043,23.954128440366969,24.938053097345133,25.949152542372879,26.655737704918035,27.387096774193552]
[]
[null,null,null,41884.875,48395.880000000005,53028,59737.5,71037,76950,85718.25,94851.000000000015,102606.75,105745.5,114129,124011.00000000003,131706.00000000003,137538.00000000003]
[null,null,null,null,{"$f":"(E43/D43-1)*100","v":15.545002820230458},{"$f":"(F43/E43-1)*100","v":9.5713106156970262},12.652749490835035,18.915254237288124,8.3238312428734353,11.394736842105257,10.654382234821647,8.1767719897523286,3.0590092757055487,7.9279969360398272,8.6586231369766065,6.2050947093402975,4.4280442804428111]

{"sheet":"M-Now","index":13,"n_rows":13,"n_cols":17,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
["Derivation of Metro Now revenues and costs, March fiscal year-ends, 2008-10 (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,"2011E","2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Total revenues",null,null,null,{"$f":"65.5*2","v":131},{"$f":"93.5*2","v":187},{"$f":"2.9*2","v":5.8}]
["Raw material costs",null,null,null,{"$f":"-58*2","v":-116},{"$f":"-159.5*2","v":-319},{"$f":"-2.2*2","v":-4.4000000000000004}]
["Employee costs",null,null,null,{"$f":"-21*2","v":-42},{"$f":"-22.5*2","v":-45},{"$f":"-5.8*2","v":-11.6}]
["SG&A expenses",null,null,null,{"$f":"-81*2","v":-162},{"$f":"-66.5*2","v":-133},{"$f":"-3.6*2","v":-7.2}]
["EBITDA",null,null,null,{"$f":"SUM(E4:E7)","v":-189},{"$f":"SUM(F4:F7)","v":-310},{"$f":"SUM(G4:G7)","v":-17.399999999999999}]
["D&A expenses",null,null,null,{"$f":"-1.5*2","v":-3},{"$f":"-1.5*2","v":-3},{"$f":"-1.7*2","v":-3.4}]
["EBIT",null,null,null,{"$f":"SUM(E8:E9)","v":-192},{"$f":"SUM(F8:F9)","v":-313},{"$f":"SUM(G8:G9)","v":-20.799999999999997}]
["EBITDA margin (%)",null,null,null,{"$f":"E8/E4*100","v":-144.27480916030535},{"$f":"F8/F4*100","v":-165.77540106951872},{"$f":"G8/G4*100","v":-300}]
[]
["Source: Company data, Kotak Institutional Equities"]

{"sheet":"HT-Burda","index":14,"n_rows":24,"n_cols":17,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["Derivation of HT Burda revenues and costs, March fiscal year-ends, 2010-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,"2011E","2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Total revenues",null,null,null,null,null,90,{"$f":"-H5*(1+10%)","v":645.5163},{"$f":"-I5*(1+25%)","v":1113.4012499999999},{"$f":"-J5*(1+30%)","v":1833.2028},{"$f":"-K5*(1+35%)","v":2324.5282800000004},{"$f":"-L5*(1+40%)","v":2730.8496599999999},3096.6429479999997,3476.0965876559994,3869.5602757190395,4277.3929046695384,4364.2511627629283]
["Raw material costs",null,null,null,null,null,-70,{"$f":"-H18","v":-586.83299999999997},{"$f":"-I18","v":-890.721},-1410.1559999999999,-1721.8728000000001,-1950.6069,-2211.8878199999999,-2482.9261340399999,-2763.9716255136,-3055.2806461925279,-3117.3222591163776]
["Employee costs",null,null,null,null,null,-25,{"$f":"-H24","v":-137.5},{"$f":"-I24","v":-193.60000000000002},-237.16000000000008,-280.79744000000011,-325.57324800000009,-333.92128000000014,-360.63498240000013,-389.48578099200017,-412.85492785152024,-437.62622352261144]
["SG&A expenses",null,null,null,null,null,-15,{"$f":"-15%*H4","v":-96.827444999999997},{"$f":"-10%*I4","v":-111.340125},{"$f":"-8%*J4","v":-146.65622400000001},{"$f":"-6.5%*K4","v":-151.09433820000004},{"$f":"-6%*L4","v":-163.85097959999999},{"$f":"-5.5%*M4","v":-170.31536213999999},{"$f":"-5.5%*N4","v":-191.18531232107998},{"$f":"-5%*O4","v":-193.47801378595199},{"$f":"-5%*P4","v":-213.86964523347694},{"$f":"-5%*Q4","v":-218.21255813814642}]
["EBITDA",null,null,null,null,null,{"$f":"SUM(G4:G7)","v":-20},{"$f":"SUM(H4:H7)","v":-175.64414499999998},-82.259875000000136,39.230575999999985,170.76370180000021,290.81853239999975,380.51848585999966,441.35015889491945,522.62485542748732,595.3876853920134,591.09012198579285]
["D&A expenses",null,null,null,null,null,-10,{"$f":"-5%*800","v":-40},{"$f":"H9","v":-40},{"$f":"I9","v":-40},-40,-40,-40,-40,-40,-40,-40]
["EBIT",null,null,null,null,null,{"$f":"SUM(G8:G9)","v":-30},{"$f":"SUM(H8:H9)","v":-215.64414499999998},-122.25987500000014,-0.76942400000001498,130.76370180000021,250.81853239999975,340.51848585999966,401.35015889491945,482.62485542748732,555.3876853920134,551.09012198579285]
["EBITDA margin (%)",null,null,null,null,null,{"$f":"G8/G4*100","v":-22.222222222222221},{"$f":"H8/H4*100","v":-27.209869835974704},-7.3881608270154304,2.1400019681401306,7.3461658121879321,10.649379080062568,12.288096892338254,12.696717359989428,13.506052837757476,13.91940601813879,13.543907074577815]
[]
["Source: Company data, Kotak Institutional Equities"]
[]
["Computation of raw material costs"]
["Raw material quantity (tons)",null,null,null,null,null,null,13000,23000,33000,40000,45000,{"$f":"L16+5000","v":50000},{"$f":"M16+5000","v":55000},{"$f":"N16+5000","v":60000},{"$f":"O16+5000","v":65000},{"$f":"P16","v":65000}]
["Raw material price (Rs/ton)",null,null,null,null,null,null,{"$f":"'cons expenses'!H39*(1+50%)","v":45141},{"$f":"'cons expenses'!I39*(1+20%)","v":38727},{"$f":"'cons expenses'!J39*(1+20%)","v":42732},{"$f":"'cons expenses'!K39*(1+20%)","v":43046.82},{"$f":"'cons expenses'!L39*(1+20%)","v":43346.82},{"$f":"'cons expenses'!M39*(1+20%)","v":44237.756399999998},{"$f":"'cons expenses'!N39*(1+20%)","v":45144.111528000001},{"$f":"'cons expenses'!O39*(1+20%)","v":46066.193758559995},{"$f":"'cons expenses'!P39*(1+20%)","v":47004.317633731196},{"$f":"'cons expenses'!Q39*(1+20%)","v":47958.803986405816}]
["Raw material costs (Rs mn)",null,null,null,null,null,null,{"$f":"H16*H17/10^6","v":586.83299999999997},{"$f":"I16*I17/10^6","v":890.721},1410.1559999999999,1721.8728000000001,1950.6069,2211.8878199999999,2482.9261340399999,2763.9716255136,3055.2806461925279,3117.3222591163776]
[]
["Computation of employee costs"]
["# of employees",null,null,null,null,0,{"$f":"F21+100","v":100},{"$f":"G21+50","v":150},{"$f":"H21+20","v":170},{"$f":"I21+10","v":180},{"$f":"J21+10","v":190},{"$f":"K21+10","v":200},{"$f":"L21","v":200},{"$f":"M21","v":200},{"$f":"N21","v":200},{"$f":"O21","v":200},{"$f":"P21","v":200}]
["Average # of employees",null,null,null,null,null,{"$f":"AVERAGE(F21:G21)/2","v":25},{"$f":"AVERAGE(G21:H21)","v":125},160,175,185,195,200,200,200,{"$f":"AVERAGE(O21:P21)","v":200},{"$f":"AVERAGE(P21:Q21)","v":200}]
["Average cost of employee",null,null,null,null,null,1,{"$f":"G23*(1+'HT Delhi-NCR'!H95%)","v":1.1000000000000001},{"$f":"H23*(1+'HT Delhi-NCR'!I95%)","v":1.2100000000000002},{"$f":"I23*(1+'HT Delhi-NCR'!J95%)","v":1.3552000000000004},{"$f":"J23*(1+'HT Delhi-NCR'!K95%)","v":1.5178240000000005},{"$f":"K23*(1+'HT Delhi-NCR'!L95%)","v":1.6696064000000006},{"$f":"L23*(1+'HT Delhi-NCR'!M95%)","v":1.6696064000000006},{"$f":"M23*(1+'HT Delhi-NCR'!N95%)","v":1.8031749120000007},{"$f":"N23*(1+'HT Delhi-NCR'!O95%)","v":1.9474289049600009},{"$f":"O23*(1+'HT Delhi-NCR'!P95%)","v":2.0642746392576012},{"$f":"P23*(1+'HT Delhi-NCR'!Q95%)","v":2.1881311176130573}]
["Employee cost",null,null,null,null,null,{"$f":"G22*G23","v":25},137.5,193.60000000000002,237.16000000000008,280.79744000000011,325.57324800000009,333.92128000000014,360.63498240000013,389.48578099200017,{"$f":"P22*P23","v":412.85492785152024},{"$f":"Q22*Q23","v":437.62622352261144}]

{"sheet":"Fever-FM","index":15,"n_rows":81,"n_cols":17,"rows_kept":81,"cut":false,"hidden":false,"merged":[]}
["Derivation of Radio (Fever FM) revenues and costs, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Advertisement revenues",null,null,19.3,206.1,{"$f":"F35*F61","v":294.5385094736842},349.73992421052628,505.53484800000001,539.25056640000003,628.06830674823539,690.87513742305896,816.30573504480014,897.93630854928028,802.53057576591937,218.1236949517627,0,0]
["Other operational revenues",null,null,2.1,51.8,{"$f":"15%*F4","v":44.180776421052627},{"$f":"25%*G4","v":87.434981052631571},{"$f":"25%*H4","v":126.383712},134.81264160000001,157.01707668705885,172.71878435576474,204.07643376120004,224.48407713732007,200.63264394147984,54.530923737940675,{"$f":"25%*P4","v":0},{"$f":"25%*Q4","v":0}]
["Total revenues",null,null,{"$f":"SUM(D4:D5)","v":21.400000000000002},{"$f":"SUM(E4:E5)","v":257.89999999999998},338.7192858947368,437.17490526315783,631.91856000000007,674.06320800000003,785.08538343529426,863.59392177882364,1020.3821688060002,1122.4203856866004,1003.1632197073992,272.6546186897034,0,0]
["Programming costs",null,null,-9.6999999999999993,-48.4,{"$f":"E7","v":-48.4},{"$f":"F7","v":-48.4},{"$f":"-H68","v":-48.893644800000004},-51.827263488,-54.936899297280007,-58.233113255116812,-61.727100050423822,-65.430726053449263,-56.352212813533178,-15.316242457011585,0,0]
["License fees",null,null,-5.7,-22.8,{"$f":"E8","v":-22.8},{"$f":"F8","v":-22.8},{"$f":"-H71","v":-25.276742400000003},-26.962528320000001,-31.403415337411772,-34.543756871152944,-40.815286752240006,-44.89681542746402,-40.126528788295971,-15.666666666666666,0,0]
["Employee costs",null,null,-48.8,-116.3,{"$f":"-F81","v":-156.28},-174.28774399999998,-200.43090559999996,-230.49554143999995,-265.06987265599992,-304.83035355439989,-350.55490658755986,-403.13814257569385,-373.06025771946042,-104.25162865396574,0,0]
["A&P expenses",null,null,-100,-250,-250,-100,-125,-150,-125,-125,-125,-125,-125,0,{"$f":"O10","v":0},{"$f":"P10","v":0}]
["SG&A expenses",null,null,{"$f":"-165.2-D10","v":-65.199999999999989},{"$f":"-383.9-E10","v":-133.89999999999998},{"$f":"E11*(1+20%)","v":-160.67999999999998},{"$f":"F11*(1-10%)","v":-144.61199999999999},{"$f":"-30%*H6","v":-189.575568},{"$f":"-28%*I6","v":-188.73769824000001},{"$f":"-24%*J6","v":-188.4204920244706},{"$f":"-23%*K6","v":-198.62660200912944},{"$f":"-22%*L6","v":-224.48407713732004},{"$f":"-21%*M6","v":-235.70828099418608},{"$f":"-20%*N6","v":-200.63264394147984},{"$f":"-20%*O6","v":-54.530923737940682},{"$f":"-25%*P6","v":0},{"$f":"-25%*Q6","v":0}]
["EBITDA",null,null,{"$f":"SUM(D6:D11)","v":-208},{"$f":"SUM(E6:E11)","v":-313.5},-299.44071410526317,-52.924838736842133,42.74169920000017,26.040176512000045,120.25470412013203,142.36009608902458,217.80079827845643,248.24642063580714,207.9915764446298,82.889157174118722,0,0]
["Depreciation",null,null,{"$f":"-27.2-D14","v":-8.3999999999999986},{"$f":"-107.5-E14","v":-32.299999999999997},{"$f":"E13","v":-32.299999999999997},{"$f":"F13","v":-32.299999999999997},{"$f":"G13","v":-32.299999999999997},-32.299999999999997,-32.299999999999997,-32.299999999999997,-32.299999999999997,-32.299999999999997,-32.299999999999997,{"$f":"N13/2","v":-16.149999999999999},0,0]
["Amortization",null,null,{"$f":"-D73","v":-18.8},-75.2,-75.2,-75.2,-75.2,-75.2,-75.2,-75.2,-75.2,-75.2,-42.299999999999983,-14.100000000000023,0,0]
["EBIT",null,null,{"$f":"SUM(D12:D14)","v":-235.20000000000002},-421,-406.94071410526317,-160.42483873684213,-64.75830079999983,-81.459823487999955,12.754704120132033,34.86009608902458,110.30079827845644,140.74642063580717,133.39157644462981,52.639157174118708,{"$f":"SUM(P12:P14)","v":0},{"$f":"SUM(Q12:Q14)","v":0}]
[]
["EBITDA margin (%)",null,null,{"$f":"D12/D6*100","v":-971.96261682242982},-121.55874369910819,-88.403798240859487,-12.106101722600931,6.7637986768421809,3.86316538314906,15.317404534260223,16.484610706359817,21.345021986548034,22.117062715673264,20.73357279838234,30.400789677599899,0,0]
["EBIT margin (%)",null,null,{"$f":"D15/D6*100","v":-1099.0654205607477},{"$f":"E15/E6*100","v":-163.2415664986429},-120.14099316202721,-36.695802253396558,-10.24788713279759,-12.08489389736874,1.624626364118682,4.0366305516856862,10.809753605114922,12.539546005279528,13.297096008318288,19.306167424225844,0,0]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Calculation of revenues of a radio station"]
["Number of stations"]
["Legacy stations (full-year)",null,null,0,3,4,{"$f":"F32","v":4},4,4,4,4,4,4,1,0,0,{"$f":"P32","v":0}]
["New stations (mid-year)",null,null,3,1,0,0,0,0,0,0,0,0,{"$f":"D33","v":3},{"$f":"E33","v":1},{"$f":"F33","v":0},{"$f":"G33","v":0}]
["Months of operation",null,null,3,2,0,0,0,0,0,0,0,0,{"$f":"12-D34","v":9},{"$f":"12-E34","v":10},0,0]
["Average number of stations",null,null,{"$f":"D32+D33*(D34-2)/12","v":0.25},3,4,4,4,4,4,4,4,4,{"$f":"N32+N33*N34/12","v":3.25},{"$f":"O32+O33*O34/12","v":0.83333333333333337},{"$f":"P32+P33*P34/12","v":0},{"$f":"Q32+Q33*Q34/12","v":0}]
[]
["Total one hour slots available per week for FCT"]
["Prime time",null,null,{"$f":"7*8","v":56},{"$f":"7*8","v":56},56,56,56,56,56,56,56,56,56,56,56,56]
["Non prime time",null,null,{"$f":"7*24-D38","v":112},{"$f":"7*24-E38","v":112},112,112,112,112,112,112,112,112,112,112,112,112]
[]
["FCT available per one hour slot (Seconds)"]
["Prime time",null,null,{"$f":"10*60","v":600},{"$f":"11*60","v":660},{"$f":"12*60","v":720},{"$f":"12*60","v":720},{"$f":"12*60","v":720},720,720,720,720,720,720,720,720,720]
["Non-prime time",null,null,{"$f":"10*60","v":600},{"$f":"11*60","v":660},{"$f":"12*60","v":720},{"$f":"12*60","v":720},720,720,720,720,720,720,720,720,720,720]
[]
["No. of seconds of FCT sold per week"]
["Prime time",null,null,{"$f":"D38*D42","v":33600},36960,40320,40320,40320,40320,40320,40320,40320,40320,40320,{"$f":"O38*O42","v":40320},40320,40320]
["Non-prime time",null,null,{"$f":"D39*D43","v":67200},73920,80640,80640,80640,80640,80640,80640,80640,80640,80640,80640,80640,80640]
[]
["% sales assumed"]
["Prime time",null,null,0.5,0.6,0.6,0.7,0.85,0.85,0.9,0.9,0.95,{"$f":"L50","v":0.95},{"$f":"M50","v":0.95},{"$f":"N50","v":0.95},{"$f":"O50","v":0.95},{"$f":"P50","v":0.95}]
["Non-prime time",null,null,{"$f":"D50/2","v":0.25},{"$f":"E50/2","v":0.3},{"$f":"F50/1.9","v":0.31578947368421051},{"$f":"G50/1.9","v":0.36842105263157893},{"$f":"H50/1.8","v":0.47222222222222221},{"$f":"I50/1.7","v":0.5},{"$f":"J50/1.7","v":0.52941176470588236},{"$f":"K50/1.7","v":0.52941176470588236},{"$f":"L50/1.6","v":0.59374999999999989},0.59374999999999989,0.59374999999999989,0.59374999999999989,0.59374999999999989,0.59374999999999989]
[]
["Selling price of FCT (Rs/10 second)"]
["Prime time",null,null,450,450,{"$f":"E54","v":450},{"$f":"F54*(1+G56%)","v":450},517.5,543.375,597.71250000000009,657.4837500000001,723.23212500000022,795.55533750000029,875.1108712500004,{"$f":"N54*(1+O56%)","v":927.61752352500048},{"$f":"O54*(1+P56%)","v":983.27457493650058},{"$f":"P54*(1+Q56%)","v":1042.2710494326907}]
["Non-prime time",null,null,{"$f":"D54/4","v":112.5},{"$f":"E54/4","v":112.5},{"$f":"F54/3.5","v":128.57142857142858},{"$f":"G54/3.25","v":138.46153846153845},{"$f":"H54/3","v":172.5},181.125,199.23750000000004,219.16125000000002,241.07737500000007,265.18511250000012,291.70362375000013,309.20584117500016,327.75819164550018,347.42368314423021]
["Increase in prime time rate (%)",null,null,null,{"$f":"(E54/D54-1)*100","v":0},{"$f":"(F54/E54-1)*100","v":0},0,15,5,10,{"$f":"J56","v":10},{"$f":"K56","v":10},{"$f":"L56","v":10},{"$f":"M56","v":10},6,{"$f":"O56","v":6},{"$f":"P56","v":6}]
[]
["Revenues of a station from sales of FCT (Rs mn)"]
["Prime time",null,null,{"$f":"(D46/10)*D50*D54*52/10^6","v":39.311999999999998},{"$f":"(E46/10)*E50*E54*52/10^6","v":51.891840000000002},56.609279999999998,66.044159999999991,92.225952000000007,96.837249599999993,112.78691424000003,124.06560566400003,144.05395324320003,158.45934856752004,174.30528342427206,184.7636004297284,195.84941645551211,207.60038144284286]
["Non-prime time",null,null,{"$f":"(D47/10)*D51*D55*52/10^6","v":9.8279999999999994},{"$f":"(E47/10)*E51*E55*52/10^6","v":12.97296},17.025347368421055,21.39082105263158,34.157760000000003,37.975391999999999,44.230162447058824,48.653178691764708,60.022480518000016,66.024728569800018,72.627201426780019,76.984833512386828,81.603923523130035,86.500158934517842]
["Total",null,null,{"$f":"SUM(D59:D60)","v":49.14},64.864800000000002,73.63462736842105,87.434981052631571,126.383712,134.81264160000001,157.01707668705885,172.71878435576474,204.07643376120004,224.48407713732007,246.9324848510521,261.74843394211524,277.45333997864213,294.10054037736069]
[]
["Calculation of costs of a radio station"]
["Programming cost"]
["Total one hour slots of programming per week",null,null,{"$f":"24*7","v":168},{"$f":"24*7","v":168},168,168,168,168,168,168,168,168,168,168,168,168]
["Cost of programming per one hour slot (Rs)",null,null,1320,{"$f":"D66","v":1320},{"$f":"E66","v":1320},{"$f":"F66","v":1320},{"$f":"G66*(1+H67%)","v":1399.2},1483.152,1572.1411200000002,1666.4695872000004,1766.4577624320004,1872.4452281779206,1984.791941868596,{"$f":"N66*(1+O67%)","v":2103.8794583807121},{"$f":"O66*(1+P67%)","v":2230.1122258835549},{"$f":"P66*(1+Q67%)","v":2363.9189594365685}]
["Increase in programming cost (%)",null,null,null,{"$f":"(E66/D66-1)*100","v":0},{"$f":"(F66/E66-1)*100","v":0},{"$f":"(G66/F66-1)*100","v":0},6,{"$f":"H67","v":6},6,6,6,6,6,6,6,6]
["Radio programming cost",null,null,{"$f":"D35*(D65*52)*D66/10^6","v":2.8828800000000001},{"$f":"E35*(E65*52)*E66/10^6","v":34.594560000000001},46.126080000000002,46.126080000000002,48.893644800000004,51.827263488,54.936899297280007,58.233113255116812,61.727100050423822,65.430726053449263,56.352212813533178,15.316242457011585,0,0]
[]
["Entry and licence fees (Rs mn)"]
["Licence fees",null,null,{"$f":"MAX(4%*D6,2.5%*$D$72)*2/12","v":3.1333333333333333},{"$f":"MAX(4%*E6,2.5%*$D$72)","v":18.8},18.8,18.8,25.276742400000003,26.962528320000001,31.403415337411772,34.543756871152944,40.815286752240006,44.89681542746402,40.126528788295971,{"$f":"MAX(4%*O6,2.5%*$D$72)*10/12","v":15.666666666666666},0,0]
["Entry fees",null,null,752]
["Amortization of entry fees",null,null,{"$f":"MIN($D$72*10%,C74)*3/12","v":18.8},{"$f":"MIN($D$72*10%,D74)","v":75.2},75.2,75.2,75.2,75.2,75.2,75.2,75.2,75.2,{"$f":"MIN($D$72*10%,M74)*9/12","v":42.299999999999983},{"$f":"MIN($D$72*10%,N74)","v":14.100000000000023},{"$f":"MIN($D$72*10%,O74)","v":0},{"$f":"MIN($D$72*10%,P74)","v":0}]
["Unamortized radio costs",null,null,{"$f":"$D$72-SUM($D$73:D73)","v":733.2},{"$f":"$D$72-SUM($D$73:E73)","v":658},{"$f":"$D$72-SUM($D$73:F73)","v":582.79999999999995},{"$f":"$D$72-SUM($D$73:G73)","v":507.6},{"$f":"$D$72-SUM($D$73:H73)","v":432.40000000000003},{"$f":"$D$72-SUM($D$73:I73)","v":357.20000000000005},{"$f":"$D$72-SUM($D$73:J73)","v":282.00000000000006},{"$f":"$D$72-SUM($D$73:K73)","v":206.80000000000007},{"$f":"$D$72-SUM($D$73:L73)","v":131.60000000000002},{"$f":"$D$72-SUM($D$73:M73)","v":56.399999999999977},{"$f":"$D$72-SUM($D$73:N73)","v":14.100000000000023},{"$f":"$D$72-SUM($D$73:O73)","v":0},{"$f":"$D$72-SUM($D$73:P73)","v":0},{"$f":"$D$72-SUM($D$73:Q73)","v":0}]
[]
["Computation of employee costs"]
["# of employees",null,null,{"$f":"35*3+15*1","v":120},{"$f":"35*4","v":140},{"$f":"40*F35","v":160},{"$f":"F77","v":160},160,160,160,160,160,{"$f":"40*M35","v":160},{"$f":"30*N35","v":97.5},{"$f":"40*O35","v":33.333333333333336},{"$f":"40*P35","v":0},{"$f":"40*Q35","v":0}]
["Average # of employees",null,null,{"$f":"AVERAGE(C77:D77)*6/12","v":60},{"$f":"AVERAGE(D77:E77)","v":130},150,160,160,160,160,160,160,160,128.75,{"$f":"AVERAGE(N77:O77)","v":65.416666666666671},0,0]
["Average salary of employee (Rs mn)",null,null,0.8,{"$f":"D79*(1+E80%)","v":0.91999999999999993},0.97519999999999996,1.0892983999999999,1.2526931599999998,1.4405971339999997,1.6566867040999995,1.9051897097149992,2.1909681661722491,2.5196133910980865,2.8975553997627994,{"$f":"N79*(1+O80%)","v":3.1873109397390795},{"$f":"O79*(1+P80%)","v":3.5060420337129878},{"$f":"P79*(1+Q80%)","v":3.8566462370842869}]
["Increase in average salary (%)",null,null,null,15,6,11.7,15,{"$f":"H80","v":15},15,15,15,15,15,10,{"$f":"O80","v":10},{"$f":"P80","v":10}]
["Employee cost",null,null,{"$f":"D78*D79","v":48},119.6,{"$f":"F78*F79+10","v":156.28},174.28774399999998,200.43090559999996,230.49554143999995,265.06987265599992,304.83035355439989,350.55490658755986,403.13814257569385,{"$f":"N78*N79","v":373.06025771946042},{"$f":"O78*O79*6/12","v":104.25162865396574},{"$f":"P78*P79*5/12","v":0},{"$f":"Q78*Q79*5/12","v":0}]

{"sheet":"Internet","index":16,"n_rows":21,"n_cols":17,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
["Derivation of Internet (Shine.com) revenues and costs, March fiscal year-ends, 2008-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,"2011E","2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Advertising revenues",null,null,null,0,10,20,40,{"$f":"H4*(1+150%)","v":100},{"$f":"I4*(1+50%)","v":150},{"$f":"J4*(1+30%)","v":195},{"$f":"K4*(1+20%)","v":234},{"$f":"L4*(1+15%)","v":269.09999999999997},309.46499999999992,355.88474999999988,409.26746249999985,470.65758187499978]
["Transaction revenues",null,null,null,0,0,20,40,{"$f":"H5*(1+150%)","v":100},{"$f":"I5*(1+50%)","v":150},{"$f":"J5*(1+30%)","v":195},{"$f":"K5*(1+20%)","v":234},269.09999999999997,309.46499999999992,355.88474999999988,409.26746249999985,470.65758187499978]
["Total revenues",null,null,null,{"$f":"SUM(E4:E5)","v":0},10,40,80,200,300,390,468,538.19999999999993,618.92999999999984,711.76949999999977,{"$f":"SUM(P4:P5)","v":818.5349249999997},{"$f":"SUM(Q4:Q5)","v":941.31516374999956}]
["Operating costs",null,null,null,-20,-100,-100,{"$f":"G7*(1+25%)","v":-125},{"$f":"H7*(1+20%)","v":-150},{"$f":"I7*(1+15%)","v":-172.5},{"$f":"J7*(1+12%)","v":-193.20000000000002},{"$f":"K7*(1+12%)","v":-216.38400000000004},{"$f":"L7*(1+10%)","v":-238.02240000000006},{"$f":"M7*(1+10%)","v":-261.8246400000001},{"$f":"N7*(1+10%)","v":-288.00710400000014},{"$f":"O7*(1+10%)","v":-316.80781440000015},{"$f":"P7*(1+10%)","v":-348.48859584000019}]
["Employee costs",null,null,null,{"$f":"-E21","v":-50},{"$f":"-F21","v":-115},-126,-151.80000000000001,-232.32000000000002,-333.37920000000008,-391.59859200000011,-450.79372800000016,-451.59513907200017,-477.96829519380503,-505.8816436331233,{"$f":"-P21","v":-525.5098514060885},{"$f":"-Q21","v":-545.89963364064477}]
["SG&A and other costs",null,null,null,-10,-150,-100,-120,{"$f":"-70%*I6","v":-140},{"$f":"-50%*J6","v":-150},{"$f":"-40%*K6","v":-156},{"$f":"-35%*L6","v":-163.79999999999998},{"$f":"-30%*M6","v":-161.45999999999998},{"$f":"-25%*N6","v":-154.73249999999996},{"$f":"-22%*O6","v":-156.58928999999995},{"$f":"-20%*P6","v":-163.70698499999995},{"$f":"-18%*Q6","v":-169.43672947499991}]
["EBITDA",null,null,null,{"$f":"SUM(E6:E9)","v":-80},-355,-286,-316.8,-322.32000000000005,-355.87920000000008,-350.7985920000001,-362.97772800000018,-312.87753907200027,-275.59543519380526,-238.70853763312363,{"$f":"SUM(P6:P9)","v":-187.4897258060889},{"$f":"SUM(Q6:Q9)","v":-122.50979520564536}]
["D&A expenses",null,null,null,{"$f":"-3/12*6%*(capex!AL10)","v":0},{"$f":"-6/12*6%*(capex!AL10+capex!AQ10)","v":-15},{"$f":"-8/12*6%*(capex!AL10+capex!AQ10+capex!AV10)","v":-35.999999999999993},{"$f":"-6%*(capex!AL10+capex!AQ10+capex!AV10)","v":-54},{"$f":"H11","v":-54},-54,-54,-54,-54,-54,-54,{"$f":"O11","v":-54},{"$f":"P11","v":-54}]
["EBIT",null,null,null,{"$f":"SUM(E10:E11)","v":-80},-370,-322,-370.8,-376.32000000000005,-409.87920000000008,-404.7985920000001,-416.97772800000018,-366.87753907200027,-329.59543519380526,-292.70853763312363,{"$f":"SUM(P10:P11)","v":-241.4897258060889},{"$f":"SUM(Q10:Q11)","v":-176.50979520564536}]
["EBITDA margin (%)",null,null,null,null,null,{"$f":"G10/G6*100","v":-715},-396,-161.16000000000003,-118.62640000000002,-89.948356923076943,-77.559343589743634,-58.134065230769295,-44.527722875576451,-33.537337246555758,{"$f":"P10/P6*100","v":-22.905525479696419},{"$f":"Q10/Q6*100","v":-13.014747868035226}]
[]
["Source: Company data, Kotak Institutional Equities estimates"]
[]
["Computation of employee costs"]
["# of employees",null,null,null,50,{"$f":"E18+50","v":100},{"$f":"F18+10","v":110},120,{"$f":"H18+80","v":200},210,220,230,{"$f":"L18","v":230},{"$f":"M18","v":230},{"$f":"N18","v":230},{"$f":"O18","v":230},{"$f":"P18","v":230}]
["Average # of employees",null,null,null,{"$f":"E18","v":50},{"$f":"AVERAGE(E18:F18)","v":75},105,115,160,205,215,225,230,230,230,{"$f":"AVERAGE(O18:P18)","v":230},{"$f":"AVERAGE(P18:Q18)","v":230}]
["Average cost of employee (Rs mn)",null,null,null,1,1.2,1.2,{"$f":"G20*(1+'HT Delhi-NCR'!H95%)","v":1.32},{"$f":"H20*(1+'HT Delhi-NCR'!I95%)","v":1.4520000000000002},{"$f":"I20*(1+'HT Delhi-NCR'!J95%)","v":1.6262400000000004},{"$f":"J20*(1+'HT Delhi-NCR'!K95%)","v":1.8213888000000005},{"$f":"K20*(1+'HT Delhi-NCR'!L95%)","v":2.0035276800000008},{"$f":"L20*(1+'HT Delhi-NCR'!M95%)*0.98","v":1.9634571264000007},{"$f":"M20*(1+'HT Delhi-NCR'!N95%)*0.98","v":2.0781230225817611},{"$f":"N20*(1+'HT Delhi-NCR'!O95%)*0.98","v":2.1994854071005361},{"$f":"O20*(1+'HT Delhi-NCR'!P95%)*0.98","v":2.2848254408960371},{"$f":"P20*(1+'HT Delhi-NCR'!Q95%)*0.98","v":2.3734766680028034}]
["Employee cost (Rs mn)",null,null,null,{"$f":"E19*E20","v":50},{"$f":"F19*F20+25","v":115},126,151.80000000000001,232.32000000000002,333.37920000000008,391.59859200000011,450.79372800000016,451.59513907200017,477.96829519380503,505.8816436331233,{"$f":"P19*P20","v":525.5098514060885},{"$f":"Q19*Q20","v":545.89963364064477}]

{"sheet":"interim_saln_qtr","index":17,"n_rows":45,"n_cols":91,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[]
["HT Media standalone quarterly interim results (Rs mn)"]
[]
[null,"1QFY07","2QFY07","3QFY07","4QFY07","1QFY08","2QFY08","3QFY08","4QFY08","1QFY09","2QFY09","3QFY09","4QFY09","1QFY10","2QFY10","3QFY10","4QFY10","1QFY11","2QFY11","3QFY11","4QFY11","1QFY12","2QFY12","3QFY12","4QFY12",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1QFY10E","2QFY10E","3QFY10E",null,null,null,null,null,null,null,"3QFY12E","4QFY12E",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"3QFY09","3QFY10","4QFY09","4QFY10","1QFY10","1QFY11"]
["Total revenues",{"$f":"B6+B7+B8","v":2391.3000000000002},2499.3000000000002,2752.1,2750.1,2763.4,2827.7,3219.5,3171.8,3272.2,3339.7,3338.1,3338.2,3280.5,3470.5,3227.1,2642.5,2738.4,2836,3240.5,3267.7,3286,3112,3595,3172.2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN6+AN7+AN8","v":3425},{"$f":"AO6+AO7+AO8","v":3375},{"$f":"AP6+AP7+AP8","v":3600},null,null,null,null,null,null,null,{"$f":"AX6+AX7+AX8","v":3400},{"$f":"AY6+AY7+AY8","v":3450},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU6+BU7+BU8","v":3457.4},3661.4,3423.7,3851,3366.1,4042.1,{"$f":"Y5/U5*100","v":97.077455090736606},{"$f":"Y5/X5*100","v":88.239221140472878},"Has HT Edge started to be monetized"]
["Advertising revenue",1972.5,2073.5,2360,2344,2350,2393,2739,2655,2805,2831,2866,2797,2781,2821,2208,2231,2326,2380,{"$f":"interim_cons_qtr!T6-942","v":2744},2696,2736,2572,3049,2600,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2850,2800,2900,null,null,null,null,null,null,null,2800,2950,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2780,2855,2797,3017,2694,3286,{"$f":"Y6/U6*100","v":96.439169139465875},{"$f":"Y6/X6*100","v":85.273860282059687},"English is up qoq but Hindi is down?",null,null,null,"Nothing specific as such"]
["Circulation revenue",332,350,350,330,330,360,390,370,358,373,390,410,444,479,{"$f":"interim_cons_qtr!P7-306","v":175},{"$f":"interim_cons_qtr!Q7-287","v":142},{"$f":"interim_cons_qtr!R7-323","v":145},{"$f":"interim_cons_qtr!S7-288","v":130},{"$f":"interim_cons_qtr!T7-306","v":165},{"$f":"interim_cons_qtr!U7-307","v":162},{"$f":"interim_cons_qtr!V7-331","v":154},174,165,137,null,null,null,null,null,null,null,null,null,null,null,null,null,null,400,450,500,null,null,null,null,null,null,null,200,150,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,390,508,410,429,444,468,84.567901234567898,83.030303030303031,"Why is circulation revenue down again?",null,null,null,"This will be on account"]
["Other operating revenue",86.8,75.8,42.099999999999909,76.099999999999909,83.4,74.7,90.5,146.80000000000001,109.2,135.69999999999999,{"$f":"3338.1-L6-L7","v":82.099999999999909},{"$f":"3338.2-M6-M7","v":131.19999999999982},{"$f":"3280.5-N6-N7","v":55.5},{"$f":"3470.5-O6-O7","v":170.5},{"$f":"3227.1-P6-P7","v":844.09999999999991},{"$f":"2642.5-Q6-Q7","v":269.5},{"$f":"2738.4-R6-R7","v":267.40000000000009},{"$f":"2836-S6-S7","v":326},{"$f":"3240.5-T6-T7","v":331.5},{"$f":"3267.7-U6-U7","v":409.69999999999982},{"$f":"3286-V6-V7","v":396},{"$f":"3112-W6-W7","v":366},{"$f":"3595-X6-X7","v":381},{"$f":"3172.2-Y6-Y7","v":435.19999999999982},null,null,null,null,null,null,null,null,null,null,null,null,null,null,175,125,200,null,null,null,null,null,null,null,400,350,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"3457.4-BU6-BU7","v":287.40000000000009},{"$f":"3661.4-BV6-BV7","v":298.40000000000009},{"$f":"3423.7-BW6-BW7","v":216.69999999999982},{"$f":"3851-BX6-BX7","v":405},{"$f":"3366.1-BY6-BY7","v":228.09999999999991},{"$f":"4042.1-BZ6-BZ7","v":288.09999999999991},106.2240663900415,114.22572178477685]
["Total expenditure",{"$f":"B10+B11+B12","v":-1872.4},-2022.7,-2261.3000000000002,-2330.5,-2177.6999999999998,-2324.1000000000004,-2601.8000000000002,-2532.2999999999997,-2584.1000000000004,-2943,-2914.1,-2936.3,-2660.3,-2824.3,-2525.2000000000003,-1942.8000000000002,-2181.3999999999996,-2240.1999999999998,-2425.3999999999996,-2451.3000000000002,-2544.6,-2628,-2914.3,-2772.3999999999996,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN10+AN11+AN12","v":-2825},{"$f":"AO10+AO11+AO12","v":-2700},{"$f":"AP10+AP11+AP12","v":-2700},null,null,null,null,null,null,null,{"$f":"AX10+AX11+AX12","v":-2700},{"$f":"AY10+AY11+AY12","v":-2800},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU10+BU11+BU12","v":-3238.8},-2916.9,-3173,-2922.1,-2788,-3242.9000000000005,113.09917186798839,95.130906221047923]
["Raw material costs",{"$f":"-953.1+1.2","v":-951.9},-1076,{"$f":"-1170.3+1.5","v":-1168.8},{"$f":"-1124.3+3.5","v":-1120.8},{"$f":"-1086.8+0.9","v":-1085.8999999999999},{"$f":"-1126.7-2.7","v":-1129.4000000000001},{"$f":"-1226.4+0.7","v":-1225.7},{"$f":"-1118.3-2.4","v":-1120.7},{"$f":"-1196.9+5.6","v":-1191.3000000000002},{"$f":"-1459.7-3.4","v":-1463.1000000000001},{"$f":"-1462.8+1.1","v":-1461.7},{"$f":"-1282.5-2.4","v":-1284.9000000000001},{"$f":"-1228.9+3.3","v":-1225.6000000000001},{"$f":"-1227.8-1.9","v":-1229.7},{"$f":"-975.9+4.3","v":-971.6},{"$f":"-670.6-0.8","v":-671.4},{"$f":"-771.9+0.6","v":-771.3},{"$f":"-863.7+1.1","v":-862.6},{"$f":"-964.8+0.1","v":-964.69999999999993},{"$f":"-954.2-1.5","v":-955.7},{"$f":"-959.2+0.5","v":-958.7},{"$f":"-1006.7+1.2","v":-1005.5},{"$f":"-1061.7-0.9","v":-1062.6000000000001},{"$f":"-985.4-0.9","v":-986.3},null,null,null,null,null,null,null,null,null,null,null,null,null,null,-1250,-1175,-1100,null,null,null,null,null,null,null,-1050,-1050,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-1493.9+1.1","v":-1492.8000000000002},{"$f":"-1135.9+0.9","v":-1135},{"$f":"-1355.3-2.3","v":-1357.6},{"$f":"-1152.9-1.9","v":-1154.8000000000002},{"$f":"-1240.2+3.3","v":-1236.9000000000001},{"$f":"-1344.4+41.5","v":-1302.9000000000001},103.20184158208643,92.819499341238455,"How much volume and price?",null,null,null,"Ovreall 5% price increase",null,null,"Consumption due to Mumbai",null,null,"40-50K increase in circulation"]
["Employee expenses",-354.8,-348.2,-388.2,-391.3,-402.2,-423.3,-432.9,-497.4,-450.7,-495.5,-495.4,-594.20000000000005,-573,-548.79999999999995,-512.20000000000005,-447.8,-548,-500,-520.5,-526.70000000000005,-619,-590.9,-654.5,-607.79999999999995,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-550,-550,-550,null,null,null,null,null,null,null,-600,-650,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-588.1,-620.9,-670.1,-630.6,-646.1,-749.2,115.3977596354661,92.864782276546975,"Was there any one-off in 1QFY11?",null,null,null,"Let me check on this side"]
["SG&A and other costs",{"$f":"-84.6-481.1","v":-565.70000000000005},{"$f":"-106.3-492.2","v":-598.5},{"$f":"-178.7-525.6","v":-704.3},{"$f":"-268.2-550.2","v":-818.40000000000009},{"$f":"-144.6-545","v":-689.6},{"$f":"-198.2-573.2","v":-771.40000000000009},{"$f":"-317.5-625.7","v":-943.2},{"$f":"-259.9-654.3","v":-914.19999999999993},{"$f":"-265.1-677","v":-942.1},{"$f":"-318-666.4","v":-984.4},{"$f":"-274.7-682.3","v":-957},{"$f":"-289.6-767.6","v":-1057.2},{"$f":"-175.8-685.9","v":-861.7},{"$f":"-316.3-729.5","v":-1045.8},{"$f":"-311.5-729.9","v":-1041.4000000000001},{"$f":"-190-633.6","v":-823.6},{"$f":"-203.3-658.8","v":-862.09999999999991},{"$f":"-252.7-624.9","v":-877.59999999999991},-940.2,-968.9,{"$f":"-206.4-760.5","v":-966.9},{"$f":"-201.3-830.3","v":-1031.5999999999999},-1197.2,-1178.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-300-725","v":-1025},-975,-1050,null,null,null,null,null,null,null,-1050,-1100,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-390.5-767.4","v":-1157.9000000000001},{"$f":"-350.6-810.4","v":-1161},{"$f":"-332.3-813","v":-1145.3},{"$f":"-270.4-866.3","v":-1136.6999999999998},{"$f":"-195.2-709.8","v":-905},{"$f":"-285.4-905.4","v":-1190.8},121.61213747548767,98.421316404944861]
["Operating profits",{"$f":"B5+B9","v":518.90000000000009},476.60000000000014,490.79999999999973,419.59999999999991,585.70000000000027,503.59999999999945,617.69999999999982,639.50000000000045,688.09999999999945,396.69999999999982,424,401.89999999999964,620.19999999999982,646.19999999999982,701.89999999999964,699.69999999999982,557.00000000000045,595.80000000000018,815.10000000000036,816.39999999999964,741.40000000000009,484,680.69999999999982,399.80000000000018,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN5+AN9","v":600},{"$f":"AO5+AO9","v":675},{"$f":"AP5+AP9","v":900},null,null,null,null,null,null,null,{"$f":"AX5+AX9","v":700},{"$f":"AY5+AY9","v":650},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU5+BU9","v":218.59999999999991},744.5,250.69999999999982,928.90000000000009,578.09999999999991,799.19999999999936,48.971092601665895,58.733656530042644]
["Other income",87.3,75.8,148.9,90.7,73.2,67,61.8,84.8,56.7,51.6,{"$f":"45.6+33","v":78.599999999999994},{"$f":"64.2+36.7","v":100.9},{"$f":"65.6+70.1","v":135.69999999999999},{"$f":"29+10","v":39},{"$f":"24+62.7","v":86.7},{"$f":"79.7+29.6","v":109.30000000000001},{"$f":"30.5+48","v":78.5},{"$f":"148+47","v":195},{"$f":"20.8+54.2","v":75},115.1,{"$f":"168+21.4","v":189.4},{"$f":"29+171","v":200},{"$f":"57.4+126.2","v":183.6},149.9,null,null,null,null,null,null,null,null,null,null,null,null,null,null,75,50,25,null,null,null,null,null,null,null,175,150,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,49.8,19.100000000000001,54,45.3,65.7,58,130.23457862728063,81.644880174291941,"Any large ad-for-equity gains in here",null,null,null,"There is an FX element and ad-for-equity"]
["Interest expense",-33.799999999999997,-37.9,-36.200000000000003,-36,-41.8,-44.8,-44.5,-43.2,-50.9,-73.599999999999994,-101.4,-91,-77.599999999999994,-74.8,-59.5,-45.3,-38,-45,-40.4,-70.599999999999994,-44.3,-56.7,-63.3,-81.5,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-100,-75,-50,null,null,null,null,null,null,null,-50,-75,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-103.6,-71.599999999999994,-91.2,-70.900000000000006,-78.7,-64,115.43909348441927,128.75197472353872]
["D&A expense",-96.2,-95.9,-97.6,-107.4,-106.4,-109.6,-113.6,-117.1,-128.6,-128.19999999999999,-138,-155.30000000000001,-163.6,-174.9,-160.5,-138.9,-140.5,-139.80000000000001,-141.6,-141,-139,-158.30000000000001,-141.30000000000001,-164.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-150,-175,-175,null,null,null,null,null,null,null,-175,-175,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-180.8,-164.8,-166.8,-180.6,-174.8,-194.2,116.52482269503548,116.27742392073601,"That depreciation point previously"]
["Pretax profits",{"$f":"B13+B14+B15+B16","v":476.2000000000001},418.60000000000014,505.89999999999964,366.89999999999986,510.70000000000039,416.19999999999948,521.39999999999975,564.00000000000034,565.2999999999995,246.49999999999983,263.20000000000005,256.4999999999996,514.69999999999982,435.49999999999989,568.59999999999968,624.79999999999984,457.00000000000045,606.00000000000023,{"$f":"T13+T14+T15+T16","v":708.10000000000036},719.89999999999964,747.50000000000011,468.99999999999994,659.69999999999982,303.90000000000015,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN13+AN14+AN15+AN16","v":425},{"$f":"AO13+AO14+AO15+AO16","v":475},{"$f":"AP13+AP14+AP15+AP16","v":700},null,null,null,null,null,null,null,{"$f":"AX13+AX14+AX15+AX16","v":650},{"$f":"AY13+AY14+AY15+AY16","v":550},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU13+BU14+BU15+BU16","v":-16.000000000000085},527.20000000000005,46.699999999999818,722.7,390.2999999999999,598.99999999999932,42.214196416168953,46.06639381537066]
["Extraordinaries",-2.6,0,0,0,0,0,0,0,0,0,-127.9,-60.3,-45,-40,-258.7,0,0,0,0,0,0,0,0,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,-50,-50,null,null,null,null,null,null,null,0,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-127.9,-14.3,-61.6,-15,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
["Tax provision",{"$f":"-159.8-7.5","v":-167.3},{"$f":"-142.1-7.5","v":-149.6},{"$f":"-161.2-9","v":-170.2},{"$f":"-114.8-12.5","v":-127.3},{"$f":"-161.3-7.8","v":-169.10000000000002},{"$f":"-89-7.8","v":-96.8},{"$f":"-145-7.8","v":-152.80000000000001},{"$f":"-138.5-9.6","v":-148.1},{"$f":"-178.1-10","v":-188.1},{"$f":"-75.7-10","v":-85.7},{"$f":"-46.6-10.5","v":-57.1},{"$f":"42-3.9","v":38.1},-145.69999999999999,{"$f":"-91.6+10.2","v":-81.399999999999991},-125.7,-199.1,-140.30000000000001,-153.5,154,-575.1,-219.4,-113,-162.30000000000001,-87.4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-125,-125,-200,null,null,null,null,null,null,null,-200,-150,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-24.4,{"$f":"-159.9+0.2","v":-159.70000000000002},{"$f":"-4+71.5","v":67.5},-222.3,{"$f":"-99.8-10.8","v":-110.6},-197.5,15.197356981394542,53.850893407270483]
["Minority interest",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,null,null,null,null,null,null,null,0,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,40,4.7,23.3,-5.5,7.3,12.2,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
["Net income",{"$f":"B17+B18+B19+B20","v":306.30000000000007},269.00000000000011,335.69999999999965,239.59999999999985,341.60000000000036,319.39999999999947,368.59999999999974,415.90000000000032,377.19999999999948,160.79999999999984,78.200000000000045,234.29999999999959,323.99999999999983,314.09999999999991,184.1999999999997,425.69999999999982,316.70000000000044,452.50000000000023,{"$f":"T17+T18+T19+T20","v":862.10000000000036},144.79999999999961,528.10000000000014,355.99999999999994,497.39999999999981,216.50000000000014,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN17+AN18+AN19+AN20","v":300},{"$f":"AO17+AO18+AO19+AO20","v":300},{"$f":"AP17+AP18+AP19+AP20","v":450},null,null,null,null,null,null,null,{"$f":"AX17+AX18+AX19+AX20","v":450},{"$f":"AY17+AY18+AY19+AY20","v":400},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU17+BU18+BU19+BU20","v":-128.3000000000001},357.90000000000003,75.899999999999821,479.90000000000003,286.99999999999994,413.69999999999931,149.51657458563585,43.526336952151226]
["Adj. net income",{"$f":"B17+B19+B20","v":308.90000000000009},269.00000000000011,335.69999999999965,239.59999999999985,341.60000000000036,319.39999999999947,368.59999999999974,415.90000000000032,377.19999999999948,160.79999999999984,206.10000000000005,294.59999999999962,368.99999999999983,354.09999999999991,442.89999999999969,425.69999999999982,316.70000000000044,452.50000000000023,{"$f":"T17+T19+T20","v":862.10000000000036},144.79999999999961,528.10000000000014,355.99999999999994,497.39999999999981,216.50000000000014,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN17+AN19+AN20","v":300},{"$f":"AO17+AO19+AO20","v":350},{"$f":"AP17+AP19+AP20","v":500},null,null,null,null,null,null,null,{"$f":"AX17+AX19+AX20","v":450},{"$f":"AY17+AY19+AY20","v":400},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU17+BU19+BU20","v":-0.40000000000008384},372.2,137.49999999999983,494.90000000000003,286.99999999999994,413.69999999999931,149.51657458563585,43.526336952151226,"Talk about the merger of Firefly",null,null,null,"Take the benefit of tax - DTC"]
[]
["Source: Company data, Kotak Institutional Equities"]
[]
["Important data"]
["Ratios"]
["OPM (%)",{"$f":"B13/B5*100","v":21.699493999079998},19.069339415036215,17.83365430035245,15.257626995381985,21.194904827386562,17.809527177564789,19.186209038670597,20.162053092881028,21.028665729478625,11.878312423271547,12.7018363739852,12.039422443232869,18.905654625819228,18.619795418527584,21.750178178550392,26.478713339640485,20.34034472684781,21.008462623413266,25.153525690479878,24.983933653640165,22.56238587948874,15.552699228791775,18.934631432545196,12.60324065317446,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},17.518248175182482,20,25,null,null,null,null,null,null,null,{"$f":"AX13/AX5*100","v":20.588235294117645},{"$f":"AY13/AY5*100","v":18.840579710144929},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"BU13/BU5*100","v":6.322670214612133},20.333752116676681,7.3224873674679394,24.121007530511555,17.174177831912299,19.771900744662414]
["Tax rate (%)",{"$f":"-B19/(B17+B18)*100","v":35.325168918918912},35.73817486860964,33.643012453053984,34.696102480239858,33.111415703935755,23.258049014896713,29.305715381664765,26.258865248226932,{"$f":"-J19/(J17)*100","v":33.274367592428824},{"$f":"-K19/(K17)*100","v":34.766734279918886},{"$f":"-L19/(L17+L18)*100","v":42.202512934220238},-19.41896024464836,31.019799872258897,20.581542351453859,40.561471442400816,31.866197183098599,30.700218818380716,25.330033003300322,-21.748340629854528,79.88609529101268,29.351170568561869,24.093816631130068,24.602091859936344,28.759460348798939,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},29.411764705882355,29.411764705882355,30.76923076923077,null,null,null,null,null,null,null,{"$f":"-AX19/(AX17+AX18)*100","v":30.76923076923077},{"$f":"-AY19/(AY17+AY18)*100","v":27.27272727272727},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-BU19/(BU17+BU18)*100","v":-16.956219596942308},31.136673815558584,453.02013422818231,31.411615091140316,28.337176530873691,32.971619365609392,null,null,"Why is the tax rate so low?",null,null,null,"Let me check on this side"]
["Print"]
["Total revenues",null,null,null,null,null,null,null,null,{"$f":"J5","v":3272.2},{"$f":"K5","v":3339.7},3371.1,3301.5,3262.3,3379.5,3188.3,2563.4,2597,2684,3036.2,2975.4,3060.3,2935.8,3382.4,2930.5,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"3398.7-10.9","v":3387.7999999999997},{"$f":"3566.4-17","v":3549.4},3349.1,3721.4,{"$f":"3276.5-6.2","v":3270.3},{"$f":"3919-20","v":3899},{"$f":"Y31/U31*100","v":98.490959198763179}]
["Operating profit",null,null,null,null,null,null,null,null,{"$f":"J13+J16","v":559.49999999999943},{"$f":"K13+K16","v":268.49999999999983},319.10000000000002,319,570.70000000000005,524.79999999999995,617,645.79999999999995,519,496,682.6,661,655.1,475,647.70000000000005,297.8,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,312.2,672.3,210.6,847.2,543.9,777,{"$f":"Y32/U32*100","v":45.052950075642968}]
["Radio",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Y33/U33*100","v":{"$error":"#DIV/0!"}}]
["Total revenues",null,null,null,null,null,null,null,null,null,null,67.900000000000006,73.400000000000006,88.3,97,101.5,129.9,122.7,141.4,179.6,252.2,212.6,157.4,172.7,196.5,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,200,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,67.900000000000006,101.5,76.3,135.30000000000001,88.4,123.1,{"$f":"Y34/U34*100","v":77.914353687549564}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,-174.3,-20.9,-26.8,-23.7,-12.9,4.5,-11.5,5.8,30.3,53.6,25.1,-44.9,-9.4,-13.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-174.3,-12.9,-20.7,5.0999999999999996,-27.3,-12.2,{"$f":"Y35/U35*100","v":-24.813432835820894}]
["Unallocated"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,41,null,null,71.099999999999994,45.2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-39.200000000000003,null,null,-49.4,-49]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(BV31/BU31-1)*100","v":4.7700572643013306}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,15]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"9333/7734*100","v":120.67494181536074}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"22235/18219*(100)","v":122.04292222405182}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"32258/25251*100","v":127.74939606352224}]

{"sheet":"interim_saln_cum","index":18,"n_rows":35,"n_cols":55,"rows_kept":35,"cut":false,"hidden":false,"merged":[]}
[]
["HT Media standalone quarterly interim results (Rs mn)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cons.","Cons.","Cons.","Cons.","Cons."]
[null,"1QFY07","2QFY07","3QFY07","4QFY07","1QFY08","1HFY08","9MFY08","FY2008","1QFY09","1HFY09","9MFY09","FY2009","1QFY10","1HFY10","9MFY10","FY2010","1QFY11","1HFY11","9MFY11","FY2011","1QFY12","1HFY12","9MFY12","FY2012",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FY2010E","FY2010E","9MFY09","9MFY10","FY2009","FY2010",null,null,null,null,null,null,"yoy (%)"]
["Total revenues",{"$f":"B6+B7+B8","v":2391.3000000000002},2499.3000000000002,2752.1,2750.1,2763.4,5591.1,8810.6,11982.4,3272.2,6611.9,9950,13288.199999999999,3280.5,6751,9978.1,12620.6,2738.4,5574.4,{"$f":"T6+T7+T8","v":8814.9},12082.6,3286,6398,9993,13165.2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ6+AQ7+AQ8","v":12631.1},14365.208246068667,10166.9,10527.7,13590.7,14378.6,null,null,null,null,null,null,{"$f":"(Y5/U5-1)*100","v":8.9599920546902254}]
["Advertising revenue",1972.5,2073.5,2360,2344,{"$f":"SUM(interim_saln_qtr!$F6:F6)","v":2350},{"$f":"SUM(interim_saln_qtr!$F6:G6)","v":4743},{"$f":"SUM(interim_saln_qtr!$F6:H6)","v":7482},{"$f":"SUM(interim_saln_qtr!$F6:I6)","v":10137},{"$f":"SUM(interim_saln_qtr!$J6:J6)","v":2805},{"$f":"SUM(interim_saln_qtr!$J6:K6)","v":5636},{"$f":"SUM(interim_saln_qtr!$J6:L6)","v":8502},{"$f":"SUM(interim_saln_qtr!$J6:M6)","v":11299},{"$f":"SUM(interim_saln_qtr!$N6:N6)","v":2781},{"$f":"SUM(interim_saln_qtr!$N6:O6)","v":5602},{"$f":"SUM(interim_saln_qtr!$N6:P6)","v":7810},{"$f":"SUM(interim_saln_qtr!$N6:Q6)","v":10041},{"$f":"SUM(interim_saln_qtr!$R6:R6)","v":2326},{"$f":"SUM(interim_saln_qtr!$R6:S6)","v":4706},{"$f":"SUM(interim_saln_qtr!$R6:T6)","v":7450},{"$f":"SUM(interim_saln_qtr!$R6:U6)","v":10146},{"$f":"SUM(interim_saln_qtr!$V6:V6)","v":2736},{"$f":"SUM(interim_saln_qtr!$V6:W6)","v":5308},{"$f":"SUM(interim_saln_qtr!$V6:X6)","v":8357},{"$f":"SUM(interim_saln_qtr!$V6:Y6)","v":10957},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10409.6,11438.819922180446,null,null,11299,11439,null,null,null,null,null,null,{"$f":"(Y6/U6-1)*100","v":7.9932978513699959}]
["Circulation revenue",332,350,350,330,{"$f":"SUM(interim_saln_qtr!$F7:F7)","v":330},{"$f":"SUM(interim_saln_qtr!$F7:G7)","v":690},{"$f":"SUM(interim_saln_qtr!$F7:H7)","v":1080},{"$f":"SUM(interim_saln_qtr!$F7:I7)","v":1450},{"$f":"SUM(interim_saln_qtr!$J7:J7)","v":358},{"$f":"SUM(interim_saln_qtr!$J7:K7)","v":731},{"$f":"SUM(interim_saln_qtr!$J7:L7)","v":1121},{"$f":"SUM(interim_saln_qtr!$J7:M7)","v":1531},{"$f":"SUM(interim_saln_qtr!$N7:N7)","v":444},{"$f":"SUM(interim_saln_qtr!$N7:O7)","v":923},{"$f":"SUM(interim_saln_qtr!$N7:P7)","v":1098},{"$f":"SUM(interim_saln_qtr!$N7:Q7)","v":1240},{"$f":"SUM(interim_saln_qtr!$R7:R7)","v":145},{"$f":"SUM(interim_saln_qtr!$R7:S7)","v":275},{"$f":"SUM(interim_saln_qtr!$R7:T7)","v":440},{"$f":"SUM(interim_saln_qtr!$R7:U7)","v":602},{"$f":"SUM(interim_saln_qtr!$V7:V7)","v":154},{"$f":"SUM(interim_saln_qtr!$V7:W7)","v":328},{"$f":"SUM(interim_saln_qtr!$V7:X7)","v":493},{"$f":"SUM(interim_saln_qtr!$V7:Y7)","v":630},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1442.5,1832.9666866218301,null,null,1531,1833,null,null,null,null,null,null,{"$f":"(Y7/U7-1)*100","v":4.6511627906976827}]
["Other operating revenue",86.8,75.8,42.099999999999909,76.099999999999909,{"$f":"SUM(interim_saln_qtr!$F8:F8)","v":83.4},{"$f":"SUM(interim_saln_qtr!$F8:G8)","v":158.10000000000002},{"$f":"SUM(interim_saln_qtr!$F8:H8)","v":248.60000000000002},{"$f":"SUM(interim_saln_qtr!$F8:I8)","v":395.40000000000003},{"$f":"SUM(interim_saln_qtr!$J8:J8)","v":109.2},{"$f":"SUM(interim_saln_qtr!$J8:K8)","v":244.89999999999998},{"$f":"SUM(interim_saln_qtr!$J8:L8)","v":326.99999999999989},{"$f":"SUM(interim_saln_qtr!$J8:M8)","v":458.1999999999997},{"$f":"SUM(interim_saln_qtr!$N8:N8)","v":55.5},{"$f":"SUM(interim_saln_qtr!$N8:O8)","v":226},{"$f":"SUM(interim_saln_qtr!$N8:P8)","v":1070.0999999999999},{"$f":"SUM(interim_saln_qtr!$N8:Q8)","v":1339.6},{"$f":"SUM(interim_saln_qtr!$R8:R8)","v":267.40000000000009},{"$f":"SUM(interim_saln_qtr!$R8:S8)","v":593.40000000000009},{"$f":"SUM(interim_saln_qtr!$R8:T8)","v":924.90000000000009},{"$f":"SUM(interim_saln_qtr!$R8:U8)","v":1334.6},{"$f":"SUM(interim_saln_qtr!$V8:V8)","v":396},{"$f":"SUM(interim_saln_qtr!$V8:W8)","v":762},{"$f":"SUM(interim_saln_qtr!$V8:X8)","v":1143},{"$f":"SUM(interim_saln_qtr!$V8:Y8)","v":1578.1999999999998},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,779,1093.4216372663909,{"$f":"10166.9-AS6-AS7","v":10166.9},{"$f":"10527.7-AT6-AT7","v":10527.7},{"$f":"13590.7-AU6-AU7","v":760.70000000000073},{"$f":"14378.6-AV6-AV7","v":1106.6000000000004},null,null,null,null,null,null,18.252659973025629]
["Total expenditure",{"$f":"B10+B11+B12","v":-1872.4},-2022.7,-2261.3000000000002,-2330.5,-2177.6999999999998,-4501.8,-7103.5999999999995,-9635.9,-2584.1000000000004,-5527.1,-8441.2000000000007,-11377.5,-2660.3,-5484.6,-8009.7999999999993,-9952.6,-2181.3999999999996,-4421.6000000000004,{"$f":"T10+T11+T12","v":-6847},-9298.2999999999993,-2544.6,-5172.6000000000004,-8086.9000000000005,-10859.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ10+AQ11+AQ12","v":-9937.7000000000007},-11552.449029838892,-9414.0999999999985,-8653.2999999999993,-12587.2,-11575.400000000001,null,null,null,null,null,null,16.788015013497095]
["Raw material costs",{"$f":"-953.1+1.2","v":-951.9},-1076,{"$f":"-1170.3+1.5","v":-1168.8},{"$f":"-1124.3+3.5","v":-1120.8},{"$f":"SUM(interim_saln_qtr!$F10:F10)","v":-1085.8999999999999},{"$f":"SUM(interim_saln_qtr!$F10:G10)","v":-2215.3000000000002},{"$f":"SUM(interim_saln_qtr!$F10:H10)","v":-3441},{"$f":"SUM(interim_saln_qtr!$F10:I10)","v":-4561.7},{"$f":"SUM(interim_saln_qtr!$J10:J10)","v":-1191.3000000000002},{"$f":"SUM(interim_saln_qtr!$J10:K10)","v":-2654.4000000000005},{"$f":"SUM(interim_saln_qtr!$J10:L10)","v":-4116.1000000000004},{"$f":"SUM(interim_saln_qtr!$J10:M10)","v":-5401},{"$f":"SUM(interim_saln_qtr!$N10:N10)","v":-1225.6000000000001},{"$f":"SUM(interim_saln_qtr!$N10:O10)","v":-2455.3000000000002},{"$f":"SUM(interim_saln_qtr!$N10:P10)","v":-3426.9},{"$f":"SUM(interim_saln_qtr!$N10:Q10)","v":-4098.3},{"$f":"SUM(interim_saln_qtr!$R10:R10)","v":-771.3},{"$f":"SUM(interim_saln_qtr!$R10:S10)","v":-1633.9},{"$f":"SUM(interim_saln_qtr!$R10:T10)","v":-2598.6},{"$f":"SUM(interim_saln_qtr!$R10:U10)","v":-3554.3},{"$f":"SUM(interim_saln_qtr!$V10:V10)","v":-958.7},{"$f":"SUM(interim_saln_qtr!$V10:W10)","v":-1964.2},{"$f":"SUM(interim_saln_qtr!$V10:X10)","v":-3026.8},{"$f":"SUM(interim_saln_qtr!$V10:Y10)","v":-4013.1000000000004},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-4098.3,-4744.2788489331133,{"$f":"-4233.4+3.3","v":-4230.0999999999995},{"$f":"-3607.8+2.3","v":-3605.5},{"$f":"-5588.7+1","v":-5587.7},{"$f":"-4760.7+0.4","v":-4760.3},null,null,null,null,null,null,12.908308246349499]
["Employee expenses",-354.8,-348.2,-388.2,-391.3,{"$f":"SUM(interim_saln_qtr!$F11:F11)","v":-402.2},{"$f":"SUM(interim_saln_qtr!$F11:G11)","v":-825.5},{"$f":"SUM(interim_saln_qtr!$F11:H11)","v":-1258.4000000000001},{"$f":"SUM(interim_saln_qtr!$F11:I11)","v":-1755.8000000000002},{"$f":"SUM(interim_saln_qtr!$J11:J11)","v":-450.7},{"$f":"SUM(interim_saln_qtr!$J11:K11)","v":-946.2},{"$f":"SUM(interim_saln_qtr!$J11:L11)","v":-1441.6},{"$f":"SUM(interim_saln_qtr!$J11:M11)","v":-2035.8},{"$f":"SUM(interim_saln_qtr!$N11:N11)","v":-573},{"$f":"SUM(interim_saln_qtr!$N11:O11)","v":-1121.8},{"$f":"SUM(interim_saln_qtr!$N11:P11)","v":-1634},{"$f":"SUM(interim_saln_qtr!$N11:Q11)","v":-2081.8000000000002},{"$f":"SUM(interim_saln_qtr!$R11:R11)","v":-548},{"$f":"SUM(interim_saln_qtr!$R11:S11)","v":-1048},{"$f":"SUM(interim_saln_qtr!$R11:T11)","v":-1568.5},{"$f":"SUM(interim_saln_qtr!$R11:U11)","v":-2095.1999999999998},{"$f":"SUM(interim_saln_qtr!$V11:V11)","v":-619},{"$f":"SUM(interim_saln_qtr!$V11:W11)","v":-1209.9000000000001},{"$f":"SUM(interim_saln_qtr!$V11:X11)","v":-1864.4},{"$f":"SUM(interim_saln_qtr!$V11:Y11)","v":-2472.1999999999998},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-2081.8000000000002,-2513.7128699636805,-1749.1,-1889.2,-2419.1999999999998,-2519.8000000000002,null,null,null,null,null,null,17.993508972890425]
["SG&A and other costs",{"$f":"-84.6-481.1","v":-565.70000000000005},{"$f":"-106.3-492.2","v":-598.5},{"$f":"-178.7-525.6","v":-704.3},{"$f":"-268.2-550.2","v":-818.40000000000009},{"$f":"SUM(interim_saln_qtr!$F12:F12)","v":-689.6},{"$f":"SUM(interim_saln_qtr!$F12:G12)","v":-1461},{"$f":"SUM(interim_saln_qtr!$F12:H12)","v":-2404.1999999999998},{"$f":"SUM(interim_saln_qtr!$F12:I12)","v":-3318.3999999999996},{"$f":"SUM(interim_saln_qtr!$J12:J12)","v":-942.1},{"$f":"SUM(interim_saln_qtr!$J12:K12)","v":-1926.5},{"$f":"SUM(interim_saln_qtr!$J12:L12)","v":-2883.5},{"$f":"SUM(interim_saln_qtr!$J12:M12)","v":-3940.7},{"$f":"SUM(interim_saln_qtr!$N12:N12)","v":-861.7},{"$f":"SUM(interim_saln_qtr!$N12:O12)","v":-1907.5},{"$f":"SUM(interim_saln_qtr!$N12:P12)","v":-2948.9},{"$f":"SUM(interim_saln_qtr!$N12:Q12)","v":-3772.5},{"$f":"SUM(interim_saln_qtr!$R12:R12)","v":-862.09999999999991},{"$f":"SUM(interim_saln_qtr!$R12:S12)","v":-1739.6999999999998},{"$f":"SUM(interim_saln_qtr!$R12:T12)","v":-2679.8999999999996},{"$f":"SUM(interim_saln_qtr!$R12:U12)","v":-3648.7999999999997},{"$f":"SUM(interim_saln_qtr!$V12:V12)","v":-966.9},{"$f":"SUM(interim_saln_qtr!$V12:W12)","v":-1998.5},{"$f":"SUM(interim_saln_qtr!$V12:X12)","v":-3195.7},{"$f":"SUM(interim_saln_qtr!$V12:Y12)","v":-4374},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-3757.5999999999995,-4294.4573109420971,{"$f":"-1208.6-2226.3","v":-3434.9},{"$f":"-888.4-2270.2","v":-3158.6},{"$f":"-1540.9-3039.4","v":-4580.3},{"$f":"-1158.8-3136.5","v":-4295.3},null,null,null,null,null,null,19.875027406270561]
["Operating profits",{"$f":"B5+B9","v":518.90000000000009},476.60000000000014,490.79999999999973,419.59999999999991,585.70000000000027,1089.3000000000002,1707.0000000000009,2346.5,688.09999999999945,1084.7999999999993,1508.7999999999993,1910.6999999999989,620.19999999999982,1266.3999999999996,1968.3000000000011,2668,557.00000000000045,1152.7999999999993,{"$f":"T5+T9","v":1967.8999999999996},2784.3000000000011,741.40000000000009,1225.3999999999996,1906.0999999999995,2305.9000000000015,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ5+AQ9","v":2693.3999999999996},2812.7592162297751,752.80000000000109,1874.4000000000015,1003.5,2803.1999999999989,null,null,null,null,null,null,-17.182056531264568]
["Other income",87.3,75.8,148.9,90.7,{"$f":"SUM(interim_saln_qtr!$F14:F14)","v":73.2},{"$f":"SUM(interim_saln_qtr!$F14:G14)","v":140.19999999999999},{"$f":"SUM(interim_saln_qtr!$F14:H14)","v":202},{"$f":"SUM(interim_saln_qtr!$F14:I14)","v":286.8},{"$f":"SUM(interim_saln_qtr!$J14:J14)","v":56.7},{"$f":"SUM(interim_saln_qtr!$J14:K14)","v":108.30000000000001},{"$f":"SUM(interim_saln_qtr!$J14:L14)","v":186.9},{"$f":"SUM(interim_saln_qtr!$J14:M14)","v":287.8},{"$f":"SUM(interim_saln_qtr!$N14:N14)","v":135.69999999999999},{"$f":"SUM(interim_saln_qtr!$N14:O14)","v":174.7},{"$f":"SUM(interim_saln_qtr!$N14:P14)","v":261.39999999999998},{"$f":"SUM(interim_saln_qtr!$N14:Q14)","v":370.7},{"$f":"SUM(interim_saln_qtr!$R14:R14)","v":78.5},{"$f":"SUM(interim_saln_qtr!$R14:S14)","v":273.5},{"$f":"SUM(interim_saln_qtr!$R14:T14)","v":348.5},{"$f":"SUM(interim_saln_qtr!$R14:U14)","v":463.6},{"$f":"SUM(interim_saln_qtr!$V14:V14)","v":189.4},{"$f":"SUM(interim_saln_qtr!$V14:W14)","v":389.4},{"$f":"SUM(interim_saln_qtr!$V14:X14)","v":573},{"$f":"SUM(interim_saln_qtr!$V14:Y14)","v":722.9},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,360.20000000000005,160.38704556901547,151.80000000000001,114.2,205.8,159.4,null,null,null,null,null,null,55.9318377911993]
["Interest expense",-33.799999999999997,-37.9,-36.200000000000003,-36,{"$f":"SUM(interim_saln_qtr!$F15:F15)","v":-41.8},{"$f":"SUM(interim_saln_qtr!$F15:G15)","v":-86.6},{"$f":"SUM(interim_saln_qtr!$F15:H15)","v":-131.1},{"$f":"SUM(interim_saln_qtr!$F15:I15)","v":-174.3},{"$f":"SUM(interim_saln_qtr!$J15:J15)","v":-50.9},{"$f":"SUM(interim_saln_qtr!$J15:K15)","v":-124.5},{"$f":"SUM(interim_saln_qtr!$J15:L15)","v":-225.9},{"$f":"SUM(interim_saln_qtr!$J15:M15)","v":-316.89999999999998},{"$f":"SUM(interim_saln_qtr!$N15:N15)","v":-77.599999999999994},{"$f":"SUM(interim_saln_qtr!$N15:O15)","v":-152.39999999999998},{"$f":"SUM(interim_saln_qtr!$N15:P15)","v":-211.89999999999998},{"$f":"SUM(interim_saln_qtr!$N15:Q15)","v":-257.2},{"$f":"SUM(interim_saln_qtr!$R15:R15)","v":-38},{"$f":"SUM(interim_saln_qtr!$R15:S15)","v":-83},{"$f":"SUM(interim_saln_qtr!$R15:T15)","v":-123.4},{"$f":"SUM(interim_saln_qtr!$R15:U15)","v":-194},{"$f":"SUM(interim_saln_qtr!$V15:V15)","v":-44.3},{"$f":"SUM(interim_saln_qtr!$V15:W15)","v":-101},{"$f":"SUM(interim_saln_qtr!$V15:X15)","v":-164.3},{"$f":"SUM(interim_saln_qtr!$V15:Y15)","v":-245.8},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-257.3,-295.12,-231.6,-224.2,-322.8,-295.10000000000002,null,null,null,null,null,null,26.701030927835067]
["D&A expense",-96.2,-95.9,-97.6,-107.4,{"$f":"SUM(interim_saln_qtr!$F16:F16)","v":-106.4},{"$f":"SUM(interim_saln_qtr!$F16:G16)","v":-216},{"$f":"SUM(interim_saln_qtr!$F16:H16)","v":-329.6},{"$f":"SUM(interim_saln_qtr!$F16:I16)","v":-446.70000000000005},{"$f":"SUM(interim_saln_qtr!$J16:J16)","v":-128.6},{"$f":"SUM(interim_saln_qtr!$J16:K16)","v":-256.79999999999995},{"$f":"SUM(interim_saln_qtr!$J16:L16)","v":-394.79999999999995},{"$f":"SUM(interim_saln_qtr!$J16:M16)","v":-550.09999999999991},{"$f":"SUM(interim_saln_qtr!$N16:N16)","v":-163.6},{"$f":"SUM(interim_saln_qtr!$N16:O16)","v":-338.5},{"$f":"SUM(interim_saln_qtr!$N16:P16)","v":-499},{"$f":"SUM(interim_saln_qtr!$N16:Q16)","v":-637.9},{"$f":"SUM(interim_saln_qtr!$R16:R16)","v":-140.5},{"$f":"SUM(interim_saln_qtr!$R16:S16)","v":-280.3},{"$f":"SUM(interim_saln_qtr!$R16:T16)","v":-421.9},{"$f":"SUM(interim_saln_qtr!$R16:U16)","v":-562.9},{"$f":"SUM(interim_saln_qtr!$V16:V16)","v":-139},{"$f":"SUM(interim_saln_qtr!$V16:W16)","v":-297.3},{"$f":"SUM(interim_saln_qtr!$V16:X16)","v":-438.6},{"$f":"SUM(interim_saln_qtr!$V16:Y16)","v":-602.90000000000009},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-637.9,-706.81952616932836,-521.29999999999995,-526.20000000000005,-688.1,-706.8,null,null,null,null,null,null,7.1060579143720215]
["Pretax profits",{"$f":"B13+B14+B15+B16","v":476.2000000000001},418.60000000000014,505.89999999999964,366.89999999999986,510.70000000000039,926.90000000000032,1448.3000000000011,2012.3,565.2999999999995,811.79999999999927,1074.9999999999993,1331.4999999999991,514.69999999999982,950.19999999999982,1518.8000000000011,2143.6,457.00000000000045,1062.9999999999993,{"$f":"T13+T14+T15+T16","v":1771.0999999999995},2491.0000000000009,747.50000000000011,1216.4999999999998,1876.1999999999994,2180.1000000000013,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ13+AQ14+AQ15+AQ16","v":2158.3999999999992},1971.2067356294622,151.70000000000107,1238.2000000000014,198.39999999999998,1960.6999999999991,null,null,null,null,null,null,-12.480931352870318]
["Extraordinaries",-2.6,0,0,0,{"$f":"SUM(interim_saln_qtr!$F18:F18)","v":0},{"$f":"SUM(interim_saln_qtr!$F18:G18)","v":0},{"$f":"SUM(interim_saln_qtr!$F18:H18)","v":0},{"$f":"SUM(interim_saln_qtr!$F18:I18)","v":0},{"$f":"SUM(interim_saln_qtr!$J18:J18)","v":0},{"$f":"SUM(interim_saln_qtr!$J18:K18)","v":0},{"$f":"SUM(interim_saln_qtr!$J18:L18)","v":-127.9},{"$f":"SUM(interim_saln_qtr!$J18:M18)","v":-188.2},{"$f":"SUM(interim_saln_qtr!$N18:N18)","v":-45},{"$f":"SUM(interim_saln_qtr!$N18:O18)","v":-85},{"$f":"SUM(interim_saln_qtr!$N18:P18)","v":-343.7},{"$f":"SUM(interim_saln_qtr!$N18:Q18)","v":-343.7},{"$f":"SUM(interim_saln_qtr!$R18:R18)","v":0},{"$f":"SUM(interim_saln_qtr!$R18:S18)","v":0},{"$f":"SUM(interim_saln_qtr!$R18:T18)","v":0},{"$f":"SUM(interim_saln_qtr!$R18:U18)","v":0},{"$f":"SUM(interim_saln_qtr!$V18:V18)","v":0},{"$f":"SUM(interim_saln_qtr!$V18:W18)","v":0},{"$f":"SUM(interim_saln_qtr!$V18:X18)","v":0},{"$f":"SUM(interim_saln_qtr!$V18:Y18)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-358.7,-75.8,-127.9,-54.3,-189.5,{"$f":"-69.3-6.5","v":-75.8},null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Tax provision",{"$f":"-159.8-7.5","v":-167.3},{"$f":"-142.1-7.5","v":-149.6},{"$f":"-161.2-9","v":-170.2},{"$f":"-114.8-12.5","v":-127.3},{"$f":"SUM(interim_saln_qtr!$F19:F19)","v":-169.10000000000002},{"$f":"SUM(interim_saln_qtr!$F19:G19)","v":-265.90000000000003},{"$f":"SUM(interim_saln_qtr!$F19:H19)","v":-418.70000000000005},{"$f":"SUM(interim_saln_qtr!$F19:I19)","v":-566.80000000000007},{"$f":"SUM(interim_saln_qtr!$J19:J19)","v":-188.1},{"$f":"SUM(interim_saln_qtr!$J19:K19)","v":-273.8},{"$f":"SUM(interim_saln_qtr!$J19:L19)","v":-330.90000000000003},{"$f":"SUM(interim_saln_qtr!$J19:M19)","v":-292.8},{"$f":"SUM(interim_saln_qtr!$N19:N19)","v":-145.69999999999999},{"$f":"SUM(interim_saln_qtr!$N19:O19)","v":-227.09999999999997},{"$f":"SUM(interim_saln_qtr!$N19:P19)","v":-352.79999999999995},{"$f":"SUM(interim_saln_qtr!$N19:Q19)","v":-551.9},{"$f":"SUM(interim_saln_qtr!$R19:R19)","v":-140.30000000000001},{"$f":"SUM(interim_saln_qtr!$R19:S19)","v":-293.8},{"$f":"SUM(interim_saln_qtr!$R19:T19)","v":-139.80000000000001},{"$f":"SUM(interim_saln_qtr!$R19:U19)","v":-714.90000000000009},{"$f":"SUM(interim_saln_qtr!$V19:V19)","v":-219.4},{"$f":"SUM(interim_saln_qtr!$V19:W19)","v":-332.4},{"$f":"SUM(interim_saln_qtr!$V19:X19)","v":-494.7},{"$f":"SUM(interim_saln_qtr!$V19:Y19)","v":-582.1},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-515.6,-540.78792783490962,{"$f":"-157-35.4","v":-192.4},-314.10000000000002,{"$f":"-85.5-39.4","v":-124.9},-536.5,null,null,null,null,null,null,-18.576024618827812]
["Minority interest",0,0,0,0,{"$f":"SUM(interim_saln_qtr!$F20:F20)","v":0},{"$f":"SUM(interim_saln_qtr!$F20:G20)","v":0},{"$f":"SUM(interim_saln_qtr!$F20:H20)","v":0},{"$f":"SUM(interim_saln_qtr!$F20:I20)","v":0},{"$f":"SUM(interim_saln_qtr!$J20:J20)","v":0},{"$f":"SUM(interim_saln_qtr!$J20:K20)","v":0},{"$f":"SUM(interim_saln_qtr!$J20:L20)","v":0},{"$f":"SUM(interim_saln_qtr!$J20:M20)","v":0},{"$f":"SUM(interim_saln_qtr!$N20:N20)","v":0},{"$f":"SUM(interim_saln_qtr!$N20:O20)","v":0},{"$f":"SUM(interim_saln_qtr!$N20:P20)","v":0},{"$f":"SUM(interim_saln_qtr!$N20:Q20)","v":0},{"$f":"SUM(interim_saln_qtr!$R20:R20)","v":0},{"$f":"SUM(interim_saln_qtr!$R20:S20)","v":0},{"$f":"SUM(interim_saln_qtr!$R20:T20)","v":0},{"$f":"SUM(interim_saln_qtr!$R20:U20)","v":0},{"$f":"SUM(interim_saln_qtr!$V20:V20)","v":0},{"$f":"SUM(interim_saln_qtr!$V20:W20)","v":0},{"$f":"SUM(interim_saln_qtr!$V20:X20)","v":0},{"$f":"SUM(interim_saln_qtr!$V20:Y20)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"0","v":0},10.9,{"$f":"103.2-1.5","v":101.7},16.399999999999999,{"$f":"1.5+126.5","v":128},10.9,null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Net income",{"$f":"B17+B18+B19+B20","v":306.30000000000007},269.00000000000011,335.69999999999965,239.59999999999985,341.60000000000036,661.00000000000023,1029.600000000001,1445.5,377.19999999999948,537.99999999999932,616.19999999999936,850.49999999999909,323.99999999999983,638.09999999999991,822.30000000000109,1248,316.70000000000044,769.19999999999936,{"$f":"T17+T18+T19+T20","v":1631.2999999999995},1776.1000000000008,528.10000000000014,884.0999999999998,1381.4999999999993,1598.0000000000014,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ17+AQ18+AQ19+AQ20","v":1284.099999999999},1365.5188077945527,-66.89999999999894,886.20000000000141,11.999999999999972,1359.2999999999993,null,null,null,null,null,null,-10.027588536681453]
["Adj. net income",{"$f":"B17+B19+B20","v":308.90000000000009},269.00000000000011,335.69999999999965,239.59999999999985,341.60000000000036,661.00000000000023,1029.600000000001,1445.5,377.19999999999948,537.99999999999932,744.09999999999923,1038.6999999999991,368.99999999999983,723.09999999999991,1166.0000000000011,1591.6999999999998,316.70000000000044,769.19999999999936,{"$f":"T17+T19+T20","v":1631.2999999999995},1776.1000000000008,528.10000000000014,884.0999999999998,1381.4999999999993,1598.0000000000014,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ17+AQ19+AQ20","v":1642.7999999999993},1441.3188077945526,61.000000000001066,940.50000000000136,201.49999999999997,1435.0999999999992,null,null,null,null,null,null,-10.027588536681453]
[]
["Source: Company data, Kotak Institutional Equities"]
[]
["Important data"]
["Ratios"]
["OPM (%)",{"$f":"B13/B5*100","v":21.699493999079998},19.069339415036215,17.83365430035245,15.257626995381985,21.194904827386562,19.482749369533725,19.374389939391197,19.582888236079583,21.028665729478625,16.406781711762118,15.163819095477379,14.378922653181011,18.905654625819228,18.758702414457112,19.726200378829649,21.140040885536347,20.34034472684781,20.680252583237646,{"$f":"T13/T5*100","v":22.324700223485234},23.043881283829649,22.56238587948874,19.152860268834004,19.074352046432498,17.51511560781455,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ13/AQ5*100","v":21.32355851826048},19.580358098877852,7.4044202264210437,17.804458713679164,7.3837256359127927,19.495639352927256]
["Tax rate (%)",{"$f":"-B19/(B17+B18)*100","v":35.325168918918912},35.73817486860964,33.643012453053984,34.696102480239858,33.111415703935755,28.687021253641166,28.90975626596698,28.166774337822396,{"$f":"-J19/(J17)*100","v":33.274367592428824},{"$f":"-K19/(K17)*100","v":33.727519093372784},{"$f":"-L19/(L17+L18)*100","v":34.938232499208141},25.610076095513012,31.019799872258897,26.248266296809987,30.022976767934612,30.662814600811156,30.700218818380716,27.638758231420528,{"$f":"-T19/(T17+T18)*100","v":7.8933995821805683},28.699317543155349,29.351170568561869,27.324290998766958,26.367125039974425,26.700610063758528,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AQ19/(AQ17+AQ18)*100","v":28.649219314330182},28.531497628941082,808.40336134450172,26.530957006503897,1403.3707865168576,28.463048437582909]
["Print"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_saln_qtr!$N31:N31)","v":3262.3},{"$f":"SUM(interim_saln_qtr!$N31:O31)","v":6641.8},{"$f":"SUM(interim_saln_qtr!$N31:P31)","v":9830.1},{"$f":"SUM(interim_saln_qtr!$N31:Q31)","v":12393.5},{"$f":"SUM(interim_saln_qtr!$R31:R31)","v":2597},{"$f":"SUM(interim_saln_qtr!$R31:S31)","v":5281},{"$f":"SUM(interim_saln_qtr!$R31:T31)","v":8317.2000000000007},{"$f":"SUM(interim_saln_qtr!$R31:U31)","v":11292.6},{"$f":"SUM(interim_saln_qtr!$V31:V31)","v":3060.3},{"$f":"SUM(interim_saln_qtr!$V31:W31)","v":5996.1},{"$f":"SUM(interim_saln_qtr!$V31:X31)","v":9378.5},{"$f":"SUM(interim_saln_qtr!$V31:Y31)","v":12309},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"10015.8-75.6","v":9940.1999999999989},{"$f":"10242.6-30.2","v":10212.4},13381.7,13967.2]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_saln_qtr!$N32:N32)","v":570.70000000000005},{"$f":"SUM(interim_saln_qtr!$N32:O32)","v":1095.5},{"$f":"SUM(interim_saln_qtr!$N32:P32)","v":1712.5},{"$f":"SUM(interim_saln_qtr!$N32:Q32)","v":2358.3000000000002},{"$f":"SUM(interim_saln_qtr!$R32:R32)","v":519},{"$f":"SUM(interim_saln_qtr!$R32:S32)","v":1015},{"$f":"SUM(interim_saln_qtr!$R32:T32)","v":1697.6},{"$f":"SUM(interim_saln_qtr!$R32:U32)","v":2358.6},{"$f":"SUM(interim_saln_qtr!$V32:V32)","v":655.1},{"$f":"SUM(interim_saln_qtr!$V32:W32)","v":1130.0999999999999},{"$f":"SUM(interim_saln_qtr!$V32:X32)","v":1777.8},{"$f":"SUM(interim_saln_qtr!$V32:Y32)","v":2075.6},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1001.4,1669,1304.5999999999999,2620.5]
["Radio"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_saln_qtr!$N34:N34)","v":88.3},{"$f":"SUM(interim_saln_qtr!$N34:O34)","v":185.3},{"$f":"SUM(interim_saln_qtr!$N34:P34)","v":286.8},{"$f":"SUM(interim_saln_qtr!$N34:Q34)","v":416.70000000000005},{"$f":"SUM(interim_saln_qtr!$R34:R34)","v":122.7},{"$f":"SUM(interim_saln_qtr!$R34:S34)","v":264.10000000000002},{"$f":"SUM(interim_saln_qtr!$R34:T34)","v":443.70000000000005},{"$f":"SUM(interim_saln_qtr!$R34:U34)","v":695.90000000000009},{"$f":"SUM(interim_saln_qtr!$V34:V34)","v":212.6},{"$f":"SUM(interim_saln_qtr!$V34:W34)","v":370},{"$f":"SUM(interim_saln_qtr!$V34:X34)","v":542.70000000000005},{"$f":"SUM(interim_saln_qtr!$V34:Y34)","v":739.2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,223.4,287.7,283.3,430.5]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_saln_qtr!$N35:N35)","v":-26.8},{"$f":"SUM(interim_saln_qtr!$N35:O35)","v":-50.5},{"$f":"SUM(interim_saln_qtr!$N35:P35)","v":-63.4},{"$f":"SUM(interim_saln_qtr!$N35:Q35)","v":-58.9},{"$f":"SUM(interim_saln_qtr!$R35:R35)","v":-11.5},{"$f":"SUM(interim_saln_qtr!$R35:S35)","v":-5.7},{"$f":"SUM(interim_saln_qtr!$R35:T35)","v":24.6},{"$f":"SUM(interim_saln_qtr!$R35:U35)","v":78.2},{"$f":"SUM(interim_saln_qtr!$V35:V35)","v":25.1},{"$f":"SUM(interim_saln_qtr!$V35:W35)","v":-19.799999999999997},{"$f":"SUM(interim_saln_qtr!$V35:X35)","v":-29.199999999999996},{"$f":"SUM(interim_saln_qtr!$V35:Y35)","v":-42.5},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-395.1,-62.5,-414.8,-58.6]

{"sheet":"interim_cons_qtr","index":19,"n_rows":45,"n_cols":60,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[]
["HT Media consolidated quarterly interim results (Rs mn)"]
[]
[null,"1QFY07","2QFY07","3QFY07","4QFY07","1QFY08","2QFY08","3QFY08","4QFY08","1QFY09","2QFY09","3QFY09","4QFY09","1QFY10","2QFY10","3QFY10","4QFY10","1QFY11","2QFY11","3QFY11","4QFY11","1QFY12","2QFY12","3QFY12","4QFY12",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1QFY10E","2QFY10E","3QFY10E","4QFY10E","1QFY11E","2QFY11E","3QFY11E","4QFY11E","1QFY12E","2QFY12E","3QFY12E","4QFY12E",null,"yoy","qoq"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,{"$f":"L6+L7+L8","v":3435.3},3380.9,3295.5,3496.3,3594.4,3743,4028.4,4310,4621.5,4672.7,4944.2,4889,5238.1000000000004,4941,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN6+AN7+AN8","v":3425},{"$f":"AO6+AO7+AO8","v":3375},{"$f":"AP6+AP7+AP8","v":3600},3753.3272032065433,{"$f":"AR6+AR7+AR8","v":4000},4050,0,4675,4800,4800,5225,5150,null,{"$f":"Y5/U5*100","v":105.74186230658935},{"$f":"Y5/X5*100","v":94.328096065367205}]
["Advertising revenue",null,null,null,null,null,null,null,null,null,null,2780,2797,2694,2821,2908,3017,3286,3294,3686,3620,3844,3705,4073,3736,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2850,2800,2900,null,3200,3300,null,3600,3800,3600,3950,4000,null,{"$f":"Y6/U6*100","v":103.20441988950276},{"$f":"Y6/X6*100","v":91.726000491038548}]
["Circulation revenue",null,null,null,null,null,null,null,null,null,null,390,410,444,479,481,429,468,418,471,469,485,507,503,483,null,null,null,null,null,null,null,null,null,null,null,null,null,null,400,450,500,null,425,450,null,500,475,500,525,500,null,102.98507462686568,96.023856858846926]
["Other operating revenue",null,null,null,null,null,null,null,null,null,null,{"$f":"3435.3-L6-L7","v":265.30000000000018},{"$f":"3380.9-M6-M7","v":173.90000000000009},{"$f":"3295.5-N6-N7","v":157.5},{"$f":"3496.3-O6-O7","v":196.30000000000018},{"$f":"3594.4-P6-P7","v":205.40000000000009},{"$f":"3743-Q6-Q7","v":297},{"$f":"4028.4-R6-R7","v":274.40000000000009},{"$f":"4310-S6-S7","v":598},{"$f":"4621.5-T6-T7","v":464.5},{"$f":"4672.7-U6-U7","v":583.69999999999982},{"$f":"4944.2-V6-V7","v":615.19999999999982},{"$f":"4889-W6-W7","v":677},{"$f":"5238.1-X6-X7","v":662.10000000000036},{"$f":"4941-Y6-Y7","v":722},null,null,null,null,null,null,null,null,null,null,null,null,null,null,175,125,200,{"$f":"AQ5","v":3753.3272032065433},375,300,null,575,525,700,750,650,null,123.69367825937985,109.0469717565322,"Check on other operating income; Burda",null,null,null,null,"Rs29cr of revenue and Rs3cr of EBITDA loss"]
["Total expenditure",null,null,null,null,null,null,null,null,null,null,{"$f":"L10+L11+L12","v":-3238.8},-3173,-2788,-2988.5,-2916.9,-2937.1,-3242.9000000000005,-3664.8,-3753.3999999999996,-3810.4000000000005,-4066.5,-4218,-4466.5,-4459.1000000000004,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN10+AN11+AN12","v":-2825},-2700,-2700,-2998.3545924990131,-3100,-3300,0,-3850,-3950,-4050,-4400,-4450,null,117.02445937434389,99.834322176200601,null,null,null,null,null,"Breakeven in FY2011E - some time to stablize"]
["Raw material costs",null,null,null,null,null,null,null,null,null,null,{"$f":"-1493.9+1.1","v":-1492.8000000000002},{"$f":"-1355.3-2.3","v":-1357.6},{"$f":"-1240.2+3.3","v":-1236.9000000000001},{"$f":"-1231.6-1.9","v":-1233.5},{"$f":"-1135.9+0.9","v":-1135},{"$f":"-1152.9-1.9","v":-1154.8000000000002},{"$f":"-1344.4+41.5","v":-1302.9000000000001},{"$f":"-1624-25.1","v":-1649.1},{"$f":"-1658.5+10.4","v":-1648.1},{"$f":"-1637.4+3.6","v":-1633.8000000000002},{"$f":"-1737.6+13.3","v":-1724.3},{"$f":"-1842-19","v":-1861},{"$f":"-1859.6+2.9","v":-1856.6999999999998},{"$f":"-1856.5+29.1","v":-1827.4},null,null,null,null,null,null,null,null,null,null,null,null,null,null,-1250,-1175,-1100,-1065.2429501454135,-1250,-1400,null,-1750,-1700,-1750,-1950,-1900,null,111.84967560288896,98.421931383637656,"Higher RM costs despite inventories having risen",null,null,null,null,"Rs22cr of raw material cost increase in Burda"]
["Employee expenses",null,null,null,null,null,null,null,null,null,null,-588.1,-670.1,-646.1,-622.29999999999995,-620.9,-630.6,-749.2,-734.4,-759.5,-765.9,-880,-849,-935.6,-897.1,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-550,-550,-550,-626.3271259636806,-700,-750,null,-800,-850,-900,-900,-950,null,117.13017365191278,95.884993587002995,"Was there any one-off in 1QFY11 employee costs?"]
["SG&A and other costs",null,null,null,null,null,null,null,null,null,null,{"$f":"-390.5-767.4","v":-1157.9000000000001},{"$f":"-332.3-813","v":-1145.3},{"$f":"-195.2-709.8","v":-905},{"$f":"-342.6-790.1","v":-1132.7},{"$f":"-350.6-810.4","v":-1161},{"$f":"-270.4-881.3","v":-1151.6999999999998},{"$f":"-285.4-905.4","v":-1190.8},{"$f":"-322.5-958.8","v":-1281.3},-1345.8,-1410.7,{"$f":"-330.6-1131.6","v":-1462.1999999999998},{"$f":"-242-1266","v":-1508},-1674.2,-1734.6,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-300-725","v":-1025},-975,-1050,-1306.7845163899187,-1150,-1150,null,-1300,-1400,-1400,-1550,-1600,null,122.96023250868362,103.60769322661569]
["EBITDA",null,null,null,null,null,null,null,null,null,null,{"$f":"L5+L9","v":196.5},207.90000000000009,507.5,507.80000000000018,677.5,805.90000000000009,785.49999999999955,645.19999999999982,868.10000000000036,862.29999999999927,877.69999999999982,671,771.60000000000036,481.89999999999964,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN5+AN9","v":600},675,900,754.97261070753029,900,750,0,825,850,750,825,700,null,55.885422706714607,62.454639709694071]
["Other income",null,null,null,null,null,null,null,null,null,null,{"$f":"49.8+22.1","v":71.900000000000006},{"$f":"54+42.8","v":96.8},{"$f":"65.7+70.6","v":136.30000000000001},{"$f":"29.4+3.9","v":33.299999999999997},{"$f":"19.1+67","v":86.1},{"$f":"121.5+31.6","v":153.1},{"$f":"58+13.7","v":71.7},{"$f":"61.1+145.4","v":206.5},{"$f":"63.9+15.2","v":79.099999999999994},138.1,{"$f":"25.3+145.7","v":171},{"$f":"204+42","v":246},195.7,178.5,null,null,null,null,null,null,null,null,null,null,null,null,null,null,75,50,25,96.677183552606706,50,150,null,125,150,200,225,225,null,129.25416364952932,91.211037301992846,"Any large ad-for-equity gains in this quarter"]
["Interest expense",null,null,null,null,null,null,null,null,null,null,-103.6,-91.2,-78.7,-73.900000000000006,-71.599999999999994,-70.900000000000006,-64,-54.7,-46.3,-78.599999999999994,-52.8,-75,-106.1,-103.6,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-100,-75,-50,-64.358000000000004,-75,-50,null,-25,-75,-75,-75,-100,null,131.80661577608143,97.643732327992467]
["D&A expense",null,null,null,null,null,null,null,null,null,null,-180.8,-166.8,-174.8,-186.6,-164.8,-180.7,-194.2,-211,-217.2,-219.6,-213.6,-233,-219.7,-249.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-150,-175,-175,-179.11952616932831,-175,-200,null,-225,-225,-225,-250,-225,null,113.52459016393443,113.47291761492946]
["PBT",null,null,null,null,null,null,null,null,null,null,{"$f":"L13+L14+L15+L16","v":-16.000000000000028},46.700000000000102,390.2999999999999,280.60000000000014,527.20000000000005,707.40000000000009,598.99999999999955,585.99999999999977,{"$f":"T13+T14+T15+T16","v":683.7000000000005},702.19999999999925,782.29999999999984,609,641.50000000000045,307.4999999999996,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN13+AN14+AN15+AN16","v":425},475,700,608.17226809080876,700,650,0,700,700,650,725,600,null,43.79094275135288,47.934528448947681,"Largely would be driven; other are not meaningful"]
["Extraordinaries",null,null,null,null,null,null,null,null,null,null,-127.9,-61.6,0,0,-14.3,0,0,0,0,0,0,0,0,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,-50,-50,-45.7,-25,0,null,0,0,0,0,0,null,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Mint and Mumbai are growing at higher numbers"]
["Tax provision",null,null,null,null,null,null,null,null,null,null,-24.4,{"$f":"-4+71.5","v":67.5},{"$f":"-99.8-10.8","v":-110.6},{"$f":"-54.5+10.6","v":-43.9},{"$f":"-159.9+0.2","v":-159.70000000000002},-222.3,-197.5,-165.5,-183.5,-166.4,-242.8,-140,-160.9,-81.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-125,-125,-200,{"$f":"-240.355511268832+40","v":-200.355511268832},-225,-200,null,-200,-200,-225,-225,-175,null,48.858173076923073,50.528278433809817,"Largely yields, volumes were flat-to-negative"]
["Minority interest",null,null,null,null,null,null,null,null,null,null,40,23.3,7.3,4.4000000000000004,4.7,-5.5,12.2,-32.5,-22.3,-6.4,-24.6,-31,1,-6.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,-16.399999999999999,0,-50,null,-25,-25,-25,-25,0,null,98.437499999999986,-630]
["Reported PAT",null,null,null,null,null,null,null,null,null,null,{"$f":"L17+L18+L19+L20","v":-128.30000000000004},75.900000000000105,286.99999999999994,241.10000000000014,357.90000000000003,479.60000000000008,413.69999999999953,387.99999999999977,{"$f":"T17+T18+T19+T20","v":477.90000000000049},529.3999999999993,514.89999999999975,438,481.60000000000048,219.89999999999958,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN17+AN18+AN19+AN20","v":300},300,450,345.71675682197673,450,400,0,475,475,400,475,425,null,41.537589724216069,45.660299003322123]
["Adjusted PAT",null,null,null,null,null,null,null,null,null,null,{"$f":"L17+L19+L20","v":-0.400000000000027},137.50000000000011,286.99999999999994,241.10000000000014,372.2,479.60000000000008,413.69999999999953,387.99999999999977,{"$f":"T17+T19+T20","v":477.90000000000049},529.3999999999993,514.89999999999975,438,481.60000000000048,219.89999999999958,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN17+AN19+AN20","v":300},350,500,391.41675682197678,475,400,0,475,{"$f":"AV17+AV19+AV20","v":475},{"$f":"AW17+AW19+AW20","v":400},{"$f":"AX17+AX19+AX20","v":475},{"$f":"AY17+AY19+AY20","v":425},null,41.537589724216069,45.660299003322123]
[]
["Source: Company data, Kotak Institutional Equities"]
[]
["Important data"]
["Ratios"]
["OPM (%)",{"$f":"B13/B5*100","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},5.7200244520129244,6.1492501996509832,15.399787589136702,14.523925292452025,18.848764745159137,21.530857600854933,19.499056697448104,14.969837587006957,18.783944606729424,18.453998758747606,17.752113587638039,13.724688075271017,14.730532063152676,9.75308641975308,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},17.518248175182482,20,25,20.114756050645997,22.5,18.518518518518519,null,{"$f":"AU13/AU5*100","v":17.647058823529413},17.708333333333336,15.625,15.789473684210526,13.592233009708737,{"$error":"#DIV/0!"}]
["Tax rate (%)",{"$f":"-B19/(B17+B18)*100","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"-J19/(J17)*100","v":{"$error":"#DIV/0!"}},{"$f":"-K19/(K17)*100","v":{"$error":"#DIV/0!"}},{"$f":"-L19/(L17+L18)*100","v":-16.956219596942315},453.02013422819101,28.337176530873691,15.64504632929436,31.136673815558584,31.424936386768444,32.971619365609371,28.242320819112638,26.839256984057315,23.696952435203674,31.036686693084505,22.988505747126435,25.081839438815262,26.439024390243937,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},29.411764705882355,29.411764705882355,30.76923076923077,35.620513691972008,33.333333333333329,30.76923076923077,null,{"$f":"-AU19/(AU17+AU18)*100","v":28.571428571428569},28.571428571428569,34.615384615384613,31.03448275862069,29.166666666666668,{"$error":"#DIV/0!"},null,null,"Consol tax rate low due to IPO expenses",null,null,null,null,"Gets deducted from the share premium account"]
["Print"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,{"$f":"3398.7-10.9","v":3387.7999999999997},{"$f":"3349.1-9","v":3340.1},{"$f":"3276.5-6.2","v":3270.3},{"$f":"3395.7-7","v":3388.7},{"$f":"3566.4-17","v":3549.4},{"$f":"3687.7-45","v":3642.7},{"$f":"3873.8-20","v":3853.8},4135,4398.6000000000004,4335.7,{"$f":"4669.8-7.6","v":4662.2},4678,4936.7,{"$f":"4625.5","v":4625.5},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3721.4,{"$f":"3276.5-6.2","v":3270.3},{"$f":"Y31/U31*100","v":106.68404179255946}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,312.2,210.6,543.9,509.2,672.3,874.3,796.5,566,774.7,740.4,894.1,728,755.7,435.4,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,847.2,543.9,{"$f":"Y32/U32*100","v":58.806050783360341}]
["Radio",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Total revenues",null,null,null,null,null,null,null,null,null,null,67.900000000000006,76.3,88.4,98.4,101.5,142.80000000000001,123.1,141,179.6,257.39999999999998,214.9,157,173.5,196.2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,220,null,null,135.30000000000001,88.4,76.223776223776227]
["Operating profit",null,null,null,null,null,null,null,null,null,null,-174.3,-20.7,-27.3,-24.2,-12.9,3.7,-12.2,3,29.9,53.3,25.5,-45,-9.3000000000000007,-14.6,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,40,null,null,5.0999999999999996,-27.3,-27.392120075046904]
["Internet",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Total revenues",null,null,null,null,null,null,null,null,null,null,1.7,7.3,7.4,9.6999999999999993,10.5,28.5,61.6,64,82.7,107.2,85.6,100,116.7,134,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,28.6,7.4,125]
["Operating profit",null,null,null,null,null,null,null,null,null,null,-100.1,-91.2,-95.4,-99.7,-79.7,-84.3,-98.4,-99,-105.5,-102.5,-119.9,-106,-93.4,-81.2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-84.3,-95.4,79.219512195121951]
["Unallocated",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3.9,null,null,33.4,11.8,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.4,302.5641025641026]
["Inter-segment",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-31.5,null,null,-22.2,-25.5,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,80.952380952380949]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-48.5,null,null,-101.1,-107,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-95.4,220.61855670103094]
["Burda",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#DIV/0!"}]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,24,295,149,140,245,315,226,258,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,184.28571428571428]
["EBITDA",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-13,-33,-49,-43,0,5,-17,-36,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,83.720930232558146]

{"sheet":"interim_cons_cum","index":20,"n_rows":41,"n_cols":54,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[]
["HT Media consolidated quarterly interim results (Rs mn)"]
[]
[null,"1QFY07","2QFY07","3QFY07","4QFY07","1QFY08","1HFY08","9MFY08","FY2008","1QFY09","1HFY09","9MFY09","FY2009","1QFY10","1HFY10","9MFY10","FY2010","1QFY11","1HFY11","9MFY11","FY2011","1QFY12","1HFY12","9MFY12","FY2012",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FY2010E",null,null,null,"FY2011E",null,null,null,"FY2012E",null,"yoy (%)"]
["Total revenues",{"$f":"B6+B7+B8","v":2391.3000000000002},2499.3000000000002,2752.1,2750.1,0,0,0,0,0,0,3435.3,6816.2000000000007,3295.5,6791.8,10386.200000000001,14129.2,4028.4,8338.4,{"$f":"T6+T7+T8","v":12959.9},17632.599999999999,4944.2,9833.2000000000007,15071.3,20012.3,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ6+AQ7+AQ8","v":14129.2},null,null,null,{"$f":"AU6+AU7+AU8","v":17673.900000000001},null,null,null,{"$f":"AY6+AY7+AY8","v":20010.086386822586},null,{"$f":"(Y5/U5-1)*100","v":13.496024409332708},{"$f":"AY5-Y5","v":-2.2136131774132082}]
["Advertising revenue",1972.5,2073.5,2360,2344,{"$f":"SUM(interim_cons_qtr!$F6:F6)","v":0},{"$f":"SUM(interim_cons_qtr!$F6:G6)","v":0},{"$f":"SUM(interim_cons_qtr!$F6:H6)","v":0},{"$f":"SUM(interim_cons_qtr!$F6:I6)","v":0},{"$f":"SUM(interim_cons_qtr!$J6:J6)","v":0},{"$f":"SUM(interim_cons_qtr!$J6:K6)","v":0},{"$f":"SUM(interim_cons_qtr!$J6:L6)","v":2780},{"$f":"SUM(interim_cons_qtr!$J6:M6)","v":5577},{"$f":"SUM(interim_cons_qtr!$N6:N6)","v":2694},{"$f":"SUM(interim_cons_qtr!$N6:O6)","v":5515},{"$f":"SUM(interim_cons_qtr!$N6:P6)","v":8423},{"$f":"SUM(interim_cons_qtr!$N6:Q6)","v":11440},{"$f":"SUM(interim_cons_qtr!$R6:R6)","v":3286},{"$f":"SUM(interim_cons_qtr!$R6:S6)","v":6580},{"$f":"SUM(interim_cons_qtr!$R6:T6)","v":10266},{"$f":"SUM(interim_cons_qtr!$R6:U6)","v":13886},{"$f":"SUM(interim_cons_qtr!$V6:V6)","v":3844},{"$f":"SUM(interim_cons_qtr!$V6:W6)","v":7549},{"$f":"SUM(interim_cons_qtr!$V6:X6)","v":11622},{"$f":"SUM(interim_cons_qtr!$V6:Y6)","v":15358},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'cons finstats'!G6","v":11409.7},null,null,null,{"$f":"'cons finstats'!H6","v":13947.7},null,null,null,{"$f":"'cons finstats'!I6","v":15349.677128822586},null,{"$f":"(Y6/U6-1)*100","v":10.600604925824575},-8.3228711774136173]
["Circulation revenue",332,350,350,330,{"$f":"SUM(interim_cons_qtr!$F7:F7)","v":0},{"$f":"SUM(interim_cons_qtr!$F7:G7)","v":0},{"$f":"SUM(interim_cons_qtr!$F7:H7)","v":0},{"$f":"SUM(interim_cons_qtr!$F7:I7)","v":0},{"$f":"SUM(interim_cons_qtr!$J7:J7)","v":0},{"$f":"SUM(interim_cons_qtr!$J7:K7)","v":0},{"$f":"SUM(interim_cons_qtr!$J7:L7)","v":390},{"$f":"SUM(interim_cons_qtr!$J7:M7)","v":800},{"$f":"SUM(interim_cons_qtr!$N7:N7)","v":444},{"$f":"SUM(interim_cons_qtr!$N7:O7)","v":923},{"$f":"SUM(interim_cons_qtr!$N7:P7)","v":1404},{"$f":"SUM(interim_cons_qtr!$N7:Q7)","v":1833},{"$f":"SUM(interim_cons_qtr!$R7:R7)","v":468},{"$f":"SUM(interim_cons_qtr!$R7:S7)","v":886},{"$f":"SUM(interim_cons_qtr!$R7:T7)","v":1357},{"$f":"SUM(interim_cons_qtr!$R7:U7)","v":1826},{"$f":"SUM(interim_cons_qtr!$V7:V7)","v":485},{"$f":"SUM(interim_cons_qtr!$V7:W7)","v":992},{"$f":"SUM(interim_cons_qtr!$V7:X7)","v":1495},{"$f":"SUM(interim_cons_qtr!$V7:Y7)","v":1978},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'cons finstats'!G7","v":1832.9},null,null,null,{"$f":"'cons finstats'!H7","v":1827.7},null,null,null,{"$f":"'cons finstats'!I7","v":1981.7298000000001},null,8.3242059145673508,3.7298000000000684]
["Other operating revenue",86.8,75.8,42.099999999999909,76.099999999999909,{"$f":"SUM(interim_cons_qtr!$F8:F8)","v":0},{"$f":"SUM(interim_cons_qtr!$F8:G8)","v":0},{"$f":"SUM(interim_cons_qtr!$F8:H8)","v":0},{"$f":"SUM(interim_cons_qtr!$F8:I8)","v":0},{"$f":"SUM(interim_cons_qtr!$J8:J8)","v":0},{"$f":"SUM(interim_cons_qtr!$J8:K8)","v":0},{"$f":"SUM(interim_cons_qtr!$J8:L8)","v":265.30000000000018},{"$f":"SUM(interim_cons_qtr!$J8:M8)","v":439.20000000000027},{"$f":"SUM(interim_cons_qtr!$N8:N8)","v":157.5},{"$f":"SUM(interim_cons_qtr!$N8:O8)","v":353.80000000000018},{"$f":"SUM(interim_cons_qtr!$N8:P8)","v":559.20000000000027},{"$f":"SUM(interim_cons_qtr!$N8:Q8)","v":856.20000000000027},{"$f":"SUM(interim_cons_qtr!$R8:R8)","v":274.40000000000009},{"$f":"SUM(interim_cons_qtr!$R8:S8)","v":872.40000000000009},{"$f":"SUM(interim_cons_qtr!$R8:T8)","v":1336.9},{"$f":"SUM(interim_cons_qtr!$R8:U8)","v":1920.6},{"$f":"SUM(interim_cons_qtr!$V8:V8)","v":615.19999999999982},{"$f":"SUM(interim_cons_qtr!$V8:W8)","v":1292.1999999999998},{"$f":"SUM(interim_cons_qtr!$V8:X8)","v":1954.3000000000002},{"$f":"SUM(interim_cons_qtr!$V8:Y8)","v":2676.3},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM('cons finstats'!G8:G13)","v":886.59999999999991},null,null,null,{"$f":"SUM('cons finstats'!H8:H13)","v":1898.5},null,null,null,{"$f":"SUM('cons finstats'!I8:I13)","v":2678.6794580000001},null,39.347079037800704,2.3794579999998859]
["Total expenditure",{"$f":"B10+B11+B12","v":-1872.4},-2022.7,-2261.3000000000002,-2330.5,0,0,0,0,0,0,-3238.8,-6411.8,-2788,-5776.5,-8693.4000000000015,-11630.5,-3242.9000000000005,-6907.7000000000007,{"$f":"T10+T11+T12","v":-10661.1},-14471.5,-4066.5,-8284.5,-12751,-17210.099999999999,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ10+AQ11+AQ12","v":-11630.400000000001},null,null,null,{"$f":"AU10+AU11+AU12","v":-14502.7},null,null,null,{"$f":"AY10+AY11+AY12","v":-17211.895722572048},null,18.924092181183696,-1.7957225720492715]
["Raw material costs",{"$f":"-953.1+1.2","v":-951.9},-1076,{"$f":"-1170.3+1.5","v":-1168.8},{"$f":"-1124.3+3.5","v":-1120.8},{"$f":"SUM(interim_cons_qtr!$F10:F10)","v":0},{"$f":"SUM(interim_cons_qtr!$F10:G10)","v":0},{"$f":"SUM(interim_cons_qtr!$F10:H10)","v":0},{"$f":"SUM(interim_cons_qtr!$F10:I10)","v":0},{"$f":"SUM(interim_cons_qtr!$J10:J10)","v":0},{"$f":"SUM(interim_cons_qtr!$J10:K10)","v":0},{"$f":"SUM(interim_cons_qtr!$J10:L10)","v":-1492.8000000000002},{"$f":"SUM(interim_cons_qtr!$J10:M10)","v":-2850.4},{"$f":"SUM(interim_cons_qtr!$N10:N10)","v":-1236.9000000000001},{"$f":"SUM(interim_cons_qtr!$N10:O10)","v":-2470.4},{"$f":"SUM(interim_cons_qtr!$N10:P10)","v":-3605.4},{"$f":"SUM(interim_cons_qtr!$N10:Q10)","v":-4760.2000000000007},{"$f":"SUM(interim_cons_qtr!$R10:R10)","v":-1302.9000000000001},{"$f":"SUM(interim_cons_qtr!$R10:S10)","v":-2952},{"$f":"SUM(interim_cons_qtr!$R10:T10)","v":-4600.1000000000004},{"$f":"SUM(interim_cons_qtr!$R10:U10)","v":-6233.9000000000005},{"$f":"SUM(interim_cons_qtr!$V10:V10)","v":-1724.3},{"$f":"SUM(interim_cons_qtr!$V10:W10)","v":-3585.3},{"$f":"SUM(interim_cons_qtr!$V10:X10)","v":-5442},{"$f":"SUM(interim_cons_qtr!$V10:Y10)-63-100","v":-7432.4},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G17","v":-4760.3},null,null,null,{"$f":"-'cons finstats'!H17","v":-6248.9},null,null,null,{"$f":"-'cons finstats'!I17","v":-7444.0337735159992},null,19.225524952277052,-11.633773515999565]
["Employee expenses",-354.8,-348.2,-388.2,-391.3,{"$f":"SUM(interim_cons_qtr!$F11:F11)","v":0},{"$f":"SUM(interim_cons_qtr!$F11:G11)","v":0},{"$f":"SUM(interim_cons_qtr!$F11:H11)","v":0},{"$f":"SUM(interim_cons_qtr!$F11:I11)","v":0},{"$f":"SUM(interim_cons_qtr!$J11:J11)","v":0},{"$f":"SUM(interim_cons_qtr!$J11:K11)","v":0},{"$f":"SUM(interim_cons_qtr!$J11:L11)","v":-588.1},{"$f":"SUM(interim_cons_qtr!$J11:M11)","v":-1258.2},{"$f":"SUM(interim_cons_qtr!$N11:N11)","v":-646.1},{"$f":"SUM(interim_cons_qtr!$N11:O11)","v":-1268.4000000000001},{"$f":"SUM(interim_cons_qtr!$N11:P11)","v":-1889.3000000000002},{"$f":"SUM(interim_cons_qtr!$N11:Q11)","v":-2519.9},{"$f":"SUM(interim_cons_qtr!$R11:R11)","v":-749.2},{"$f":"SUM(interim_cons_qtr!$R11:S11)","v":-1483.6},{"$f":"SUM(interim_cons_qtr!$R11:T11)","v":-2243.1},{"$f":"SUM(interim_cons_qtr!$R11:U11)","v":-3009},{"$f":"SUM(interim_cons_qtr!$V11:V11)","v":-880},{"$f":"SUM(interim_cons_qtr!$V11:W11)","v":-1729},{"$f":"SUM(interim_cons_qtr!$V11:X11)","v":-2664.6},{"$f":"SUM(interim_cons_qtr!$V11:Y11)","v":-3561.7},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G21","v":-2519.8000000000002},null,null,null,{"$f":"-'cons finstats'!H21","v":-3009},null,null,null,{"$f":"-'cons finstats'!I21","v":-3547.7172614400001},null,18.36822864739116,13.982738559999689]
["SG&A and other costs",{"$f":"-84.6-481.1","v":-565.70000000000005},{"$f":"-106.3-492.2","v":-598.5},{"$f":"-178.7-525.6","v":-704.3},{"$f":"-268.2-550.2","v":-818.40000000000009},{"$f":"SUM(interim_cons_qtr!$F12:F12)","v":0},{"$f":"SUM(interim_cons_qtr!$F12:G12)","v":0},{"$f":"SUM(interim_cons_qtr!$F12:H12)","v":0},{"$f":"SUM(interim_cons_qtr!$F12:I12)","v":0},{"$f":"SUM(interim_cons_qtr!$J12:J12)","v":0},{"$f":"SUM(interim_cons_qtr!$J12:K12)","v":0},{"$f":"SUM(interim_cons_qtr!$J12:L12)","v":-1157.9000000000001},{"$f":"SUM(interim_cons_qtr!$J12:M12)","v":-2303.1999999999998},{"$f":"SUM(interim_cons_qtr!$N12:N12)","v":-905},{"$f":"SUM(interim_cons_qtr!$N12:O12)","v":-2037.7},{"$f":"SUM(interim_cons_qtr!$N12:P12)","v":-3198.7},{"$f":"SUM(interim_cons_qtr!$N12:Q12)","v":-4350.3999999999996},{"$f":"SUM(interim_cons_qtr!$R12:R12)","v":-1190.8},{"$f":"SUM(interim_cons_qtr!$R12:S12)","v":-2472.1},{"$f":"SUM(interim_cons_qtr!$R12:T12)","v":-3817.8999999999996},{"$f":"SUM(interim_cons_qtr!$R12:U12)","v":-5228.5999999999995},{"$f":"SUM(interim_cons_qtr!$V12:V12)","v":-1462.1999999999998},{"$f":"SUM(interim_cons_qtr!$V12:W12)","v":-2970.2},{"$f":"SUM(interim_cons_qtr!$V12:X12)","v":-4644.3999999999996},{"$f":"SUM(interim_cons_qtr!$V12:Y12)+63+100","v":-6216},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G37","v":-4350.3},null,null,null,{"$f":"-'cons finstats'!H37","v":-5244.8},null,null,null,{"$f":"-'cons finstats'!I37","v":-6220.1446876160489},null,18.884596259036847,-4.144687616048941]
["Operating profits",{"$f":"B5+B9","v":518.90000000000009},476.60000000000014,490.79999999999973,419.59999999999991,0,0,0,0,0,0,196.5,404.40000000000055,507.5,1015.3000000000002,1692.7999999999993,2498.7000000000007,785.49999999999955,1430.6999999999989,{"$f":"T5+T9","v":2298.7999999999993},3161.0999999999985,877.69999999999982,1548.7000000000007,2320.2999999999993,2802.2000000000007,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ5+AQ9","v":2498.7999999999993},null,null,null,{"$f":"AU5+AU9","v":3171.2000000000007},null,null,null,{"$f":"AY5+AY9","v":2798.1906642505382},null,-11.353642719306512,-4.0093357494624797]
["Other income",87.3,75.8,148.9,90.7,{"$f":"SUM(interim_cons_qtr!$F14:F14)","v":0},{"$f":"SUM(interim_cons_qtr!$F14:G14)","v":0},{"$f":"SUM(interim_cons_qtr!$F14:H14)","v":0},{"$f":"SUM(interim_cons_qtr!$F14:I14)","v":0},{"$f":"SUM(interim_cons_qtr!$J14:J14)","v":0},{"$f":"SUM(interim_cons_qtr!$J14:K14)","v":0},{"$f":"SUM(interim_cons_qtr!$J14:L14)","v":71.900000000000006},{"$f":"SUM(interim_cons_qtr!$J14:M14)","v":168.7},{"$f":"SUM(interim_cons_qtr!$N14:N14)","v":136.30000000000001},{"$f":"SUM(interim_cons_qtr!$N14:O14)","v":169.60000000000002},{"$f":"SUM(interim_cons_qtr!$N14:P14)","v":255.70000000000002},{"$f":"SUM(interim_cons_qtr!$N14:Q14)","v":408.8},{"$f":"SUM(interim_cons_qtr!$R14:R14)","v":71.7},{"$f":"SUM(interim_cons_qtr!$R14:S14)","v":278.2},{"$f":"SUM(interim_cons_qtr!$R14:T14)","v":357.29999999999995},{"$f":"SUM(interim_cons_qtr!$R14:U14)","v":495.4},{"$f":"SUM(interim_cons_qtr!$V14:V14)","v":171},{"$f":"SUM(interim_cons_qtr!$V14:W14)","v":417},{"$f":"SUM(interim_cons_qtr!$V14:X14)","v":612.70000000000005},{"$f":"SUM(interim_cons_qtr!$V14:Y14)","v":791.2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'cons finstats'!G44","v":408.79999999999995},null,null,null,{"$f":"'cons finstats'!H44","v":477.7},null,null,null,{"$f":"'cons finstats'!I44","v":796.75845579897555},null,59.709325797335502,5.5584557989755012]
["Interest expense",-33.799999999999997,-37.9,-36.200000000000003,-36,{"$f":"SUM(interim_cons_qtr!$F15:F15)","v":0},{"$f":"SUM(interim_cons_qtr!$F15:G15)","v":0},{"$f":"SUM(interim_cons_qtr!$F15:H15)","v":0},{"$f":"SUM(interim_cons_qtr!$F15:I15)","v":0},{"$f":"SUM(interim_cons_qtr!$J15:J15)","v":0},{"$f":"SUM(interim_cons_qtr!$J15:K15)","v":0},{"$f":"SUM(interim_cons_qtr!$J15:L15)","v":-103.6},{"$f":"SUM(interim_cons_qtr!$J15:M15)","v":-194.8},{"$f":"SUM(interim_cons_qtr!$N15:N15)","v":-78.7},{"$f":"SUM(interim_cons_qtr!$N15:O15)","v":-152.60000000000002},{"$f":"SUM(interim_cons_qtr!$N15:P15)","v":-224.20000000000002},{"$f":"SUM(interim_cons_qtr!$N15:Q15)","v":-295.10000000000002},{"$f":"SUM(interim_cons_qtr!$R15:R15)","v":-64},{"$f":"SUM(interim_cons_qtr!$R15:S15)","v":-118.7},{"$f":"SUM(interim_cons_qtr!$R15:T15)","v":-165},{"$f":"SUM(interim_cons_qtr!$R15:U15)","v":-243.6},{"$f":"SUM(interim_cons_qtr!$V15:V15)","v":-52.8},{"$f":"SUM(interim_cons_qtr!$V15:W15)","v":-127.8},{"$f":"SUM(interim_cons_qtr!$V15:X15)","v":-233.89999999999998},{"$f":"SUM(interim_cons_qtr!$V15:Y15)","v":-337.5},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G48","v":-295.10000000000002},null,null,null,{"$f":"-'cons finstats'!H48","v":-236},null,null,null,{"$f":"-'cons finstats'!I48","v":-331.02499999999998},null,38.546798029556648,6.4750000000000227]
["D&A expense",-96.2,-95.9,-97.6,-107.4,{"$f":"SUM(interim_cons_qtr!$F16:F16)","v":0},{"$f":"SUM(interim_cons_qtr!$F16:G16)","v":0},{"$f":"SUM(interim_cons_qtr!$F16:H16)","v":0},{"$f":"SUM(interim_cons_qtr!$F16:I16)","v":0},{"$f":"SUM(interim_cons_qtr!$J16:J16)","v":0},{"$f":"SUM(interim_cons_qtr!$J16:K16)","v":0},{"$f":"SUM(interim_cons_qtr!$J16:L16)","v":-180.8},{"$f":"SUM(interim_cons_qtr!$J16:M16)","v":-347.6},{"$f":"SUM(interim_cons_qtr!$N16:N16)","v":-174.8},{"$f":"SUM(interim_cons_qtr!$N16:O16)","v":-361.4},{"$f":"SUM(interim_cons_qtr!$N16:P16)","v":-526.20000000000005},{"$f":"SUM(interim_cons_qtr!$N16:Q16)","v":-706.90000000000009},{"$f":"SUM(interim_cons_qtr!$R16:R16)","v":-194.2},{"$f":"SUM(interim_cons_qtr!$R16:S16)","v":-405.2},{"$f":"SUM(interim_cons_qtr!$R16:T16)","v":-622.4},{"$f":"SUM(interim_cons_qtr!$R16:U16)","v":-842},{"$f":"SUM(interim_cons_qtr!$V16:V16)","v":-213.6},{"$f":"SUM(interim_cons_qtr!$V16:W16)","v":-446.6},{"$f":"SUM(interim_cons_qtr!$V16:X16)","v":-666.3},{"$f":"SUM(interim_cons_qtr!$V16:Y16)","v":-915.59999999999991},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G52","v":-706.9},null,null,null,{"$f":"-'cons finstats'!H52","v":-841.9},null,null,null,{"$f":"-'cons finstats'!I52","v":-919.86918061063898},null,8.7410926365795625,-4.2691806106390686]
["Pretax profits",{"$f":"B13+B14+B15+B16","v":476.2000000000001},418.60000000000014,505.89999999999964,366.89999999999986,0,0,0,0,0,0,-16.000000000000028,30.700000000000557,390.2999999999999,670.9000000000002,1198.0999999999992,1905.5000000000009,598.99999999999955,1184.9999999999989,{"$f":"T13+T14+T15+T16","v":1868.6999999999994},2570.8999999999987,782.29999999999984,1391.3000000000006,2032.799999999999,2340.3000000000006,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ13+AQ14+AQ15+AQ16","v":1905.5999999999995},null,null,null,{"$f":"AU13+AU14+AU15+AU16","v":2571.0000000000005},null,null,null,{"$f":"AY13+AY14+AY15+AY16","v":2344.054939438875},null,-8.9696215333151095,3.7549394388743167]
["Extraordinaries",-2.6,0,0,0,{"$f":"SUM(interim_cons_qtr!$F18:F18)","v":0},{"$f":"SUM(interim_cons_qtr!$F18:G18)","v":0},{"$f":"SUM(interim_cons_qtr!$F18:H18)","v":0},{"$f":"SUM(interim_cons_qtr!$F18:I18)","v":0},{"$f":"SUM(interim_cons_qtr!$J18:J18)","v":0},{"$f":"SUM(interim_cons_qtr!$J18:K18)","v":0},{"$f":"SUM(interim_cons_qtr!$J18:L18)","v":-127.9},{"$f":"SUM(interim_cons_qtr!$J18:M18)","v":-189.5},{"$f":"SUM(interim_cons_qtr!$N18:N18)","v":0},{"$f":"SUM(interim_cons_qtr!$N18:O18)","v":0},{"$f":"SUM(interim_cons_qtr!$N18:P18)","v":-14.3},{"$f":"SUM(interim_cons_qtr!$N18:Q18)","v":-14.3},{"$f":"SUM(interim_cons_qtr!$R18:R18)","v":0},{"$f":"SUM(interim_cons_qtr!$R18:S18)","v":0},{"$f":"SUM(interim_cons_qtr!$R18:T18)","v":0},{"$f":"SUM(interim_cons_qtr!$R18:U18)","v":0},{"$f":"SUM(interim_cons_qtr!$V18:V18)","v":0},{"$f":"SUM(interim_cons_qtr!$V18:W18)","v":0},{"$f":"SUM(interim_cons_qtr!$V18:X18)","v":0},{"$f":"SUM(interim_cons_qtr!$V18:Y18)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'cons finstats'!G51","v":-20.8},null,null,null,{"$f":"'cons finstats'!H51","v":0},null,null,null,{"$f":"'cons finstats'!I51","v":0},null,{"$error":"#DIV/0!"},0]
["Tax provision",{"$f":"-159.8-7.5","v":-167.3},{"$f":"-142.1-7.5","v":-149.6},{"$f":"-161.2-9","v":-170.2},{"$f":"-114.8-12.5","v":-127.3},{"$f":"SUM(interim_cons_qtr!$F19:F19)","v":0},{"$f":"SUM(interim_cons_qtr!$F19:G19)","v":0},{"$f":"SUM(interim_cons_qtr!$F19:H19)","v":0},{"$f":"SUM(interim_cons_qtr!$F19:I19)","v":0},{"$f":"SUM(interim_cons_qtr!$J19:J19)","v":0},{"$f":"SUM(interim_cons_qtr!$J19:K19)","v":0},{"$f":"SUM(interim_cons_qtr!$J19:L19)","v":-24.4},{"$f":"SUM(interim_cons_qtr!$J19:M19)","v":43.1},{"$f":"SUM(interim_cons_qtr!$N19:N19)","v":-110.6},{"$f":"SUM(interim_cons_qtr!$N19:O19)","v":-154.5},{"$f":"SUM(interim_cons_qtr!$N19:P19)","v":-314.20000000000005},{"$f":"SUM(interim_cons_qtr!$N19:Q19)","v":-536.5},{"$f":"SUM(interim_cons_qtr!$R19:R19)","v":-197.5},{"$f":"SUM(interim_cons_qtr!$R19:S19)","v":-363},{"$f":"SUM(interim_cons_qtr!$R19:T19)","v":-546.5},{"$f":"SUM(interim_cons_qtr!$R19:U19)","v":-712.9},{"$f":"SUM(interim_cons_qtr!$V19:V19)","v":-242.8},{"$f":"SUM(interim_cons_qtr!$V19:W19)","v":-382.8},{"$f":"SUM(interim_cons_qtr!$V19:X19)","v":-543.70000000000005},{"$f":"SUM(interim_cons_qtr!$V19:Y19)","v":-625},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM('cons finstats'!G57:G58)","v":-536.5},null,null,null,{"$f":"-SUM('cons finstats'!H57:H58)","v":-712.8},null,null,null,{"$f":"-SUM('cons finstats'!I57:I58)","v":-622.53488481099748},null,-12.329920044887077,2.4651151890025176]
["Minority interest",0,0,0,0,{"$f":"SUM(interim_cons_qtr!$F20:F20)","v":0},{"$f":"SUM(interim_cons_qtr!$F20:G20)","v":0},{"$f":"SUM(interim_cons_qtr!$F20:H20)","v":0},{"$f":"SUM(interim_cons_qtr!$F20:I20)","v":0},{"$f":"SUM(interim_cons_qtr!$J20:J20)","v":0},{"$f":"SUM(interim_cons_qtr!$J20:K20)","v":0},{"$f":"SUM(interim_cons_qtr!$J20:L20)","v":40},{"$f":"SUM(interim_cons_qtr!$J20:M20)","v":63.3},{"$f":"SUM(interim_cons_qtr!$N20:N20)","v":7.3},{"$f":"SUM(interim_cons_qtr!$N20:O20)","v":11.7},{"$f":"SUM(interim_cons_qtr!$N20:P20)","v":16.399999999999999},{"$f":"SUM(interim_cons_qtr!$N20:Q20)","v":10.899999999999999},{"$f":"SUM(interim_cons_qtr!$R20:R20)","v":12.2},{"$f":"SUM(interim_cons_qtr!$R20:S20)","v":-20.3},{"$f":"SUM(interim_cons_qtr!$R20:T20)","v":-42.6},{"$f":"SUM(interim_cons_qtr!$R20:U20)","v":-49},{"$f":"SUM(interim_cons_qtr!$V20:V20)","v":-24.6},{"$f":"SUM(interim_cons_qtr!$V20:W20)","v":-55.6},{"$f":"SUM(interim_cons_qtr!$V20:X20)","v":-54.6},{"$f":"SUM(interim_cons_qtr!$V20:Y20)","v":-60.9},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cons finstats'!G61","v":10.9},null,null,null,{"$f":"-'cons finstats'!H61","v":-49.1},null,null,null,{"$f":"-'cons finstats'!I61","v":-64.367432217988579},null,24.285714285714288,-3.4674322179885806]
["Net income",{"$f":"B17+B18+B19+B20","v":306.30000000000007},269.00000000000011,335.69999999999965,239.59999999999985,0,0,0,0,0,0,-128.30000000000004,-52.399999999999451,286.99999999999994,528.10000000000025,885.9999999999992,1365.600000000001,413.69999999999953,801.69999999999891,{"$f":"T17+T18+T19+T20","v":1279.5999999999995},1808.9999999999986,514.89999999999975,952.90000000000066,1434.4999999999991,1654.4000000000005,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ17+AQ18+AQ19+AQ20","v":1359.1999999999996},null,null,null,{"$f":"AU17+AU18+AU19+AU20","v":1809.1000000000006},null,null,null,{"$f":"AY17+AY18+AY19+AY20","v":1657.1526224098889},null,-8.5461580983968055,2.7526224098883176]
["Adj. net income",{"$f":"B17+B19+B20","v":308.90000000000009},269.00000000000011,335.69999999999965,239.59999999999985,0,0,0,0,0,0,-0.400000000000027,137.10000000000053,286.99999999999994,528.10000000000025,900.29999999999916,1379.900000000001,413.69999999999953,801.69999999999891,{"$f":"T17+T19+T20","v":1279.5999999999995},1808.9999999999986,514.89999999999975,952.90000000000066,1434.4999999999991,1654.4000000000005,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ17+AQ19+AQ20","v":1379.9999999999995},null,null,null,{"$f":"AU17+AU19+AU20","v":1809.1000000000006},null,null,null,{"$f":"AY17+AY19+AY20","v":1657.1526224098889},null,-8.5461580983968055,2.7526224098883176]
[]
["Source: Company data, Kotak Institutional Equities"]
[]
["Important data"]
["Ratios"]
["OPM (%)",{"$f":"B13/B5*100","v":21.699493999079998},{"$f":"C13/C5*100","v":19.069339415036215},{"$f":"D13/D5*100","v":17.83365430035245},{"$f":"E13/E5*100","v":15.257626995381985},null,null,null,null,null,null,{"$f":"L13/L5*100","v":5.7200244520129244},5.9329245033889926,15.399787589136702,14.948908978474046,16.298549999037178,17.684653058913462,19.499056697448104,17.157967955483052,{"$f":"T13/T5*100","v":17.737791186660388},17.92758867098442,17.752113587638039,15.749705080746864,15.395486786143195,14.002388531053406,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AQ13/AQ5*100","v":17.685360813067966},null,null,null,{"$f":"AU13/AU5*100","v":17.942842270240298}]
["Tax rate (%)",{"$f":"-B19/(B17+B18)*100","v":35.325168918918912},{"$f":"-C19/(C17+C18)*100","v":35.73817486860964},{"$f":"-D19/(D17+D18)*100","v":33.643012453053984},{"$f":"-E19/(E17+E18)*100","v":34.696102480239858},null,null,null,null,null,null,{"$f":"-L19/(L17+L18)*100","v":-16.956219596942315},27.141057934508911,28.337176530873691,23.028767327470558,26.54164554823452,28.368231810490681,32.971619365609371,30.632911392405092,{"$f":"-T19/(T17+T18)*100","v":29.244929630224231},27.729588859932331,31.036686693084505,27.513835980737429,26.74635970090517,26.70597786608554,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AQ19/(AQ17+AQ18)*100","v":28.464558573853999},null,null,null,{"$f":"-AU19/(AU17+AU18)*100","v":27.72462077012835}]
["Print"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N31:N31)","v":3270.3},{"$f":"SUM(interim_cons_qtr!$N31:O31)","v":6659},{"$f":"SUM(interim_cons_qtr!$N31:P31)","v":10208.4},{"$f":"SUM(interim_cons_qtr!$N31:Q31)","v":13851.099999999999},{"$f":"SUM(interim_cons_qtr!$R31:R31)","v":3853.8},{"$f":"SUM(interim_cons_qtr!$R31:S31)","v":7988.8},{"$f":"SUM(interim_cons_qtr!$R31:T31)","v":12387.400000000001},{"$f":"SUM(interim_cons_qtr!$R31:U31)","v":16723.100000000002},{"$f":"SUM(interim_cons_qtr!$V31:V31)","v":4662.2},{"$f":"SUM(interim_cons_qtr!$V31:W31)","v":9340.2000000000007},{"$f":"SUM(interim_cons_qtr!$V31:X31)","v":14276.900000000001},{"$f":"SUM(interim_cons_qtr!$V31:Y31)","v":18902.400000000001}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N32:N32)","v":543.9},{"$f":"SUM(interim_cons_qtr!$N32:O32)","v":1053.0999999999999},{"$f":"SUM(interim_cons_qtr!$N32:P32)","v":1725.3999999999999},{"$f":"SUM(interim_cons_qtr!$N32:Q32)","v":2599.6999999999998},{"$f":"SUM(interim_cons_qtr!$R32:R32)","v":796.5},{"$f":"SUM(interim_cons_qtr!$R32:S32)","v":1362.5},{"$f":"SUM(interim_cons_qtr!$R32:T32)","v":2137.1999999999998},{"$f":"SUM(interim_cons_qtr!$R32:U32)","v":2877.6},{"$f":"SUM(interim_cons_qtr!$V32:V32)","v":894.1},{"$f":"SUM(interim_cons_qtr!$V32:W32)","v":1622.1},{"$f":"SUM(interim_cons_qtr!$V32:X32)","v":2377.8000000000002},{"$f":"SUM(interim_cons_qtr!$V32:Y32)","v":2813.2000000000003}]
["Radio"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N34:N34)","v":88.4},{"$f":"SUM(interim_cons_qtr!$N34:O34)","v":186.8},{"$f":"SUM(interim_cons_qtr!$N34:P34)","v":288.3},{"$f":"SUM(interim_cons_qtr!$N34:Q34)","v":431.1},{"$f":"SUM(interim_cons_qtr!$R34:R34)","v":123.1},{"$f":"SUM(interim_cons_qtr!$R34:S34)","v":264.10000000000002},{"$f":"SUM(interim_cons_qtr!$R34:T34)","v":443.70000000000005},{"$f":"SUM(interim_cons_qtr!$R34:U34)","v":701.1},{"$f":"SUM(interim_cons_qtr!$V34:V34)","v":214.9},{"$f":"SUM(interim_cons_qtr!$V34:W34)","v":371.9},{"$f":"SUM(interim_cons_qtr!$V34:X34)","v":545.4},{"$f":"SUM(interim_cons_qtr!$V34:Y34)","v":741.59999999999991}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N35:N35)","v":-27.3},{"$f":"SUM(interim_cons_qtr!$N35:O35)","v":-51.5},{"$f":"SUM(interim_cons_qtr!$N35:P35)","v":-64.400000000000006},{"$f":"SUM(interim_cons_qtr!$N35:Q35)","v":-60.7},{"$f":"SUM(interim_cons_qtr!$R35:R35)","v":-12.2},{"$f":"SUM(interim_cons_qtr!$R35:S35)","v":-9.1999999999999993},{"$f":"SUM(interim_cons_qtr!$R35:T35)","v":20.7},{"$f":"SUM(interim_cons_qtr!$R35:U35)","v":74},{"$f":"SUM(interim_cons_qtr!$V35:V35)","v":25.5},{"$f":"SUM(interim_cons_qtr!$V35:W35)","v":-19.5},{"$f":"SUM(interim_cons_qtr!$V35:X35)","v":-28.8},{"$f":"SUM(interim_cons_qtr!$V35:Y35)","v":-43.4}]
["Internet"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N37:N37)","v":7.4},{"$f":"SUM(interim_cons_qtr!$N37:O37)","v":17.100000000000001},{"$f":"SUM(interim_cons_qtr!$N37:P37)","v":27.6},{"$f":"SUM(interim_cons_qtr!$N37:Q37)","v":56.1},{"$f":"SUM(interim_cons_qtr!$R37:R37)","v":61.6},{"$f":"SUM(interim_cons_qtr!$R37:S37)","v":125.6},{"$f":"SUM(interim_cons_qtr!$R37:T37)","v":208.3},{"$f":"SUM(interim_cons_qtr!$R37:U37)","v":315.5},{"$f":"SUM(interim_cons_qtr!$V37:V37)","v":85.6},{"$f":"SUM(interim_cons_qtr!$V37:W37)","v":185.6},{"$f":"SUM(interim_cons_qtr!$V37:X37)","v":302.3},{"$f":"SUM(interim_cons_qtr!$V37:Y37)","v":436.3}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N38:N38)","v":-95.4},{"$f":"SUM(interim_cons_qtr!$N38:O38)","v":-195.10000000000002},{"$f":"SUM(interim_cons_qtr!$N38:P38)","v":-274.8},{"$f":"SUM(interim_cons_qtr!$N38:Q38)","v":-359.1},{"$f":"SUM(interim_cons_qtr!$R38:R38)","v":-98.4},{"$f":"SUM(interim_cons_qtr!$R38:S38)","v":-197.4},{"$f":"SUM(interim_cons_qtr!$R38:T38)","v":-302.89999999999998},{"$f":"SUM(interim_cons_qtr!$R38:U38)","v":-405.4},{"$f":"SUM(interim_cons_qtr!$V38:V38)","v":-119.9},{"$f":"SUM(interim_cons_qtr!$V38:W38)","v":-225.9},{"$f":"SUM(interim_cons_qtr!$V38:X38)","v":-319.3},{"$f":"SUM(interim_cons_qtr!$V38:Y38)","v":-400.5}]
["Burda"]
["Total revenues",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N44:N44)","v":0},{"$f":"SUM(interim_cons_qtr!$N44:O44)","v":0},{"$f":"SUM(interim_cons_qtr!$N44:P44)","v":0},{"$f":"SUM(interim_cons_qtr!$N44:Q44)","v":0},{"$f":"SUM(interim_cons_qtr!$R44:R44)","v":24},{"$f":"SUM(interim_cons_qtr!$R44:S44)","v":319},{"$f":"SUM(interim_cons_qtr!$R44:T44)","v":468},{"$f":"SUM(interim_cons_qtr!$R44:U44)","v":608},{"$f":"SUM(interim_cons_qtr!$V44:V44)","v":245},{"$f":"SUM(interim_cons_qtr!$V44:W44)","v":560},{"$f":"SUM(interim_cons_qtr!$V44:X44)","v":786},{"$f":"SUM(interim_cons_qtr!$V44:Y44)","v":1044}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(interim_cons_qtr!$N45:N45)","v":0},{"$f":"SUM(interim_cons_qtr!$N45:O45)","v":0},{"$f":"SUM(interim_cons_qtr!$N45:P45)","v":0},{"$f":"SUM(interim_cons_qtr!$N45:Q45)","v":0},{"$f":"SUM(interim_cons_qtr!$R45:R45)","v":-13},{"$f":"SUM(interim_cons_qtr!$R45:S45)","v":-46},{"$f":"SUM(interim_cons_qtr!$R45:T45)","v":-95},{"$f":"SUM(interim_cons_qtr!$R45:U45)","v":-138},{"$f":"SUM(interim_cons_qtr!$V45:V45)","v":0},{"$f":"SUM(interim_cons_qtr!$V45:W45)","v":5},{"$f":"SUM(interim_cons_qtr!$V45:X45)","v":-12},{"$f":"SUM(interim_cons_qtr!$V45:Y45)","v":-48}]

{"sheet":"sotp valuation","index":21,"n_rows":17,"n_cols":14,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
["SOTP valuation of HT Media, March fiscal year-end, 2013E"]
[]
[null,"Financials (Rs bn)",null,null,"Multiple (X)",null,null,"Valuation"]
["Business","Sales","EBITDA",null,"Sales","EBITDA",null,"(Rs bn)","(Rs/share)",null,"Comments/Assumptions"]
["HT Delhi-NCR",{"$f":"('HT Delhi-NCR'!J5+'HT Delhi-NCR'!J10+'HT Delhi-NCR'!J14)/10^3","v":8.8482705565203688},{"$f":"'HT Delhi-NCR'!J23/10^3","v":2.477423402684555},null,{"$f":"H5/B5","v":1.7501532999779292},{"$f":"H5/C5","v":6.2507805072040199},null,{"$f":"'HTD DCF'!D33/10^3","v":15.485829913591672},{"$f":"H5*10^3/235","v":65.897148568475203},null,"Based on DCF valuation with 2% terminal growth"]
["Hindustan",{"$f":"(Hindustan!J5+Hindustan!J10)/10^3","v":6.7197256278194892},{"$f":"Hindustan!J23/10^3","v":1.157014913682914},null,{"$f":"M6/B6","v":1.8470687011645086},{"$f":"M6/C6","v":10.727428610276258},null,{"$f":"83.5%*78%*M6","v":8.0838020102667905},34.399157490496982,null,"Based on 16.5% holding discount to DCF valuation",null,12.411794887558406]
["HT Others",{"$f":"('HT Others'!J5+'HT Others'!J10+'HT Others'!J14)/10^3","v":1.9212840559139792},{"$f":"'HT Others'!J23/10^3","v":0.13652442815591734},null,{"$f":"H7/B7","v":0.25758722191535338},{"$f":"H7/C7","v":3.6249792740969937},null,{"$f":"'HTO DCF'!D33/10^3","v":0.49489822247314441},2.1059498828644445,null,"Based on DCF valuation"]
["HT Mint",{"$f":"('HT Mint'!J5+'HT Mint'!J10)/10^3","v":0.98239248168299997},{"$f":"'HT Mint'!K23/10^3","v":8.100091179056676E-2},null,{"$f":"H8/B8","v":0.70808213997673641},{"$f":"H8/C8","v":8.5877375371491276},null,{"$f":"'HTM DCF'!D33/10^3","v":0.69561457072715549},2.9600620030942788,null,"Based on DCF valuation"]
["Fever FM",{"$f":"'Fever-FM'!J6/10^3","v":0.78508538343529422},{"$f":"'Fever-FM'!J12/10^3","v":0.12025470412013203},null,{"$f":"H9/B9","v":1.3318079170943378},{"$f":"H9/C9","v":8.6947362010026019},null,{"$f":"SUM('Fever-FM'!I12:O12)/10^3","v":1.0455829292541687},4.4492890606560369,null,"Based on DCF valuation limited up to FY2018E"]
["HT-Burda JV",{"$f":"'HT-Burda'!J4/10^3","v":1.8332028},{"$f":"'HT-Burda'!K8/10^3","v":0.17076370180000019},null,{"$f":"M10/B10","v":0.74520375727115495},{"$f":"M10/C10","v":8},null,{"$f":"51%*M10","v":0.6967159033440008},2.9647485248680887,null,"Based on 8.0X FY2013E EV/EBITDA",null,{"$f":"8*'HT-Burda'!K8/10^3","v":1.3661096144000016}]
["HT Mumbai",{"$f":"('HT Mumbai'!I5+'HT Mumbai'!I10+'HT Mumbai'!I14)/10^3","v":1.7085812403403231},null,null,1,null,null,{"$f":"B11*E11","v":1.7085812403403231},7.2705584695332899,null,"Based on 1.0X FY2013E EV/Sales"]
["Internet",{"$f":"Internet!J6/10^3","v":0.3},null,null,0,null,null,{"$f":"B12*E12","v":0},0]
["Enterprise value",null,null,null,null,null,null,{"$f":"SUM(H5:H12)","v":28.211024789997253},{"$f":"H13*10^3/235","v":120.04691399998831}]
["Net cash/(debt)",null,null,null,null,null,null,3.1,{"$f":"H14*10^3/235","v":13.191489361702128},null,"Based on end-FY2012 standalone financials",null,{"$f":"-2515.4-283.6+638.1+450+50+150+100+250+150+7*100+150+4*100+300+650+550+250+153.4+35","v":2177.5},{"$f":"M14+500","v":2677.5}]
["Equity value",null,null,null,null,null,null,{"$f":"SUM(H13:H14)","v":31.311024789997255},{"$f":"H15*10^3/235","v":133.23840336169044}]
[]
["Source: Kotak Institutional Equities estimates"]

{"sheet":"earnings changes","index":22,"n_rows":19,"n_cols":15,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
["Revised and previous earnings estimates for HT Media, FY2012-14E (Rs mn)"]
[]
[null,"Revised estimates",null,null,null,"Previous estimates",null,null,null,"Change (%)"]
[null,"2012E","2013E","2014E",null,{"$f":"B4","v":"2012E"},{"$f":"C4","v":"2013E"},{"$f":"D4","v":"2014E"},null,{"$f":"B4","v":"2012E"},{"$f":"C4","v":"2013E"},{"$f":"D4","v":"2014E"}]
["Advertisement revenues",{"$f":"'cons finstats'!I6","v":15349.677128822586},{"$f":"'cons finstats'!J6","v":17636.101183066476},{"$f":"'cons finstats'!K6","v":20903.048695443729},null,15349.677128822586,17636.101183066476,20937.273984049105,null,{"$f":"(B5/F5-1)*100","v":0},{"$f":"(C5/G5-1)*100","v":0},{"$f":"(D5/H5-1)*100","v":-0.16346582956047184},null,{"$f":"(C5/B5-1)*100","v":14.895584024699748},{"$f":"(D5/C5-1)*100","v":18.524204859484783}]
["Circulation revenues",{"$f":"'cons finstats'!I7","v":1981.7298000000001},{"$f":"'cons finstats'!J7","v":2214.980775},{"$f":"'cons finstats'!K7","v":2334.5362800000003},null,1981.7298000000001,2214.980775,2334.5362800000003,null,0,0,0,null,{"$f":"(C6/B6-1)*100","v":11.770069511999059},{"$f":"(D6/C6-1)*100","v":5.3975865772469378}]
["Other operational revenues",{"$f":"SUM('cons finstats'!I8:I13)","v":2678.6794580000001},{"$f":"SUM('cons finstats'!J8:J13)","v":3678.6246834352942},{"$f":"SUM('cons finstats'!K8:K13)","v":4414.4923517788247},null,2678.6794580000001,3615.0468834352941,4373.6780717788242,null,{"$f":"(B7/F7-1)*100","v":0},{"$f":"(C7/G7-1)*100","v":1.7586991828881571},{"$f":"(D7/H7-1)*100","v":0.93317979353246816},null,37.329782869275817,20.003880027693889]
["Total revenues",{"$f":"'cons finstats'!I14","v":20010.086386822586},{"$f":"'cons finstats'!J14","v":23529.706641501765},{"$f":"'cons finstats'!K14","v":27652.077327222552},null,20010.086386822586,23466.128841501766,27645.488335827929,null,0,0.27093433445892767,2.3833875945977745E-2,null,17.589230684166289,17.519855850857645]
["Production cost",{"$f":"'cons finstats'!I18","v":7444.0337735159992},{"$f":"'cons finstats'!J18","v":9266.6474685216017},{"$f":"'cons finstats'!K18","v":10407.944629512003},null,7444.0337735159992,9052.3562439456,10285.482476799361,null,0,2.3672425035119904,1.1906310957106481,null,24.484221195905963,12.316181929520242]
["Employee cost",{"$f":"'cons finstats'!I21","v":3547.7172614400001},{"$f":"'cons finstats'!J21","v":4266.6086614560008},{"$f":"'cons finstats'!K21","v":5048.9649899704018},null,3547.7172614400001,4266.6086614560008,5048.9649899704018,null,0,0,0,null,20.263491903078169,18.336725736815485]
["SG&A expenses",{"$f":"'cons finstats'!I37","v":6220.1446876160489},{"$f":"'cons finstats'!J37","v":6868.3360945440145},{"$f":"'cons finstats'!K37","v":7662.7189137617479},null,6220.1446876160489,6868.3360945440145,7665.7136265147183,null,0,0,-3.9066327009817936E-2,null,10.420841306448668,11.565869932439178]
["Total expenditure",{"$f":"SUM(B9:B11)","v":17211.895722572048},{"$f":"SUM(C9:C11)","v":20401.592224521617},{"$f":"SUM(D9:D11)","v":23119.628533244155},null,17211.895722572048,20187.300999945615,23000.161093284481,null,0,1.0615149820007108,0.51942001395179904,null,18.531930203170678,13.322667558542832]
["EBITDA",{"$f":"'cons finstats'!I39","v":2798.1906642505373},{"$f":"'cons finstats'!J39","v":3128.1144169801482},{"$f":"'cons finstats'!K39","v":4532.4487939783994},null,2798.1906642505373,3278.8278415561508,4645.3272425434498,null,0,-4.5965641338605039,-2.4299353451630257,null,11.790610159082116,44.893958142169943]
["EPS (Rs)",{"$f":"'profit model'!I21","v":7.0457169320148303},{"$f":"'profit model'!J21","v":7.4520504701190191},{"$f":"'profit model'!K21","v":10.932314685836953},null,7.0457169320148303,7.9124323619878876,11.298122241309892,null,0,-5.8184622731258795,-3.2377730357299406,null,5.7670999562565717,46.70210205463556]
[]
["Source: Kotak Institutional Equities estimates"]
[]
[null,{"$f":"140/B14","v":19.870227735641496},{"$f":"140/C14","v":18.786775607783024},{"$f":"140/D14","v":12.806071177348469}]
[null,{"$f":"170/B14","v":24.128133678993247},{"$f":"170/C14","v":22.812513238022241},{"$f":"170/D14","v":15.550229286780285}]

{"sheet":"saln finstats","index":23,"n_rows":171,"n_cols":43,"rows_kept":171,"cut":false,"hidden":false,"merged":[]}
["Standalone P&L statement of HT Media, March fiscal year-ends, 2007-20E (Rs mn)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Common size P&L statement of HT Media"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E",null,null,null,null,null,null,null,null,null,null,null,2006,{"$f":"D3","v":2007},{"$f":"E3","v":2008},2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["P&L statement of HT Media",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"P&L statement of HT Media"]
["REVENUES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"REVENUES"]
["Print advertising",null,6548.3850000000002,8731.49,10137.1,11299,10409.6,10268.700000000001,{"$f":"'cons revenues'!I10-'cons revenues'!I9","v":10947.172985462586},{"$f":"'cons revenues'!J10-'cons revenues'!J9","v":12383.402330246987},{"$f":"'cons revenues'!K10-'cons revenues'!K9","v":14523.488836091108},{"$f":"'cons revenues'!L10-'cons revenues'!L9","v":14741.571742992599},{"$f":"'cons revenues'!M10-'cons revenues'!M9","v":15321.070008883842},{"$f":"'cons revenues'!N10-'cons revenues'!N9","v":16817.937520474581},{"$f":"'cons revenues'!O10-'cons revenues'!O9","v":18527.677478171496},{"$f":"'cons revenues'!P10-'cons revenues'!P9","v":19924.828714362211},{"$f":"'cons revenues'!Q10-'cons revenues'!Q9","v":21361.053951475082},null,null,null,null,null,null,null,null,null,"Print advertising",null,{"$f":"C6/C$11","v":0.79760063969949213},0.84014071158263004,0.85457166461533274,0.85401801910750996,0.8241245813903777,0.84571037958837447,0.83264850838369975,0.83239812763074483,0.83968237297889259,0.82882033373949215,0.82216344586323808,0.83337342080910715,0.87126427235239712,0.88201677211326357,0.88159667083890991]
["Print circulation",null,1368.306,1397.34,1489,1531.1,1442.5,604.29999999999995,{"$f":"'cons revenues'!I13-Hindustan!I10","v":634.96080000000006},{"$f":"'cons revenues'!J13-Hindustan!J10","v":747.95399999999995},{"$f":"'cons revenues'!K13-Hindustan!K10","v":872.95500000000015},{"$f":"'cons revenues'!L13-Hindustan!L10","v":904.24800000000027},{"$f":"'cons revenues'!M13-Hindustan!M10","v":1025.5680000000004},{"$f":"'cons revenues'!N13-Hindustan!N10","v":1145.1456000000003},{"$f":"'cons revenues'!O13-Hindustan!O10","v":1199.9232000000004},{"$f":"'cons revenues'!P13-Hindustan!P10","v":1346.9759999999999},{"$f":"'cons revenues'!Q13-Hindustan!Q10","v":1494.7200000000005},null,null,null,null,null,null,null,null,null,"Print circulation",null,0.16666120591636768,0.13445153369274571,0.12552477617979801,0.11572590397871568,0.11420224683519249,4.9768985595572433E-2,4.829549726712206E-2,5.0276611592696946E-2,5.0470306010926246E-2,5.083983866913809E-2,5.5034310290218214E-2,5.6745002461488961E-2,5.6426403954757107E-2,5.9626882653082046E-2,6.1688911924935218E-2]
["Radio revenues",null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},73.400000000000006,417.6,620.79999999999995,{"$f":"'Fever-FM'!I6","v":674.06320800000003},{"$f":"'Fever-FM'!J6","v":785.08538343529426},{"$f":"'Fever-FM'!K6","v":863.59392177882364},{"$f":"'Fever-FM'!L6","v":1020.3821688060002},{"$f":"'Fever-FM'!M6","v":1122.4203856866004},{"$f":"'Fever-FM'!N6","v":1003.1632197073992},{"$f":"'Fever-FM'!O6","v":272.6546186897034},{"$f":"'Fever-FM'!P6","v":0},{"$f":"'Fever-FM'!Q6","v":0},null,null,null,null,null,null,null,null,null,"Radio revenues",null,0,0,0,5.5478292417462816E-3,3.3061253572531292E-2,5.1127893856911077E-2,5.1269649748191586E-2,5.2772540677742008E-2,4.9929090848157269E-2,5.7369289003638677E-2,6.0231629479413108E-2,4.9709398849868129E-2,1.2821586960161672E-2,0,0]
["Job revenue",null,236.64,188.92,136.69999999999999,224.3,274,557,{"$f":"'cons finstats'!I12+200","v":641.25499999999988},{"$f":"'cons finstats'!J12+200","v":685.38049999999998},{"$f":"'cons finstats'!K12+200","v":733.91854999999998},{"$f":"'cons finstats'!L12+200","v":787.31040500000006},{"$f":"'cons finstats'!M12+200","v":816.67592525000009},{"$f":"'cons finstats'!N12+200","v":847.50972151250016},{"$f":"'cons finstats'!O12+200","v":879.88520758812524},{"$f":"'cons finstats'!P12+200","v":913.87946796753158},{"$f":"'cons finstats'!Q12+200","v":949.57344136590814},null,null,null,null,null,null,null,null,null,"Job revenue",null,{"$f":"C9/C$11","v":2.8823017488814082E-2},1.8177811946436459E-2,1.1524000606970038E-2,1.6953380094328216E-2,2.1692489173547831E-2,4.5873448579734979E-2,4.8774237874256721E-2,4.6070492559313052E-2,4.2431847925259912E-2,4.4265217034191687E-2,4.3824686687532706E-2,{"$f":"N9/N$11","v":4.1996355077784549E-2},{"$f":"O9/O$11","v":4.1376613234232702E-2},{"$f":"P9/P$11","v":4.0454903276347209E-2},{"$f":"Q9/Q$11","v":3.9190050571798814E-2}]
["Sale of waste papers",null,56.774000000000001,75.14,99.4,102.6,87.4,91.3,{"$f":"'cons finstats'!I13","v":249.96},{"$f":"'cons finstats'!J13","v":274.95600000000002},{"$f":"'cons finstats'!K13","v":302.45160000000004},{"$f":"'cons finstats'!L13","v":332.6967600000001},{"$f":"'cons finstats'!M13","v":349.3315980000001},{"$f":"'cons finstats'!N13","v":366.7981779000001},{"$f":"'cons finstats'!O13","v":385.13808679500011},{"$f":"'cons finstats'!P13","v":404.39499113475011},{"$f":"'cons finstats'!Q13","v":424.61474069148761},null,null,null,null,null,null,null,null,null,"Sale of waste papers",null,{"$f":"C10/C$11","v":6.9151368953259415E-3},7.2299427781877803E-3,8.3795585978992098E-3,7.7548675776998423E-3,6.9194290283506581E-3,7.5192923794071874E-3,1.9012106726729948E-2,1.848222753950321E-2,1.7486382236763937E-2,1.8705321553539465E-2,1.8745927679597815E-2,{"$f":"N10/N$11","v":1.8175822801751295E-2},1.8111123498451377E-2,1.7901441957307258E-2,1.7524366664356118E-2]
["Total revenues",null,{"$f":"+SUM(C6:C10)","v":8210.1050000000014},10392.89,11862.2,13230.4,12631.1,12142.099999999999,13147.411993462585,14876.778213682281,17296.407907869932,17786.209076798597,18635.065917820444,20180.554239594479,21265.278591244325,{"$f":"+SUM(P6:P10)","v":22590.079173464492},{"$f":"+SUM(Q6:Q10)","v":24229.962133532477},null,null,null,null,null,null,null,null,null,"Total revenues",null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,{"$f":"(D11/C11-1)*100","v":26.586566188861127},14.137646025311557,11.534116774291437,-4.5297194340307101,-3.8713967904616564,8.279556200843242,13.153662645390639,16.264473795558111,2.8318086133121589,4.7725562954792133,8.2934416684628189,5.3750969312904351,{"$f":"(P11/O11-1)*100","v":6.229876446413618},{"$f":"(Q11/P11-1)*100","v":7.2593059434438834}]
["NEWSPRINT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NEWSPRINT"]
["RM consumed (incl. chg in stock)",null,{"$f":"3417.147-0.329","v":3416.8179999999998},{"$f":"4320.09-2.74","v":4317.3500000000004},{"$f":"4558.2+3.5","v":4561.7},{"$f":"5402-1","v":5401},{"$f":"4103.2-4.9","v":4098.3},{"$f":"3554.6-0.3","v":3554.2999999999997},{"$f":"SUM('cons expenses'!I46:I49)","v":3995.5775179319999},{"$f":"SUM('cons expenses'!J46:J49)","v":4768.7189045760006},{"$f":"SUM('cons expenses'!K46:K49)","v":5252.8119723446407},{"$f":"SUM('cons expenses'!L46:L49)","v":4732.6248802007995},{"$f":"SUM('cons expenses'!M46:M49)","v":4834.303258049179},{"$f":"SUM('cons expenses'!N46:N49)","v":5275.5439429616636},{"$f":"SUM('cons expenses'!O46:O49)","v":5761.0632514549179},{"$f":"SUM('cons expenses'!P46:P49)","v":6308.812342955197},{"$f":"SUM('cons expenses'!Q46:Q49)","v":6866.7584362725875},null,null,null,null,null,null,null,null,null,"RM consumed (incl. chg in stock)",null,{"$f":"C14/C$11","v":0.41617226576273986},0.41541380693916713,0.38455767058387141,0.40822650864675292,0.32446105248157325,0.29272531110763378,0.3039060097849493,0.32054782534770704,0.30369380742660396,0.26608395638249416,0.25941970258480301,{"$f":"N14/N$11","v":0.26141719797818957},0.27091407369696785,0.27927358264267899,0.2833994703924651]
["Total RM costs",null,{"$f":"C14","v":3416.8179999999998},{"$f":"D14","v":4317.3500000000004},4561.7,5401,4098.3,3554.2999999999997,3995.5775179319999,4768.7189045760006,5252.8119723446407,4732.6248802007995,4834.303258049179,5275.5439429616636,5761.0632514549179,6308.812342955197,6866.7584362725875,null,null,null,null,null,null,null,null,null,"Total RM costs",null,0.41617226576273986,0.41541380693916713,0.38455767058387141,0.40822650864675292,0.32446105248157325,0.29272531110763378,0.3039060097849493,0.32054782534770704,0.30369380742660396,0.26608395638249416,0.25941970258480301,0.26141719797818957,0.27091407369696785,0.27927358264267899,0.2833994703924651]
[null,null,null,{"$f":"(D15/C15-1)*100","v":26.355866774291179},5.6597218200979738,18.398842536773575,-24.119607480096271,-13.273796452187502,12.415314349717255,19.349928343879498,10.151428034563125,-9.9030213699359049,2.1484563096001219,9.1272860091640595,9.2032084983579168,{"$f":"(P15/O15-1)*100","v":9.5077777762976101},{"$f":"(Q15/P15-1)*100","v":8.8439164613990595}]
["EMPLOYEES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"EMPLOYEES"]
["Salary, PF, Staff Welfare",null,1183.8499999999999,1476.32,1755.8,2035.8,2081.8000000000002,2095.3000000000002,{"$f":"SUM('cons expenses'!I58:I61)+'cons expenses'!I65","v":2383.4485414400001},{"$f":"SUM('cons expenses'!J58:J61)+'cons expenses'!J65","v":2809.9321926560006},{"$f":"SUM('cons expenses'!K58:K61)+'cons expenses'!K65","v":3249.3330223544012},{"$f":"SUM('cons expenses'!L58:L61)+'cons expenses'!L65","v":3647.3597040275617},{"$f":"SUM('cons expenses'!M58:M61)+'cons expenses'!M65","v":3741.2656984156956},{"$f":"SUM('cons expenses'!N58:N61)+'cons expenses'!N65","v":4018.8094535466626},{"$f":"SUM('cons expenses'!O58:O61)+'cons expenses'!O65","v":4108.2628286969766},{"$f":"SUM('cons expenses'!P58:P61)+'cons expenses'!P65","v":4376.1590214941516},{"$f":"SUM('cons expenses'!Q58:Q61)+'cons expenses'!Q65","v":4738.1791220793157},null,null,null,null,null,null,null,null,null,"Salary, PF, Staff Welfare",null,{"$f":"C18/C$11","v":0.144194258173312},0.14205095983888985,0.14801638819106067,0.15387289877857058,0.16481541591785356,0.17256487757471939,0.1812865180329897,0.18888042506889599,0.1878617247963921,0.20506672828812056,0.20076482234699139,{"$f":"N18/N$11","v":0.19914267000961314},0.19319111250150728,0.19372039327045038,0.19555041382099503]
["Employee costs",null,{"$f":"+C18","v":1183.8499999999999},1476.32,1755.8,2035.8,2081.8000000000002,2095.3000000000002,2383.4485414400001,2809.9321926560006,3249.3330223544012,3647.3597040275617,3741.2656984156956,4018.8094535466626,4108.2628286969766,{"$f":"+P18","v":4376.1590214941516},{"$f":"+Q18","v":4738.1791220793157},null,null,null,null,null,null,null,null,null,"Employee costs",null,0.144194258173312,0.14205095983888985,0.14801638819106067,0.15387289877857058,0.16481541591785356,0.17256487757471939,0.1812865180329897,0.18888042506889599,0.1878617247963921,0.20506672828812056,0.20076482234699139,0.19914267000961314,0.19319111250150728,0.19372039327045038,0.19555041382099503]
[null,null,null,{"$f":"(D19/C19-1)*100","v":24.704987963002068},18.930855099165498,15.947146599840533,2.2595539836919309,0.64847727927754839,13.7521377101131,17.893553974458086,15.637417545050102,12.249488708447576,2.574629375995996,7.418445454127931,2.2258675407307527,{"$f":"(P19/O19-1)*100","v":6.52091173246927},{"$f":"(Q19/P19-1)*100","v":8.27255359796224}]
["SG&A AND OTHER",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"SG&A AND OTHER"]
["Radio operating cost",null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"6+12.9","v":18.899999999999999},{"$f":"28.4+47.3","v":75.699999999999989},{"$f":"40.2+32.9","v":73.099999999999994},{"$f":"-SUM('Fever-FM'!I7:I8)","v":78.789791808000004},{"$f":"-SUM('Fever-FM'!J7:J8)","v":86.340314634691779},{"$f":"-SUM('Fever-FM'!K7:K8)","v":92.776870126269756},{"$f":"-SUM('Fever-FM'!L7:L8)","v":102.54238680266383},{"$f":"-SUM('Fever-FM'!M7:M8)","v":110.32754148091328},{"$f":"-SUM('Fever-FM'!N7:N8)","v":96.478741601829142},{"$f":"-SUM('Fever-FM'!O7:O8)","v":30.982909123678251},{"$f":"-SUM('Fever-FM'!P7:P8)","v":0},{"$f":"-SUM('Fever-FM'!Q7:Q8)","v":0},null,null,null,null,null,null,null,null,null,"Radio operating cost",null,{"$f":"C22/C$11","v":0},0,0,1.4285282379973394E-3,5.9931439067064619E-3,6.0203753881124351E-3,5.9927985710934908E-3,5.8036971039390753E-3,5.3639386062383464E-3,5.7652750150354575E-3,5.9204266820118224E-3,4.78077759690746E-3,1.4569717011107027E-3,0,0]
["Printing and service charges",null,360.536,343.85,384.1,404.9,311,221.9,{"$f":"H23*'cons finstats'!I27/'cons finstats'!H27","v":246.49220628750163},{"$f":"I23*'cons finstats'!J27/'cons finstats'!I27","v":279.23650248227193},{"$f":"J23*'cons finstats'!K27/'cons finstats'!J27","v":310.75201792483449},{"$f":"K23*'cons finstats'!L27/'cons finstats'!K27","v":324.5217862743134},{"$f":"L23*'cons finstats'!M27/'cons finstats'!L27","v":334.0521504933472},{"$f":"M23*'cons finstats'!N27/'cons finstats'!M27","v":359.90896958440067},{"$f":"N23*'cons finstats'!O27/'cons finstats'!N27","v":387.00788291547849},{"$f":"O23*'cons finstats'!P27/'cons finstats'!O27","v":414.42740341925202},{"$f":"P23*'cons finstats'!Q27/'cons finstats'!P27","v":433.76932388297763},null,null,null,null,null,null,null,null,null,"Printing and service charges",null,4.3913689288992031E-2,3.3085118768696679E-2,3.238016556793849E-2,3.060376103519168E-2,2.4621766908661951E-2,1.8275257163093701E-2,1.8748344268063353E-2,1.8769958015873094E-2,1.7966274823077059E-2,1.8245697263147502E-2,1.7925997791824175E-2,1.7834444253183847E-2,1.8199050685130617E-2,1.8345548956997922E-2,1.7902187444307761E-2]
["Consumption of stores and spares",null,219.13,267.16000000000003,292.2,322.89999999999998,311.89999999999998,294.8,{"$f":"H24*'cons finstats'!I28/'cons finstats'!H28","v":327.47139438285484},{"$f":"I24*'cons finstats'!J28/'cons finstats'!I28","v":370.97305512291024},{"$f":"J24*'cons finstats'!K28/'cons finstats'!J28","v":412.84224823903207},{"$f":"K24*'cons finstats'!L28/'cons finstats'!K28","v":431.13574850683909},{"$f":"L24*'cons finstats'!M28/'cons finstats'!L28","v":443.7970886229777},{"$f":"M24*'cons finstats'!N28/'cons finstats'!M28","v":478.14855445462501},{"$f":"N24*'cons finstats'!O28/'cons finstats'!N28","v":514.15017522975677},{"$f":"O24*'cons finstats'!P28/'cons finstats'!O28","v":550.57773108605443},{"$f":"P24*'cons finstats'!Q28/'cons finstats'!P28","v":576.27398233754752},null,null,null,null,null,null,null,null,null,"Consumption of stores and spares",null,2.6690279844167639E-2,2.5706035568547347E-2,2.4632867427627249E-2,2.440591365340428E-2,2.469301961032689E-2,2.4279160935917185E-2,2.4907669626971954E-2,2.4936384060745331E-2,2.3868669751433605E-2,2.4239889829544316E-2,2.3815160653581642E-2,2.369352936385127E-2,2.4177918620894568E-2,2.4372545437237436E-2,2.37835279791885E-2]
["News services and dispatches",null,131.00800000000001,151.71,230.4,241.2,205.6,172.3,{"$f":"H25*'cons finstats'!I29/'cons finstats'!H29","v":198.14499999999998},{"$f":"I25*'cons finstats'!J29/'cons finstats'!I29","v":227.86675},{"$f":"J25*'cons finstats'!K29/'cons finstats'!J29","v":255.21076000000002},{"$f":"K25*'cons finstats'!L29/'cons finstats'!K29","v":285.83605120000004},{"$f":"L25*'cons finstats'!M29/'cons finstats'!L29","v":308.70293529600008},{"$f":"M25*'cons finstats'!N29/'cons finstats'!M29","v":333.39917011968009},{"$f":"N25*'cons finstats'!O29/'cons finstats'!N29","v":360.07110372925456},{"$f":"O25*'cons finstats'!P29/'cons finstats'!O29","v":388.87679202759495},{"$f":"P25*'cons finstats'!Q29/'cons finstats'!P29","v":419.98693538980257},null,null,null,null,null,null,null,null,null,"News services and dispatches",null,1.5956921379202821E-2,1.4597479623088478E-2,1.9423041257102393E-2,1.8230741323013666E-2,1.6277283847012533E-2,1.4190296571433281E-2,1.5071026913777825E-2,1.5316942064137872E-2,1.4755130739248936E-2,1.6070656201430906E-2,1.6565701278297703E-2,1.6520813361287526E-2,1.6932348296509442E-2,1.7214494426579536E-2,1.7333371512313331E-2]
["Power and fuel",null,128.03899999999999,144.84,162.4,183,197.5,198.2,{"$f":"H26*'cons finstats'!I30/'cons finstats'!H30","v":227.93},{"$f":"I26*'cons finstats'!J30/'cons finstats'!I30","v":262.11949999999996},{"$f":"J26*'cons finstats'!K30/'cons finstats'!J30","v":293.57384000000002},{"$f":"K26*'cons finstats'!L30/'cons finstats'!K30","v":328.80270080000008},{"$f":"L26*'cons finstats'!M30/'cons finstats'!L30","v":355.10691686400008},{"$f":"M26*'cons finstats'!N30/'cons finstats'!M30","v":383.51547021312012},{"$f":"N26*'cons finstats'!O30/'cons finstats'!N30","v":414.19670783016977},{"$f":"O26*'cons finstats'!P30/'cons finstats'!O30","v":447.33244445658335},{"$f":"P26*'cons finstats'!Q30/'cons finstats'!P30","v":483.11904001311007},null,null,null,null,null,null,null,null,null,"Power and fuel",null,1.5595293848251632E-2,1.3936450785104049E-2,1.3690546441638144E-2,1.3831781352037732E-2,1.5636009532028088E-2,1.6323370751352734E-2,1.73364917835796E-2,1.7619372705235784E-2,1.6973110345438996E-2,1.8486384556724352E-2,1.9055844418796312E-2,1.900420898553214E-2,1.9477605527383465E-2,1.9802163641021844E-2,1.9938910236450967E-2]
["Repair and maintenance",null,{"$f":"75.639+20.494+0.593","v":96.725999999999999},{"$f":"86.71+31.36+1.36","v":119.42999999999999},{"$f":"91.9+33.5+1.1","v":126.5},{"$f":"103.7+23.4+1.4","v":128.5},{"$f":"133.5+17+3.2","v":153.69999999999999},{"$f":"106.9+13.9+4.6","v":125.4},{"$f":"H27*'cons finstats'!I31/'cons finstats'!H31","v":144.21},{"$f":"I27*'cons finstats'!J31/'cons finstats'!I31","v":165.8415},{"$f":"J27*'cons finstats'!K31/'cons finstats'!J31","v":185.74248},{"$f":"K27*'cons finstats'!L31/'cons finstats'!K31","v":208.03157760000005},{"$f":"L27*'cons finstats'!M31/'cons finstats'!L31","v":224.67410380800004},{"$f":"M27*'cons finstats'!N31/'cons finstats'!M31","v":242.64803211264007},{"$f":"N27*'cons finstats'!O31/'cons finstats'!N31","v":262.05987468165125},{"$f":"O27*'cons finstats'!P31/'cons finstats'!O31","v":283.0246646561834},{"$f":"P27*'cons finstats'!Q31/'cons finstats'!P31","v":305.66663782867812},null,null,null,null,null,null,null,null,null,"Repair and maintenance",null,{"$f":"C27/C$11","v":1.178133531787961E-2},1.1491510061205305E-2,1.0664126384650401E-2,9.7124803482887892E-3,1.21683780510011E-2,1.0327702786173728E-2,1.0968698636028668E-2,1.1147675768095701E-2,1.0738789290202069E-2,1.1696229179683318E-2,1.2056523159016435E-2,{"$f":"N27/N$11","v":1.2023853717385118E-2},{"$f":"O27/O$11","v":1.2323368986548367E-2},{"$f":"P27/P$11","v":1.2528715038265081E-2},{"$f":"Q27/Q$11","v":1.2615233822658686E-2}]
["Communication expenses",null,82.506,91.39,96.1,108.3,101.8,85.7,{"$f":"H28*'cons finstats'!I32/'cons finstats'!H32","v":98.554999999999993},{"$f":"I28*'cons finstats'!J32/'cons finstats'!I32","v":113.33824999999999},{"$f":"J28*'cons finstats'!K32/'cons finstats'!J32","v":126.93884},{"$f":"K28*'cons finstats'!L32/'cons finstats'!K32","v":142.17150079999999},{"$f":"L28*'cons finstats'!M32/'cons finstats'!L32","v":153.54522086399999},{"$f":"M28*'cons finstats'!N32/'cons finstats'!M32","v":165.82883853312001},{"$f":"N28*'cons finstats'!O32/'cons finstats'!N32","v":179.09514561576961},{"$f":"O28*'cons finstats'!P32/'cons finstats'!O32","v":193.42275726503118},{"$f":"P28*'cons finstats'!Q32/'cons finstats'!P32","v":208.8965778462337},null,null,null,null,null,null,null,null,null,"Communication expenses",null,1.0049323364317507E-2,8.7935117181072841E-3,8.1013639965605028E-3,8.1856935542387235E-3,8.0594722549896681E-3,7.0580871513164951E-3,7.4961520981471829E-3,7.6184674108915581E-3,7.3390290444203931E-3,7.9933559864342908E-3,8.2395856038892205E-3,8.2172588802225215E-3,8.4219515322742806E-3,8.5622877095639319E-3,8.6214157783241555E-3]
["Traveling and conveyance",null,135.71100000000001,148.02000000000001,167,178.2,170.4,173.8,{"$f":"H29*'cons finstats'!I33/'cons finstats'!H33","v":199.86999999999998},{"$f":"I29*'cons finstats'!J33/'cons finstats'!I33","v":229.85049999999995},{"$f":"J29*'cons finstats'!K33/'cons finstats'!J33","v":257.43255999999997},{"$f":"K29*'cons finstats'!L33/'cons finstats'!K33","v":288.32446720000002},{"$f":"L29*'cons finstats'!M33/'cons finstats'!L33","v":311.39042457600004},{"$f":"M29*'cons finstats'!N33/'cons finstats'!M33","v":336.30165854208008},{"$f":"N29*'cons finstats'!O33/'cons finstats'!N33","v":363.20579122544649},{"$f":"O29*'cons finstats'!P33/'cons finstats'!O33","v":392.26225452348217},{"$f":"P29*'cons finstats'!Q33/'cons finstats'!P33","v":423.64323488536081},null,null,null,null,null,null,null,null,null,"Traveling and conveyance",null,{"$f":"C29/C$11","v":1.6529752055546184E-2},1.4242429199192911E-2,1.4078332855625431E-2,1.3468980529689201E-2,1.3490511515228286E-2,1.431383368610043E-2,1.5202231442916924E-2,1.5450287468062459E-2,1.4883585156595847E-2,1.6210563249034773E-2,1.670991806249646E-2,1.6664639362691653E-2,1.7079757016444229E-2,1.7364359438998968E-2,1.7484271438421684E-2]
["Advertising and sales promotion",null,681.56700000000001,637.79999999999995,920.2,1147.4000000000001,993.7,1004.3,{"$f":"8%*I11","v":1051.7929594770069},{"$f":"7.5%*J11","v":1115.758366026171},{"$f":"7.25%*K11","v":1253.9895733205701},{"$f":"7%*L11","v":1245.0346353759019},{"$f":"6.75%*M11","v":1257.8669494528801},{"$f":"6.5%*N11","v":1311.7360255736412},{"$f":"6%*O11","v":1275.9167154746594},{"$f":"5.5%*P11","v":1242.454354540547},{"$f":"5.5%*Q11","v":1332.6479173442863},null,null,null,null,null,null,null,null,null,"Advertising and sales promotion",null,8.3015625256924228E-2,6.1368878146502076E-2,7.7574143076326485E-2,8.6724513242230031E-2,7.8670899604943362E-2,8.2712216173479056E-2,0.08,7.4999999999999997E-2,7.2499999999999995E-2,7.0000000000000007E-2,6.7500000000000004E-2,6.5000000000000002E-2,0.06,5.5E-2,5.5E-2]
["Bad debt w/off, provision for doubtful debts",null,21.318000000000001,{"$f":"18.8","v":18.8},{"$f":"0.3+4","v":4.3},{"$f":"24.3+0.7+101.6","v":126.6},{"$f":"121.3+6.6+55","v":182.89999999999998},{"$f":"5.8+61.1+12.7+68.7","v":148.30000000000001},{"$f":"1.5%*I6","v":164.20759478193878},{"$f":"1.5%*J6","v":185.75103495370479},{"$f":"1.25%*K6","v":181.54361045113887},{"$f":"1.25%*L6","v":184.26964678740751},{"$f":"1%*M6","v":153.21070008883842},{"$f":"1%*N6","v":168.17937520474581},{"$f":"1%*O6","v":185.27677478171495},{"$f":"1%*P6","v":199.24828714362212},{"$f":"1%*Q6","v":213.61053951475083},null,null,null,null,null,null,null,null,null,"Bad debt w/off, provision for doubtful debts",null,2.5965563168802346E-3,1.8089289889530247E-3,3.6249599568376857E-4,9.5688716894424958E-3,1.4480132371685758E-2,1.2213702736758883E-2,1.2489727625755495E-2,1.2485971914461172E-2,1.0496029662236159E-2,1.0360254171743653E-2,8.2216344586323806E-3,8.333734208091071E-3,8.7126427235239712E-3,8.8201677211326365E-3,8.8159667083890988E-3]
["Miscellaneous and other expenses",null,{"$f":"2425.449-SUM(C22:C31)","v":568.90800000000013},{"$f":"2688.12-SUM(D22:D31)","v":765.11999999999989},{"$f":"3315.35-SUM(E22:E31)","v":932.15000000000009},{"$f":"3940.7-SUM(F22:F31)","v":1080.7999999999997},{"$f":"3812.6-SUM(G22:G31)","v":1108.3999999999996},{"$f":"3667.5-SUM(H22:H31)","v":1169.6999999999998},{"$f":"'cons finstats'!I37-'cons expenses'!I83-'cons expenses'!I81-'cons expenses'!I79-SUM(I22:I31)","v":1585.7260444187464},{"$f":"'cons finstats'!J37-'cons expenses'!J83-'cons expenses'!J81-'cons expenses'!J79-SUM(J22:J31)","v":1773.3032159332902},{"$f":"'cons finstats'!K37-'cons expenses'!K83-'cons expenses'!K81-'cons expenses'!K79-SUM(K22:K31)","v":1979.2837938806533},{"$f":"'cons finstats'!L37-'cons expenses'!L83-'cons expenses'!L81-'cons expenses'!L79-SUM(L22:L31)","v":2186.7567746744839},{"$f":"'cons finstats'!M37-'cons expenses'!M83-'cons expenses'!M81-'cons expenses'!M79-SUM(M22:M31)","v":2362.4466988991621},{"$f":"'cons finstats'!N37-'cons expenses'!N83-'cons expenses'!N81-'cons expenses'!N79-SUM(N22:N31)","v":2594.4311378111279},{"$f":"'cons finstats'!O37-'cons expenses'!O83-'cons expenses'!O81-'cons expenses'!O79-SUM(O22:O31)","v":2682.4869597157458},{"$f":"'cons finstats'!P37-'cons expenses'!P83-'cons expenses'!P81-'cons expenses'!P79-SUM(P22:P31)","v":2896.7628186193951},{"$f":"'cons finstats'!Q37-'cons expenses'!Q83-'cons expenses'!Q81-'cons expenses'!Q79-SUM(Q22:Q31)","v":3108.6391187780291},null,null,null,null,null,null,null,null,null,"Miscellaneous and other expenses",null,6.9293632663650476E-2,7.361956106530522E-2,7.8581544738749981E-2,8.1690651832144134E-2,8.7751660583797103E-2,9.6334242017443436E-2,0.1206112689864159,0.11919941202742207,0.11443322824157445,0.12294675977507884,0.12677426038187439,0.12856094570092749,0.12614398387520875,0.12823163639116797,0.12829731642361514]
["SG&A and other costs",null,{"$f":"SUM(C22:C32)","v":2425.4490000000001},{"$f":"SUM(D22:D32)","v":2688.12},3315.35,3940.7,3812.6,3667.5,4323.1899911560486,4810.3789891530396,5350.0865939424984,5727.4272760216099,6015.1207304461195,6470.5759737510098,6654.450040323326,7008.3895077377456,7506.2533078207762,null,null,null,null,null,null,null,null,null,"SG&A and other costs",null,0.29542240933581237,0.25864990392470238,0.27948862774190281,0.29785191679767808,0.30184227818638121,0.30204824536118136,0.32882440995275042,0.32334816853886411,0.30931778566046586,0.32201506522785739,0.32278505249042055,0.32063420543008009,0.31292559896502842,{"$f":"P33/P$11","v":0.31024191876096535},{"$f":"Q33/Q$11","v":0.3097922013436693}]
[null,null,null,{"$f":"(D33/C33-1)*100","v":10.829788628827064},23.333407734773747,18.862261902966495,-3.2506915015098836,-3.8058018150343598,17.87839103356643,11.2692016541867,11.219648306431784,7.0529827032397296,5.0230834990950379,7.5718387662538467,2.841695504669639,{"$f":"(P33/O33-1)*100","v":5.3188387510566093},{"$f":"(Q33/P33-1)*100","v":7.103826057803353}]
["EBITDA",null,{"$f":"C11-C15-C19-C33","v":1183.9880000000021},1911.0999999999995,2229.3500000000008,1852.8999999999996,2638.3999999999992,2824.9999999999991,2445.1959429345352,2487.74812729724,3444.1763192283925,3678.7972165486262,4044.37623090945,4415.6248693351436,4741.5024707691036,4896.7183012773985,5118.771267359798,null,null,null,null,null,null,null,null,null,"EBITDA",null,{"$f":"C35/C$11","v":0.14421106672813586},0.18388532929724066,0.18793731348316506,0.14004867577699839,0.20888125341419189,0.23266156595646548,0.18598306222931049,0.16722358104453289,0.19912668211653814,0.20683425010152787,0.21703042257778501,{"$f":"N35/N$11","v":0.2188059265821172},{"$f":"O35/O$11","v":0.2229692148364964},{"$f":"P35/P$11","v":0.21676410532590537},{"$f":"Q35/Q$11","v":0.21125791444287059}]
[null,null,null,null,{"$f":"(E35/D35-1)*100","v":16.652713097169247},-16.886087873146927,42.39300555885368,7.0724681625227381,-13.444391400547396,1.7402361755776807,38.445539620212401,6.8121047116657563,9.9374603393824081,9.179379395724796,7.3801015955195393,{"$f":"(P35/O35-1)*100","v":3.2735579379149282},{"$f":"(Q35/P35-1)*100","v":4.5347302503489617}]
["OTHER INCOME",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OTHER INCOME"]
["Interest income",null,{"$f":"82.164+12.123+0.268+16.8","v":111.355},{"$f":"125.46+38.38+0.23+23.7","v":187.76999999999998},{"$f":"19.7+14.8+29.4+42+175.4","v":281.3},{"$f":"1.6+15+14.4+12.3+140.6+33.7","v":217.59999999999997},{"$f":"5.4+6.7+7.2+59.1+69.8","v":148.19999999999999},{"$f":"18.5+30.1+0.6+6.5+184.6","v":240.3},{"$f":"'cash model'!I45+100","v":266.20045579897567},{"$f":"'cash model'!J45+100","v":384.78893216832586},{"$f":"'cash model'!K45+100","v":438.98439335815192},{"$f":"'cash model'!L45+100","v":535.15953090814094},{"$f":"'cash model'!M45+100","v":593.46063670810554},{"$f":"'cash model'!N45+100","v":611.0582884691828},{"$f":"'cash model'!O45+100","v":612.12264825780119},{"$f":"'cash model'!P45+100","v":599.42731703710388},{"$f":"'cash model'!Q45+100","v":577.12248290404409},null,null,null,null,null,null,null,null,null,"Interest income",null,{"$f":"C38/C$11","v":1.3563163930302961E-2},1.8067159375303694E-2,2.3713982229266073E-2,1.6446970613133386E-2,1.1732944874159811E-2,1.9790645769677408E-2,2.0247365483894556E-2,2.5865071498776038E-2,2.5380090230088314E-2,3.0088453846313729E-2,3.1846446872001014E-2,{"$f":"N38/N$11","v":3.0279559283375845E-2},2.8785075428536071E-2,{"$f":"P38/P$11","v":2.6534980795517665E-2},2.3818546629313514E-2]
["Other income",null,{"$f":"177.338-SUM(C38:C38)","v":65.98299999999999},{"$f":"402.81-SUM(D38:D38)","v":215.04000000000002},{"$f":"406.86-SUM(E38:E38)","v":125.56},{"$f":"54.2+75.4","v":129.60000000000002},{"$f":"13.6+29.7+73.2+95.5","v":212},{"$f":"415.9-H38","v":175.59999999999997},{"$f":"H39","v":175.59999999999997},{"$f":"I39*1.05","v":184.37999999999997},{"$f":"J39*1.05","v":193.59899999999996},203.27894999999998,213.44289749999999,224.115042375,235.32079449375001,247.08683421843753,259.44117592935942,null,null,null,null,null,null,null,null,null,"Other income",null,8.036803426996364E-3,2.0691068605556303E-2,1.0584883073966043E-2,9.7956222034103289E-3,1.6783969725518759E-2,1.4462078223701005E-2,1.3356240763377252E-2,1.239381251448814E-2,1.1193017708139947E-2,1.142902060367486E-2,1.1453831096775871E-2,1.11054949093164E-2,1.1065963395872931E-2,1.0937847199255453E-2,1.0707452801600214E-2]
["Total other income",null,{"$f":"SUM(C38:C39)","v":177.33799999999999},402.81,406.86,347.2,360.2,415.9,441.80045579897563,569.1689321683258,632.58339335815185,738.43848090814095,806.9035342081055,835.17333084418283,847.44344275155117,846.51415125554138,836.56365883340345,null,null,null,null,null,null,null,null,null,"Total other income",null,2.1599967357299323E-2,3.8758227980859997E-2,3.4298865303232118E-2,2.6242592816543717E-2,2.8516914599678568E-2,3.4252723993378413E-2,3.3603606247271808E-2,3.8258884013264174E-2,3.657310793822826E-2,4.1517474449988594E-2,4.3300277968776883E-2,4.1385054192692249E-2,3.9851038824409005E-2,3.7472827994773118E-2,3.4525999430913723E-2]
[]
["FINANCE CHARGES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FINANCE CHARGES"]
["Interest expenses",null,{"$f":"127+8.4","v":135.4},{"$f":"134.8+7.7+6.1","v":148.6},{"$f":"160.2+11.9+5.3","v":177.4},{"$f":"316.9","v":316.89999999999998},{"$f":"257.3","v":257.3},187.3,{"$f":"interest!BE8+interest!BE18-50","v":231.02499999999998},{"$f":"interest!BJ8+interest!BJ18-50","v":231.02499999999998},{"$f":"interest!BO8+interest!BO18-50","v":231.02499999999998},{"$f":"interest!BT8+interest!BT18-50","v":231.02499999999998},{"$f":"interest!BY8+interest!BY18-50","v":231.02499999999998},{"$f":"interest!CD8+interest!CD18-50","v":231.02499999999998},{"$f":"interest!CI8+interest!CI18-50","v":231.02499999999998},{"$f":"interest!CN8+interest!CN18-50","v":231.02499999999998},{"$f":"interest!CS8+interest!CS18-50","v":231.02499999999998},null,null,null,null,null,null,null,null,null,"Interest expenses",null,{"$f":"C43/C$11","v":1.6491871906632129E-2},1.4298236582894652E-2,1.4955067356814081E-2,2.3952412625468617E-2,2.0370355709320647E-2,1.5425667718104779E-2,1.7571899330063954E-2,1.5529236013448437E-2,1.3356819591129249E-2,1.2988996081315771E-2,1.2397326686087765E-2,{"$f":"N43/N$11","v":1.1447901641210937E-2},{"$f":"O43/O$11","v":1.0863953604403811E-2},{"$f":"P43/P$11","v":1.0226834453567309E-2},{"$f":"Q43/Q$11","v":9.5346826679633331E-3}]
["Total finance expenses",null,{"$f":"C43","v":135.4},{"$f":"D43","v":148.6},177.4,316.89999999999998,257.3,187.3,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,231.02499999999998,null,null,null,null,null,null,null,null,null,"Total finance expenses",null,{"$f":"SUM(AC43:AC43)","v":1.6491871906632129E-2},1.4298236582894652E-2,1.4955067356814081E-2,2.3952412625468617E-2,2.0370355709320647E-2,1.5425667718104779E-2,1.7571899330063954E-2,1.5529236013448437E-2,1.3356819591129249E-2,1.2988996081315771E-2,1.2397326686087765E-2,1.1447901641210937E-2,1.0863953604403811E-2,1.0226834453567309E-2,9.5346826679633331E-3]
[]
["Gross Profit",null,{"$f":"C35-C44+C40","v":1225.926000000002},2165.3099999999995,2458.8100000000009,1883.1999999999996,2741.2999999999988,3053.599999999999,2655.9713987335108,2825.8920594655656,3845.7347125865444,4186.2106974567669,4620.2547651175555,5019.7732001793265,5357.9209135206547,5512.2074525329399,5724.309926193202,null,null,null,null,null,null,null,null,null,"Gross Profit",null,{"$f":"C46/C$11","v":0.14931916217880303},0.208345320695206,0.20728111142958311,0.1423388559680735,0.21702781230454979,0.25148862223173912,0.20201476914651836,0.18995322904434861,0.22234297046363716,0.23536272847020068,0.24793337386047412,{"$f":"N46/N$11","v":0.2487430791335985},0.2519563000565016,{"$f":"P46/P$11","v":0.24401009886711117},0.236249231205821]
["Add/(Deduct): Exceptional items",null,{"$f":"-218.765-10.123","v":-228.88799999999998},{"$f":"-2.61","v":-2.61},0,-188.2,-303.7,{"$f":"'cons finstats'!H51","v":0},{"$f":"'cons finstats'!I51","v":0},{"$f":"'cons finstats'!J51","v":0},{"$f":"'cons finstats'!K51","v":0},{"$f":"'cons finstats'!L51","v":0},{"$f":"'cons finstats'!M51","v":0},{"$f":"'cons finstats'!N51","v":0},{"$f":"'cons finstats'!O51","v":0},{"$f":"'cons finstats'!P51","v":0},{"$f":"'cons finstats'!Q51","v":0},null,null,null,null,null,null,null,null,null,"Add/(Deduct): Exceptional items",null,-2.7878815191766725E-2,-2.5113322665784013E-4,0,-1.4224815576248639E-2,-2.4043828328490786E-2,0,0,0,0,0,0,0,0,0,0]
["D&A expenses",null,385.36399999999998,397.14,446.6,550.1,637.9,562.9,{"$f":"+'cons finstats'!I52+Hindustan!I29+'HT-Burda'!I9+Internet!I11","v":632.26525945160938},{"$f":"+'cons finstats'!J52+Hindustan!J29+'HT-Burda'!J9+Internet!J11","v":666.35762103981824},{"$f":"+'cons finstats'!K52+Hindustan!K29+'HT-Burda'!K9+Internet!K11","v":703.09247913225681},{"$f":"+'cons finstats'!L52+Hindustan!L29+'HT-Burda'!L9+Internet!L11","v":735.05104226499316},{"$f":"+'cons finstats'!M52+Hindustan!M29+'HT-Burda'!M9+Internet!M11","v":781.99449569004048},{"$f":"+'cons finstats'!N52+Hindustan!N29+'HT-Burda'!N9+Internet!N11","v":841.62910672213798},{"$f":"+'cons finstats'!O52+Hindustan!O29+'HT-Burda'!O9+Internet!O11","v":923.33056271085889},{"$f":"+'cons finstats'!P52+Hindustan!P29+'HT-Burda'!P9+Internet!P11","v":1017.7960993930565},{"$f":"+'cons finstats'!Q52+Hindustan!Q29+'HT-Burda'!Q9+Internet!Q11","v":1116.922791334184},null,null,null,null,null,null,null,null,null,"D&A expenses",null,4.6937767543776834E-2,3.8212662695361929E-2,3.7649002714504901E-2,4.1578485911234732E-2,5.0502331546737812E-2,4.6359361230759101E-2,4.8090472844845571E-2,4.4791796413753367E-2,4.06496240651417E-2,4.1327021350706934E-2,4.1963602336508532E-2,4.1704955014112151E-2,4.3419631619170375E-2,4.5055003640209187E-2,4.6096761735687788E-2]
[]
["Profit before tax",null,{"$f":"C46-C48+C47","v":611.67400000000202},{"$f":"D46-D48+D47","v":1765.5599999999997},2012.2100000000009,1144.8999999999994,1799.6999999999987,2490.6999999999989,2023.7061392819014,2159.5344384257473,3142.6422334542876,3451.1596551917737,3838.2602694275151,4178.1440934571883,4434.5903508097963,4494.4113531398834,4607.3871348590183,null,null,null,null,null,null,null,null,null,"Profit before tax",null,{"$f":"C50/C$11","v":7.4502579443259484E-2},0.16988152477318627,0.16963210871507822,8.653555448059011E-2,0.14248165242932118,0.20512926100098,0.15392429630167279,0.14516143263059525,0.18169334639849546,0.19403570711949372,0.20596977152396559,0.20703812411948636,0.20853666843733124,{"$f":"P50/P$11","v":0.198955095226902},{"$f":"Q50/Q$11","v":0.19015246947013323}]
["Adjusted pre-tax profits",null,null,null,{"$f":"E50-E40","v":1605.3500000000008},{"$f":"F50-1/2*F40","v":971.29999999999939},1619.5999999999988,2282.7499999999991,1802.8059113824136,1874.9499723415845,2826.3505367752118,3081.9404147377031,3434.8085023234626,3760.557428035097,4010.8686294340205,4071.1542775121129,4189.1053054423164,null,null,null,null,null,null,null,null,null,"Adjusted pre-tax profits"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"C52/C$11","v":0}]
["Provision for tax",null,{"$f":"SUM(C54:C55)","v":238.96799999999999},{"$f":"SUM(D54:D55)","v":614.47},566.69999999999993,292.7,551.9,714.80000000000007,612.95400987002063,637.48299059613873,960.95918250357204,1047.8597410108191,1167.8348907899774,1278.5895255319331,1363.695334007567,1384.1924543541186,1424.2958038503878,null,null,null,null,null,null,null,null,null,"Provision for tax",null,{"$f":"C53/C11","v":2.9106570500620876E-2},{"$f":"D53/D11","v":5.9124074246913037E-2},{"$f":"E53/E11","v":4.7773600175346889E-2},2.2123291812794776E-2,4.3693740054310391E-2,5.8869553042719146E-2,4.6621647680532542E-2,4.285087681214747E-2,5.5558309425989653E-2,5.891416976412981E-2,6.2668675063456247E-2,6.3357502987867687E-2,6.4127790668543086E-2,6.127435161803526E-2,5.8782419716589963E-2]
["Current tax",null,{"$f":"37+0.07+27.77","v":64.84},{"$f":"614.47-D55","v":568.62},{"$f":"479.7+33.1","v":512.79999999999995},{"$f":"0+34.5","v":34.5},{"$f":"381+134.6","v":515.6},758.6,{"$f":"IF(I51<0,0,I51*34%)","v":612.95400987002063},637.48299059613873,960.95918250357204,1047.8597410108191,1167.8348907899774,1278.5895255319331,1363.695334007567,1384.1924543541186,1424.2958038503878,null,null,null,null,null,null,null,null,null,"Current tax",null,{"$f":"C54/C$11","v":7.8975847446530814E-3},5.471240434566324E-2,4.3229755020148024E-2,2.6076309106300641E-3,4.0819881087157887E-2,6.2476836790999919E-2,4.6621647680532542E-2,4.285087681214747E-2,5.5558309425989653E-2,5.891416976412981E-2,6.2668675063456247E-2,{"$f":"N54/N$11","v":6.3357502987867687E-2},6.4127790668543086E-2,{"$f":"P54/P$11","v":6.127435161803526E-2},5.8782419716589963E-2]
["Deferred tax liability/(asset)",null,174.12799999999999,45.85,53.9,{"$f":"258.2","v":258.2},36.299999999999997,-43.8,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Deferred tax liability/(asset)",null,2.1208985755967791E-2,4.411669901249797E-3,4.5438451551988663E-3,1.9515660902164712E-2,2.8738589671525043E-3,-3.6072837482807752E-3,0,0,0,0,0,0,0,0,0]
["Net profit",null,{"$f":"C50-C53","v":372.70600000000206},{"$f":"D50-D53","v":1151.0899999999997},1445.5100000000011,852.19999999999936,1247.7999999999988,1775.8999999999987,1410.7521294118808,1522.0514478296086,2181.6830509507154,2403.2999141809546,2670.4253786375375,2899.5545679252555,3070.8950168022293,3110.2188987857648,3183.0913310086307,null,null,null,null,null,null,null,null,null,"Net profit",null,4.5396008942638615E-2,0.11075745052627323,0.12185850853973133,6.4412262667795331E-2,9.8787912375010792E-2,0.14625970795826085,0.10730264862114025,0.10231055581844777,0.12613503697250578,0.13512153735536392,0.14330109646050934,0.14368062113161867,0.14440887776878816,0.13768074360886673,0.13137004975354327]
[]
["Preference dividend ",null,2,{"$f":"1%*D90","v":0},0,0,0,0,0,0,0,0,0,0,0,{"$f":"1%*P90","v":0},{"$f":"1%*Q90","v":0},null,null,null,null,null,null,null,null,null,"Preference dividend "]
["Preference dividend tax",null,{"$f":"14.025%*C58","v":0.28050000000000003},{"$f":"16.995%*D58","v":0},0,0,0,0,0,0,0,0,0,0,0,{"$f":"16.995%*P58","v":0},{"$f":"16.995%*Q58","v":0},null,null,null,null,null,null,null,null,null,"Preference dividend tax"]
["Dividend paid (excl. tax)",null,56.215000000000003,{"$f":"+'profit model'!D37*'profit model'!D24","v":70.268699999999995},{"$f":"+'profit model'!E37*'profit model'!E24","v":93.7},{"$f":"+'profit model'!F37*'profit model'!F24","v":70.5},{"$f":"+'profit model'!G37*'profit model'!G24","v":82.284999999999982},{"$f":"+'profit model'!H37*'profit model'!H24","v":82.32},{"$f":"+'profit model'!I37*'profit model'!I24","v":94.08},{"$f":"+'profit model'!J37*'profit model'!J24","v":470.4},{"$f":"+'profit model'!K37*'profit model'!K24","v":940.8},{"$f":"+'profit model'!L37*'profit model'!L24","v":1881.6},{"$f":"+'profit model'!M37*'profit model'!M24","v":2822.3999999999996},{"$f":"+'profit model'!N37*'profit model'!N24","v":3292.7999999999997},{"$f":"+'profit model'!O37*'profit model'!O24","v":3763.2},{"$f":"+'profit model'!#REF!*'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"+'profit model'!#REF!*'profit model'!#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,null,null,null,"Dividend paid (excl. tax)",null,{"$f":"C60/C$11","v":6.847050068178177E-3},6.7612281088320954E-3,7.8990406501323537E-3,5.3286370782440438E-3,6.5144761738882588E-3,6.7797168529331832E-3,7.1557809283515498E-3,3.161974946748683E-2,5.4392796759374085E-2,0.10578982805585437,0.15145640012472289,{"$f":"N60/N$11","v":0.16316697554022022},0.17696452853194425,{"$f":"P60/P$11","v":{"$error":"#REF!"}},{"$error":"#REF!"}]
["Dividend tax",null,8.1649999999999991,{"$f":"16.995%*D60","v":11.942165565},15.924315000000002,11.981475000000001,13.984335749999998,13.990284000000001,15.988896000000002,79.944479999999999,159.88896,319.77791999999999,479.66687999999999,559.61135999999999,639.55583999999999,{"$f":"16.995%*P60","v":{"$error":"#REF!"}},{"$f":"16.995%*Q60","v":{"$error":"#REF!"}},null,null,null,null,null,null,null,null,null,"Dividend tax",null,9.945061603962432E-4,1.1490707170960148E-3,1.3424419584899935E-3,9.0560187144757536E-4,1.1071352257523096E-3,1.1522128791559946E-3,1.2161249687733461E-3,5.3737764219993871E-3,9.2440558092556253E-3,1.797898127809245E-2,2.5740015201196658E-2,2.7730227493060425E-2,3.0075121624003928E-2,{"$error":"#REF!"},{"$error":"#REF!"}]
["Other non-cash items",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Other non-cash items",null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["Balance sheet"]
["SOURCES OF FUNDS"]
[]
["Current Liabilities and provisions"]
["Sundry creditors (Trade)",null,1339.5170000000001,1337.3430000000001,{"$f":"+E157","v":1140.425},1350.25,1024.575,888.57499999999993,998.89437948299997,1192.1797261440001,1313.2029930861602,1183.1562200501999,1208.5758145122948,1318.8859857404159,1440.2658128637293,{"$f":"+P157","v":1577.2030857387992},{"$f":"+Q157","v":1716.6896090681469}]
["Customer and agent balances",null,60.293999999999997,37.634,{"$f":"+D70*E15/D15","v":39.763979709775668},47.08009172293189,35.724558398091418,30.982553232885905,34.829134610317176,41.568547200206879,45.788348354249287,41.253918431787284,42.140240845292311,45.986501152192716,50.218734734328777,54.993420434937136,59.856992597468931]
["Interest accrued but not due",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},0.79100000000000004,{"$f":"+D71","v":0.79100000000000004},0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,0.79100000000000004,{"$f":"+O71","v":0.79100000000000004},0.79100000000000004]
["Income received in advance",null,136.13200000000001,249.90899999999999,{"$f":"+D72","v":249.90899999999999},249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999,249.90899999999999]
["Provision for staff benefits",null,51.619,79.307000000000002,{"$f":"+D73","v":79.307000000000002},79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002,79.307000000000002]
["Provision for taxation",null,0.871,{"$f":"9.215+2","v":11.215},{"$f":"+D74*1.05","v":11.77575},12.364537500000001,12.982764375000002,13.631902593750002,14.313497723437504,15.029172609609379,15.780631240089848,16.569662802094342,17.398145942199061,18.268053239309015,19.181455901274468,{"$f":"+O74*1.05","v":20.140528696338194},{"$f":"+P74*1.05","v":21.147555131155105}]
["Proposed dividend (incl. dividend tax)",null,{"$f":"56.215+2+8.165","v":66.38},{"$f":"70.269+11.942","v":82.211000000000013},0,0,0,0,0,0,0,0,0,0,0,0,0]
["Other liabilities and provisions",null,{"$f":"140.89+7.948+5.755","v":154.59299999999999},{"$f":"0.054+149.622+27.012+5+132.409","v":314.09699999999998},{"$f":"D76","v":314.09699999999998},314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,314.09699999999998,{"$f":"O76","v":314.09699999999998},{"$f":"P76","v":314.09699999999998}]
["Total current liabilites and provisions",null,{"$f":"+SUM(C69:C76)","v":{"$error":"#REF!"}},2112.5070000000001,1836.0687297097754,2053.798629222932,1717.3863227730913,1577.2934558266361,1692.1410118167544,1892.8814459538162,2018.8759726804992,1885.0838012840816,1912.2182012997862,2027.2445401319176,2153.7700034993322,{"$f":"+SUM(P69:P76)","v":2296.4410348700744},{"$f":"+SUM(Q69:Q76)","v":2441.7981567967709}]
[]
["Borrowings"]
["Secured loans",null,{"$f":"interest!Z8+interest!Z18+interest!Z23","v":1695.7260000000001},1650,{"$f":"interest!AJ8+interest!AJ18+interest!AJ23","v":2207.9},{"$f":"interest!AO8+interest!AO18+interest!AO23","v":3706.2},{"$f":"interest!AT8+interest!AT18+interest!AT23","v":3125},{"$f":"interest!AY8+interest!AY18+interest!AY23","v":3122.5},{"$f":"interest!BD8+interest!BD18+interest!BD23","v":3122.5},{"$f":"interest!BI8+interest!BI18+interest!BI23","v":3122.5},{"$f":"interest!BN8+interest!BN18+interest!BN23","v":3122.5},{"$f":"interest!BS8+interest!BS18+interest!BS23","v":3122.5},{"$f":"interest!BX8+interest!BX18+interest!BX23","v":3122.5},{"$f":"interest!CC8+interest!CC18+interest!CC23","v":3122.5},{"$f":"interest!CD8+interest!CD18+interest!CD23","v":281.02499999999998},{"$f":"interest!CE8+interest!CE18+interest!CE23","v":0},{"$f":"interest!CF8+interest!CF18+interest!CF23","v":3122.5}]
["Unsecured loans",null,{"$f":"interest!Z29","v":0},{"$f":"7.55","v":7.55},{"$f":"interest!AJ29","v":22.77},{"$f":"interest!AO29","v":0},{"$f":"interest!AT29","v":0},{"$f":"interest!AY29","v":0},{"$f":"interest!BD29","v":0},{"$f":"interest!BI29","v":0},{"$f":"interest!BN29","v":0},{"$f":"interest!BS29","v":0},{"$f":"interest!BX29","v":0},{"$f":"interest!CC29","v":0},{"$f":"interest!CD29","v":0},{"$f":"interest!CE29","v":0},{"$f":"interest!CF29","v":0}]
["Total borrowings",null,{"$f":"SUM(C80:C81)","v":1695.7260000000001},1657.55,2230.67,3706.2,3125,3122.5,3122.5,3122.5,3122.5,3122.5,3122.5,3122.5,281.02499999999998,{"$f":"SUM(P80:P81)","v":0},{"$f":"SUM(Q80:Q81)","v":3122.5}]
[]
["Total outside liabilities",null,{"$f":"C77+C82","v":{"$error":"#REF!"}},3770.0569999999998,4066.7387297097757,5759.9986292229314,4842.3863227730908,4699.7934558266361,4814.6410118167541,5015.3814459538162,5141.3759726804992,5007.5838012840813,5034.7182012997864,5149.7445401319173,2434.7950034993323,{"$f":"P77+P82","v":2296.4410348700744},{"$f":"Q77+Q82","v":5564.2981567967709}]
[]
["Deferred tax liability/(asset)",null,{"$f":"360.939-65.097","v":295.84200000000004},272.59899999999999,{"$f":"D86+E55","v":326.49899999999997},584.69899999999996,620.99899999999991,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996,577.19899999999996]
[]
["Net Worth"]
["Equity share capital",null,468.45800000000003,468.45800000000003,{"$f":"+D89","v":468.45800000000003},468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,468.45800000000003,{"$f":"+O89","v":468.45800000000003},{"$f":"+P89","v":468.45800000000003}]
["Preference capital",null,{"$f":"#REF!","v":{"$error":"#REF!"}},0,{"$f":"D90","v":0},{"$f":"E90","v":0},0]
["Share premium reserve",null,6263.89,{"$f":"5749.797+200","v":5949.7969999999996},{"$f":"+D91","v":5949.7969999999996},5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,5949.7969999999996,{"$f":"+O91","v":5949.7969999999996},{"$f":"+P91","v":5949.7969999999996}]
["General reserve",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},75,{"$f":"+D92","v":75},75,75,75,75,75,75,75,75,75,75,{"$f":"+O92","v":75},{"$f":"+P92","v":75}]
["Capital reserve",null,null,41.74,{"$f":"D93","v":41.74},41.74,41.74,41.74,41.74,41.74,41.74,41.74,41.74,41.74,41.74,{"$f":"O93","v":41.74},{"$f":"P93","v":41.74}]
["Revaluation reserve",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},{"$f":"+C94","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+O94","v":{"$error":"#REF!"}},{"$f":"+P94","v":{"$error":"#REF!"}}]
["Modernisation and other reserves"]
["Surplus(+)/Deficit(-) in profit "]
["    & loss account",null,0,1107.059,{"$f":"+D97+E56-#REF!-E60-E61-E58-E59","v":{"$error":"#REF!"}},{"$f":"+E97+F56-#REF!-F60-F61-F58-F59","v":{"$error":"#REF!"}},{"$f":"+F97+G56-#REF!-G60-G61-G58-G59","v":{"$error":"#REF!"}},{"$f":"+G97+H56-#REF!-H60-H61-H58-H59","v":{"$error":"#REF!"}},{"$f":"+H97+I56-#REF!-I60-I61-I58-I59","v":{"$error":"#REF!"}},{"$f":"+I97+J56-#REF!-J60-J61-J58-J59","v":{"$error":"#REF!"}},{"$f":"+J97+K56-#REF!-K60-K61-K58-K59","v":{"$error":"#REF!"}},{"$f":"+K97+L56-#REF!-L60-L61-L58-L59","v":{"$error":"#REF!"}},{"$f":"+L97+M56-#REF!-M60-M61-M58-M59","v":{"$error":"#REF!"}},{"$f":"+M97+N56-#REF!-N60-N61-N58-N59","v":{"$error":"#REF!"}},{"$f":"+N97+O56-#REF!-O60-O61-O58-O59","v":{"$error":"#REF!"}},{"$f":"+O97+P56-#REF!-P60-P61-P58-P59","v":{"$error":"#REF!"}},{"$f":"+P97+Q56-#REF!-Q60-Q61-Q58-Q59","v":{"$error":"#REF!"}}]
["Preference capital"]
["Net worth",null,{"$f":"SUM(C89:C98)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(P89:P98)","v":{"$error":"#REF!"}},{"$f":"SUM(Q89:Q98)","v":{"$error":"#REF!"}}]
[]
["Minority interest",null,null,0.108,{"$f":"D101+#REF!","v":{"$error":"#REF!"}},{"$f":"E101+#REF!","v":{"$error":"#REF!"}},{"$f":"F101+#REF!","v":{"$error":"#REF!"}},{"$f":"G101+#REF!","v":{"$error":"#REF!"}},{"$f":"H101+#REF!","v":{"$error":"#REF!"}},{"$f":"I101+#REF!","v":{"$error":"#REF!"}},{"$f":"J101+#REF!","v":{"$error":"#REF!"}},{"$f":"K101+#REF!","v":{"$error":"#REF!"}},{"$f":"L101+#REF!","v":{"$error":"#REF!"}},{"$f":"M101+#REF!","v":{"$error":"#REF!"}},{"$f":"N101+#REF!","v":{"$error":"#REF!"}},{"$f":"O101+#REF!","v":{"$error":"#REF!"}},{"$f":"P101+#REF!","v":{"$error":"#REF!"}}]
[]
["TOTAL LIABILITIES",null,{"$f":"C84+C99+C86","v":{"$error":"#REF!"}},{"$f":"D84+D86+D99+D101","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"P84+P86+P99+P101","v":{"$error":"#REF!"}},{"$f":"Q84+Q86+Q99+Q101","v":{"$error":"#REF!"}}]
[]
["USES OF FUNDS"]
[]
["Current Assets"]
["Cash & bank balances",null,2677.5039999999999,1104.1389999999999,{"$f":"+'cash model'!E31","v":773.97},{"$f":"+'cash model'!F31","v":705.4},{"$f":"+'cash model'!G31","v":1086.8},{"$f":"+'cash model'!H31","v":1152.4000000000001},{"$f":"+'cash model'!I31","v":3002.6113949743922},{"$f":"+'cash model'!J31","v":4117.1119092033186},{"$f":"+'cash model'!K31","v":5568.1564721546129},{"$f":"+'cash model'!L31","v":6864.9729804938415},{"$f":"+'cash model'!M31","v":7233.9023455903734},{"$f":"+'cash model'!N31","v":7367.7630091526389},{"$f":"+'cash model'!O31","v":7264.3125656424336},{"$f":"+'cash model'!P31","v":7005.0391172543814},{"$f":"+'cash model'!Q31","v":6627.0312841008899}]
["Inventories"]
[" Raw materials",null,993.82899999999995,917.46600000000001,{"$f":"E146","v":1140.425},1350.25,1024.575,888.57499999999993,998.89437948299997,1192.1797261440001,1313.2029930861602,1183.1562200501999,1208.5758145122948,1318.8859857404159,1440.2658128637295,{"$f":"P146","v":1577.2030857387992},{"$f":"Q146","v":1716.6896090681469}]
[" Stores and spares",null,84.701999999999998,108.565,{"$f":"E149","v":97.399999999999991},107.63333333333333,103.96666666666665,98.266666666666666,109.1571314609516,123.65768504097008,137.61408274634402,143.71191616894635,147.93236287432589,159.382851484875,171.38339174325225,{"$f":"P149","v":183.52591036201812},{"$f":"Q149","v":192.09132744584917}]
[" Others",null,{"$f":"5.618+0.373","v":5.9910000000000005},{"$f":"1032.012-SUM(D110:D111)","v":5.9809999999999945},{"$f":"D112","v":5.9809999999999945},5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,5.9809999999999945,{"$f":"O112","v":5.9809999999999945},{"$f":"P112","v":5.9809999999999945}]
["Receivables",null,1212.1600000000001,1485.13,{"$f":"+E143","v":1812.2805555555558},2021.3111111111111,1929.7513888888891,1855.0430555555554,2008.6323878901173,2272.8411159792377,2642.5067637023508,2717.3374978442303,2847.0239596670126,3083.1402310491567,3248.862006995661,{"$f":"+P143","v":3451.2620959459641},{"$f":"+Q143","v":3701.7997704007953}]
["Loans and advances (net of provisions)",null,{"$f":"0.802+0.789+730+66.101+76.813","v":874.505},{"$f":"345.889-SUM(D115:D117)","v":{"$error":"#REF!"}},{"$f":"+D114","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+O114","v":{"$error":"#REF!"}},{"$error":"#REF!"}]
["Interest accrued",null,60.344000000000001,13.532999999999999,{"$f":"+D115","v":13.532999999999999},13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999,13.532999999999999]
["Prepaid expenses",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},{"$f":"+C116","v":{"$error":"#REF!"}},{"$f":"+D116","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["Advance payment of taxes & TDS",null,{"$f":"36.565+7.498","v":44.062999999999995},26.494,{"$f":"D117","v":26.494},26.494,26.494,26.494,26.494,26.494,26.494,26.494,26.494,26.494,26.494,{"$f":"O117","v":26.494},{"$f":"P117","v":26.494}]
["Other current assets",null,{"$f":"#REF!*1.1","v":{"$error":"#REF!"}},{"$f":"C118*1.1","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"O118*1.1","v":{"$error":"#REF!"}},{"$f":"P118*1.1","v":{"$error":"#REF!"}}]
[null,null,{"$f":"+SUM(C110:C118)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+SUM(P110:P118)","v":{"$error":"#REF!"}},{"$f":"+SUM(Q110:Q118)","v":{"$error":"#REF!"}}]
["Total Current Assets",null,{"$f":"SUM(C108:C118)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(P108:P118)","v":{"$error":"#REF!"}},{"$f":"SUM(Q108:Q118)","v":{"$error":"#REF!"}}]
[]
["Fixed Assets",null,null,{"$f":"D123+D125-(C123+C125)","v":791.11200000000008}]
["Gross block",null,4387.8050000000003,5000.9449999999997,{"$f":"+D123+depn!AM32","v":5249.433},{"$f":"+E123+depn!AQ32","v":6348.1900000000005},{"$f":"+F123+depn!AU32","v":8914.2900000000009},{"$f":"+G123+depn!AY32","v":10659.990000000002},{"$f":"+H123+depn!BC32","v":11509.990000000002},{"$f":"+I123+depn!BG32","v":12401.490000000002},{"$f":"+J123+depn!BK32","v":13336.565000000002},{"$f":"+K123+depn!BO32","v":14074.292500000003},{"$f":"+L123+depn!BS32","v":14847.906375000004},{"$f":"+M123+depn!BW32","v":15994.224853906255},{"$f":"+N123+depn!CA32","v":17478.279341289068},{"$f":"+O123+depn!CB32","v":18495.609903999928},{"$f":"+P123+depn!CK32","v":18495.609903999928},null,null,null,null,null,null,null,null,null,{"$f":"+#REF!+#REF!-#REF!-#REF!","v":{"$error":"#REF!"}}]
["Accumulated depreciation",null,661.91800000000001,1080.7360000000001,{"$f":"+D124+E48","v":1527.3360000000002},2077.4360000000001,2715.3360000000002,3278.2360000000003,3910.5012594516097,4576.858880491428,5279.9513596236848,6015.0024018886779,6796.9968975787187,7638.6260043008569,8561.9565670117154,9579.7526664047728,10696.675457738957]
["Capital-WIP (incl. capital advances)",null,10.516,{"$f":"186.464+2.024","v":188.488},{"$f":"capex!AK12","v":578.75699999999995},{"$f":"capex!AP12","v":1946.1},{"$f":"capex!AU12","v":1288.7},{"$f":"capex!AZ12","v":0},{"$f":"capex!BE12","v":0},{"$f":"capex!BJ12","v":0},{"$f":"capex!BO12","v":0},{"$f":"capex!BT12","v":0},{"$f":"capex!BY12","v":0},{"$f":"capex!CD12","v":0},{"$f":"capex!CI12","v":0},{"$f":"capex!CJ12","v":1484.054487382813},{"$f":"capex!CK12","v":1484.054487382813}]
["Net block",null,{"$f":"C123-C124+C125","v":3736.4030000000002},4108.6970000000001,4300.8539999999994,6216.8540000000012,7487.6540000000005,7381.7540000000008,7599.4887405483914,7824.6311195085736,8056.6136403763176,8059.2900981113253,8050.9094774212854,8355.5988496053978,8916.3227742773524,{"$f":"P123-P124+P125","v":10399.911724977968},{"$f":"Q123-Q124+Q125","v":9282.9889336437845}]
["Intangible assets",null,182.41900000000001,1098.18,{"$f":"D127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"E127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"F127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"G127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"H127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"I127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"J127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"K127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"L127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"M127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"N127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"O127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}},{"$f":"P127+#REF!-'saln finstats'!#REF!","v":{"$error":"#REF!"}}]
["Other Non Current Assets"]
["Trade and other investments",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},{"$f":"+C129","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+O129","v":{"$error":"#REF!"}},{"$f":"+P129","v":{"$error":"#REF!"}}]
["Investments in subsidiaries",null,{"$f":"+#REF!","v":{"$error":"#REF!"}},{"$f":"+C130","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+O130","v":{"$error":"#REF!"}},{"$f":"+P130","v":{"$error":"#REF!"}}]
["Amount recoverable from HT Media Employees Welfate Trust",null,217.428,{"$f":"C131","v":217.428},217.428,217.428,217.428,217.428,217.428,217.428,217.428,217.428,217.428,217.428,217.428,{"$f":"O131","v":217.428},217.428]
["Current investments",null,643.97400000000005,2292.5889999999999,{"$f":"D132","v":2292.5889999999999},2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999,2292.5889999999999]
["Misc. expenditure not written-off",null,{"$f":"#REF!","v":{"$error":"#REF!"}},0.754,{"$f":"D133","v":0.754},0.754,0.754,0.754,0.754,0.754,0.754,0.754,0.754,0.754,0.754,0.754,0.754]
[]
["TOTAL ASSETS",null,{"$f":"C120+C126+C127+SUM(C129:C133)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"P120+P126+P127+SUM(P129:P133)","v":{"$error":"#REF!"}},{"$f":"Q120+Q126+Q127+SUM(Q129:Q133)","v":{"$error":"#REF!"}}]
[null,null,{"$f":"+C135-C103","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+P135-P103","v":{"$error":"#REF!"}},{"$f":"+Q135-Q103","v":{"$error":"#REF!"}}]
[null,null,{"$f":"C136-#REF!","v":{"$error":"#REF!"}},{"$f":"D136-C136","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"P136-O136","v":{"$error":"#REF!"}},{"$f":"Q136-P136","v":{"$error":"#REF!"}}]
[]
["Working capital calculations (Rs mn)"]
[]
[]
["CURRENT ASSETS"]
["Receivables",null,{"$f":"C113","v":1212.1600000000001},{"$f":"+$B145/360*D11","v":1587.8026388888889},1812.2805555555558,2021.3111111111111,1929.7513888888891,1855.0430555555554,2008.6323878901173,2272.8411159792377,2642.5067637023508,2717.3374978442303,2847.0239596670126,3083.1402310491567,3248.862006995661,3451.2620959459641,3701.7997704007953]
["(Months, days consumption)",null,{"$f":"+C143/C11*360","v":53.151281256451654},55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007,55.000000000000007]
["average days",55]
["Raw materials",null,{"$f":"C110","v":993.82899999999995},{"$f":"+$B148/360*D14","v":1079.3375000000001},1140.425,1350.25,1024.575,888.57499999999993,998.89437948299997,1192.1797261440001,1313.2029930861602,1183.1562200501999,1208.5758145122948,1318.8859857404159,1440.2658128637295,1577.2030857387992,1716.6896090681469]
["(Months, days consumption)",null,{"$f":"+C146/C14*360","v":104.71100304435296},90,90,90,90,90,90,90,90,90,90,90,90,90,90]
["average days",90]
["Stores and spares",null,{"$f":"C111","v":84.701999999999998},{"$f":"+$B151/360*D24","v":89.053333333333342},97.399999999999991,107.63333333333333,103.96666666666665,98.266666666666666,109.1571314609516,123.65768504097008,137.61408274634402,143.71191616894635,147.93236287432589,159.382851484875,171.38339174325225,183.52591036201812,192.09132744584917]
["(Months, days consumption)",null,{"$f":"+C149/C24*360","v":139.15356181262266},120,120,120,120,120,120,120,120,120,120,120,120,120,120]
["average days",120]
["Other current assets",null,{"$f":"SUM(C114:C118)+C111+C112","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(P114:P118)+P111+P112","v":{"$error":"#REF!"}},{"$f":"SUM(Q114:Q118)+Q111+Q112","v":{"$error":"#REF!"}}]
[]
["TOTAL CURRENT ASSETS (I)",null,{"$f":"+C143+C146+C149+C152","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"+P143+P146+P149+P152","v":{"$error":"#REF!"}},{"$f":"+Q143+Q146+Q149+Q152","v":{"$error":"#REF!"}}]
[]
["CURRENT LIABILITIES"]
["Creditors ",null,{"$f":"C69","v":1339.5170000000001},{"$f":"D15/360*$B159","v":1079.3375000000001},1140.425,1350.25,1024.575,888.57499999999993,998.89437948299997,1192.1797261440001,1313.2029930861602,1183.1562200501999,1208.5758145122948,1318.8859857404159,1440.2658128637293,1577.2030857387992,1716.6896090681469]
["(months, days purchases)",null,{"$f":"C157/C15*360","v":141.13310103142749},90,90,90,90,90,90,90,90,90,90,90,89.999999999999986,90,90]
["average days",90]
["Other current liabilities",null,{"$f":"SUM(C70:C76)","v":{"$error":"#REF!"}},775.16399999999999,695.6437297097757,703.54862922293182,692.81132277309143,688.71845582663582,693.24663233375463,700.70171980981627,705.67297959433915,701.9275812338816,703.64238678749143,708.35855439150168,713.50419063560321,{"$f":"SUM(P70:P76)","v":719.2379491312754},{"$f":"SUM(Q70:Q76)","v":725.10854772862399}]
[]
["TOTAL CURRENT LIABILITIES (II)",null,{"$f":"C160+C157","v":{"$error":"#REF!"}},1854.5015000000001,1836.0687297097757,2053.7986292229316,1717.3863227730915,1577.2934558266356,1692.1410118167546,1892.8814459538164,2018.8759726804992,1885.0838012840813,1912.2182012997862,2027.2445401319176,2153.7700034993322,{"$f":"P160+P157","v":2296.4410348700749},{"$f":"Q160+Q157","v":2441.7981567967709}]
[]
[" WORKING CAPITAL GAP (I-II)",null,{"$f":"C154-C162","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"P154-P162","v":{"$error":"#REF!"}},{"$f":"Q154-Q162","v":{"$error":"#REF!"}}]
[]
[null,null,{"$f":"(C56/#REF!-1)*100","v":{"$error":"#REF!"}},{"$f":"(D56/C56-1)*100","v":208.84665124789871},{"$f":"(E56/D56-1)*100","v":25.577496112380583},{"$f":"(F56/E56-1)*100","v":-41.045029090079019},46.421027927716473,42.322487578137547,-20.56128557847391,7.8893602991849887,43.33832499957331,10.158068704510725,11.114945033717083,8.580250589313243,5.9091989773992992,{"$f":"(P56/O56-1)*100","v":1.2805348853795806},{"$f":"(Q56/P56-1)*100","v":2.3430001100988473}]
[]
["EPS estimates",null,null,{"$f":"D56/'profit model'!D24","v":4.91437866361552},{"$f":"E56/'profit model'!E24","v":6.1708004268943482},{"$f":"F56/'profit model'!F24","v":3.6263829787234014},{"$f":"G56/'profit model'!G24","v":5.3075287111867251},{"$f":"H56/'profit model'!H24","v":7.5505952380952328},{"$f":"I56/'profit model'!I24","v":5.9980957883158199},{"$f":"J56/'profit model'!J24","v":6.4713071761462952},{"$f":"K56/'profit model'!K24","v":9.2758633118652867},{"$f":"L56/'profit model'!L24","v":10.218111880021066},{"$f":"M56/'profit model'!M24","v":11.353849398969123},{"$f":"N56/'profit model'!N24","v":12.32803812893391},{"$f":"O56/'profit model'!O24","v":13.056526431982268},{"$f":"P56/'profit model'!P24","v":13.223719807762606},{"$f":"Q56/'profit model'!Q24","v":13.533551577417649}]
["P/E estimates",null,null,{"$f":"150/D168","v":30.522678504721622},{"$f":"150/E168","v":24.308029691942618},41.36352968786673,28.261740663567899,19.865983445013811,25.00793673422109,23.179242758389034,16.171001550672532,14.679815778224846,13.211378337783774,12.16738611863553,11.488507359244606,11.3432530468429,11.083565104247503]
["EV estimates",null,null,null,null,null,23018.350000000002,20634.199999999997,19283.988605025606,18052.495906493175,16529.377214047425]
["EV/EBITDA estimates",null,null,null,null,null,{"$f":"G170/G35","v":8.7243594602789614},{"$f":"H170/H35","v":7.304141592920355},{"$f":"I170/I35","v":7.886479879351695},{"$f":"J170/J35","v":7.2565609469902075},{"$f":"K170/K35","v":4.7992250343764464}]

{"sheet":"cons finstats","index":24,"n_rows":155,"n_cols":43,"rows_kept":155,"cut":false,"hidden":false,"merged":[]}
["Consolidated financials of HT Media, March fiscal year-ends, 2006-20E (Rs mn)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Common size P&L statement of HT Media"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E",null,null,null,null,null,null,null,null,null,null,null,{"$f":"C3","v":2006},{"$f":"D3","v":2007},2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["P&L statement of HT Media",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"P&L statement of HT Media"]
["REVENUES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"REVENUES"]
["Print advertising",null,6548.3850000000002,8749.09,10073.51,11282.1,11409.7,13947.7,{"$f":"'cons revenues'!I10","v":15349.677128822586},{"$f":"'cons revenues'!J10","v":17636.101183066476},{"$f":"'cons revenues'!K10","v":20903.048695443729},{"$f":"'cons revenues'!L10","v":22144.165981966878},{"$f":"'cons revenues'!M10","v":23243.048256979469},{"$f":"'cons revenues'!N10","v":26385.123981919183},{"$f":"'cons revenues'!O10","v":29456.23578026488},{"$f":"'cons revenues'!P10","v":32245.990216402104},{"$f":"'cons revenues'!Q10","v":35245.083099243217},null,null,null,null,null,null,null,null,null,"Print advertising",null,{"$f":"C6/C$14","v":0.79760063969949213},0.84153579423993008,0.83719107650855895,0.83781495756009539,0.80752625767913266,0.78916934010037398,0.76709699459023528,0.74952490703644681,0.75593050200483025,0.74689855919599224,0.73736480722363118,0.7479574292915746,0.76840143346627787,0.77422834949383956,0.78179009891303164]
["Print circulation",null,1368.306,1362.4970000000001,1489.04,1539.9,1832.9,1827.7,{"$f":"'cons revenues'!I13","v":1981.7298000000001},{"$f":"'cons revenues'!J13","v":2214.980775},{"$f":"'cons revenues'!K13","v":2334.5362800000003},{"$f":"'cons revenues'!L13","v":2364.7523400000005},{"$f":"'cons revenues'!M13","v":2555.4568500000005},{"$f":"'cons revenues'!N13","v":2778.6159000000007},{"$f":"'cons revenues'!O13","v":2959.1928000000007},{"$f":"'cons revenues'!P13","v":3189.0060000000003},{"$f":"'cons revenues'!Q13","v":3357.7020000000011},null,null,null,null,null,null,null,null,null,"Print circulation",null,0.16666120591636768,0.13105248603506445,0.12375140348938002,0.11435382181923497,0.12972425898140025,0.10341237644209823,9.9036543955404691E-2,9.4135503206538518E-2,8.4425349038848768E-2,7.9760516473715126E-2,8.1069570855566916E-2,7.8767354171876303E-2,7.7194112865790004E-2,7.6568244154898712E-2,7.4478989631233117E-2]
["HT-Burda JV revenues",null,0,0,0,0,{"$f":"51.7+12.6","v":64.3},{"$f":"530.9+87.4","v":618.29999999999995},{"$f":"'cons revenues'!I14","v":1113.4012499999999},{"$f":"'cons revenues'!J14","v":1833.2028},{"$f":"'cons revenues'!K14","v":2324.5282800000004},{"$f":"'cons revenues'!L14","v":2730.8496599999999},{"$f":"'cons revenues'!M14","v":3096.6429479999997},{"$f":"'cons revenues'!N14","v":3476.0965876559994},{"$f":"'cons revenues'!O14","v":3869.5602757190395},{"$f":"'cons revenues'!P14","v":4277.3929046695384},{"$f":"'cons revenues'!Q14","v":4364.2511627629283},null,null,null,null,null,null,null,null,null,"Burda JV revenues",null,0,0,0,0,4.5508592135435838E-3,3.4983789655933323E-2,5.5642001162634541E-2,7.7910142609538172E-2,8.4063423246382274E-2,9.2108579663640083E-2,9.8238213213139386E-2,9.8539323501154186E-2,0.10094214633964808,0.10270048544003009,9.6805796672699687E-2]
["Radio revenues",null,0,19.079000000000001,188.02,290,412,620.79999999999995,{"$f":"'cons revenues'!I15","v":674.06320800000003},{"$f":"'cons revenues'!J15","v":785.08538343529426},{"$f":"'cons revenues'!K15","v":863.59392177882364},{"$f":"'cons revenues'!L15","v":1020.3821688060002},{"$f":"'cons revenues'!M15","v":1122.4203856866004},{"$f":"'cons revenues'!N15","v":1003.1632197073992},{"$f":"'cons revenues'!O15","v":272.6546186897034},{"$f":"'cons revenues'!P15","v":0},{"$f":"'cons revenues'!Q15","v":0},null,null,null,null,null,null,null,null,null,"Radio revenues",null,0,1.8351235863733972E-3,1.5625999895283696E-2,2.1535559664639353E-2,2.9159471166095748E-2,3.5125241174839728E-2,3.3686171812026593E-2,3.3365710648111453E-2,3.1230706885397145E-2,3.4416377312702494E-2,3.5607777524066818E-2,2.8437364307492968E-2,7.1125245399731628E-3,0,0]
["Internet revenues",null,0,0,0,0,41,67.400000000000006,{"$f":"'cons revenues'!I16","v":200},{"$f":"'cons revenues'!J16","v":300},{"$f":"'cons revenues'!K16","v":390},{"$f":"'cons revenues'!L16","v":468},{"$f":"'cons revenues'!M16","v":538.19999999999993},{"$f":"'cons revenues'!N16","v":618.92999999999984},{"$f":"'cons revenues'!O16","v":711.76949999999977},{"$f":"'cons revenues'!P16","v":818.5349249999997},{"$f":"'cons revenues'!Q16","v":941.31516374999956},null,null,null,null,null,null,null,null,null,"Internet revenues",null,0,0,0,0,2.9017920335192371E-3,3.813532949716814E-3,9.9949593486866554E-3,1.2749840215638691E-2,1.4103822847915224E-2,1.5785129410083878E-2,1.7073911083439388E-2,1.7545238446810649E-2,1.8567365775365122E-2,1.9653077475147957E-2,2.0879816708170854E-2]
["Metro Now revenues",null,0,0,{"$f":"55.82+9.7","v":65.52},53,0,{"$f":"G11","v":0},{"$f":"H11","v":0},0,0,0,0,0,0,0,0,null,null,null,null,null,null,null,null,null,"Metro Now revenues",null,0,0,5.4452479158546303E-3,3.9358091800892614E-3,0,0,0,0,0,0,0,0,0,0,0]
["Job revenue",null,236.64,186.41200000000001,111.22,193.4,{"$f":"213.6+41.2","v":254.8},383.7,{"$f":"H12*1.15","v":441.25499999999994},{"$f":"I12*1.1","v":485.38049999999998},533.91854999999998,587.31040500000006,{"$f":"L12*1.05","v":616.67592525000009},647.50972151250016,679.88520758812524,713.87946796753158,749.57344136590814,null,null,null,null,null,null,null,null,null,"Job revenue",null,{"$f":"C12/C$14","v":2.8823017488814082E-2},1.79301356456333E-2,9.2432917155273499E-3,1.4361990479797417E-2,1.8033575857090284E-2,2.1709979121755808E-2,{"$f":"I12/I$14","v":2.205162893702365E-2},2.0628412729289385E-2,1.9308442677989146E-2,1.9809339202593538E-2,1.956348925123786E-2,1.8355407656059291E-2,1.773562555651622E-2,1.7140293056992415E-2,1.6626690685277959E-2]
["Sale of waste papers",null,56.774000000000001,79.497,105.2,107.7,{"$f":"114.5","v":114.5},208.3,{"$f":"H13*1.2","v":249.96},274.95600000000002,302.45160000000004,332.6967600000001,349.3315980000001,366.7981779000001,385.13808679500011,404.39499113475011,424.61474069148761,null,null,null,null,null,null,null,null,null,"Sale of waste papers",null,6.9151368953259415E-3,7.6464604929988968E-3,8.742980475395408E-3,7.9978612961436497E-3,8.1037850692183572E-3,1.1785740555282082E-2,1.2491700193988584E-2,1.1685483554437173E-2,1.0937753298637222E-2,1.1221498741272692E-2,1.1082230848918236E-2,1.0397882625032193E-2,1.0046791456429489E-2,9.7095503790910545E-3,9.418607389586697E-3]
["Total revenues",null,{"$f":"+SUM(C6:C13)","v":8210.1050000000014},10396.574999999999,12032.51,13466.1,14129.199999999999,17673.900000000001,20010.086386822586,23529.706641501765,27652.077327222552,29648.157315772878,31521.775963916076,35276.237588695076,38334.43626905675,41649.198505173932,45082.539607813545,null,null,null,null,null,null,null,null,null,"Total revenues",null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,{"$f":"(D14/C14-1)*100","v":26.631449902285009},15.735326297362363,11.91430549403243,4.9242171081456343,25.087761515160125,13.218284514581292,17.589230684166289,17.519855850857645,7.2185534740467849,6.3195112876253789,11.910691926358608,8.6692881367306907,{"$f":"(P14/O14-1)*100","v":8.6469570410582222},{"$f":"(Q14/P14-1)*100","v":8.24347460663164}]
["NEWSPRINT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NEWSPRINT"]
["RM consumed (incl. chg in stock)",null,{"$f":"3417.147-0.329","v":3416.8179999999998},{"$f":"4351.998-2.764","v":4349.2339999999995},{"$f":"4639.75+3.48","v":4643.2299999999996},{"$f":"5588.7-1","v":5587.7},{"$f":"4760.7-0.4","v":4760.3},{"$f":"6279.4-30.5","v":6248.9},{"$f":"'cons expenses'!I5","v":7444.0337735159992},{"$f":"'cons expenses'!J5","v":9266.6474685216017},{"$f":"'cons expenses'!K5","v":10407.944629512003},{"$f":"'cons expenses'!L5","v":10416.126057297661},{"$f":"'cons expenses'!M5","v":11025.596509959294},{"$f":"'cons expenses'!N5","v":12152.308408189518},{"$f":"'cons expenses'!O5","v":13410.303234139537},{"$f":"'cons expenses'!P5","v":14766.224018948138},{"$f":"'cons expenses'!Q5","v":15857.835273628711},null,null,null,null,null,null,null,null,null,"RM consumed (incl. chg in stock)",null,{"$f":"C17/C$14","v":0.41617226576273986},0.41833334535652367,0.38589039194648495,0.41494567840725971,0.33691221017467377,0.35356655859770619,0.3720140747827147,0.39382758186101063,0.37638924939884089,0.35132456787647509,0.34977713573564589,0.34448992406389595,0.34982393219550817,0.35453801150852354,0.35175115269860013]
["Total RM costs",null,{"$f":"C17","v":3416.8179999999998},{"$f":"D17","v":4349.2339999999995},4643.2299999999996,5587.7,4760.3,6248.9,7444.0337735159992,9266.6474685216017,10407.944629512003,10416.126057297661,11025.596509959294,12152.308408189518,13410.303234139537,14766.224018948138,15857.835273628711,null,null,null,null,null,null,null,null,null,"Total RM costs",null,0.41617226576273986,0.41833334535652367,0.38589039194648495,0.41494567840725971,0.33691221017467377,0.35356655859770619,0.3720140747827147,0.39382758186101063,0.37638924939884089,0.35132456787647509,0.34977713573564589,0.34448992406389595,0.34982393219550817,0.35453801150852354,0.35175115269860013]
[null,null,null,{"$f":"(D18/C18-1)*100","v":27.28901568652471},6.7597190677714858,20.340797246744202,-14.807523668056621,31.271138373631892,19.125506465393904,24.484221195905963,12.316181929520242,7.8607526047536069E-2,5.8512200150902638,10.219056150045747,10.351900097451839,{"$f":"(P18/O18-1)*100","v":10.111037469732519},{"$f":"(Q18/P18-1)*100","v":7.3926228755557766}]
["EMPLOYEES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"EMPLOYEES"]
["Salary, PF, Staff Welfare",null,1183.8499999999999,1596.2239999999999,1982.79,2419.1999999999998,{"$f":"2519.8","v":2519.8000000000002},3009,{"$f":"'cons expenses'!I6","v":3547.7172614400001},{"$f":"'cons expenses'!J6","v":4266.6086614560008},{"$f":"'cons expenses'!K6","v":5048.9649899704018},{"$f":"'cons expenses'!L6","v":5807.4979978067622},{"$f":"'cons expenses'!M6","v":6150.5737824169764},{"$f":"'cons expenses'!N6","v":6712.640001697805},{"$f":"'cons expenses'!O6","v":7103.2542479310614},{"$f":"'cons expenses'!P6","v":7700.7035678893708},{"$f":"'cons expenses'!Q6","v":8444.4402186893894},null,null,null,null,null,null,null,null,null,"Salary, PF, Staff Welfare",null,{"$f":"C21/C$14","v":0.144194258173312},0.15353363968422293,0.16478606707993593,{"$f":"F21/F$14","v":0.17965112393343283},0.17833989185516522,0.17025104815575509,0.17729644904363376,0.18132859565408027,0.18258899431761183,0.195880571461929,0.19512142302698054,{"$f":"N21/N$14","v":0.19028786686279137},0.18529695332091661,0.18489439999506208,0.18731065934062482]
["Employee costs",null,{"$f":"+C21","v":1183.8499999999999},{"$f":"+D21","v":1596.2239999999999},{"$f":"+E21","v":1982.79},{"$f":"+F21","v":2419.1999999999998},2519.8000000000002,3009,3547.7172614400001,4266.6086614560008,5048.9649899704018,5807.4979978067622,6150.5737824169764,6712.640001697805,7103.2542479310614,{"$f":"+P21","v":7700.7035678893708},{"$f":"+Q21","v":8444.4402186893894},null,null,null,null,null,null,null,null,null,"Employee costs",null,0.144194258173312,0.15353363968422293,0.16478606707993593,0.17965112393343283,0.17833989185516522,0.17025104815575509,0.17729644904363376,0.18132859565408027,0.18258899431761183,0.195880571461929,0.19512142302698054,0.19028786686279137,0.18529695332091661,0.18489439999506208,0.18731065934062482]
[null,null,null,{"$f":"(D22/C22-1)*100","v":34.833298137432969},24.217528366945995,22.009895147746363,4.1583994708994876,19.41423922533534,17.903531453639076,20.263491903078169,18.336725736815485,15.023534711434138,5.9074628134142992,9.1384355210507593,5.8190852799265169,{"$f":"(P22/O22-1)*100","v":8.4109240512167496},{"$f":"(Q22/P22-1)*100","v":9.6580350645007798}]
["SG&A AND OTHER",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"SG&A AND OTHER"]
["Radio operating cost",null,{"$f":"0","v":0},{"$f":"9.7+5.6","v":15.299999999999999},{"$f":"48.4+22.8","v":71.2},{"$f":"12.9+6","v":18.899999999999999},{"$f":"47.3+28.4","v":75.699999999999989},{"$f":"40.1+32.9","v":73},{"$f":"-SUM('Fever-FM'!I7:I8)","v":78.789791808000004},{"$f":"-SUM('Fever-FM'!J7:J8)","v":86.340314634691779},{"$f":"-SUM('Fever-FM'!K7:K8)","v":92.776870126269756},{"$f":"-SUM('Fever-FM'!L7:L8)","v":102.54238680266383},{"$f":"-SUM('Fever-FM'!M7:M8)","v":110.32754148091328},{"$f":"-SUM('Fever-FM'!N7:N8)","v":96.478741601829142},{"$f":"-SUM('Fever-FM'!O7:O8)","v":30.982909123678251},{"$f":"-SUM('Fever-FM'!P7:P8)","v":0},{"$f":"-SUM('Fever-FM'!Q7:Q8)","v":0},null,null,null,null,null,null,null,null,null,"Radio operating cost",null,{"$f":"C25/C$14","v":0},1.4716384963317248E-3,5.9173023749824437E-3,1.403524405729944E-3,5.3576989496928341E-3,4.1303843520671723E-3,3.9375038310622244E-3,3.6694173858676368E-3,3.3551501042178127E-3,3.4586428326900125E-3,3.5000420536967377E-3,2.7349498755147158E-3,8.0822654874117467E-4,0,0]
["Internet operating cost",null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},100,100,125,{"$f":"-Internet!I7","v":150},{"$f":"-Internet!J7","v":172.5},{"$f":"-Internet!K7","v":193.20000000000002},{"$f":"-Internet!L7","v":216.38400000000004},{"$f":"-Internet!M7","v":238.02240000000006},{"$f":"-Internet!N7","v":261.8246400000001},{"$f":"-Internet!O7","v":288.00710400000014},{"$f":"-Internet!P7","v":316.80781440000015},{"$f":"-Internet!Q7","v":348.48859584000019},null,null,null,null,null,null,null,null,null,"Internet operating cost",null,0,0,0,7.4260550567721911E-3,7.0775415451688707E-3,7.0725759453205E-3,7.496219511514992E-3,7.331158123992247E-3,6.9868168569672349E-3,7.2983962441700665E-3,7.551046624799042E-3,7.4221248607279668E-3,7.513012633825456E-3,7.60657649535907E-3,7.7300125252837658E-3]
["Printing and service charges",null,360.536,190.28399999999999,222.39,242.3,{"$f":"222.4","v":222.4},314.2,{"$f":"H27*'cons expenses'!I27/'cons expenses'!H27","v":349.0214115165976},{"$f":"I27*'cons expenses'!J27/'cons expenses'!I27","v":395.38580027007589},{"$f":"J27*'cons expenses'!K27/'cons expenses'!J27","v":440.0102930688733},{"$f":"K27*'cons expenses'!L27/'cons expenses'!K27*1.05","v":459.50763969080333},{"$f":"L27*'cons expenses'!M27/'cons expenses'!L27","v":473.00218875624012},{"$f":"M27*'cons expenses'!N27/'cons expenses'!M27","v":509.61423273284669},{"$f":"N27*'cons expenses'!O27/'cons expenses'!N27","v":547.98502393890635},{"$f":"O27*'cons expenses'!P27/'cons expenses'!O27","v":586.80977987529957},{"$f":"P27*'cons expenses'!Q27/'cons expenses'!P27","v":614.19703273560867},null,null,null,null,null,null,null,null,null,"Printing and service charges",null,4.3913689288992031E-2,1.8302565989280123E-2,1.8482428022083504E-2,1.7993331402559019E-2,1.5740452396455568E-2,1.7777626896157608E-2,1.7442274099648148E-2,1.6803685923253001E-2,1.5912377499237563E-2,1.5498691362054543E-2,1.5005569143619951E-2,1.4446388491729686E-2,1.4294850199251148E-2,1.4089341474420024E-2,1.3623833929470074E-2]
["Consumption of stores and spares",null,219.13,300.82100000000003,329.06,360.5,{"$f":"391.2","v":391.2},463.1,{"$f":"H28*'cons expenses'!I27/'cons expenses'!H27","v":514.42334714620108},{"$f":"I28*'cons expenses'!J27/'cons expenses'!I27","v":582.75991121919856},{"$f":"J28*'cons expenses'!K27/'cons expenses'!J27","v":648.53203921131535},{"$f":"K28*'cons expenses'!L27/'cons expenses'!K27*1.05","v":677.26921687081824},{"$f":"L28*'cons expenses'!M27/'cons expenses'!L27","v":697.1588593666927},{"$f":"M28*'cons expenses'!N27/'cons expenses'!M27","v":751.12142322909392},{"$f":"N28*'cons expenses'!O27/'cons expenses'!N27","v":807.67620810346125},{"$f":"O28*'cons expenses'!P27/'cons expenses'!O27","v":864.90009248966021},{"$f":"P28*'cons expenses'!Q27/'cons expenses'!P27","v":905.26621852278925},null,null,null,null,null,null,null,null,null,"Consumption of stores and spares",null,2.6690279844167639E-2,2.8934625104902342E-2,2.7347577521232062E-2,2.6770928479663749E-2,2.768734252470062E-2,2.6202479362223391E-2,2.5708202213708019E-2,2.4766985840415236E-2,2.3453284595470775E-2,2.2843551781564168E-2,2.2116737970752389E-2,2.129256050451947E-2,2.106920791621008E-2,2.0766308201158223E-2,2.0080195712086541E-2]
["News services and dispatches",null,131.00800000000001,152.27699999999999,214.02,301.5,{"$f":"239.6","v":239.6},280.3,{"$f":"H29*1.15","v":322.34499999999997},370.69674999999995,{"$f":"J29*1.12","v":415.18036000000001},{"$f":"K29*1.12","v":465.00200320000005},{"$f":"L29*1.08","v":502.20216345600011},542.37833653248015,585.76860345507862,632.63009173148498,683.24049907000381,null,null,null,null,null,null,null,null,null,"News services and dispatches",null,1.5956921379202821E-2,1.4646842830451375E-2,1.7786812560305374E-2,2.2389555996168153E-2,1.6957789542224613E-2,1.5859544299786692E-2,1.6109125856262001E-2,1.5754414436521872E-2,1.5014436531727356E-2,1.5684010248846664E-2,1.5931912086136455E-2,1.5375175290981013E-2,1.5280480436539153E-2,1.5189490180774921E-2,1.5155324101386404E-2]
["Power and fuel",null,128.03899999999999,160.72399999999999,190.65,211.5,{"$f":"230.3","v":230.3},368.8,424.12,487.73799999999994,{"$f":"J30*1.12","v":546.26656000000003},611.81854720000013,660.76403097600019,713.62515345408019,770.71516573040662,832.37237898883916,898.9621693079464,null,null,null,null,null,null,null,null,null,"Power and fuel",null,1.5595293848251632E-2,1.5459321940158179E-2,1.584457440716858E-2,1.5706106445073184E-2,1.629957817852391E-2,2.0866928069073604E-2,2.1195310794824923E-2,2.0728605223650609E-2,1.9754991769179626E-2,2.0635972100516056E-2,2.096214476406395E-2,2.0229627710716368E-2,2.0105034552249872E-2,1.9985315657045272E-2,1.9940362214025349E-2]
["Repair and maintenance",null,{"$f":"75.639+20.494+0.593","v":96.725999999999999},{"$f":"90.093+35.132+2.26","v":127.485},{"$f":"96.38+40.89+3.77","v":141.04},{"$f":"107.3+29.1+6.8","v":143.20000000000002},{"$f":"144.1+24.7+7.4","v":176.2},{"$f":"139+26.6+29.1","v":194.7},223.90499999999997,257.49074999999993,288.38963999999993,322.99639679999996,348.83610854399996,376.74299722751999,406.88243700572161,439.43303196617939,474.58767452347377,null,null,null,null,null,null,null,null,null,"Repair and maintenance",null,{"$f":"C31/C$14","v":1.178133531787961E-2},{"$f":"D31/D$14","v":1.2262211353258166E-2},{"$f":"E31/E$14","v":1.1721577625948368E-2},{"$f":"F31/F$14","v":1.0634110841297778E-2},1.247062820258755E-2,1.1016244292431211E-2,1.1189606864838428E-2,1.0943219731683225E-2,1.0429221522394989E-2,1.0894316073672654E-2,1.106651189144048E-2,{"$f":"N31/N$14","v":1.0679795323417774E-2},{"$f":"O31/O$14","v":1.0614019054563582E-2},{"$f":"P31/P$14","v":1.0550816047794778E-2},{"$f":"Q31/Q$14","v":1.0527083847805679E-2}]
["Communication expenses",null,82.506,95.747,105.49,124.4,{"$f":"126","v":126},130.1,149.61499999999998,172.05724999999995,192.70411999999996,215.82861439999996,233.09490355199998,251.74249583616,271.88189550305282,293.63244714329704,317.12304291476084,null,null,null,null,null,null,null,null,null,"Communication expenses",null,{"$f":"C32/C$14","v":1.0049323364317507E-2},9.2094752358348794E-3,8.7670818474283423E-3,9.2380124906246055E-3,8.9177023469127776E-3,7.3611370438895762E-3,7.4769792147687695E-3,7.3123414848073314E-3,6.9688840270343503E-3,7.2796636938100272E-3,7.3947262304900176E-3,7.1363193198595402E-3,7.0923671237736107E-3,7.0501344007092986E-3,7.0342763667155571E-3]
["Traveling and conveyance",null,135.71100000000001,165.89500000000001,192.42,214.8,{"$f":"214.6","v":214.6},261.60000000000002,{"$f":"+H33*1.15","v":300.83999999999997},{"$f":"+I33*1.15","v":345.96599999999995},{"$f":"+J33*1.12","v":387.48192},{"$f":"+K33*1.12","v":433.97975040000006},{"$f":"+L33*1.08","v":468.69813043200008},{"$f":"+M33*1.08","v":506.19398086656014},{"$f":"+N33*1.08","v":546.68949933588499},{"$f":"+O33*1.08","v":590.42465928275578},{"$f":"+P33*1.08","v":637.65863202537628},null,null,null,null,null,null,null,null,null,"Traveling and conveyance",null,{"$f":"C33/C$14","v":1.6529752055546184E-2},1.5956697277709247E-2,1.5991675884748899E-2,1.5951166261946665E-2,1.5188404155932396E-2,1.4801486938366745E-2,1.5034417852294467E-2,1.4703370733478849E-2,1.4012759888333486E-2,1.4637663507307483E-2,1.486902676322974E-2,1.4349432237319418E-2,1.4261054877626266E-2,1.4176134967144913E-2,1.4144248251597156E-2]
["Advertising and sales promotion",null,681.56700000000001,715.73199999999997,1150.4100000000001,1540.9,{"$f":"1158.8","v":1158.8},1353.3,{"$f":"8.35%*(I14-I8)","v":1577.8732089246857},{"$f":"7.75%*(J14-J8)","v":1681.479047716387},{"$f":"7.25%*(K14-K8)","v":1836.2473059236347},{"$f":"7%*(L14-L8)","v":1884.2115359041018},{"$f":"6.75%*(M14-M8)","v":1918.6964785743353},{"$f":"6.5%*(N14-N8)","v":2067.0091650675399},{"$f":"6.25%*(O14-O8)","v":2154.0547495836067},{"$f":"6%*(P14-P8)","v":2242.3083360302635},{"$f":"6%*(Q14-Q8)","v":2443.0973067030368},null,null,null,null,null,null,null,null,null,"Advertising and sales promotion",null,8.3015625256924228E-2,6.8843056487352811E-2,9.5608480691061135E-2,0.11442808236980269,8.2014551425416873E-2,7.6570536214417867E-2,7.8853892902920011E-2,7.1461963947760804E-2,6.6405401814637277E-2,6.3552399423545208E-2,6.0868920608113095E-2,5.8594943972424977E-2,5.619111585377199E-2,5.3837970873598193E-2,5.4191652199638014E-2]
["Bad debt w/off, provision for doubtful debts",null,21.318000000000001,{"$f":"18.799","v":18.798999999999999},1.77,{"$f":"101.9+27.4+0.7","v":130},{"$f":"0.5+133.2+55","v":188.7},{"$f":"6.7+73.5+14+68.7","v":162.9},{"$f":"2.5%*I6","v":383.74192822056466},{"$f":"1.75%*J6","v":308.63177070366334},{"$f":"1.5%*K6","v":313.54573043165595},{"$f":"1.5%*L6","v":332.16248972950319},{"$f":"1.25%*M6","v":290.53810321224336},{"$f":"1.25%*N6","v":329.81404977398984},{"$f":"1.25%*O6","v":368.20294725331104},{"$f":"1.25%*P6","v":403.07487770502632},{"$f":"1.25%*Q6","v":440.56353874054025},null,null,null,null,null,null,null,null,null,"Bad debt w/off, provision for doubtful debts",null,{"$f":"C35/C$14","v":2.5965563168802346E-3},{"$f":"D35/D$14","v":1.8081916400353002E-3},{"$f":"E35/E$14","v":1.4710147758032198E-4},9.6538715738038478E-3,1.3355320895733658E-2,9.2169809719416761E-3,1.9177424864755883E-2,1.311668587313782E-2,1.1338957530072455E-2,1.1203478387939884E-2,9.2170600902953901E-3,9.3494678661446839E-3,9.6050179183284744E-3,9.6778543686729945E-3,9.7723762364128955E-3]
["Miscellaneous and other expenses",null,{"$f":"2425.449-SUM(C25:C35)","v":568.90800000000013},{"$f":"2770.745-SUM(D25:D35)","v":827.68100000000004},{"$f":"3707.52-SUM(E25:E35)","v":1089.0699999999997},{"$f":"4580.4-SUM(F25:F35)","v":1192.3999999999996},{"$f":"4350.3-SUM(G25:G35)","v":1226.8000000000006},{"$f":"5244.8-SUM(H25:H35)","v":1517.7999999999997},{"$f":"H36*1.15","v":1745.4699999999996},{"$f":"I36*1.15","v":2007.2904999999994},{"$f":"J36*1.15","v":2308.384074999999},{"$f":"K36*1.15","v":2654.6416862499987},{"$f":"L36*1.1","v":2920.1058548749988},{"$f":"M36*1.1","v":3212.1164403624989},{"$f":"N36*1.05","v":3372.7222623806242},{"$f":"O36*1.1","v":3709.9944886186868},{"$f":"P36*1.1","v":4080.9939374805558},null,null,null,null,null,null,null,null,null,"Miscellaneous and other expenses",null,{"$f":"C36/C$14","v":6.9293632663650476E-2},7.9610929560937141E-2,9.0510624965198419E-2,8.854828049695157E-2,8.6827279676131755E-2,8.5878046158459634E-2,8.7229508471760461E-2,8.5308777137898292E-2,8.3479589894227282E-2,8.9538167852263928E-2,9.2637732665117975E-2,9.1056094978560903E-2,8.7981527593326281E-2,8.9077212089875082E-2,9.0522716177534338E-2]
["SG&A and other costs",null,{"$f":"SUM(C25:C36)","v":2425.4490000000001},{"$f":"SUM(D25:D36)","v":2770.7449999999999},3707.52,4580.3999999999996,4350.3,5244.8,6220.1446876160489,6868.3360945440145,7662.7189137617479,8376.3442672478886,8861.4467632254236,9618.6616566845987,10151.568805413732,10912.387998231494,11844.178647864092,null,null,null,null,null,null,null,null,null,"SG&A and other costs",null,0.29542240933581237,0.2665055559162513,0.30812523737773745,0.34014302582039341,0.30789428983948142,0.29675397054413571,0.31085046647835834,0.29190062584246684,0.27711187203350018,0.28252495350838069,0.28112143089175523,0.2726668804319165,0.26481591470820703,0.26200715475655278,0.26272208156195576]
[null,null,null,{"$f":"(D37/C37-1)*100","v":14.236374378517125},33.809498889287902,23.543500776799586,-5.0235787267487453,20.561800335609036,18.596413354485364,10.420841306448668,11.565869932439178,9.3129522499450612,5.791339043624566,8.5450481585194424,5.5403461287026667,{"$f":"(P37/O37-1)*100","v":7.4945972135067818},{"$f":"(Q37/P37-1)*100","v":8.5388335695505635}]
["EBITDA",null,{"$f":"C14-C18-C22-C37","v":1183.9880000000021},1680.3719999999994,1698.9700000000007,878.80000000000109,2498.7999999999975,3171.2000000000016,2798.1906642505373,3128.1144169801482,4532.4487939783994,5048.1889934205665,5484.1589083143808,6792.6275221231554,7669.3099815724199,8269.8829201049302,8936.085467631352,null,null,null,null,null,null,null,null,null,"EBITDA",null,{"$f":"C39/C$14","v":0.14421106672813586},{"$f":"D39/D$14","v":0.1616274590430021},{"$f":"E39/E$14","v":0.14119830359584165},{"$f":"F39/F$14","v":6.5260171838914097E-2},0.17685360813067957,0.17942842270240306,0.13983900969529317,0.13294319664244222,0.16390988425004707,0.17026990715321522,0.1739800103456183,{"$f":"N39/N$14","v":0.19255532864139624},{"$f":"O39/O$14","v":0.20006319977536818},{"$f":"P39/P$14","v":0.19856043373986157},{"$f":"Q39/Q$14","v":0.19821610639881923}]
[null,null,null,{"$f":"(D39/C39-1)*100","v":41.924749237323056},1.1067787370892423,-48.274542811232649,184.34228493400028,26.908916279814509,-11.762403372523467,11.790610159082116,44.893958142169943,11.378842274563716,8.6361646812753037,23.859057253520533,12.90638205310044,{"$f":"(P39/O39-1)*100","v":7.8308601422494073},{"$f":"(Q39/P39-1)*100","v":8.0557675841675511}]
["OTHER INCOME",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OTHER INCOME"]
["Interest income",null,{"$f":"82.164+12.123+0.268+16.8","v":111.355},{"$f":"127.4+23.7","v":151.1},{"$f":"22.29+14.78+29.44","v":66.510000000000005},{"$f":"3.9+15.2+12.3+140.6+33.7","v":205.7},{"$f":"7.1+7.2+8.3+61.6+70+13.6","v":167.79999999999998},{"$f":"28.6+1.3+13.3+248","v":291.2},{"$f":"'cash model'!I45+6%*H129","v":510.2584557989756},{"$f":"'cash model'!J45+6%*I129","v":568.84693216832579},{"$f":"'cash model'!K45+6%*J129","v":623.04239335815191},{"$f":"'cash model'!L45+6%*K129","v":719.21753090814082},{"$f":"'cash model'!M45+6%*L129","v":777.51863670810553},{"$f":"'cash model'!N45+6%*M129","v":795.11628846918268},{"$f":"'cash model'!O45+6%*N129","v":796.18064825780107},{"$f":"'cash model'!P45+6%*O129","v":783.48531703710387},{"$f":"'cash model'!Q45+6%*P129","v":761.18048290404408},null,null,null,null,null,null,null,null,null,"Interest income",null,{"$f":"C42/C$14","v":1.3563163930302961E-2},1.4533632470308732E-2,5.5275250134843024E-3,1.5275395251780396E-2,1.1876114712793364E-2,1.6476272922218638E-2,2.5500062615171942E-2,2.4175691641008048E-2,2.2531486006832021E-2,2.4258422648260697E-2,2.4666079652306216E-2,{"$f":"N42/N$14","v":2.2539713496089856E-2},2.0769332374413231E-2,{"$f":"P42/P$14","v":1.8811534078855666E-2},1.6884152701373528E-2]
["Other income",null,{"$f":"177.338-SUM(C42:C42)","v":65.98299999999999},{"$f":"366.856-SUM(D42:D42)","v":215.756},{"$f":"438.66-SUM(E42:E42)","v":372.15000000000003},{"$f":"54.3+70.4","v":124.7},{"$f":"52.4+73.7+114.9","v":241},{"$f":"477.7-H42","v":186.5},{"$f":"H43+100","v":286.5},{"$f":"I43-50","v":236.5},{"$f":"J43","v":236.5},{"$f":"K43","v":236.5},236.5,236.5,236.5,236.5,236.5,null,null,null,null,null,null,null,null,null,"Other income",null,8.036803426996364E-3,2.0752603621865855E-2,3.0928708972608378E-2,9.2602906557949227E-3,1.7056875123856979E-2,1.0552283310418187E-2,1.4317779266993635E-2,1.0051124036661835E-2,8.552702829569105E-3,7.9768869775317039E-3,7.5027498536481144E-3,6.7042297071893747E-3,6.169387710310505E-3,5.6783805808560866E-3,5.2459333936682364E-3]
["Total other income",null,{"$f":"SUM(C42:C43)","v":177.33799999999999},366.85599999999999,438.66,330.4,408.79999999999995,477.7,796.75845579897555,805.34693216832579,859.54239335815191,955.71753090814082,1014.0186367081055,1031.6162884691826,1032.6806482578011,1019.9853170371039,997.68048290404408,null,null,null,null,null,null,null,null,null,"Total other income",null,{"$f":"C44/C$14","v":2.1599967357299323E-2},{"$f":"D44/D$14","v":3.5286236092174593E-2},{"$f":"E44/E$14","v":3.6456233986092677E-2},{"$f":"F44/F$14","v":2.4535685907575315E-2},2.8932989836650339E-2,2.7028556232636822E-2,3.9817841882165569E-2,3.4226815677669886E-2,3.1084188836401124E-2,3.2235309625792401E-2,3.216882950595433E-2,2.9243943203279228E-2,2.6938720084723734E-2,2.4489914659711752E-2,2.2130086095041763E-2]
[]
["FINANCE CHARGES",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FINANCE CHARGES"]
["Interest expenses",null,{"$f":"127+8.4","v":135.4},{"$f":"142.9","v":142.9},{"$f":"160.2+12.2+5.5","v":177.89999999999998},322.8,{"$f":"295.1","v":295.10000000000002},236,{"$f":"interest!BE8+interest!BE18+50","v":331.02499999999998},{"$f":"interest!BJ8+interest!BJ18","v":281.02499999999998},{"$f":"interest!BO8+interest!BO18","v":281.02499999999998},{"$f":"interest!BT8+interest!BT18","v":281.02499999999998},{"$f":"interest!BY8+interest!BY18","v":281.02499999999998},{"$f":"interest!CD8+interest!CD18","v":281.02499999999998},{"$f":"interest!CI8+interest!CI18","v":281.02499999999998},{"$f":"interest!CN8+interest!CN18","v":281.02499999999998},{"$f":"interest!CS8+interest!CS18","v":281.02499999999998},null,null,null,null,null,null,null,null,null,"Interest expenses",null,{"$f":"C47/C$14","v":1.6491871906632129E-2},1.3744911184693037E-2,1.4784945119513716E-2,2.3971305723260634E-2,2.088582509979334E-2,1.3353023384765104E-2,1.6542907091995001E-2,1.1943412821999542E-2,1.0162889271372759E-2,9.4786666505744053E-3,8.9152654444882087E-3,{"$f":"N47/N$14","v":7.9664107968832713E-3},7.3308760308245643E-3,6.747428764207533E-3,6.2335663084804064E-3]
["Total finance expenses",null,{"$f":"C47","v":135.4},{"$f":"D47","v":142.9},177.89999999999998,322.8,295.10000000000002,236,331.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,281.02499999999998,null,null,null,null,null,null,null,null,null,"Total finance expenses",null,{"$f":"C48/C$14","v":1.6491871906632129E-2},{"$f":"D48/D$14","v":1.3744911184693037E-2},{"$f":"E48/E$14","v":1.4784945119513716E-2},2.3971305723260634E-2,2.088582509979334E-2,1.3353023384765104E-2,1.6542907091995001E-2,1.1943412821999542E-2,1.0162889271372759E-2,9.4786666505744053E-3,8.9152654444882087E-3,7.9664107968832713E-3,7.3308760308245643E-3,6.747428764207533E-3,6.2335663084804064E-3]
[]
["Gross profit",null,{"$f":"C39-C48+C44","v":1225.926000000002},1904.3279999999993,1959.7300000000007,886.40000000000111,2612.4999999999973,3412.9000000000015,3263.9241200495126,3652.4363491484737,5110.9661873365512,5722.8815243287081,6217.1525450224872,7543.2188105923378,8420.9656298302216,9008.8432371420349,9652.7409505353971,null,null,null,null,null,null,null,null,null,"Gross profit",null,{"$f":"C50/C$14","v":0.14931916217880303},0.18316878395048364,0.16286959246242061,{"$f":"F50/F$14","v":6.5824552023228775E-2},0.18490077286753656,0.19310395555027476,0.16311394448546371,0.15522659949811257,0.18483118381507543,0.19302655012843323,0.19723357440708444,{"$f":"N50/N$14","v":0.2138328610477922},0.21967104382926736,{"$f":"P50/P$14","v":0.2163029196353658},0.2141126261853806]
["Add/(Deduct): Exceptional items",null,{"$f":"-218.765-10.123","v":-228.88799999999998},{"$f":"-2.61+2.172+2.604","v":2.1660000000000004},{"$f":"0","v":0},-189.4,{"$f":"-14.3-6.5","v":-20.8},0,{"$f":"H51","v":0},{"$f":"I51","v":0},0,0,0,0,0,0,0,null,null,null,null,null,null,null,null,null,"Add/(Deduct): Exceptional items",null,-2.7878815191766725E-2,2.0833784202970695E-4,0,-1.406494827752653E-2,-1.4721286413951252E-3,0,0,0,0,0,0,0,0,0,0]
["D&A expenses",null,385.36399999999998,{"$f":"435.988","v":435.988},{"$f":"569.87","v":569.87},688.1,706.9,841.9,{"$f":"+depn!BD32-Hindustan!I29","v":919.86918061063898},{"$f":"+depn!BH32-Hindustan!J29","v":996.04948890819196},{"$f":"+depn!BL32-Hindustan!K29","v":1077.4766910454418},{"$f":"+depn!BP32-Hindustan!L29","v":1156.8994735251711},{"$f":"+depn!BT32-Hindustan!M29","v":1243.7176153645021},{"$f":"+depn!BX32-Hindustan!N29","v":1345.2206492315975},{"$f":"+depn!CB32-Hindustan!O29","v":1482.4170682891217},{"$f":"+depn!CF32-Hindustan!P29","v":1646.685435285619},{"$f":"+depn!CJ32-Hindustan!Q29","v":1819.1050990567608},null,null,null,null,null,null,null,null,null,"D&A expenses",null,4.6937767543776834E-2,4.193573364305072E-2,4.7360858208304005E-2,5.1098684845649445E-2,5.0031141182798743E-2,4.7635213506922632E-2,4.5970275331565204E-2,4.2331572768160103E-2,3.8965488136571275E-2,3.9020957059941741E-2,3.9455823072539538E-2,3.813390376026661E-2,3.8670636966839055E-2,3.9537025786487996E-2,4.0350546239890178E-2]
[]
["Profit before tax",null,{"$f":"C50-C52+C51","v":611.67400000000202},{"$f":"D50-D52+D51","v":1470.5059999999992},1389.8600000000006,8.9000000000010857,1884.7999999999972,2571.0000000000014,2344.0549394388736,2656.3868602402817,4033.4894962911094,4565.9820508035373,4973.4349296579849,6197.9981613607406,6938.5485615410998,7362.157801856416,7833.6358514786361,null,null,null,null,null,null,null,null,null,"Profit before tax",null,{"$f":"C54/C$14","v":7.4502579443259484E-2},{"$f":"D54/D$14","v":0.14144138814946261},{"$f":"E54/E$14","v":0.1155087342541166},{"$f":"F54/F$14","v":6.6091890005280565E-4},0.13339750304334269,0.14546874204335214,0.11714366915389851,0.11289502672995246,0.14586569567850416,0.15400559306849151,0.15777775133454489,{"$f":"N54/N$14","v":0.17569895728752558},{"$f":"O54/O$14","v":0.1810004068624283},{"$f":"P54/P$14","v":0.17676589384887781},{"$f":"Q54/Q$14","v":0.17376207994549042}]
[null,null,null,{"$f":"(D54/C54-1)*100","v":140.40681801090028},-5.4842346784031211,-99.359647734304104,21077.528089885025,36.407045840407747,-8.8271124294487571,13.324428346213391,51.841192887329022,13.201783592149363,8.9236636132361102,24.622082102659924,11.948219100758406,{"$f":"(P54/O54-1)*100","v":6.1051563818878885},{"$f":"(Q54/P54-1)*100","v":6.4040742172537302}]
["Provision for tax",null,{"$f":"SUM(C57:C58)","v":238.96799999999999},{"$f":"SUM(D57:D58)","v":545.76499999999999},376.60000000000008,124.9,536.5,712.8,622.53488481099748,736.71924516914487,1196.2696185223899,1376.4670052144822,1513.8422709024917,1921.4720350650259,2167.6663674043511,2308.0520860753859,2464.0299770832285,null,null,null,null,null,null,null,null,null,"Provision for tax"]
["Current tax",null,{"$f":"37+0.07+27.77","v":64.84},{"$f":"545.765-D58","v":572.77599999999995},{"$f":"376.6-E58","v":519.67000000000007},{"$f":"0.5+39.5","v":40},561.5,931.5,{"$f":"tax!I16+tax!I26","v":663.7981962957947},{"$f":"tax!J16+tax!J26","v":801.31198322776663},{"$f":"tax!K16+tax!K26","v":1284.3003882587491},{"$f":"tax!L16+tax!L26","v":1499.6760329655563},{"$f":"tax!M16+tax!M26","v":1668.7585291685793},{"$f":"tax!N16+tax!N26","v":2091.7345830472595},{"$f":"tax!O16+tax!O26","v":2353.4459288850535},{"$f":"tax!P16+tax!P26","v":2523.0162998914343},{"$f":"tax!Q16+tax!Q26","v":2711.1595376830883},null,null,null,null,null,null,null,null,null,"Current tax",null,{"$f":"C57/C$14","v":7.8975847446530814E-3},5.5092758913392152E-2,4.3188827601223688E-2,{"$f":"F57/F$14","v":2.9704220227088764E-3},3.9740395776123212E-2,5.2704835944528371E-2,3.3173179938539965E-2,3.4055332496768585E-2,4.6444987588487537E-2,5.0582436439236163E-2,5.2939863892150538E-2,{"$f":"N57/N$14","v":5.9295852563301554E-2},6.1392475224286425E-2,{"$f":"P57/P$14","v":6.0577787579225779E-2},6.0137684373335519E-2]
["Deferred tax liability/(asset)",null,174.12799999999999,-27.010999999999999,-143.07,84.9,-25,-218.7,{"$f":"tax!I18","v":-41.263311484797221},{"$f":"tax!J18","v":-64.592738058621748},{"$f":"tax!K18","v":-88.030769736359076},{"$f":"tax!L18","v":-123.20902775107402},{"$f":"tax!M18","v":-154.91625826608754},{"$f":"tax!N18","v":-170.26254798223366},{"$f":"tax!O18","v":-185.77956148070248},{"$f":"tax!P18","v":-214.96421381604839},{"$f":"tax!Q18","v":-247.12956059985973},null,null,null,null,null,null,null,null,null,"Deferred tax liability/(asset)",null,{"$f":"C58/C$14","v":2.1208985755967791E-2},-2.5980671519226285E-3,-1.1890287230178907E-2,6.3047207431995902E-3,-1.7693853862922177E-3,-1.2374178873932747E-2,-2.0621256044137171E-3,-2.7451569644601046E-3,-3.1835137987877571E-3,-4.1557060844899987E-3,-4.9145790022562443E-3,-4.8265506647114046E-3,-4.8462839045493476E-3,-5.1613049357803163E-3,-5.4817133806061829E-3]
["Net profit",null,{"$f":"C54-C56","v":372.70600000000206},{"$f":"D54-D56","v":924.74099999999919},1013.2600000000004,-115.99999999999892,1348.2999999999972,1858.2000000000014,1721.5200546278761,1919.6676150711369,2837.2198777687195,3189.5150455890553,3459.5926587554932,4276.5261262957147,4770.8821941367487,5054.1057157810301,5369.6058743954072,null,null,null,null,null,null,null,null,null,"Net profit",null,4.5396008942638615E-2,8.8946696387993088E-2,8.4210193883071813E-2,{"$f":"F59/F$14","v":-8.6142238658556605E-3},9.5426492653511691E-2,0.10513808497275651,8.6032614819772271E-2,8.1584851197643984E-2,0.10260422188880437,0.10757886271374535,0.1097524664446506,0.12122965538893543,0.12445421554269122,0.12134941120543236,0.11910610895276108]
[]
["Minority interest",null,0,-45.691000000000003,{"$f":"0","v":0},{"$f":"-126.5+1.5","v":-125},-10.9,49.1,{"$f":"22%*Hindustan!I32+49%*'HT-Burda'!I10-20","v":64.367432217988579},{"$f":"22%*Hindustan!J32+49%*'HT-Burda'!J10","v":166.94534449914414},{"$f":"22%*Hindustan!K32+49%*'HT-Burda'!K10","v":265.9394636598683},{"$f":"22%*Hindustan!L32+49%*'HT-Burda'!L10","v":344.3005154790286},{"$f":"22%*Hindustan!M32+49%*'HT-Burda'!M10","v":371.66199497532705},{"$f":"22%*Hindustan!N32+49%*'HT-Burda'!N10","v":521.07938527595343},{"$f":"22%*Hindustan!O32+49%*'HT-Burda'!O10","v":619.48111342517439},{"$f":"22%*Hindustan!P32+49%*'HT-Burda'!P10","v":695.07851687123241},{"$f":"22%*Hindustan!Q32+49%*'HT-Burda'!Q10","v":742.16404609588926},null,null,null,null,null,null,null,null,null,"Minority interest",null,{"$f":"C61/C$14","v":0},-4.3948127147642379E-3,0,-9.2825688209652382E-3,-7.7145202842340691E-4,2.7781078313218925E-3,3.216749341990698E-3,7.0950882236961452E-3,9.6173412403291574E-3,1.1612880753835587E-2,1.1790642614831719E-2,1.4771399131378539E-2,1.6159911915157459E-2,1.6688880982544844E-2,1.6462338913295384E-2]
["Net profit",null,{"$f":"C59-C61","v":372.70600000000206},{"$f":"D59-D61","v":970.43199999999922},{"$f":"E59-E61","v":1013.2600000000004},9.00000000000108,1359.1999999999973,1809.1000000000015,1657.1526224098875,1752.7222705719928,2571.2804141088513,2845.2145301100268,3087.930663780166,3755.4467410197612,4151.4010807115747,{"$f":"P59-P61","v":4359.0271989097973},{"$f":"Q59-Q61","v":4627.4418282995175},null,null,null,null,null,null,null,null,null,"Net profit",null,4.5396008942638615E-2,9.3341509102757333E-2,8.4210193883071813E-2,6.6834495510957733E-4,9.6197944681935099E-2,0.10235997714143462,8.2815865477781567E-2,7.448976297394784E-2,9.2986880648475226E-2,9.5965981959909769E-2,9.7961823829818884E-2,0.10645825625755689,0.10829430362753377,0.1046605302228875,0.10264377003946569]
[null,null,null,{"$f":"(D62/C62-1)*100","v":160.3746652857732},4.4132922244939587,-99.111777826026781,15002.22222222038,33.100353148911488,-8.3990590674984151,5.7670999562565717,46.70210205463561,10.653607226114815,8.5306795358152989,21.616938653099126,10.543468380656495,5.0013504877402637,6.1576727361749795]
["Dividend paid (excl. tax)",null,56.215000000000003,{"$f":"+'profit model'!D37*'profit model'!D24","v":70.268699999999995},93.7,70.5,{"$f":"84.6","v":84.6},{"$f":"84.6","v":84.6},{"$f":"+'profit model'!I37*'profit model'!I24","v":94.08},{"$f":"+'profit model'!J37*'profit model'!J24","v":470.4},{"$f":"+'profit model'!K37*'profit model'!K24","v":940.8},{"$f":"+'profit model'!L37*'profit model'!L24","v":1881.6},{"$f":"+'profit model'!M37*'profit model'!M24","v":2822.3999999999996},{"$f":"+'profit model'!N37*'profit model'!N24","v":3292.7999999999997},{"$f":"+'profit model'!O37*'profit model'!O24","v":3763.2},{"$f":"+'profit model'!P37*'profit model'!P24","v":4233.5999999999995},{"$f":"+'profit model'!Q37*'profit model'!Q24","v":4704},null,null,null,null,null,null,null,null,null,"Dividend paid (excl. tax)",null,{"$f":"C64/C$14","v":6.847050068178177E-3},6.7588316344565401E-3,7.7872364120204346E-3,{"$f":"F64/F$14","v":5.2353688150243941E-3},5.9876001472128643E-3,4.7867193997929141E-3,4.7016288776222026E-3,1.9991749458121467E-2,3.4022760346970882E-2,6.3464315166696206E-2,8.9538102270344339E-2,{"$f":"N64/N$14","v":9.3343287863988045E-2},9.8167610280932308E-2,0.10164901491379419,0.10434194792310945]
["Dividend tax",null,8.1649999999999991,{"$f":"16.995%*D64","v":11.942165565},15.92,12,{"$f":"14.1","v":14.1},25.6,{"$f":"16.5%*I64","v":15.523200000000001},77.616,155.232,310.464,465.69599999999997,543.31200000000001,620.928,698.54399999999998,776.16000000000008,null,null,null,null,null,null,null,null,null,"Dividend tax",null,9.945061603962432E-4,1.148663436275889E-3,1.3230822164286586E-3,8.9112660681266284E-4,9.9793335786881065E-4,1.4484635536016386E-3,7.7576876480766352E-4,3.2986386605900419E-3,5.613755457250195E-3,1.0471612002504875E-2,1.4773786874606816E-2,1.5401642497558028E-2,1.6197655696353831E-2,1.6772087460776044E-2,1.7216421407313061E-2]
[]
["Balance sheet of HT Media"]
["SOURCES OF FUNDS"]
[]
["Current liabilities and provisions"]
["Sundry creditors (Trade)",null,1339.5170000000001,1337.3430000000001,1738.53,2158.9,{"$f":"3095.5+15.2","v":3110.7},{"$f":"3169.5+5.2","v":3174.7},{"$f":"+I149","v":3585.8116088691768},{"$f":"+J149","v":4250.3317134420031},{"$f":"+K149","v":4816.5892777591989},{"$f":"+L149","v":5124.9934004900651},5424.5035532503534,5934.0854305358171,6388.5679765592349,6954.0240802227081,7530.511279204623]
["Customer and agent balances",null,60.293999999999997,37.634,122.91,160.4,{"$f":"232.1","v":232.1},178.4,{"$f":"+H72*I18/H18","v":212.51990353426274},264.55374680091762,297.13666755828092,297.37023934162863,314.77002630490784,346.93655203652014,382.85107730488477,421.56129318445625,452.72572977889917]
["Interest accrued but not due",null,{"$f":"0","v":0},0.79100000000000004,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"+H73","v":0},{"$f":"+I73","v":0},{"$f":"+J73","v":0},{"$f":"+K73","v":0},0,0,0,0,0]
["Income received in advance",null,136.13200000000001,249.90899999999999,419.04,1349.4,{"$f":"1583.2","v":1583.2},1753.9,{"$f":"+H74*1.05","v":1841.5950000000003},1933.6747500000004,2030.3584875000004,2131.8764118750005,2238.4702324687505,2350.3937440921882,2467.9134312967976,2591.3091028616377,2720.8745580047198]
["Provision for staff benefits",null,51.619,79.307000000000002,127.35,88.1,{"$f":"81.7","v":81.7},105.5,{"$f":"+H75*1.05","v":110.77500000000001},116.31375000000001,122.12943750000002,{"$f":"+K75*1.05","v":128.23590937500003},134.64770484375003,141.38009008593755,148.44909459023444,155.87154931974618,163.66512678573349]
["Provision for taxation",null,0.871,{"$f":"9.215+2","v":11.215},0,{"$f":"8.6+5.7","v":14.3},{"$f":"98.3","v":98.3},246.6,258.93,271.87650000000002,285.47032500000006,299.74384125000006,314.73103331250007,330.4675849781251,346.99096422703138,364.34051243838297,382.55753806030214]
["Proposed dividend (incl. dividend tax)",null,{"$f":"56.215+2+8.165","v":66.38},{"$f":"70.269+11.942","v":82.211000000000013},{"$f":"93.69+15.92","v":109.61},{"$f":"70.5+12","v":82.5},{"$f":"84.6+14.1","v":98.699999999999989},{"$f":"84.6+14.1","v":98.699999999999989},0,0,0,0,0,0,0,0,0]
["Other liabilities and provisions",null,{"$f":"140.89+7.948+5.755","v":154.59299999999999},{"$f":"0.054+149.622+27.012+5+132.409","v":314.09699999999998},{"$f":"2559.66+244.04-SUM(E71:E77)","v":286.25999999999976},{"$f":"5227+172-SUM(F71:F77)","v":1545.3999999999996},{"$f":"5485.9+278.6-SUM(G71:G77)","v":559.80000000000018},{"$f":"5574.4+462.6-SUM(H71:H77)","v":479.19999999999982},{"$f":"H78*1.1","v":527.11999999999989},579.83199999999988,637.81519999999989,701.59671999999989,771.75639199999989,848.93203119999998,933.82523432000005,1027.2077577520001,1129.9285335272002]
["Total current liabilites and provisions",null,{"$f":"+SUM(C71:C78)","v":1809.4060000000002},2112.5070000000001,2803.7,5399,5764.5,6037,6536.7515124034389,7416.582460242922,8189.4993953174808,8683.8165223316937,9198.8789421802612,9952.1954329285873,10668.597778298184,{"$f":"+SUM(P71:P78)","v":11514.314295778931},{"$f":"+SUM(Q71:Q78)","v":12380.262765361478}]
[]
["Borrowings"]
["Secured loans",null,{"$f":"interest!Z8+interest!Z18+interest!Z23","v":1695.7260000000001},1650,2207.9,3698.7,{"$f":"3125","v":3125},2838.9,{"$f":"interest!BD8+interest!BD18+interest!BD23","v":3122.5},{"$f":"interest!BI8+interest!BI18+interest!BI23","v":3122.5},{"$f":"interest!BN8+interest!BN18+interest!BN23","v":3122.5},{"$f":"interest!BS8+interest!BS18+interest!BS23","v":3122.5},{"$f":"interest!BX8+interest!BX18+interest!BX23","v":3122.5},{"$f":"interest!CC8+interest!CC18+interest!CC23","v":3122.5},{"$f":"interest!CH8+interest!CH18+interest!CH23","v":3122.5},{"$f":"interest!CM8+interest!CM18+interest!CM23","v":3122.5},{"$f":"interest!CR8+interest!CR18+interest!CR23","v":3122.5}]
["Unsecured loans",null,{"$f":"interest!Z29","v":0},{"$f":"7.55","v":7.55},22.77,7.5,895.9,283.60000000000002,{"$f":"interest!BD29","v":0},{"$f":"interest!BI29","v":0},{"$f":"interest!BN29","v":0},{"$f":"interest!BS29","v":0},{"$f":"interest!BX29","v":0},{"$f":"interest!CC29","v":0},{"$f":"interest!CD29","v":0},{"$f":"interest!CE29","v":0},{"$f":"interest!CF29","v":0}]
["Total borrowings",null,{"$f":"SUM(C82:C83)","v":1695.7260000000001},{"$f":"SUM(D82:D83)","v":1657.55},{"$f":"SUM(E82:E83)","v":2230.67},{"$f":"SUM(F82:F83)","v":3706.2},4020.9,3122.5,3122.5,3122.5,3122.5,{"$f":"SUM(L82:L83)","v":3122.5},3122.5,3122.5,3122.5,3122.5,3122.5]
[null,null,null,null,null,{"$f":"F48/AVERAGE(E84:F84)*100","v":10.874416990771232},7.6380530858925084,6.607497830164907,10.601281024819857,9,9,9,9]
[]
["Total outside liabilities",null,{"$f":"C79+C84","v":3505.1320000000005},{"$f":"D79+D84","v":3770.0569999999998},{"$f":"E79+E84","v":5034.37},{"$f":"F79+F84","v":9105.2000000000007},9785.4,9159.5,9659.2515124034398,10539.082460242922,11311.999395317482,{"$f":"L79+L84","v":11806.316522331694},12321.378942180261,13074.695432928587,13791.097778298184,14636.814295778931,15502.762765361478]
[]
["Deferred tax liability/(asset)",null,{"$f":"360.939-65.097","v":295.84200000000004},272.59899999999999,121.61,206.5,{"$f":"178.1","v":178.1},-85.5,{"$f":"H89+I58","v":-126.76331148479721},-191.35604954341898,-279.38681927977802,-402.59584703085204,-557.51210529693958,-727.77465327917321,-913.55421475987566,-1128.518428575924,-1375.6479891757838]
[]
["Net Worth"]
["Equity share capital",null,468.45800000000003,468.45800000000003,468.5,470,470.2,470.4,{"$f":"+H92","v":470.4},{"$f":"+I92","v":470.4},{"$f":"+J92","v":470.4},{"$f":"+K92","v":470.4},470.4,{"$f":"+M92","v":470.4},{"$f":"+N92","v":470.4},{"$f":"+O92","v":470.4},{"$f":"+P92","v":470.4}]
["Preference capital",null,0,0,{"$f":"D93","v":0},{"$f":"E93","v":0},0,0,{"$f":"H93","v":0},{"$f":"I93","v":0},0,0,0,0,0,0,0]
["Share premium reserve",null,6263.89,{"$f":"5749.797+200","v":5949.7969999999996},{"$f":"5749.8+200","v":5949.8},{"$f":"4088.4+200","v":4288.3999999999996},{"$f":"4011.9+200","v":4211.8999999999996},{"$f":"5813.1+200","v":6013.1},{"$f":"+H94","v":6013.1},6013.1,6013.1,6013.1,6013.1,{"$f":"+M94","v":6013.1},6013.1,6013.1,6013.1]
["General reserve",null,0,75,185,235,{"$f":"330","v":330},464,464,464,464,464,464,464,464,464,464]
["Capital reserve",null,0,41.74,40.9,{"$f":"42.4+748.9","v":791.3},{"$f":"84.1+748.9","v":833},{"$f":"78.9+748.9","v":827.8},{"$f":"H96","v":827.8},827.8,827.8,827.8,827.8,827.8,827.8,827.8,827.8]
["Revaluation reserve",null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"+H97","v":0},{"$f":"+I97","v":0},{"$f":"+J97","v":0},{"$f":"+K97","v":0},0,0,0,0,0]
["Surplus(+)/Deficit(-) in P&L account",null,200,1107.059,1884.57,2700.7,{"$f":"3866.2","v":3866.2},5246.7,{"$f":"+H98+I59-I61-I64-I65","v":6794.2494224098882},7998.9556929818809,9474.2041070907326,10127.354637200759,9927.1893009809246,9846.5240420006867,9613.7971227122616,9040.6803216220596,8187.9621499215773]
["Net worth",null,{"$f":"SUM(C92:C98)","v":6932.348},7642.0539999999992,8528.77,8485.4,9711.2999999999993,13022,14569.549422409887,15774.255692981882,17249.504107090732,17902.654637200758,17702.489300980924,17621.824042000688,17389.097122712261,16815.980321622061,15963.262149921578]
[null,null,{"$f":"C62/C99","v":5.3763313670923914E-2},{"$f":"D62/D99","v":0.12698575540031506},0.11880493904748286,1.0606453437670682E-3,0.13996066438066967,0.13892643219167575,0.11374082851601219,0.11111283503232396,0.14906401935646824,0.15892696294312819,0.17443482728776788,0.21311339462185369,0.2387358614087757,0.2592193327738937,0.28988071390672804]
["Minority interest",null,{"$f":"0","v":0},0.108,0.52,-69.400000000000006,{"$f":"218.2","v":218.2},1298.8,{"$f":"H101+I61","v":1363.1674322179886},1530.1127767171326,1796.052240377001,2140.3527558560295,2512.0147508313567,3033.0941361073101,3652.5752495324846,4347.6537664037169,5089.8178124996066]
[]
["TOTAL LIABILITIES",null,{"$f":"C87+C89+C99+C101","v":10733.322},{"$f":"D87+D89+D99+D101","v":11684.817999999999},13685.27,17727.699999999997,19893,23394.799999999999,25465.205055546518,27652.094880398516,30078.168923505436,31446.728068357632,31978.370888695605,33001.838957757413,33919.215935783053,34671.929955228785,35180.194738606879]
[]
["USES OF FUNDS"]
[]
["Current Assets"]
["Cash & bank balances",null,2677.5039999999999,1104.1389999999999,773.97,705.4,1086.8,1152.4000000000001,{"$f":"+'cash model'!I31","v":3002.6113949743922},{"$f":"+'cash model'!J31","v":4117.1119092033186},{"$f":"+'cash model'!K31","v":5568.1564721546129},{"$f":"+'cash model'!L31","v":6864.9729804938415},{"$f":"+'cash model'!M31","v":7233.9023455903734},{"$f":"+'cash model'!N31","v":7367.7630091526389},{"$f":"+'cash model'!O31","v":7264.3125656424336},{"$f":"+'cash model'!P31","v":7005.0391172543814},{"$f":"+'cash model'!Q31","v":6627.0312841008899}]
["Inventories",null,1084.5219999999999,1032.0119999999999,1154.77,1756.1,1200.3,1455.9,{"$f":"I142","v":1861.0084433789998},2316.6618671304004,2601.9861573780008,2604.0315143244152,2756.3991274898235,3038.0771020473794,3352.5758085348843,3691.5560047370345,3964.4588184071777]
["Receivables",null,1212.1600000000001,1485.13,1983.18,2199.1,2422.5,2525.1,{"$f":"+I139","v":3335.014397803764},{"$f":"+J139","v":3921.6177735836272},{"$f":"+K139","v":4608.6795545370915},{"$f":"+L139","v":4941.3595526288127},5253.629327319346,5879.3729314491793,6389.0727115094578,6941.5330841956547,7513.756601302257]
["Loans and advances (net of provisions)",null,{"$f":"0.802+0.789+730+66.101+76.813","v":874.505},{"$f":"345.889-SUM(D112:D114)","v":305.86200000000002},{"$f":"1064.15-SUM(E112:E114)","v":1032.17},{"$f":"2166.7-SUM(F112:F114)","v":1778.9999999999998},{"$f":"1959.4-SUM(G112:G114)","v":737.2},{"$f":"2109.6-SUM(H112:H114)","v":746.39999999999986},{"$f":"+H111*1.05","v":783.71999999999991},822.90599999999995,864.05129999999997,907.25386500000002,952.61655825000003,1000.2473861625001,1050.2597554706251,1102.7727432441563,1157.9113804063643]
["Interest accrued",null,60.344000000000001,13.532999999999999,0,0,0,0,{"$f":"+H112*1.05","v":0},{"$f":"+I112*1.05","v":0},0,0,0,0,0,0,0]
["Advance towards property",null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},868.9,1198.4000000000001,{"$f":"+H113*1.05","v":1258.3200000000002},1321.2360000000003,1387.2978000000005,1456.6626900000006,1529.4958245000007,1605.9706157250007,1686.2691465112507,1770.5826038368134,1859.1117340286542]
["Advance payment of taxes & TDS",null,{"$f":"36.565+7.498","v":44.062999999999995},26.494,31.98,{"$f":"124.4+31.2+232.1","v":387.7},{"$f":"26.8+54+272.5","v":353.3},{"$f":"76.8+56.5+31.5","v":164.8},{"$f":"H114*1.1","v":181.28000000000003},{"$f":"I114*1.1","v":199.40800000000004},219.34880000000007,241.28368000000009,265.41204800000014,291.9532528000002,321.14857808000022,353.26343588800029,388.58977947680035]
["Other current assets",null,{"$f":"0","v":0},{"$f":"0","v":0},222.8,148.4,40.6,313.2,{"$f":"H115*1.1","v":344.52000000000004},{"$f":"I115*1.1","v":378.97200000000009},{"$f":"J115*1.1","v":416.86920000000015},{"$f":"K115*1.1","v":458.55612000000019},504.41173200000026,554.85290520000035,610.33819572000039,671.37201529200047,738.50921682120054]
[null,null,{"$f":"+SUM(C109:C115)","v":3275.5940000000001},{"$f":"+SUM(D109:D115)","v":2863.0309999999999},4424.8999999999996,6270.2999999999993,5622.8,6403.7999999999993,7763.862841182764,8960.8016407140276,10098.232811915093,10609.147421953228,11261.964617559172,12370.47419338406,13409.664195826217,14531.07988719366,15622.337530442455]
["Total Current Assets",null,{"$f":"SUM(C108:C115)","v":5953.098},{"$f":"SUM(D108:D115)","v":3967.17},{"$f":"SUM(E108:E115)","v":5198.87},{"$f":"SUM(F108:F115)","v":6975.7},6709.6,7556.1999999999989,10766.474236157155,13077.913549917344,15666.389284069704,{"$f":"SUM(L108:L115)","v":17474.120402447072},18495.866963149543,19738.2372025367,20673.97676146865,21536.119004448043,22249.368814543341]
[]
["Fixed Assets"]
["Gross block",null,4387.8050000000003,5000.9449999999997,5614.27,{"$f":"6711.4+10.1","v":6721.5},{"$f":"8770.8+6.8","v":8777.5999999999985},{"$f":"10516.5+11","v":10527.5},{"$f":"+H120+'capex est'!I20","v":11357.5},{"$f":"+I120+'capex est'!J20","v":12229},{"$f":"+J120+'capex est'!K20","v":13144.075000000001},{"$f":"+K120+'capex est'!L20","v":13861.802500000002},{"$f":"+L120+'capex est'!M20","v":14615.416375000003},{"$f":"+M120+'capex est'!N20","v":15741.734853906253},{"$f":"+N120+'capex est'!O20","v":17205.789341289066},{"$f":"+O120+'capex est'!P20","v":18743.046553041022},{"$f":"+P120+'capex est'!Q20","v":20357.166625380574}]
["Accumulated depreciation",null,661.91800000000001,1080.7360000000001,1451.83,{"$f":"1949.6","v":1949.6},{"$f":"2493.8","v":2493.8000000000002},{"$f":"3155.9+6.3","v":3162.2000000000003},{"$f":"+H121+I52","v":4082.0691806106393},5078.1186695188317,6155.5953605642735,7312.4948340894443,8556.2124494539457,9901.4330986855439,11383.850166974666,13030.535602260285,14849.640701317045]
["Capital-WIP (incl. capital advances)",null,10.516,{"$f":"186.464+2.024","v":188.488},589.16,1946.1,{"$f":"1288.7","v":1288.7},193.6,{"$f":"H122","v":193.6},193.6,193.6,193.6,193.6,193.6,193.6,193.6,193.6]
["Net block",null,{"$f":"C120-C121+C122","v":3736.4030000000002},{"$f":"D120-D121+D122","v":4108.6970000000001},{"$f":"E120-E121+E122","v":4751.6000000000004},{"$f":"F120-F121+F122","v":6718},7572.4999999999982,7558.9,7469.0308193893616,7344.4813304811687,7182.0796394357276,6742.9076659105576,6252.8039255460571,6033.9017552207097,6015.539174314401,{"$f":"P120-P121+P122","v":5906.1109507807378},{"$f":"Q120-Q121+Q122","v":5701.12592406353}]
["Intangible assets",null,182.41900000000001,1098.18,1077.75,998.2,{"$f":"834.3","v":834.3},{"$f":"684.1+0.6","v":684.7},{"$f":"H124+'Fever-FM'!I72","v":684.7},{"$f":"I124+'Fever-FM'!J72","v":684.7},{"$f":"J124+'Fever-FM'!K72","v":684.7},{"$f":"K124+'Fever-FM'!L72","v":684.7},{"$f":"L124+'Fever-FM'!M72","v":684.7},{"$f":"M124+'Fever-FM'!N72","v":684.7},{"$f":"N124+'Fever-FM'!O72","v":684.7},{"$f":"O124+'Fever-FM'!P72","v":684.7},{"$f":"P124+'Fever-FM'!Q72","v":684.7}]
["Other Non Current Assets"]
["Trade and other investments",null,{"$f":"0","v":0},{"$f":"+C126","v":0},{"$f":"+D126","v":0},{"$f":"3035-F129","v":1025},{"$f":"4754.7-G129","v":1723.2999999999997},{"$f":"7595-H129","v":1860.7000000000007},{"$f":"+H126","v":1860.7000000000007},{"$f":"+I126","v":1860.7000000000007},{"$f":"+J126","v":1860.7000000000007},{"$f":"+K126","v":1860.7000000000007},1860.7000000000007,1860.7000000000007,{"$f":"+N126","v":1860.7000000000007},1860.7000000000007,1860.7000000000007]
["Investments in subsidiaries",null,{"$f":"0","v":0},{"$f":"+C127","v":0},{"$f":"+D127","v":0},{"$f":"+E127","v":0},0,0,0,0,0,0,0,0,0,0,0]
["Amount recoverable from HT Media Employees Welfate Trust",null,217.428,{"$f":"C128","v":217.428},0,{"$f":"E128","v":0},0,0,0,0,0,0,0,{"$f":"M128","v":0},0,{"$f":"O128","v":0},0]
["Current investments",null,643.97400000000005,2292.5889999999999,2656.36,{"$f":"250+30+700+250+250+200+330","v":2010},{"$f":"30+14+172.1+766.6+330+300+400+406.2+300+111+200+1.5","v":3031.4},{"$f":"50+150+100+250+150+7*100+150+7*100+150+100+150+50+100+80+100.7+60+300+650+550+250+153.4+35+100+200+100+200+50+50+55.2","v":5734.2999999999993},{"$f":"H129-1000","v":4734.2999999999993},{"$f":"I129","v":4734.2999999999993},4734.2999999999993,4734.2999999999993,4734.2999999999993,4734.2999999999993,4734.2999999999993,4734.2999999999993,4734.2999999999993]
["Misc. expenditure not written-off",null,{"$f":"0","v":0},0.754,0.69,0.8,21.9,0,{"$f":"H130","v":0},0,0,0,0,0,0,0,0]
[null,null,{"$f":"2*C44/SUM(C108:C108,C129:C129)*100","v":10.678258293446472},{"$f":"2*D44/SUM(C108:D108,C129:D129)*100","v":10.921248916749501},12.850630535144129,10.752180782429427,11.964411144930928,8.6815872929331483,10.896876760179675,9.7098051129194243,8.975131041359008,8.7273247802133849,8.6052377072889197,8.5717068197248096,8.5697236581848966,8.5937096061409779,8.637675578848242]
[]
["TOTAL ASSETS",null,{"$f":"C117+C123+C124+SUM(C126:C130)","v":10733.322},11684.817999999999,13685.27,17727.7,19892.999999999996,23394.799999999999,25515.205055546518,27702.094880398512,30128.168923505433,31496.728068357628,32028.370888695601,33051.838957757413,33969.215935783053,{"$f":"P117+P123+P124+SUM(P126:P130)","v":34721.929955228785},{"$f":"Q117+Q123+Q124+SUM(Q126:Q130)","v":35230.194738606871}]
[null,null,{"$f":"+C133-C103","v":0},0,0,0,0,0,50,49.999999999996362,49.999999999996362,49.999999999996362,49.999999999996362,50,50,50,49.999999999992724]
[null,null,null,{"$f":"D134-C134","v":0},{"$f":"E134-D134","v":0},0,0,0,50,-3.637978807091713E-12,0,0,0,3.637978807091713E-12,0,0,-7.2759576141834259E-12]
[]
["Working capital calculations (Rs mn)"]
["CURRENT ASSETS"]
["Receivables",null,{"$f":"C110","v":1212.1600000000001},1485.13,1983.18,2199.1,2422.5,2525.1,{"$f":"+$B141/360*I14","v":3335.014397803764},3921.6177735836272,4608.6795545370915,4941.3595526288127,5253.629327319346,5879.3729314491793,6389.0727115094578,6941.5330841956547,7513.756601302257]
["(Months, days consumption)",null,{"$f":"+C139/C14*360","v":53.151281256451654},51.425281883697288,59.334652537168061,58.790295631251801,61.72323981541772,51.433809176242931,60,60,60,60,60,60,60,60,60]
["average days",60]
["Raw materials",null,{"$f":"C109","v":1084.5219999999999},1032.0119999999999,1154.77,1756.1,1200.3,1455.9,{"$f":"+$B144/360*I17","v":1861.0084433789998},2316.6618671304004,2601.9861573780008,2604.0315143244152,2756.3991274898235,3038.0771020473794,3352.5758085348843,3691.5560047370345,3964.4588184071777]
["(Months, days consumption)",null,{"$f":"+C142/C17*360","v":114.26652517049489},85.422931946177201,89.531899130562138,113.14064820946007,90.773270592189562,83.874601929939672,90,90,90,90,90,90,90,90,90]
["average days",90]
["Other current assets",null,{"$f":"SUM(C111:C115)","v":978.91200000000003},{"$f":"SUM(D111:D115)","v":345.88900000000001},1286.95,2315.1,1999.9999999999998,2422.7999999999997,2567.84,2722.5220000000004,2887.5671000000007,3063.7563550000009,3251.9361627500011,3453.0241598875009,3668.0156757818763,3897.9907982609707,4144.1221107330193]
["Total current assets (I)",null,{"$f":"+C139+C142+C145","v":3275.5940000000001},{"$f":"+D139+D142+D145","v":2863.0309999999999},4424.8999999999996,6270.2999999999993,5622.8,6403.7999999999993,7763.862841182764,8960.8016407140276,10098.232811915093,10609.147421953228,11261.96461755917,12370.47419338406,13409.664195826219,14531.07988719366,15622.337530442455]
[]
["CURRENT LIABILITIES"]
["Creditors ",null,{"$f":"C71","v":1339.5170000000001},1337.3430000000001,1738.53,2158.9,3110.7,3174.7,{"$f":"(I18+I22+I37)/360*$B151","v":3585.8116088691768},4250.3317134420031,4816.5892777591989,5124.9934004900651,5424.5035532503534,5934.0854305358171,6388.5679765592349,6954.0240802227081,7530.511279204623]
["(months, days purchases)",null,{"$f":"C149/(C18+C22+C37)*360","v":68.633374593676706},55.23545975237154,60.566930596871941,61.745092275547577,96.286628146925295,78.805463810187064,75,75,75,75.000000000000014,75,75,75,75,75]
["average days",75]
["Other current liabilities",null,{"$f":"SUM(C72:C78)","v":469.88900000000001},{"$f":"SUM(D72:D78)","v":775.16399999999999},{"$f":"SUM(E72:E78)","v":1065.1699999999998},{"$f":"SUM(F72:F78)","v":3240.0999999999995},2653.8,2862.2999999999997,2950.9399035342626,3166.2507468009176,3372.9101175582819,{"$f":"SUM(L72:L78)","v":3558.8231218416295},3774.3753889299082,4018.1100023927706,4280.0298017389478,4560.2902155562233,4849.7514861568543]
["Total current liabilities (II)",null,{"$f":"C152+C149","v":1809.4059999999999},{"$f":"D152+D149","v":2112.5070000000001},{"$f":"E152+E149","v":2803.7},{"$f":"F152+F149","v":5399},5764.5,6037,6536.7515124034398,7416.5824602429202,8189.4993953174808,{"$f":"L152+L149","v":8683.8165223316937},9198.8789421802612,9952.1954329285873,10668.597778298183,11514.314295778931,12380.262765361476]
[]
["Working capital gap (I-II)",null,{"$f":"C146-C153","v":1466.1880000000001},750.52399999999989,1621.1999999999998,871.29999999999927,-141.69999999999982,366.79999999999927,1227.1113287793241,1544.2191804711074,1908.7334165976126,1925.3308996215346,2063.0856753789085,2418.2787604554724,2741.0664175280363,3016.765591414729,3242.074765080979]

{"sheet":"profit model","index":25,"n_rows":41,"n_cols":17,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
["Profit model of HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Revenues",null,{"$f":"+'cons finstats'!C14","v":8210.1050000000014},{"$f":"+'cons finstats'!D14","v":10396.574999999999},{"$f":"+'cons finstats'!E14","v":12032.51},{"$f":"+'cons finstats'!F14","v":13466.1},{"$f":"+'cons finstats'!G14","v":14129.199999999999},{"$f":"+'cons finstats'!H14","v":17673.900000000001},{"$f":"+'cons finstats'!I14","v":20010.086386822586},{"$f":"+'cons finstats'!J14","v":23529.706641501765},{"$f":"+'cons finstats'!K14","v":27652.077327222552},{"$f":"+'cons finstats'!L14","v":29648.157315772878},{"$f":"+'cons finstats'!M14","v":31521.775963916076},{"$f":"+'cons finstats'!N14","v":35276.237588695076},{"$f":"+'cons finstats'!O14","v":38334.43626905675},{"$f":"+'cons finstats'!P14","v":41649.198505173932},{"$f":"+'cons finstats'!Q14","v":45082.539607813545}]
["Raw material costs",null,{"$f":"-'cons finstats'!C17","v":-3416.8179999999998},{"$f":"-'cons finstats'!D17","v":-4349.2339999999995},{"$f":"-'cons finstats'!E17","v":-4643.2299999999996},{"$f":"-'cons finstats'!F17","v":-5587.7},{"$f":"-'cons finstats'!G17","v":-4760.3},{"$f":"-'cons finstats'!H17","v":-6248.9},{"$f":"-'cons finstats'!I17","v":-7444.0337735159992},{"$f":"-'cons finstats'!J17","v":-9266.6474685216017},{"$f":"-'cons finstats'!K17","v":-10407.944629512003},{"$f":"-'cons finstats'!L17","v":-10416.126057297661},{"$f":"-'cons finstats'!M17","v":-11025.596509959294},{"$f":"-'cons finstats'!N17","v":-12152.308408189518},{"$f":"-'cons finstats'!O17","v":-13410.303234139537},{"$f":"-'cons finstats'!P17","v":-14766.224018948138},{"$f":"-'cons finstats'!Q17","v":-15857.835273628711}]
["Employee costs",null,{"$f":"-'cons finstats'!C21","v":-1183.8499999999999},{"$f":"-'cons finstats'!D21","v":-1596.2239999999999},{"$f":"-'cons finstats'!E21","v":-1982.79},{"$f":"-'cons finstats'!F21","v":-2419.1999999999998},{"$f":"-'cons finstats'!G21","v":-2519.8000000000002},{"$f":"-'cons finstats'!H21","v":-3009},{"$f":"-'cons finstats'!I21","v":-3547.7172614400001},{"$f":"-'cons finstats'!J21","v":-4266.6086614560008},{"$f":"-'cons finstats'!K21","v":-5048.9649899704018},{"$f":"-'cons finstats'!L21","v":-5807.4979978067622},{"$f":"-'cons finstats'!M21","v":-6150.5737824169764},{"$f":"-'cons finstats'!N21","v":-6712.640001697805},{"$f":"-'cons finstats'!O21","v":-7103.2542479310614},{"$f":"-'cons finstats'!P21","v":-7700.7035678893708},{"$f":"-'cons finstats'!Q21","v":-8444.4402186893894}]
["SG&A and other costs",null,{"$f":"-'cons finstats'!C37","v":-2425.4490000000001},{"$f":"-'cons finstats'!D37","v":-2770.7449999999999},{"$f":"-'cons finstats'!E37","v":-3707.52},{"$f":"-'cons finstats'!F37","v":-4580.3999999999996},{"$f":"-'cons finstats'!G37","v":-4350.3},{"$f":"-'cons finstats'!H37","v":-5244.8},{"$f":"-'cons finstats'!I37","v":-6220.1446876160489},{"$f":"-'cons finstats'!J37","v":-6868.3360945440145},{"$f":"-'cons finstats'!K37","v":-7662.7189137617479},{"$f":"-'cons finstats'!L37","v":-8376.3442672478886},{"$f":"-'cons finstats'!M37","v":-8861.4467632254236},{"$f":"-'cons finstats'!N37","v":-9618.6616566845987},{"$f":"-'cons finstats'!O37","v":-10151.568805413732},{"$f":"-'cons finstats'!P37","v":-10912.387998231494},{"$f":"-'cons finstats'!Q37","v":-11844.178647864092}]
["EBITDA",null,{"$f":"SUM(C4:C7)","v":1183.9880000000021},{"$f":"SUM(D4:D7)","v":1680.3719999999994},{"$f":"SUM(E4:E7)","v":1698.9700000000007},{"$f":"SUM(F4:F7)","v":878.80000000000109},2498.7999999999975,3171.2000000000016,2798.1906642505373,3128.1144169801482,4532.4487939783994,5048.1889934205665,5484.1589083143808,6792.6275221231554,7669.3099815724199,{"$f":"SUM(P4:P7)","v":8269.8829201049302},{"$f":"SUM(Q4:Q7)","v":8936.085467631352}]
["Other income",null,{"$f":"'cons finstats'!C44","v":177.33799999999999},{"$f":"'cons finstats'!D44","v":366.85599999999999},{"$f":"'cons finstats'!E44","v":438.66},{"$f":"'cons finstats'!F44","v":330.4},{"$f":"'cons finstats'!G44","v":408.79999999999995},{"$f":"'cons finstats'!H44","v":477.7},{"$f":"'cons finstats'!I44","v":796.75845579897555},{"$f":"'cons finstats'!J44","v":805.34693216832579},{"$f":"'cons finstats'!K44","v":859.54239335815191},{"$f":"'cons finstats'!L44","v":955.71753090814082},{"$f":"'cons finstats'!M44","v":1014.0186367081055},{"$f":"'cons finstats'!N44","v":1031.6162884691826},{"$f":"'cons finstats'!O44","v":1032.6806482578011},{"$f":"'cons finstats'!P44","v":1019.9853170371039},{"$f":"'cons finstats'!Q44","v":997.68048290404408}]
["Interest expense",null,{"$f":"-'cons finstats'!C48","v":-135.4},{"$f":"-'cons finstats'!D48","v":-142.9},{"$f":"-'cons finstats'!E48","v":-177.89999999999998},{"$f":"-'cons finstats'!F48","v":-322.8},{"$f":"-'cons finstats'!G48","v":-295.10000000000002},{"$f":"-'cons finstats'!H48","v":-236},{"$f":"-'cons finstats'!I48","v":-331.02499999999998},{"$f":"-'cons finstats'!J48","v":-281.02499999999998},{"$f":"-'cons finstats'!K48","v":-281.02499999999998},{"$f":"-'cons finstats'!L48","v":-281.02499999999998},{"$f":"-'cons finstats'!M48","v":-281.02499999999998},{"$f":"-'cons finstats'!N48","v":-281.02499999999998},{"$f":"-'cons finstats'!O48","v":-281.02499999999998},{"$f":"-'cons finstats'!P48","v":-281.02499999999998},{"$f":"-'cons finstats'!Q48","v":-281.02499999999998}]
["D&A expenses",null,{"$f":"-'cons finstats'!C52","v":-385.36399999999998},{"$f":"-'cons finstats'!D52","v":-435.988},{"$f":"-'cons finstats'!E52","v":-569.87},{"$f":"-'cons finstats'!F52","v":-688.1},{"$f":"-'cons finstats'!G52","v":-706.9},{"$f":"-'cons finstats'!H52","v":-841.9},{"$f":"-'cons finstats'!I52","v":-919.86918061063898},{"$f":"-'cons finstats'!J52","v":-996.04948890819196},{"$f":"-'cons finstats'!K52","v":-1077.4766910454418},{"$f":"-'cons finstats'!L52","v":-1156.8994735251711},{"$f":"-'cons finstats'!M52","v":-1243.7176153645021},{"$f":"-'cons finstats'!N52","v":-1345.2206492315975},{"$f":"-'cons finstats'!O52","v":-1482.4170682891217},{"$f":"-'cons finstats'!P52","v":-1646.685435285619},{"$f":"-'cons finstats'!Q52","v":-1819.1050990567608}]
["Pretax profits",null,{"$f":"SUM(C8:C11)","v":840.56200000000194},{"$f":"SUM(D8:D11)","v":1468.3399999999992},{"$f":"SUM(E8:E11)","v":1389.8600000000006},{"$f":"SUM(F8:F11)","v":198.30000000000121},1905.5999999999976,2571.0000000000014,2344.054939438874,2656.3868602402822,4033.4894962911094,4565.9820508035373,4973.4349296579849,6197.9981613607406,6938.5485615410998,{"$f":"SUM(P8:P11)","v":7362.157801856416},{"$f":"SUM(Q8:Q11)","v":7833.6358514786361}]
["Extraordinary items",null,{"$f":"+'cons finstats'!C51+'cons finstats'!C53","v":-228.88799999999998},{"$f":"+'cons finstats'!D51+'cons finstats'!D53","v":2.1660000000000004},{"$f":"+'cons finstats'!E51+'cons finstats'!E53","v":0},{"$f":"+'cons finstats'!F51+'cons finstats'!F53","v":-189.4},{"$f":"'cons finstats'!G51","v":-20.8},{"$f":"+'cons finstats'!H51+'cons finstats'!H53","v":0},{"$f":"+'cons finstats'!I51+'cons finstats'!I53","v":0},{"$f":"+'cons finstats'!J51+'cons finstats'!J53","v":0},{"$f":"+'cons finstats'!K51+'cons finstats'!K53","v":0},{"$f":"+'cons finstats'!L51+'cons finstats'!L53","v":0},{"$f":"+'cons finstats'!M51+'cons finstats'!M53","v":0},{"$f":"+'cons finstats'!N51+'cons finstats'!N53","v":0},{"$f":"+'cons finstats'!O51+'cons finstats'!O53","v":0},{"$f":"+'cons finstats'!P51+'cons finstats'!P53","v":0},{"$f":"+'cons finstats'!Q51+'cons finstats'!Q53","v":0}]
["Current tax",null,{"$f":"-'cons finstats'!C57","v":-64.84},{"$f":"-'cons finstats'!D57","v":-572.77599999999995},{"$f":"-'cons finstats'!E57","v":-519.67000000000007},{"$f":"-'cons finstats'!F57","v":-40},{"$f":"-'cons finstats'!G57","v":-561.5},{"$f":"-'cons finstats'!H57","v":-931.5},{"$f":"-'cons finstats'!I57","v":-663.7981962957947},{"$f":"-'cons finstats'!J57","v":-801.31198322776663},{"$f":"-'cons finstats'!K57","v":-1284.3003882587491},{"$f":"-'cons finstats'!L57","v":-1499.6760329655563},{"$f":"-'cons finstats'!M57","v":-1668.7585291685793},{"$f":"-'cons finstats'!N57","v":-2091.7345830472595},{"$f":"-'cons finstats'!O57","v":-2353.4459288850535},{"$f":"-'cons finstats'!P57","v":-2523.0162998914343},{"$f":"-'cons finstats'!Q57","v":-2711.1595376830883}]
["Deferred tax",null,{"$f":"-'cons finstats'!C58","v":-174.12799999999999},{"$f":"-'cons finstats'!D58","v":27.010999999999999},{"$f":"-'cons finstats'!E58","v":143.07},{"$f":"-'cons finstats'!F58","v":-84.9},{"$f":"-'cons finstats'!G58","v":25},{"$f":"-'cons finstats'!H58","v":218.7},{"$f":"-'cons finstats'!I58","v":41.263311484797221},{"$f":"-'cons finstats'!J58","v":64.592738058621748},{"$f":"-'cons finstats'!K58","v":88.030769736359076},{"$f":"-'cons finstats'!L58","v":123.20902775107402},{"$f":"-'cons finstats'!M58","v":154.91625826608754},{"$f":"-'cons finstats'!N58","v":170.26254798223366},{"$f":"-'cons finstats'!O58","v":185.77956148070248},{"$f":"-'cons finstats'!P58","v":214.96421381604839},{"$f":"-'cons finstats'!Q58","v":247.12956059985973}]
["Reported PAT",null,{"$f":"SUM(C12:C15)","v":372.70600000000201},{"$f":"SUM(D12:D15)","v":924.74099999999919},{"$f":"SUM(E12:E15)","v":1013.2600000000004},{"$f":"SUM(F12:F15)","v":-115.99999999999881},1348.2999999999977,1858.2000000000014,1721.5200546278766,1919.6676150711373,2837.2198777687195,3189.5150455890553,3459.5926587554932,4276.5261262957147,4770.8821941367487,{"$f":"SUM(P12:P15)","v":5054.1057157810292},{"$f":"SUM(Q12:Q15)","v":5369.6058743954072}]
["Minority interest",null,null,{"$f":"'cons finstats'!D61","v":-45.691000000000003},{"$f":"'cons finstats'!E61","v":0},{"$f":"'cons finstats'!F61","v":-125},{"$f":"'cons finstats'!G61","v":-10.9},{"$f":"'cons finstats'!H61","v":49.1},{"$f":"'cons finstats'!I61","v":64.367432217988579},{"$f":"'cons finstats'!J61","v":166.94534449914414},{"$f":"'cons finstats'!K61","v":265.9394636598683},{"$f":"'cons finstats'!L61","v":344.3005154790286},{"$f":"'cons finstats'!M61","v":371.66199497532705},{"$f":"'cons finstats'!N61","v":521.07938527595343},{"$f":"'cons finstats'!O61","v":619.48111342517439},{"$f":"'cons finstats'!P61","v":695.07851687123241},{"$f":"'cons finstats'!Q61","v":742.16404609588926}]
["Adjusted PAT",null,{"$f":"+C16-C13*(1-C36%)","v":601.59400000000198},{"$f":"+D16-D13*(1-D36%)-D17","v":969.07107715515406},{"$f":"+E16-E13*(1-E36%)-E17","v":1013.2600000000004},79.105698436713979,1374.1439966414755,1809.1000000000015,1657.152622409888,1752.7222705719932,2571.2804141088513,2845.2145301100268,3087.930663780166,3755.4467410197612,4151.4010807115747,{"$f":"+P16-P13*(1-P36%)-P17","v":4359.0271989097964},{"$f":"+Q16-Q13*(1-Q36%)-Q17","v":4627.4418282995175}]
[]
["EPS (Rs)"]
["Primary",null,{"$f":"C18/C25","v":2.5684010092687153},{"$f":"D18/D25","v":4.1372805124692249},4.3255496264674509,0.33661999334771908,5.8449340563227379,7.6917517006802791,7.0457169320148303,7.4520504701190191,10.932314685836953,12.09700055318889,13.128956903827238,15.967035463519395,17.650514798943771,18.533278906929407,19.674497569300669]
["Fully diluted",null,{"$f":"C18/C26","v":2.5684010092687153},{"$f":"D18/D26","v":4.1372805124692249},4.3255496264674509,0.33661999334771908,5.8449340563227379,7.6917517006802791,7.0457169320148303,7.4520504701190191,10.932314685836953,12.09700055318889,13.128956903827238,15.967035463519395,17.650514798943771,18.533278906929407,19.674497569300669]
["Shares outstanding (mn)"]
["Year end",null,{"$f":"+'cons finstats'!C92/10*5","v":234.22900000000001},{"$f":"+'cons finstats'!D92/10*5","v":234.22900000000001},{"$f":"+'cons finstats'!E92/10*5","v":234.25},{"$f":"+'cons finstats'!F92/10*5","v":235},{"$f":"+'cons finstats'!G92/10*5","v":235.09999999999997},{"$f":"+'cons finstats'!H92/10*5","v":235.2},{"$f":"+'cons finstats'!I92/10*5","v":235.2},{"$f":"+'cons finstats'!J92/10*5","v":235.2},{"$f":"+'cons finstats'!K92/10*5","v":235.2},{"$f":"+'cons finstats'!L92/10*5","v":235.2},{"$f":"+'cons finstats'!M92/10*5","v":235.2},{"$f":"+'cons finstats'!N92/10*5","v":235.2},{"$f":"+'cons finstats'!O92/10*5","v":235.2},{"$f":"+'cons finstats'!P92/10*5","v":235.2},{"$f":"+'cons finstats'!Q92/10*5","v":235.2}]
["Primary",null,{"$f":"+C24","v":234.22900000000001},234.22900000000001,234.25,{"$f":"+F24","v":235},235.09999999999997,235.2,235.2,235.2,235.2,235.2,235.2,235.2,235.2,{"$f":"+P24","v":235.2},{"$f":"+Q24","v":235.2}]
["Fully diluted",null,234.22900000000001,234.22900000000001,234.25,235,235.09999999999997,235.2,235.2,235.2,235.2,235.2,235.2,235.2,235.2,{"$f":"+P25","v":235.2},{"$f":"+Q25","v":235.2}]
["Cash flow per share (Rs)"]
["Primary",null,{"$f":"'cash model'!C13/'profit model'!C25","v":3.8121154938116111},{"$f":"'cash model'!D13/'profit model'!D25","v":5.7072138804332502},{"$f":"'cash model'!E13/'profit model'!E25","v":5.3026680896478124},{"$f":"'cash model'!F13/'profit model'!F25","v":2.4944680851063841},{"$f":"'cash model'!G13/'profit model'!G25","v":9.8153977031050612},{"$f":"'cash model'!H13/'profit model'!H25","v":11.988945578231293},{"$f":"'cash model'!I13/'profit model'!I25","v":9.0747979079708436},{"$f":"'cash model'!J13/'profit model'!J25","v":9.8928674904437983},{"$f":"'cash model'!K13/'profit model'!K25","v":13.810154786223004},{"$f":"'cash model'!L13/'profit model'!L25","v":15.087214967920966},{"$f":"'cash model'!M13/'profit model'!M25","v":16.221940387524672},{"$f":"'cash model'!N13/'profit model'!N25","v":19.986789706955335},{"$f":"'cash model'!O13/'profit model'!O25","v":22.601462809044925},{"$f":"'cash model'!P13/'profit model'!P25","v":24.433956718594796},{"$f":"'cash model'!Q13/'profit model'!Q25","v":26.466521811004529}]
["Fully diluted",null,{"$f":"'cash model'!C13/'profit model'!C26","v":3.8121154938116111},{"$f":"'cash model'!D13/'profit model'!D26","v":5.7072138804332502},{"$f":"'cash model'!E13/'profit model'!E26","v":5.3026680896478124},{"$f":"'cash model'!F13/'profit model'!F26","v":2.4944680851063841},{"$f":"'cash model'!G13/'profit model'!G26","v":9.8153977031050612},{"$f":"'cash model'!H13/'profit model'!H26","v":11.988945578231293},{"$f":"'cash model'!I13/'profit model'!I26","v":9.0747979079708436},{"$f":"'cash model'!J13/'profit model'!J26","v":9.8928674904437983},{"$f":"'cash model'!K13/'profit model'!K26","v":13.810154786223004},{"$f":"'cash model'!L13/'profit model'!L26","v":15.087214967920966},{"$f":"'cash model'!M13/'profit model'!M26","v":16.221940387524672},{"$f":"'cash model'!N13/'profit model'!N26","v":19.986789706955335},{"$f":"'cash model'!O13/'profit model'!O26","v":22.601462809044925},{"$f":"'cash model'!P13/'profit model'!P26","v":24.433956718594796},{"$f":"'cash model'!Q13/'profit model'!Q26","v":26.466521811004529}]
["Growth (%)"]
["Net income (adjusted)",null,null,{"$f":"(D18-C18)/C18*100","v":61.083899964951591},{"$f":"(E18-D18)/D18*100","v":4.5599258802119298},{"$f":"(F18-E18)/E18*100","v":-92.192951617875579},1637.0986209556272,31.652869307845126,-8.399059067498392,5.7670999562565726,46.702102054635567,10.653607226114811,8.5306795358152918,21.61693865309913,10.543468380656497,{"$f":"(P18-O18)/O18*100","v":5.0013504877402362},{"$f":"(Q18-P18)/P18*100","v":6.1576727361749946}]
["EPS (adjusted)",null,null,{"$f":"(D22-C22)/C22*100","v":61.083899964951613},{"$f":"(E22-D22)/D22*100","v":4.5505523116164692},{"$f":"(F22-E22)/E22*100","v":-92.217867729733413},1636.3597444686193,31.596894448445529,-8.3990590674983938,5.7670999562565672,46.702102054635567,10.653607226114813,8.5306795358152954,21.61693865309913,10.543468380656494,{"$f":"(P22-O22)/O22*100","v":5.0013504877402335},{"$f":"(Q22-P22)/P22*100","v":6.1576727361749892}]
["DCF/share",null,null,{"$f":"(D28-C28)/C28*100","v":49.712512375295098},{"$f":"(E28-D28)/D28*100","v":-7.0883236419856681},{"$f":"(F28-E28)/E28*100","v":-52.95824586916472},293.48660188155719,22.144267006507938,-24.306955530365904,9.0147416038257315,39.597086482389287,9.247254657652034,7.5211059298644853,23.208378464551533,13.082006367334181,{"$f":"(P28-O28)/O28*100","v":8.107855341188456},{"$f":"(Q28-P28)/P28*100","v":8.3186080577072676}]
[]
["Cash tax rate (%)",null,null,{"$f":"(-D14)/(D12)*100","v":39.008404048108765},37.390096844286461,20.171457387796146,29.46578505457602,36.231038506417718,28.318371942881871,30.1654851264881,31.840925566800017,32.844545078788428,33.553440484710173,{"$f":"(-N14)/(N12)*100","v":33.748551202990825},{"$f":"(-O14)/(O12)*100","v":33.91841835524081},{"$f":"(-P14)/(P12)*100","v":34.270065486170907},{"$f":"(-Q14)/(Q12)*100","v":34.609210704775663}]
["Effective tax rate (%)",null,null,{"$f":"-(D14+D15)/D12*100","v":37.168843728291826},{"$f":"-(E14+E15)/E12*100","v":27.09625429899414},62.985375693393465,28.153862300587779,27.72462077012834,26.558033019482963,27.733883802696766,29.658429001052035,30.146132636948209,30.438565947149048,{"$f":"-(N14+N15)/N12*100","v":31.001494112143718},{"$f":"-(O14+O15)/O12*100","v":31.240919454239542},{"$f":"-(P14+P15)/P12*100","v":31.350212100770179},{"$f":"-(Q14+Q15)/Q12*100","v":31.454487083646239}]
["DPS",null,null,0.3,0.4,0.3,0.35,0.35,0.4,{"$f":"I37+1.6","v":2},{"$f":"J37+2","v":4},{"$f":"K37+4","v":8},{"$f":"L37+4","v":12},{"$f":"M37+2","v":14},{"$f":"N37+2","v":16},{"$f":"O37+2","v":18},{"$f":"P37+2","v":20}]
["Dividend pay-out (%)",null,null,{"$f":"D37/D22*100","v":7.2511399479885164},{"$f":"E37/E22*100","v":9.2473797445867767},{"$f":"F37/F22*100","v":89.121266094883538},{"$f":"G37/G22*100","v":5.9880915101409675},{"$f":"H37/H22*100","v":4.5503288928196293},5.6772079244689992,26.838250868261461,36.588774792424203,66.132095843304896,91.401015997713159,87.680646992902538,90.648914109618261,97.122587375890518,101.65443833852832]
[]
["Source: Kotak Institutional Equities estimates."]
[null,null,null,{"$f":"D5/D4","v":-0.41833334535652367},{"$f":"E5/E4","v":-0.38589039194648495},-0.41494567840725971,-0.33691221017467377,-0.35356655859770619,-0.3720140747827147,-0.39382758186101063,-0.37638924939884089,-0.35132456787647509,-0.34977713573564589,-0.34448992406389595,-0.34982393219550817,-0.35453801150852354,-0.35175115269860013]

{"sheet":"balance model","index":26,"n_rows":44,"n_cols":17,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
["Balance sheet of HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Equity"]
["Share capital",null,{"$f":"+'cons finstats'!C92","v":468.45800000000003},{"$f":"+'cons finstats'!D92","v":468.45800000000003},{"$f":"+'cons finstats'!E92","v":468.5},{"$f":"+'cons finstats'!F92","v":470},{"$f":"+'cons finstats'!G92","v":470.2},{"$f":"+'cons finstats'!H92","v":470.4},{"$f":"+'cons finstats'!I92","v":470.4},{"$f":"+'cons finstats'!J92","v":470.4},{"$f":"+'cons finstats'!K92","v":470.4},{"$f":"+'cons finstats'!L92","v":470.4},{"$f":"+'cons finstats'!M92","v":470.4},{"$f":"+'cons finstats'!N92","v":470.4},{"$f":"+'cons finstats'!O92","v":470.4},{"$f":"+'cons finstats'!P92","v":470.4},{"$f":"+'cons finstats'!Q92","v":470.4}]
["Preference capital",null,{"$f":"+'cons finstats'!C93","v":0},{"$f":"+'cons finstats'!D93","v":0},{"$f":"+'cons finstats'!E93","v":0},{"$f":"+'cons finstats'!F93","v":0},{"$f":"+'cons finstats'!G93","v":0},{"$f":"+'cons finstats'!H93","v":0},{"$f":"+'cons finstats'!I93","v":0},{"$f":"+'cons finstats'!J93","v":0},{"$f":"+'cons finstats'!K93","v":0},{"$f":"+'cons finstats'!L93","v":0},{"$f":"+'cons finstats'!M93","v":0},{"$f":"+'cons finstats'!N93","v":0},{"$f":"+'cons finstats'!O93","v":0},{"$f":"+'cons finstats'!P93","v":0},{"$f":"+'cons finstats'!Q93","v":0}]
["Reserves/surplus",null,{"$f":"+SUM('cons finstats'!C94:C98)","v":6463.89},{"$f":"+SUM('cons finstats'!D94:D98)","v":7173.5959999999995},{"$f":"+SUM('cons finstats'!E94:E98)","v":8060.2699999999995},{"$f":"+SUM('cons finstats'!F94:F98)","v":8015.4},{"$f":"+SUM('cons finstats'!G94:G98)","v":9241.0999999999985},{"$f":"+SUM('cons finstats'!H94:H98)","v":12551.6},{"$f":"+SUM('cons finstats'!I94:I98)","v":14099.14942240989},{"$f":"+SUM('cons finstats'!J94:J98)","v":15303.855692981881},{"$f":"+SUM('cons finstats'!K94:K98)","v":16779.104107090734},{"$f":"+SUM('cons finstats'!L94:L98)","v":17432.25463720076},{"$f":"+SUM('cons finstats'!M94:M98)","v":17232.089300980926},{"$f":"+SUM('cons finstats'!N94:N98)","v":17151.424042000686},{"$f":"+SUM('cons finstats'!O94:O98)","v":16918.697122712263},{"$f":"+SUM('cons finstats'!P94:P98)","v":16345.580321622059},{"$f":"+SUM('cons finstats'!Q94:Q98)","v":15492.862149921577}]
["Total equity",null,{"$f":"SUM(C5:C7)","v":6932.348},{"$f":"SUM(D5:D7)","v":7642.0539999999992},{"$f":"SUM(E5:E7)","v":8528.77},{"$f":"SUM(F5:F7)","v":8485.4},9711.2999999999993,13022,14569.549422409889,15774.25569298188,17249.504107090735,17902.654637200761,17702.489300980928,17621.824042000688,17389.097122712265,{"$f":"SUM(P5:P7)","v":16815.980321622061},{"$f":"SUM(Q5:Q7)","v":15963.262149921577}]
["Minority interest",null,{"$f":"'cons finstats'!C101","v":0},{"$f":"'cons finstats'!D101","v":0.108},{"$f":"'cons finstats'!E101","v":0.52},{"$f":"'cons finstats'!F101","v":-69.400000000000006},{"$f":"'cons finstats'!G101","v":218.2},{"$f":"'cons finstats'!H101","v":1298.8},{"$f":"'cons finstats'!I101","v":1363.1674322179886},{"$f":"'cons finstats'!J101","v":1530.1127767171326},{"$f":"'cons finstats'!K101","v":1796.052240377001},{"$f":"'cons finstats'!L101","v":2140.3527558560295},{"$f":"'cons finstats'!M101","v":2512.0147508313567},{"$f":"'cons finstats'!N101","v":3033.0941361073101},{"$f":"'cons finstats'!O101","v":3652.5752495324846},{"$f":"'cons finstats'!P101","v":4347.6537664037169},{"$f":"'cons finstats'!Q101","v":5089.8178124996066}]
["Deferred tax liability/(asset)",null,{"$f":"+'cons finstats'!C89","v":295.84200000000004},{"$f":"+'cons finstats'!D89","v":272.59899999999999},{"$f":"+'cons finstats'!E89","v":121.61},{"$f":"+'cons finstats'!F89","v":206.5},{"$f":"+'cons finstats'!G89","v":178.1},{"$f":"+'cons finstats'!H89","v":-85.5},{"$f":"+'cons finstats'!I89","v":-126.76331148479721},{"$f":"+'cons finstats'!J89","v":-191.35604954341898},{"$f":"+'cons finstats'!K89","v":-279.38681927977802},{"$f":"+'cons finstats'!L89","v":-402.59584703085204},{"$f":"+'cons finstats'!M89","v":-557.51210529693958},{"$f":"+'cons finstats'!N89","v":-727.77465327917321},{"$f":"+'cons finstats'!O89","v":-913.55421475987566},{"$f":"+'cons finstats'!P89","v":-1128.518428575924},{"$f":"+'cons finstats'!Q89","v":-1375.6479891757838}]
["Liabilities"]
["Secured loans",null,{"$f":"+'cons finstats'!C82","v":1695.7260000000001},{"$f":"+'cons finstats'!D82","v":1650},{"$f":"+'cons finstats'!E82","v":2207.9},{"$f":"+'cons finstats'!F82","v":3698.7},{"$f":"+'cons finstats'!G82","v":3125},{"$f":"+'cons finstats'!H82","v":2838.9},{"$f":"+'cons finstats'!I82","v":3122.5},{"$f":"+'cons finstats'!J82","v":3122.5},{"$f":"+'cons finstats'!K82","v":3122.5},{"$f":"+'cons finstats'!L82","v":3122.5},{"$f":"+'cons finstats'!M82","v":3122.5},{"$f":"+'cons finstats'!N82","v":3122.5},{"$f":"+'cons finstats'!O82","v":3122.5},{"$f":"+'cons finstats'!P82","v":3122.5},{"$f":"+'cons finstats'!Q82","v":3122.5}]
["Unsecured loans",null,{"$f":"+'cons finstats'!C83","v":0},{"$f":"+'cons finstats'!D83","v":7.55},{"$f":"+'cons finstats'!E83","v":22.77},{"$f":"+'cons finstats'!F83","v":7.5},{"$f":"+'cons finstats'!G83","v":895.9},{"$f":"+'cons finstats'!H83","v":283.60000000000002},{"$f":"+'cons finstats'!I83","v":0},{"$f":"+'cons finstats'!J83","v":0},{"$f":"+'cons finstats'!K83","v":0},{"$f":"+'cons finstats'!L83","v":0},{"$f":"+'cons finstats'!M83","v":0},{"$f":"+'cons finstats'!N83","v":0},{"$f":"+'cons finstats'!O83","v":0},{"$f":"+'cons finstats'!P83","v":0},{"$f":"+'cons finstats'!Q83","v":0}]
["Total borrowings",null,{"$f":"+C12+C13","v":1695.7260000000001},{"$f":"+D12+D13","v":1657.55},{"$f":"+E12+E13","v":2230.67},{"$f":"+F12+F13","v":3706.2},4020.9,3122.5,3122.5,3122.5,3122.5,3122.5,3122.5,3122.5,3122.5,{"$f":"+P12+P13","v":3122.5},{"$f":"+Q12+Q13","v":3122.5}]
["Currrent liabilities",null,{"$f":"+'cons finstats'!C79","v":1809.4060000000002},{"$f":"+'cons finstats'!D79","v":2112.5070000000001},{"$f":"+'cons finstats'!E79","v":2803.7},{"$f":"+'cons finstats'!F79","v":5399},{"$f":"+'cons finstats'!G79","v":5764.5},{"$f":"+'cons finstats'!H79","v":6037},{"$f":"+'cons finstats'!I79","v":6536.7515124034389},{"$f":"+'cons finstats'!J79","v":7416.582460242922},{"$f":"+'cons finstats'!K79","v":8189.4993953174808},{"$f":"+'cons finstats'!L79","v":8683.8165223316937},{"$f":"+'cons finstats'!M79","v":9198.8789421802612},{"$f":"+'cons finstats'!N79","v":9952.1954329285873},{"$f":"+'cons finstats'!O79","v":10668.597778298184},{"$f":"+'cons finstats'!P79","v":11514.314295778931},{"$f":"+'cons finstats'!Q79","v":12380.262765361478}]
["Total capital",null,{"$f":"+C8+C10+C14+C15","v":10733.322},{"$f":"+D8+D9+D10+D14+D15","v":11684.817999999999},{"$f":"+E8+E9+E10+E14+E15","v":13685.27},17727.7,19893,23394.799999999999,25465.205055546518,27652.094880398516,30078.16892350544,31446.728068357635,31978.370888695605,33001.838957757413,33919.215935783061,{"$f":"+P8+P9+P10+P14+P15","v":34671.929955228785},{"$f":"+Q8+Q9+Q10+Q14+Q15","v":35180.194738606879}]
["Assets"]
["Cash",null,{"$f":"+'cons finstats'!C108","v":2677.5039999999999},{"$f":"+'cons finstats'!D108","v":1104.1389999999999},{"$f":"+'cons finstats'!E108","v":773.97},{"$f":"+'cons finstats'!F108","v":705.4},{"$f":"+'cons finstats'!G108","v":1086.8},{"$f":"+'cons finstats'!H108","v":1152.4000000000001},{"$f":"+'cons finstats'!I108","v":3002.6113949743922},{"$f":"+'cons finstats'!J108","v":4117.1119092033186},{"$f":"+'cons finstats'!K108","v":5568.1564721546129},{"$f":"+'cons finstats'!L108","v":6864.9729804938415},{"$f":"+'cons finstats'!M108","v":7233.9023455903734},{"$f":"+'cons finstats'!N108","v":7367.7630091526389},{"$f":"+'cons finstats'!O108","v":7264.3125656424336},{"$f":"+'cons finstats'!P108","v":7005.0391172543814},{"$f":"+'cons finstats'!Q108","v":6627.0312841008899}]
["Current assets",null,{"$f":"+'cons finstats'!C117-'cons finstats'!C108","v":3275.5940000000001},{"$f":"+'cons finstats'!D117-'cons finstats'!D108","v":2863.0309999999999},{"$f":"+'cons finstats'!E117-'cons finstats'!E108","v":4424.8999999999996},{"$f":"+'cons finstats'!F117-'cons finstats'!F108","v":6270.3},{"$f":"+'cons finstats'!G117-'cons finstats'!G108","v":5622.8},{"$f":"+'cons finstats'!H117-'cons finstats'!H108","v":6403.7999999999993},{"$f":"+'cons finstats'!I117-'cons finstats'!I108","v":7763.8628411827631},{"$f":"+'cons finstats'!J117-'cons finstats'!J108","v":8960.8016407140258},{"$f":"+'cons finstats'!K117-'cons finstats'!K108","v":10098.232811915092},{"$f":"+'cons finstats'!L117-'cons finstats'!L108","v":10609.14742195323},{"$f":"+'cons finstats'!M117-'cons finstats'!M108","v":11261.96461755917},{"$f":"+'cons finstats'!N117-'cons finstats'!N108","v":12370.474193384061},{"$f":"+'cons finstats'!O117-'cons finstats'!O108","v":13409.664195826215},{"$f":"+'cons finstats'!P117-'cons finstats'!P108","v":14531.07988719366},{"$f":"+'cons finstats'!Q117-'cons finstats'!Q108","v":15622.337530442452}]
["Gross block",null,{"$f":"+'cons finstats'!C120","v":4387.8050000000003},{"$f":"+'cons finstats'!D120","v":5000.9449999999997},{"$f":"+'cons finstats'!E120","v":5614.27},{"$f":"+'cons finstats'!F120","v":6721.5},{"$f":"+'cons finstats'!G120","v":8777.5999999999985},{"$f":"+'cons finstats'!H120","v":10527.5},{"$f":"+'cons finstats'!I120","v":11357.5},{"$f":"+'cons finstats'!J120","v":12229},{"$f":"+'cons finstats'!K120","v":13144.075000000001},{"$f":"+'cons finstats'!L120","v":13861.802500000002},{"$f":"+'cons finstats'!M120","v":14615.416375000003},{"$f":"+'cons finstats'!N120","v":15741.734853906253},{"$f":"+'cons finstats'!O120","v":17205.789341289066},{"$f":"+'cons finstats'!P120","v":18743.046553041022},{"$f":"+'cons finstats'!Q120","v":20357.166625380574}]
["Less: accumulated depreciation",null,{"$f":"+'cons finstats'!C121","v":661.91800000000001},{"$f":"+'cons finstats'!D121","v":1080.7360000000001},{"$f":"+'cons finstats'!E121","v":1451.83},{"$f":"+'cons finstats'!F121","v":1949.6},{"$f":"+'cons finstats'!G121","v":2493.8000000000002},{"$f":"+'cons finstats'!H121","v":3162.2000000000003},{"$f":"+'cons finstats'!I121","v":4082.0691806106393},{"$f":"+'cons finstats'!J121","v":5078.1186695188317},{"$f":"+'cons finstats'!K121","v":6155.5953605642735},{"$f":"+'cons finstats'!L121","v":7312.4948340894443},{"$f":"+'cons finstats'!M121","v":8556.2124494539457},{"$f":"+'cons finstats'!N121","v":9901.4330986855439},{"$f":"+'cons finstats'!O121","v":11383.850166974666},{"$f":"+'cons finstats'!P121","v":13030.535602260285},{"$f":"+'cons finstats'!Q121","v":14849.640701317045}]
["Net fixed assets",null,{"$f":"+C20-C21","v":3725.8870000000002},{"$f":"+D20-D21","v":3920.2089999999998},{"$f":"+E20-E21","v":4162.4400000000005},{"$f":"+F20-F21","v":4771.8999999999996},6283.7999999999984,7365.2999999999993,7275.4308193893612,7150.8813304811683,6988.4796394357272,6549.3076659105573,6059.2039255460568,5840.3017552207093,5821.9391743144006,{"$f":"+P20-P21","v":5712.5109507807374},{"$f":"+Q20-Q21","v":5507.5259240635296}]
["Capital work-in-progress",null,{"$f":"+'cons finstats'!C122","v":10.516},{"$f":"+'cons finstats'!D122","v":188.488},{"$f":"+'cons finstats'!E122","v":589.16},{"$f":"+'cons finstats'!F122","v":1946.1},{"$f":"+'cons finstats'!G122","v":1288.7},{"$f":"+'cons finstats'!H122","v":193.6},{"$f":"+'cons finstats'!I122","v":193.6},{"$f":"+'cons finstats'!J122","v":193.6},{"$f":"+'cons finstats'!K122","v":193.6},{"$f":"+'cons finstats'!L122","v":193.6},{"$f":"+'cons finstats'!M122","v":193.6},{"$f":"+'cons finstats'!N122","v":193.6},{"$f":"+'cons finstats'!O122","v":193.6},{"$f":"+'cons finstats'!P122","v":193.6},{"$f":"+'cons finstats'!Q122","v":193.6}]
["Total fixed assets",null,{"$f":"+C22+C23","v":3736.4030000000002},{"$f":"+D22+D23","v":4108.6970000000001},{"$f":"+E22+E23","v":4751.6000000000004},{"$f":"+F22+F23","v":6718},7572.4999999999982,7558.9,7469.0308193893616,7344.4813304811687,7182.0796394357276,6742.9076659105576,6252.8039255460571,6033.9017552207097,6015.539174314401,{"$f":"+P22+P23","v":5906.1109507807378},{"$f":"+Q22+Q23","v":5701.12592406353}]
["Intangible assets",null,{"$f":"'cons finstats'!C124","v":182.41900000000001},{"$f":"'cons finstats'!D124","v":1098.18},{"$f":"'cons finstats'!E124","v":1077.75},{"$f":"'cons finstats'!F124","v":998.2},{"$f":"'cons finstats'!G124","v":834.3},{"$f":"'cons finstats'!H124","v":684.7},{"$f":"'cons finstats'!I124","v":684.7},{"$f":"'cons finstats'!J124","v":684.7},{"$f":"'cons finstats'!K124","v":684.7},{"$f":"'cons finstats'!L124","v":684.7},{"$f":"'cons finstats'!M124","v":684.7},{"$f":"'cons finstats'!N124","v":684.7},{"$f":"'cons finstats'!O124","v":684.7},{"$f":"'cons finstats'!P124","v":684.7},{"$f":"'cons finstats'!Q124","v":684.7}]
["Investments",null,{"$f":"SUM('cons finstats'!C126:C129)","v":861.40200000000004},{"$f":"SUM('cons finstats'!D126:D129)","v":2510.0169999999998},{"$f":"SUM('cons finstats'!E126:E129)","v":2656.36},{"$f":"SUM('cons finstats'!F126:F129)","v":3035},{"$f":"SUM('cons finstats'!G126:G129)","v":4754.7},{"$f":"SUM('cons finstats'!H126:H129)","v":7595},{"$f":"SUM('cons finstats'!I126:I129)","v":6595},{"$f":"SUM('cons finstats'!J126:J129)","v":6595},{"$f":"SUM('cons finstats'!K126:K129)","v":6595},{"$f":"SUM('cons finstats'!L126:L129)","v":6595},{"$f":"SUM('cons finstats'!M126:M129)","v":6595},{"$f":"SUM('cons finstats'!N126:N129)","v":6595},{"$f":"SUM('cons finstats'!O126:O129)","v":6595},{"$f":"SUM('cons finstats'!P126:P129)","v":6595},{"$f":"SUM('cons finstats'!Q126:Q129)","v":6595}]
["Misc. expenses",null,{"$f":"'cons finstats'!C130","v":0},{"$f":"'cons finstats'!D130","v":0.754},{"$f":"'cons finstats'!E130","v":0.69},{"$f":"'cons finstats'!F130","v":0.8},{"$f":"'cons finstats'!G130","v":21.9},{"$f":"'cons finstats'!H130","v":0},{"$f":"'cons finstats'!I130","v":0},{"$f":"'cons finstats'!J130","v":0},{"$f":"'cons finstats'!K130","v":0},{"$f":"'cons finstats'!L130","v":0},{"$f":"'cons finstats'!M130","v":0},{"$f":"'cons finstats'!N130","v":0},{"$f":"'cons finstats'!O130","v":0},{"$f":"'cons finstats'!P130","v":0},{"$f":"'cons finstats'!Q130","v":0}]
["Total assets",null,{"$f":"+C18+C19+C24+C25+C26+C27","v":10733.322},{"$f":"+D18+D19+D24+D25+D26+D27","v":11684.818000000001},{"$f":"+E18+E19+E24+E25+E26+E27","v":13685.270000000002},{"$f":"+F18+F19+F24+F25+F26+F27","v":17727.7},19893,23394.799999999999,25515.205055546518,27702.094880398512,30128.168923505433,31496.728068357628,32028.370888695601,33051.838957757413,33969.215935783053,{"$f":"+P18+P19+P24+P25+P26+P27","v":34721.929955228785},{"$f":"+Q18+Q19+Q24+Q25+Q26+Q27","v":35230.194738606871}]
[]
["Leverage ratios (%)"]
["Debt/equity",null,{"$f":"+C14/(C8+C10)*100","v":23.459897982759173},20.942800650893982,25.786959648015461,42.639699030131503,40.658685056727407,24.137131372473235,21.61978981076247,20.0379908197304,18.399990683875725,17.842797201081193,18.212331018941494,{"$f":"+N14/(N8+N10)*100","v":18.482839301302057},{"$f":"+O14/(O8+O10)*100","v":18.95233448418162},{"$f":"+P14/(P8+P10)*100","v":19.904430820540362},{"$f":"+Q14/(Q8+Q10)*100","v":21.405145252624109}]
["Debt/capitalization",null,{"$f":"+C31/(C31+100)*100","v":19.002039015158818},{"$f":"+D31/(D31+100)*100","v":17.316285498750915},{"$f":"+E31/(E31+100)*100","v":20.500503168352317},{"$f":"+F31/(F31+100)*100","v":29.893290100902558},28.905918635831007,19.443925524627932,17.776539364524766,16.693040830567448,15.540533894975656,15.141186075747266,15.406456214811703,15.599591814558197,15.93271335645953,{"$f":"+P31/(P31+100)*100","v":16.600246283084484},{"$f":"+Q31/(Q31+100)*100","v":17.631168109130407}]
["Net debt/equity",null,{"$f":"(C14-C18)/(C8+C10)*100","v":-13.582625802586815},{"$f":"(D14-D18)/(D8+D10)*100","v":6.9922332665753011},16.839722648022398,34.524097147919328,29.669140696098857,15.229003207977426,0.83009333590365486,-6.3827139490186147,-14.411547254957647,-21.385488045309049,-23.980214722159925,{"$f":"(N14-N18)/(N8+N10)*100","v":-25.128747474757478},{"$f":"(O14-O18)/(O8+O10)*100","v":-25.139156802191142},{"$f":"(P14-P18)/(P8+P10)*100","v":-24.749313456343213},{"$f":"(Q14-Q18)/(Q8+Q10)*100","v":-24.024019592808592}]
["Net debt/capitalization",null,{"$f":"+C33/(C33+100)*100","v":-15.717471085800936},{"$f":"+D33/(D33+100)*100","v":6.5352718165568913},{"$f":"+E33/(E33+100)*100","v":14.412669138861075},{"$f":"+F33/(F33+100)*100","v":25.663875751537287},22.880648808827548,13.216293453906323,0.82325951354452886,-6.8178797081799232,-16.83819112595469,-27.20297755919983,-31.544701993719272,-33.562611319057908,-33.581183070252877,{"$f":"+P33/(P33+100)*100","v":-32.889153033819653},{"$f":"+Q33/(Q33+100)*100","v":-31.620545683059898}]
["RoAE",null,null,{"$f":"+'profit model'!D18/(D8+D10+C8+C10)*2*100","v":12.799063916269276},{"$f":"+'profit model'!E18/(E8+E10+D8+D10)*2*100","v":12.233721478248796},{"$f":"+'profit model'!F18/(F8+F10+E8+E10)*2*100","v":0.91228717834925943},{"$f":"+'profit model'!G18/(G8+G10+F8+F10)*2*100","v":14.790612030821046},{"$f":"+'profit model'!H18/(H8+H10+G8+G10)*2*100","v":15.851291734389457},{"$f":"+'profit model'!I18/(I8+I10+H8+H10)*2*100","v":12.105155815210523},{"$f":"+'profit model'!J18/(J8+J10+I8+I10)*2*100","v":11.674819252494673},{"$f":"+'profit model'!K18/(K8+K10+J8+J10)*2*100","v":15.797493790141083},{"$f":"+'profit model'!L18/(L8+L10+K8+K10)*2*100","v":16.508268038279706},{"$f":"+'profit model'!M18/(M8+M10+L8+L10)*2*100","v":17.826107411411066},{"$f":"+'profit model'!N18/(N8+N10+M8+M10)*2*100","v":22.06553546240518},{"$f":"+'profit model'!O18/(O8+O10+N8+N10)*2*100","v":24.88134133496958},{"$f":"+'profit model'!P18/(P8+P10+O8+O10)*2*100","v":27.105845525816463},{"$f":"+'profit model'!Q18/(Q8+Q10+P8+P10)*2*100","v":30.569315961932553}]
["RoACE",null,null,{"$f":"+('profit model'!D12-'profit model'!D10)*(1-'profit model'!D35%)/(D14+D8+D10+C14+C8+C10)*2*100","v":10.62623992217234},{"$f":"+('profit model'!E12-'profit model'!E10)*(1-'profit model'!E35%)/(E14+E8+E10+D14+D8+D10)*2*100","v":9.5982093187231889},{"$f":"+('profit model'!F12-'profit model'!F10)*(1-'profit model'!F35%)/(F14+F8+F10+E14+E8+E10)*2*100","v":3.5738979778230333},{"$f":"+('profit model'!G12-'profit model'!G10)*(1-'profit model'!G35%)/(G14+G8+G10+F14+F8+F10)*2*100","v":11.800386707697493},{"$f":"+('profit model'!H12-'profit model'!H10)*(1-'profit model'!H35%)/(H14+H8+H10+G14+G8+G10)*2*100","v":11.945522578938151},{"$f":"+('profit model'!I12-'profit model'!I10)*(1-'profit model'!I35%)/(I14+I8+I10+H14+H8+H10)*2*100","v":11.40568960240981},{"$f":"+('profit model'!J12-'profit model'!J10)*(1-'profit model'!J35%)/(J14+J8+J10+I14+I8+I10)*2*100","v":11.311213338110196},{"$f":"+('profit model'!K12-'profit model'!K10)*(1-'profit model'!K35%)/(K14+K8+K10+J14+J8+J10)*2*100","v":15.159193069941059},{"$f":"+('profit model'!L12-'profit model'!L10)*(1-'profit model'!L35%)/(L14+L8+L10+K14+K8+K10)*2*100","v":15.989269597144956},{"$f":"+('profit model'!M12-'profit model'!M10)*(1-'profit model'!M35%)/(M14+M8+M10+L14+L8+L10)*2*100","v":17.077059289334535},{"$f":"+('profit model'!N12-'profit model'!N10)*(1-'profit model'!N35%)/(N14+N8+N10+M14+M8+M10)*2*100","v":21.310911923372331},{"$f":"+('profit model'!O12-'profit model'!O10)*(1-'profit model'!O35%)/(O14+O8+O10+N14+N8+N10)*2*100","v":24.08611635704651},{"$f":"+('profit model'!P12-'profit model'!P10)*(1-'profit model'!P35%)/(P14+P8+P10+O14+O8+O10)*2*100","v":26.160479183765673},{"$f":"+('profit model'!Q12-'profit model'!Q10)*(1-'profit model'!Q35%)/(Q14+Q8+Q10+P14+P8+P10)*2*100","v":29.059308483348563}]
["Adjusted RoACE",null,null,{"$f":"(('profit model'!D12-'profit model'!D10)*(1-'profit model'!D36%)-'profit model'!D9)/('balance model'!D8+'balance model'!D10-'balance model'!D18+'balance model'!C8+'balance model'!C10-'balance model'!C18)*100","v":5.6816597041885561},{"$f":"(('profit model'!E12-'profit model'!E10)*(1-'profit model'!E36%)-'profit model'!E9)/('balance model'!E8+'balance model'!E10-'balance model'!E18+'balance model'!D8+'balance model'!D10-'balance model'!D18)*100","v":4.7953932600324611},{"$f":"(('profit model'!F12-'profit model'!F10)*(1-'profit model'!F36%)-'profit model'!F9)/('balance model'!F8+'balance model'!F10-'balance model'!F18+'balance model'!E8+'balance model'!E10-'balance model'!E18)*100","v":-0.86690772839455565},{"$f":"(('profit model'!G12-'profit model'!G10)*(1-'profit model'!G36%)-'profit model'!G9)/('balance model'!G8+'balance model'!G10-'balance model'!G18+'balance model'!F8+'balance model'!F10-'balance model'!F18)*100","v":6.9826134358063454},{"$f":"(('profit model'!H12-'profit model'!H10)*(1-'profit model'!H36%)-'profit model'!H9)/('balance model'!H8+'balance model'!H10-'balance model'!H18+'balance model'!G8+'balance model'!G10-'balance model'!G18)*100","v":7.5343299070880638},{"$f":"(('profit model'!I12-'profit model'!I10)*(1-'profit model'!I36%)-'profit model'!I9)/('balance model'!I8+'balance model'!I10-'balance model'!I18+'balance model'!H8+'balance model'!H10-'balance model'!H18)*100","v":5.0286731633606152},{"$f":"(('profit model'!J12-'profit model'!J10)*(1-'profit model'!J36%)-'profit model'!J9)/('balance model'!J8+'balance model'!J10-'balance model'!J18+'balance model'!I8+'balance model'!I10-'balance model'!I18)*100","v":5.7513694908532198},{"$f":"(('profit model'!K12-'profit model'!K10)*(1-'profit model'!K36%)-'profit model'!K9)/('balance model'!K8+'balance model'!K10-'balance model'!K18+'balance model'!J8+'balance model'!J10-'balance model'!J18)*100","v":9.5127637054618717},{"$f":"(('profit model'!L12-'profit model'!L10)*(1-'profit model'!L36%)-'profit model'!L9)/('balance model'!L8+'balance model'!L10-'balance model'!L18+'balance model'!K8+'balance model'!K10-'balance model'!K18)*100","v":11.027359458614722},{"$f":"(('profit model'!M12-'profit model'!M10)*(1-'profit model'!M36%)-'profit model'!M9)/('balance model'!M8+'balance model'!M10-'balance model'!M18+'balance model'!L8+'balance model'!L10-'balance model'!L18)*100","v":12.854270371134236},{"$f":"(('profit model'!N12-'profit model'!N10)*(1-'profit model'!N36%)-'profit model'!N9)/('balance model'!N8+'balance model'!N10-'balance model'!N18+'balance model'!M8+'balance model'!M10-'balance model'!M18)*100","v":17.691768179674821},{"$f":"(('profit model'!O12-'profit model'!O10)*(1-'profit model'!O36%)-'profit model'!O9)/('balance model'!O8+'balance model'!O10-'balance model'!O18+'balance model'!N8+'balance model'!N10-'balance model'!N18)*100","v":20.981605035165302},{"$f":"(('profit model'!P12-'profit model'!P10)*(1-'profit model'!P36%)-'profit model'!P9)/('balance model'!P8+'balance model'!P10-'balance model'!P18+'balance model'!O8+'balance model'!O10-'balance model'!O18)*100","v":23.62314412427915},{"$f":"(('profit model'!Q12-'profit model'!Q10)*(1-'profit model'!Q36%)-'profit model'!Q9)/('balance model'!Q8+'balance model'!Q10-'balance model'!Q18+'balance model'!P8+'balance model'!P10-'balance model'!P18)*100","v":27.426268514763514}]
[]
["Source: Company, Kotak Institutional Equities estimates."]
[]
["Net working capital/sales",null,{"$f":"+(C19-C15)/'profit model'!C4","v":0.17858334333117537},{"$f":"+(D19-D15)/'profit model'!D4*365","v":26.349183264680917},{"$f":"+(E19-E15)/'profit model'!E4*365","v":49.178267875946077},{"$f":"+(F19-F15)/'profit model'!F4*365","v":23.616674464024477},{"$f":"+(G19-G15)/'profit model'!G4*365","v":-3.6605398748690612},{"$f":"+(H19-H15)/'profit model'!H4*365","v":7.5751249016911792},{"$f":"+(I19-I15)/'profit model'!I4*365","v":22.383493321618534},{"$f":"+(J19-J15)/'profit model'!J4*365","v":23.954399834199506},{"$f":"+(K19-K15)/'profit model'!K4*365","v":25.194768870845806},{"$f":"+(L19-L15)/'profit model'!L4*365","v":23.702848405624138},{"$f":"+(M19-M15)/'profit model'!M4*365","v":23.889081388539577},{"$f":"+(N19-N15)/'profit model'!N4*365","v":25.021708886809304},{"$f":"+(O19-O15)/'profit model'!O4*365","v":26.098968441211124},{"$f":"+(P19-P15)/'profit model'!P4*365","v":26.437950318049648},{"$f":"+(Q19-Q15)/'profit model'!Q4*365","v":26.248682961273548}]
[]
[null,null,{"$f":"+C28-C16","v":0},{"$f":"+D28-D16","v":0},{"$f":"+E28-E16","v":0},{"$f":"+F28-F16","v":0},0,0,50,49.999999999996362,49.999999999992724,49.999999999992724,49.999999999996362,{"$f":"+N28-N16","v":50},{"$f":"+O28-O16","v":49.999999999992724},{"$f":"+P28-P16","v":50},{"$f":"+Q28-Q16","v":49.999999999992724}]
[null,null,null,null,null,{"$f":"F43-E43","v":0},{"$f":"G43-F43","v":0},{"$f":"H43-G43","v":0},50,-3.637978807091713E-12,-3.637978807091713E-12,0,3.637978807091713E-12,3.637978807091713E-12,-7.2759576141834259E-12,{"$f":"P43-O43","v":7.2759576141834259E-12},{"$f":"Q43-P43","v":-7.2759576141834259E-12}]

{"sheet":"cash model","index":27,"n_rows":48,"n_cols":17,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
["Cash flow model of HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Operating"]
["Pre-tax profits",null,611.678,1467.904,1389.89,8.9,{"$f":"1891.3","v":1891.3},2571,{"$f":"'cons finstats'!I54-'cons finstats'!I51","v":2344.0549394388736},{"$f":"'cons finstats'!J54-'cons finstats'!J51","v":2656.3868602402817},{"$f":"'cons finstats'!K54-'cons finstats'!K51","v":4033.4894962911094},{"$f":"'cons finstats'!L54-'cons finstats'!L51","v":4565.9820508035373},{"$f":"'cons finstats'!M54-'cons finstats'!M51","v":4973.4349296579849},{"$f":"'cons finstats'!N54-'cons finstats'!N51","v":6197.9981613607406},{"$f":"'cons finstats'!O54-'cons finstats'!O51","v":6938.5485615410998},{"$f":"'cons finstats'!P54-'cons finstats'!P51","v":7362.157801856416},{"$f":"'cons finstats'!Q54-'cons finstats'!Q51","v":7833.6358514786361}]
["D&A expenses",null,385.36399999999998,435.988,{"$f":"569.87","v":569.87},688.1,{"$f":"706.9","v":706.9},841.9,{"$f":"'cons finstats'!I52","v":919.86918061063898},{"$f":"'cons finstats'!J52","v":996.04948890819196},{"$f":"'cons finstats'!K52","v":1077.4766910454418},{"$f":"'cons finstats'!L52","v":1156.8994735251711},{"$f":"'cons finstats'!M52","v":1243.7176153645021},{"$f":"'cons finstats'!N52","v":1345.2206492315975},{"$f":"'cons finstats'!O52","v":1482.4170682891217},{"$f":"'cons finstats'!P52","v":1646.685435285619},{"$f":"'cons finstats'!Q52","v":1819.1050990567608}]
["Taxes paid",null,-109.49,-513.37400000000002,-597.19000000000005,-204.8,-407.4,-515.5,{"$f":"-'cons finstats'!I57","v":-663.7981962957947},{"$f":"-'cons finstats'!J57","v":-801.31198322776663},{"$f":"-'cons finstats'!K57","v":-1284.3003882587491},{"$f":"-'cons finstats'!L57","v":-1499.6760329655563},{"$f":"-'cons finstats'!M57","v":-1668.7585291685793},{"$f":"-'cons finstats'!N57","v":-2091.7345830472595},{"$f":"-'cons finstats'!O57","v":-2353.4459288850535},{"$f":"-'cons finstats'!P57","v":-2523.0162998914343},{"$f":"-'cons finstats'!Q57","v":-2711.1595376830883}]
["Other income",null,{"$f":"3.817-22.495-16.807-94.555","v":-130.04000000000002},{"$f":"-46.517-23.739+0.069+1.183-127.617","v":-196.62099999999998},{"$f":"-5.25-9.14-29.44-254.46","v":-298.29000000000002},{"$f":"-193.4-12.3","v":-205.70000000000002},{"$f":"-84.2-61.5","v":-145.69999999999999},{"$f":"-13.3-277.9","v":-291.2},{"$f":"-'cons finstats'!I44","v":-796.75845579897555},{"$f":"-'cons finstats'!J44","v":-805.34693216832579},{"$f":"-'cons finstats'!K44","v":-859.54239335815191},{"$f":"-'cons finstats'!L44","v":-955.71753090814082},{"$f":"-'cons finstats'!M44","v":-1014.0186367081055},{"$f":"-'cons finstats'!N44","v":-1031.6162884691826},{"$f":"-'cons finstats'!O44","v":-1032.6806482578011},{"$f":"-'cons finstats'!P44","v":-1019.9853170371039},{"$f":"-'cons finstats'!Q44","v":-997.68048290404408}]
["Interest expenses",null,135.39599999999999,142.898,177.87,299.7,262.5,213.6,{"$f":"'cons finstats'!I48","v":331.02499999999998},{"$f":"'cons finstats'!J48","v":281.02499999999998},{"$f":"'cons finstats'!K48","v":281.02499999999998},{"$f":"'cons finstats'!L48","v":281.02499999999998},{"$f":"'cons finstats'!M48","v":281.02499999999998},{"$f":"'cons finstats'!N48","v":281.02499999999998},{"$f":"'cons finstats'!O48","v":281.02499999999998},{"$f":"'cons finstats'!P48","v":281.02499999999998},{"$f":"'cons finstats'!Q48","v":281.02499999999998}]
["Extraordinary items",null,{"$f":"-155.117+21.318","v":-133.79899999999998},{"$f":"18.799+2.102","v":20.901},{"$f":"4.04+2.84","v":6.88},{"$f":"112.9+27.4+48.3+1.1","v":189.70000000000002},{"$f":"10.9-88.3-13.6-9.9+0.2+69.3+133.2-52.5","v":49.3},{"$f":"13.7-4.6-136.8+0.2-19.3+68.7+73.5","v":-4.6000000000000085},{"$f":"'cons finstats'!I51","v":0},{"$f":"'cons finstats'!J51","v":0},{"$f":"'cons finstats'!K51","v":0},{"$f":"'cons finstats'!L51","v":0},{"$f":"'cons finstats'!M51","v":0},{"$f":"'cons finstats'!N51","v":0},{"$f":"'cons finstats'!O51","v":0},{"$f":"'cons finstats'!P51","v":0},{"$f":"'cons finstats'!Q51","v":0}]
["Working capital changes (a)",null,{"$f":"-297.531-308.934-29.952+404.794","v":-231.62300000000005},{"$f":"-291.012+63.616-125.087+126.449","v":-226.03399999999999},{"$f":"-499.82-122.77-178.62+670.3","v":-130.91000000000008},{"$f":"-241.8-601.4-289.5+2445.9","v":1313.2},{"$f":"-351.8+555.8+105.5+1385.6","v":1695.1},{"$f":"-176.1-255.6-182.7+286.3","v":-328.09999999999997},{"$f":"('cons finstats'!H116-'cons finstats'!H79)-('cons finstats'!I116-'cons finstats'!I79)","v":-860.31132877932578},{"$f":"('cons finstats'!I116-'cons finstats'!I79)-('cons finstats'!J116-'cons finstats'!J79)","v":-317.10785169178052},{"$f":"('cons finstats'!J116-'cons finstats'!J79)-('cons finstats'!K116-'cons finstats'!K79)","v":-364.51423612650706},{"$f":"('cons finstats'!K116-'cons finstats'!K79)-('cons finstats'!L116-'cons finstats'!L79)","v":-16.597483023921995},{"$f":"('cons finstats'!L116-'cons finstats'!L79)-('cons finstats'!M116-'cons finstats'!M79)","v":-137.75477575737568},{"$f":"('cons finstats'!M116-'cons finstats'!M79)-('cons finstats'!N116-'cons finstats'!N79)","v":-355.19308507656206},{"$f":"('cons finstats'!N116-'cons finstats'!N79)-('cons finstats'!O116-'cons finstats'!O79)","v":-322.78765707256025},{"$f":"('cons finstats'!O116-'cons finstats'!O79)-('cons finstats'!P116-'cons finstats'!P79)","v":-275.69917388669637},{"$f":"('cons finstats'!P116-'cons finstats'!P79)-('cons finstats'!Q116-'cons finstats'!Q79)","v":-225.30917366624817}]
["Total operating ",null,{"$f":"SUM(C5:C11)","v":527.48599999999988},{"$f":"SUM(D5:D11)","v":1131.6619999999998},{"$f":"SUM(E5:E11)","v":1118.1200000000001},{"$f":"SUM(F5:F11)","v":2089.1000000000004},4051.9999999999995,2487.1000000000004,1274.0811391754164,2009.6945820606006,2883.6341695931433,3531.9154774310891,3677.6456033884269,4345.6998539993328,4993.0763956148057,{"$f":"SUM(P5:P11)","v":5471.1674463267991},{"$f":"SUM(Q5:Q11)","v":5999.6167562820165}]
["Operating, excl. working capital (b)",null,{"$f":"+C12-C11-C10","v":892.9079999999999},{"$f":"+D12-D11-D10","v":1336.7949999999998},{"$f":"+E12-E11-E10","v":1242.1500000000001},{"$f":"+F12-F11-F10","v":586.20000000000027},2307.5999999999995,2819.8,2134.3924679547422,2326.8024337523811,3248.1484057196503,3548.5129604550111,3815.4003791458026,4700.8929390758949,5315.864052687366,{"$f":"+P12-P11-P10","v":5746.8666202134955},{"$f":"+Q12-Q11-Q10","v":6224.9259299482646}]
["Investing"]
["Capital expenditure (c)",null,-328.49299999999999,-870.07799999999997,-1204.71,-2600.6,-1603.6,-776.1,{"$f":"'cons finstats'!H120-'cons finstats'!I120","v":-830},{"$f":"'cons finstats'!I120-'cons finstats'!J120","v":-871.5},{"$f":"'cons finstats'!J120-'cons finstats'!K120","v":-915.07500000000073},{"$f":"'cons finstats'!K120-'cons finstats'!L120","v":-717.72750000000087},{"$f":"'cons finstats'!L120-'cons finstats'!M120","v":-753.61387500000092},{"$f":"'cons finstats'!M120-'cons finstats'!N120","v":-1126.3184789062507},{"$f":"'cons finstats'!N120-'cons finstats'!O120","v":-1464.054487382813},{"$f":"'cons finstats'!O120-'cons finstats'!P120","v":-1537.2572117519558},{"$f":"'cons finstats'!P120-'cons finstats'!Q120","v":-1614.1200723395523}]
["(Purchase)/Sale of assets/businesses ",null,1.456,{"$f":"3.384","v":3.3839999999999999},8.33,3.6,28.8,2.9,0,0,0,0,0,0,0,0,0]
["(Purchase)/Sale of investments ",null,{"$f":"2015.246-1627.568","v":387.67800000000011},{"$f":"-2451.995+567.647-1364.884+2930.01","v":-319.22199999999975},{"$f":"-4042.72+3522.84-100-5330.8+5625.35","v":-325.32999999999993},{"$f":"-3403.9+2301.2-4352.7+4329","v":-1126.3999999999996},{"$f":"-4164.9+2353.4+100-94.1+27.2","v":-1778.3999999999994},{"$f":"-5002.5+1930.8-26","v":-3097.7},{"$f":"-(SUM('cons finstats'!I126:I130)-SUM('cons finstats'!H126:H130))","v":1000},{"$f":"-(SUM('cons finstats'!J126:J130)-SUM('cons finstats'!I126:I130))","v":0},{"$f":"-(SUM('cons finstats'!K126:K130)-SUM('cons finstats'!J126:J130))","v":0},{"$f":"-(SUM('cons finstats'!L126:L130)-SUM('cons finstats'!K126:K130))","v":0},{"$f":"-(SUM('cons finstats'!M126:M130)-SUM('cons finstats'!L126:L130))","v":0},{"$f":"-(SUM('cons finstats'!N126:N130)-SUM('cons finstats'!M126:M130))","v":0},{"$f":"-(SUM('cons finstats'!O126:O130)-SUM('cons finstats'!N126:N130))","v":0},{"$f":"-(SUM('cons finstats'!P126:P130)-SUM('cons finstats'!O126:O130))","v":0},{"$f":"-(SUM('cons finstats'!Q126:Q130)-SUM('cons finstats'!P126:P130))","v":0}]
["Increase in amount payable to minority",null,-730,0,0,0,298.39999999999998,842,0,0,0,0,0,0,0,0,0]
["Amount recoverable from HT Media Employees Welfare Trust",null,-217.428,0,0,0,{"$f":"-24.3+18.2+23.5","v":17.399999999999999},0,0,0,0,0,0,0,0,0,0]
["Interest/dividend received ",null,{"$f":"16.807+34.212","v":51.019000000000005},{"$f":"175.847+23.739","v":199.58600000000001},{"$f":"29.44+45.19","v":74.63},{"$f":"12.3+267.8","v":280.10000000000002},{"$f":"61.5+197","v":258.5},{"$f":"13.3+69.5","v":82.8},{"$f":"-I8","v":796.75845579897555},805.34693216832579,859.54239335815191,955.71753090814082,1014.0186367081055,1031.6162884691826,1032.6806482578011,1019.9853170371039,997.68048290404408]
["Total investing",null,{"$f":"SUM(C15:C20)","v":-835.76799999999992},{"$f":"SUM(D15:D20)","v":-986.3299999999997},{"$f":"SUM(E15:E20)","v":-1447.08},{"$f":"SUM(F15:F20)","v":-3443.2999999999997},-2778.8999999999992,-2946.0999999999995,966.75845579897555,-66.153067831674207,-55.532606641848815,237.99003090813994,260.40476170810462,-94.702190437068111,-431.37383912501195,{"$f":"SUM(P15:P20)","v":-517.2718947148519},{"$f":"SUM(Q15:Q20)","v":-616.4395894355082}]
["Financing"]
["Proceeds from issue of share capital",null,2698.7289999999998,-158.26,-1.57,2.5,-21.9,{"$f":"1978.5-123.7","v":1854.8},{"$f":"('cons finstats'!I92+'cons finstats'!I93+'cons finstats'!I94)-('cons finstats'!H92+'cons finstats'!H93+'cons finstats'!H94)","v":0},{"$f":"('cons finstats'!J92+'cons finstats'!J93+'cons finstats'!J94)-('cons finstats'!I92+'cons finstats'!I93+'cons finstats'!I94)","v":0},{"$f":"('cons finstats'!K92+'cons finstats'!K93+'cons finstats'!K94)-('cons finstats'!J92+'cons finstats'!J93+'cons finstats'!J94)","v":0},{"$f":"('cons finstats'!L92+'cons finstats'!L93+'cons finstats'!L94)-('cons finstats'!K92+'cons finstats'!K93+'cons finstats'!K94)","v":0},{"$f":"('cons finstats'!M92+'cons finstats'!M93+'cons finstats'!M94)-('cons finstats'!L92+'cons finstats'!L93+'cons finstats'!L94)","v":0},{"$f":"('cons finstats'!N92+'cons finstats'!N93+'cons finstats'!N94)-('cons finstats'!M92+'cons finstats'!M93+'cons finstats'!M94)","v":0},{"$f":"('cons finstats'!O92+'cons finstats'!O93+'cons finstats'!O94)-('cons finstats'!N92+'cons finstats'!N93+'cons finstats'!N94)","v":0},{"$f":"('cons finstats'!P92+'cons finstats'!P93+'cons finstats'!P94)-('cons finstats'!O92+'cons finstats'!O93+'cons finstats'!O94)","v":0},{"$f":"('cons finstats'!Q92+'cons finstats'!Q93+'cons finstats'!Q94)-('cons finstats'!P92+'cons finstats'!P93+'cons finstats'!P94)","v":0}]
["Proceeds from borrowings",null,{"$f":"900-912.386-7.01","v":-19.395999999999965},-38.176000000000002,573.12,1490.8,{"$f":"-1762.5-827.9+2100","v":-490.40000000000009},{"$f":"-1500+618.8","v":-881.2},{"$f":"'cons finstats'!I84-'cons finstats'!H84","v":0},{"$f":"'cons finstats'!J84-'cons finstats'!I84","v":0},{"$f":"'cons finstats'!K84-'cons finstats'!J84","v":0},{"$f":"'cons finstats'!L84-'cons finstats'!K84","v":0},{"$f":"'cons finstats'!M84-'cons finstats'!L84","v":0},{"$f":"'cons finstats'!N84-'cons finstats'!M84","v":0},{"$f":"'cons finstats'!O84-'cons finstats'!N84","v":0},{"$f":"'cons finstats'!P84-'cons finstats'!O84","v":0},{"$f":"'cons finstats'!Q84-'cons finstats'!P84","v":0}]
["Interest paid",null,-136.27699999999999,-142.898,-177.88,-299.7,-249.4,-204.9,{"$f":"-interest!BE31","v":-281.02499999999998},{"$f":"-interest!BJ31","v":-281.02499999999998},{"$f":"-interest!BO31","v":-281.02499999999998},{"$f":"-interest!BT31","v":-281.02499999999998},{"$f":"-interest!BY31","v":-281.02499999999998},{"$f":"-interest!CD31","v":-281.02499999999998},{"$f":"-interest!CI31","v":-281.02499999999998},{"$f":"-interest!CN31","v":-281.02499999999998},{"$f":"-interest!CS31","v":-281.02499999999998}]
["Dividends paid (d)",null,-45.884,-66.38,{"$f":"-82.21+0.4","v":-81.809999999999988},-109.6,{"$f":"-70.5-12","v":-82.5},{"$f":"-84.6-14.1","v":-98.699999999999989},{"$f":"-'cons finstats'!I64-'cons finstats'!I65","v":-109.6032},{"$f":"-'cons finstats'!J64-'cons finstats'!J65","v":-548.01599999999996},{"$f":"-'cons finstats'!K64-'cons finstats'!K65","v":-1096.0319999999999},{"$f":"-'cons finstats'!L64-'cons finstats'!L65","v":-2192.0639999999999},{"$f":"-'cons finstats'!M64-'cons finstats'!M65","v":-3288.0959999999995},{"$f":"-'cons finstats'!N64-'cons finstats'!N65","v":-3836.1119999999996},{"$f":"-'cons finstats'!O64-'cons finstats'!O65","v":-4384.1279999999997},{"$f":"-'cons finstats'!P64-'cons finstats'!P65","v":-4932.1439999999993},{"$f":"-'cons finstats'!Q64-'cons finstats'!Q65","v":-5480.16}]
["Total financing",null,{"$f":"SUM(C23:C26)","v":2497.1719999999996},-405.71399999999994,311.85999999999996,1084,-844.2,670,-390.62819999999999,-829.04099999999994,-1377.0569999999998,-2473.0889999999999,-3569.1209999999996,-4117.1369999999997,-4665.1529999999993,{"$f":"SUM(P23:P26)","v":-5213.168999999999},{"$f":"SUM(Q23:Q26)","v":-5761.1849999999995}]
[]
["Net increase in cash and cash equivalents",null,{"$f":"C27+C21+C12","v":2188.8899999999994},-260.38199999999983,-17.099999999999909,-270.19999999999936,428.90000000000009,211.00000000000091,1850.2113949743921,1114.5005142289265,1451.0445629512947,1296.8165083392291,368.92936509653191,{"$f":"N27+N21+N12","v":133.86066356226547},{"$f":"O27+O21+O12","v":-103.45044351020533},{"$f":"P27+P21+P12","v":-259.2734483880522},{"$f":"Q27+Q21+Q12","v":-378.00783315349145}]
["Beginning cash",null,null,{"$f":"+C31","v":897.23800000000006},{"$f":"+D31","v":1104.1400000000001},{"$f":"+E31","v":773.97},705.4,1086.8,1152.4000000000001,3002.6113949743922,4117.1119092033186,5568.1564721546129,6864.9729804938415,7233.9023455903734,7367.7630091526389,{"$f":"+O31","v":7264.3125656424336},{"$f":"+P31","v":7005.0391172543814}]
["Ending cash",null,897.23800000000006,1104.1400000000001,773.97,705.4,1086.8,1152.4000000000001,{"$f":"SUM(I29:I30)","v":3002.6113949743922},4117.1119092033186,5568.1564721546129,6864.9729804938415,7233.9023455903734,7367.7630091526389,7264.3125656424336,{"$f":"SUM(P29:P30)","v":7005.0391172543814},{"$f":"SUM(Q29:Q30)","v":6627.0312841008899}]
[]
["Gross cash flow (b)",null,{"$f":"+C13","v":892.9079999999999},{"$f":"+D13","v":1336.7949999999998},{"$f":"+E13","v":1242.1500000000001},{"$f":"+F13","v":586.20000000000027},2307.5999999999995,2819.8,2134.3924679547422,2326.8024337523811,3248.1484057196503,3548.5129604550111,3815.4003791458026,{"$f":"+N13","v":4700.8929390758949},{"$f":"+O13","v":5315.864052687366},{"$f":"+P13","v":5746.8666202134955},{"$f":"+Q13","v":6224.9259299482646}]
["Free cash flow (b) + (a) + (c) ",null,{"$f":"+C13+C11+C15+C16+C17+C20","v":772.94499999999994},{"$f":"+D13+D11+D15+D16","v":244.06699999999998},{"$f":"+E13+E11+E15+E16","v":-85.140000000000029},-697.59999999999957,2427.8999999999996,1718.5000000000005,444.08113917541641,1138.1945820606006,1968.5591695931425,2814.1879774310883,2924.031728388426,3219.3813750930822,3529.0219082319927,3933.9102345748433,4385.4966839424642]
["Excess cash flow (b) + (a) + (c) + (d) ",null,{"$f":"+C34+C26","v":727.06099999999992},{"$f":"+D34+D26","v":177.68699999999998},{"$f":"+E34+E26","v":-166.95000000000002},{"$f":"+F34+F26","v":-807.19999999999959},2345.3999999999996,1619.8000000000004,334.4779391754164,590.17858206060066,872.52716959314262,622.12397743108841,-364.06427161157353,-616.73062490691746,-855.10609176800699,{"$f":"+P34+P26","v":-998.23376542515598},{"$f":"+Q34+Q26","v":-1094.6633160575357}]
[]
["Source: Company, Kotak Institutional Equities estimates"]
[]
[null,null,null,{"$f":"+D31-'balance model'!D18","v":1.0000000002037268E-3},{"$f":"+E31-'balance model'!E18","v":0},{"$f":"+F31-'balance model'!F18","v":0},{"$f":"+G31-'balance model'!G18","v":0},{"$f":"+H31-'balance model'!H18","v":0},{"$f":"+I31-'balance model'!I18","v":0},{"$f":"+J31-'balance model'!J18","v":0},{"$f":"+K31-'balance model'!K18","v":0},{"$f":"+L31-'balance model'!L18","v":0},{"$f":"+M31-'balance model'!M18","v":0},{"$f":"+N31-'balance model'!N18","v":0},{"$f":"+O31-'balance model'!O18","v":0},{"$f":"+P31-'balance model'!P18","v":0},{"$f":"+Q31-'balance model'!Q18","v":0}]
[]
["Interest income"]
["Ending cash (ctrl+q)",null,897.23800000000006,1104.1400000000001,773.97,705.4,1086.8,1152.4000000000001,3002.6113949743922,4117.111909233754,5568.1564724277287,6864.9729820905832,7233.9023524267177,7367.7630324070742,7264.3126321015307,7005.0392832442949,6627.0316568712506]
["Average cash",null,{"$f":"AVERAGE(C42:C42)","v":897.23800000000006},{"$f":"AVERAGE(C42:D42)","v":1000.6890000000001},939.05500000000006,739.68499999999995,896.09999999999991,1119.5999999999999,2077.5056974871959,3559.8616521040731,4842.6341908307413,6216.5647272591559,7049.4376672586504,7300.832692416896,7316.037832254302,{"$f":"AVERAGE(O42:P42)","v":7134.6759576729128},{"$f":"AVERAGE(P42:Q42)","v":6816.0354700577727}]
["Interest rate (%)",null,8,8,8,8,6,7,8,{"$f":"I44","v":8},7,7,7,7,7,7,7]
["Interest income",null,{"$f":"C43*C44%*6/12","v":35.889520000000005},{"$f":"D43*D44%","v":80.055120000000002},75.124400000000009,59.174799999999998,53.765999999999991,78.372,166.20045579897567,284.78893216832586,338.98439335815192,435.15953090814094,493.4606367081056,511.05828846918274,512.12264825780119,{"$f":"P43*P44%","v":499.42731703710393},{"$f":"Q43*Q44%","v":477.12248290404415}]
["Tax rate on interest income (%)",null,{"$f":"tax!C17*100","v":33.659999999999997},{"$f":"tax!D17*100","v":33.659999999999997},{"$f":"tax!E17*100","v":33.989999999999995},{"$f":"tax!F17*100","v":33.989999999999995},{"$f":"tax!G17*100","v":33.989999999999995},{"$f":"tax!H17*100","v":33.989999999999995},{"$f":"tax!I17*100","v":33.24},{"$f":"tax!J17*100","v":33.24},{"$f":"tax!K17*100","v":33.24},{"$f":"tax!L17*100","v":33.24},{"$f":"tax!M17*100","v":33.24},{"$f":"tax!N17*100","v":33.24},{"$f":"tax!O17*100","v":33.24},{"$f":"tax!P17*100","v":33.24},{"$f":"tax!Q17*100","v":33.24}]
["Tax on interest income ",null,{"$f":"-C45*C46%","v":-12.080412431999999},-26.946553391999998,-25.534783559999997,-20.113514519999995,-18.275063399999993,-26.638642799999992,-55.245031507579519,-94.663841052751522,-112.67841235224971,-144.64702807386607,-164.02631564177432,-169.87577508715637,-170.22956828089312,{"$f":"-P45*P46%","v":-166.00964018313337},{"$f":"-Q45*Q46%","v":-158.5955133173043}]
["After tax interest income",null,{"$f":"C45+C47","v":23.809107568000005},53.108566608000004,49.589616440000015,39.061285480000002,35.490936599999998,51.733357200000007,110.95542429139616,190.12509111557432,226.3059810059022,290.51250283427487,329.43432106633128,341.1825133820264,341.8930799769081,{"$f":"P45+P47","v":333.41767685397053},{"$f":"Q45+Q47","v":318.52696958673982}]

{"sheet":"capex est","index":28,"n_rows":20,"n_cols":17,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
["Estimation of capex of HT Media, March fiscal year-ends, 2010-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["HTML"]
["Total number of pages printed (mn)",null,null,{"$f":"('HT Delhi-NCR'!D78+'HT Mumbai'!D78+'HT Others'!D78+'HT Mint'!D78)*10^3","v":20808},{"$f":"('HT Delhi-NCR'!E78+'HT Mumbai'!E78+'HT Others'!E78+'HT Mint'!E78)*10^3","v":25228.799999999999},{"$f":"('HT Delhi-NCR'!F78+'HT Mumbai'!F78+'HT Others'!F78+'HT Mint'!F78)*10^3","v":23508.000000000004},{"$f":"('HT Delhi-NCR'!G78+'HT Mumbai'!G78+'HT Others'!G78+'HT Mint'!G78)*10^3","v":22982.399999999998},{"$f":"('HT Delhi-NCR'!H78+'HT Mumbai'!H78+'HT Others'!H78+'HT Mint'!H78)*10^3","v":26982},{"$f":"('HT Delhi-NCR'!I78+'HT Mumbai'!I78+'HT Others'!I78+'HT Mint'!I78)*10^3","v":28472.400000000001},{"$f":"('HT Delhi-NCR'!J78+'HT Mumbai'!J78+'HT Others'!J78+'HT Mint'!J78)*10^3","v":31006.799999999999},{"$f":"('HT Delhi-NCR'!K78+'HT Mumbai'!K78+'HT Others'!K78+'HT Mint'!K78)*10^3","v":33885},{"$f":"('HT Delhi-NCR'!L78+'HT Mumbai'!L78+'HT Others'!L78+'HT Mint'!L78)*10^3","v":31348.799999999996},{"$f":"('HT Delhi-NCR'!M78+'HT Mumbai'!M78+'HT Others'!M78+'HT Mint'!M78)*10^3","v":31384.799999999999},{"$f":"('HT Delhi-NCR'!N78+'HT Mumbai'!N78+'HT Others'!N78+'HT Mint'!N78)*10^3","v":33505.200000000004},{"$f":"('HT Delhi-NCR'!O78+'HT Mumbai'!O78+'HT Others'!O78+'HT Mint'!O78)*10^3","v":36374.400000000001},{"$f":"('HT Delhi-NCR'!P78+'HT Mumbai'!P78+'HT Others'!P78+'HT Mint'!P78)*10^3","v":39033.000000000007},{"$f":"('HT Delhi-NCR'!Q78+'HT Mumbai'!Q78+'HT Others'!Q78+'HT Mint'!Q78)*10^3","v":41652}]
["Increase in number of pages",null,null,null,{"$f":"E5-D5","v":4420.7999999999993},-1720.7999999999956,-525.60000000000582,3999.6000000000022,1490.4000000000015,2534.3999999999978,2878.2000000000007,-2536.2000000000044,36.000000000003638,2120.4000000000051,2869.1999999999971,{"$f":"P5-O5","v":2658.6000000000058},{"$f":"Q5-P5","v":2618.9999999999927}]
["New capacity required (copies/day)",null,null,null,{"$f":"E6*10^6/(363*4)/40","v":76115.702479338826},{"$f":"F6*10^6/(363*4)/40","v":-29628.099173553645},-9049.5867768596036,68863.636363636397,25661.157024793414,43636.363636363596,49555.785123966962,-43667.3553719009,619.83471074386421,36508.264462810002,49400.826446280946,{"$f":"P6*10^6/(363*4)/40","v":45774.793388429847},{"$f":"Q6*10^6/(363*4)/40","v":45092.975206611445}]
["Capacity of new machine",null,null,null,40000,{"$f":"E8","v":40000},{"$f":"F8","v":40000},40000,40000,40000,40000,40000,40000,{"$f":"M8","v":40000},{"$f":"N8","v":40000},{"$f":"O8","v":40000},{"$f":"P8","v":40000}]
["Number of printing machines required",null,null,null,{"$f":"ROUND(E7/E8,0)","v":2},{"$f":"ROUND(F7/F8,0)+1","v":0},{"$f":"ROUND(G7/G8,0)","v":0},{"$f":"ROUND(H7/H8,0)-1","v":1},{"$f":"ROUND(I7/I8,0)","v":1},1,1,{"$f":"ROUND(L7/L8,0)+1","v":0},0,1,1,1,1]
["Number of printing machines required",null,null,null,null,null,0,0,0,0,0,0,0,1,1,1,1]
["Cost of new machines (Rs mn)",null,null,null,null,null,250,{"$f":"G11","v":250},{"$f":"H11*(1+5%)","v":262.5},{"$f":"I11*(1+5%)","v":275.625},289.40625,303.87656250000003,319.07039062500007,335.02391015625011,351.77510566406261,369.36386094726578,387.83205399462906]
["New machine capex (Rs mn)",null,null,null,null,null,{"$f":"G10*G11","v":0},{"$f":"H10*H11","v":0},{"$f":"I10*I11","v":0},0,0,0,0,335.02391015625011,351.77510566406261,369.36386094726578,387.83205399462906]
["Maintenance capex (Rs mn)",null,null,null,null,null,200,{"$f":"G13","v":200},{"$f":"H13*(1+5%)","v":210},220.5,231.52500000000001,243.10125000000002,255.25631250000004,268.01912812500007,281.4200845312501,295.49108875781263,310.26564319570326]
["Print capex estimate (Rs mn)",null,null,null,null,null,{"$f":"SUM(G12:G13)","v":200},{"$f":"SUM(H12:H13)","v":200},{"$f":"SUM(I12:I13)","v":210},220.5,231.52500000000001,243.10125000000002,255.25631250000004,603.04303828125012,633.19519019531276,664.85494970507841,698.09769719033238]
[]
["HMVL"]
["New machine capex (Rs mn)",null,null,null,null,null,null,200,420,441,463.05,243.10125000000002,255.25631250000004,268.01912812500007,562.84016906250019,590.98217751562527,620.53128639140652]
["Maintenance capex (Rs mn)",null,null,null,null,null,null,200,200,210,220.5,231.52500000000001,243.10125000000002,255.25631250000004,268.01912812500007,281.4200845312501,295.49108875781263]
["Print capex estimate (Rs mn)",null,null,null,null,null,null,{"$f":"SUM(H17:H18)","v":400},620,651,683.55,474.62625000000003,498.35756250000009,523.2754406250001,830.85929718750026,872.40226204687542,916.02237514921922]
["HT Media print capex (Rs mn)",null,null,null,null,null,null,{"$f":"H14+H19","v":600},{"$f":"I14+I19","v":830},871.5,915.07499999999993,717.72750000000008,753.61387500000012,1126.3184789062502,1464.054487382813,1537.2572117519539,1614.1200723395516]

{"sheet":"capex","index":29,"n_rows":12,"n_cols":99,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
["Capital expenditure by HT Media, March fiscal year-ends, 2007-20E"]
[]
[null,null,null,null,null,2002,null,null,null,null,2003,null,null,null,null,2004,null,null,null,null,2005,null,null,null,null,2006,null,null,null,null,2007,null,null,null,null,2008,null,null,null,null,2009,null,null,null,null,2010,null,null,null,null,2011,null,null,null,null,"2012E",null,null,null,null,"2013E",null,null,null,null,"2014E",null,null,null,null,"2015E",null,null,null,null,"2016E",null,null,null,null,"2017E",null,null,null,null,"2018E",null,null,null,null,"2019E",null,null,null,null,"2020E"]
[null,null,null,null,null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to ",null,null,null,"Capex","Add to "]
[null,"Cost (Rs mn)",null,"Year",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block",null,"Capex","Cap-WIP","comp","Gr block"]
["Printing press, Greater NOIDA",{"$f":"1346.7+803.9+144.21+408.3","v":2703.11},null,null,null,null,null,null,null,null,null,null,null,null,null,1346.7,{"$f":"P6","v":1346.7},null,null,null,null,null,803.91,{"$f":"+W6+Q6","v":2150.61},null,null,null,144.21,{"$f":"AB6","v":144.21},null,null,null,40.83,{"$f":"AG6","v":40.83}]
["Printing press, Mumbai",{"$f":"181.8+279","v":460.8},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,90.382999999999996,{"$f":"U7","v":90.382999999999996},{"$f":"181.8-V7","v":91.417000000000016},{"$f":"W7","v":91.417000000000016},null,null,null,{"$f":"B7-V7-X7","v":279},{"$f":"AB7+V7","v":369.38299999999998},null,null,null,null,null,null,null,null,null,null,null,null,null,530,{"$f":"AQ7","v":530}]
["Additional printing capacity",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'capex est'!E14","v":0},{"$f":"AL8","v":0},null,null,null,{"$f":"'capex est'!F14-AQ7","v":-530},{"$f":"AQ8","v":-530},null,null,null,{"$f":"'capex est'!G14","v":200},{"$f":"AV8","v":200},null,null,null,{"$f":"'capex est'!H14","v":200},{"$f":"BA8","v":200},null,null,null,{"$f":"'capex est'!I20","v":830},{"$f":"BF8","v":830},null,null,null,{"$f":"'capex est'!J20","v":871.5},{"$f":"BK8","v":871.5},null,null,null,{"$f":"'capex est'!K20","v":915.07499999999993},{"$f":"BP8","v":915.07499999999993},null,null,null,{"$f":"'capex est'!L20","v":717.72750000000008},{"$f":"BU8","v":717.72750000000008},null,null,null,{"$f":"'capex est'!M20","v":753.61387500000012},{"$f":"BZ8","v":753.61387500000012},null,null,null,{"$f":"'capex est'!N20","v":1126.3184789062502},{"$f":"CE8","v":1126.3184789062502},null,null,null,{"$f":"'capex est'!O20","v":1464.054487382813},{"$f":"CJ8","v":1464.054487382813},null,null,null,{"$f":"'capex est'!P20","v":1537.2572117519539},{"$f":"CO8","v":1537.2572117519539},null,null,null,{"$f":"'capex est'!Q20","v":1614.1200723395516},{"$f":"CT8","v":1614.1200723395516}]
["Radio stations, studios",{"$f":"40*4","v":160},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,120,{"$f":"AG9","v":120},null,null,null,40,{"$f":"AL9","v":40}]
["Internet",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,{"$f":"AL10","v":0},null,null,null,500,{"$f":"AQ10","v":500},null,null,null,400,{"$f":"AV10","v":400}]
["Others",null,null,null,null,null,null,null,null,null,null,null,null,null,null,72.78,{"$f":"P11","v":72.78},null,null,null,null,null,0,{"$f":"W11+Q11","v":72.78},null,null,10.516,20,{"$f":"AB11","v":20},null,null,{"$f":"186.464+2.024","v":188.488},20,{"$f":"AG11+AA11","v":30.515999999999998},null,null,{"$f":"589.16-10.403","v":578.75699999999995},{"$f":"20","v":20},{"$f":"AL11+AF11","v":208.488},null,null,1946.1,20,{"$f":"AQ11+AK11","v":598.75699999999995},null,null,1288.7,20,{"$f":"AV11+AP11","v":1966.1},null,null,null,20,{"$f":"BA11+AU11","v":1308.7},null,null,null,20,{"$f":"BF11","v":20},null,null,null,20,{"$f":"BK11","v":20},null,null,null,20,{"$f":"BP11","v":20},null,null,null,20,{"$f":"BU11","v":20},null,null,null,20,{"$f":"BZ11","v":20},null,null,null,20,{"$f":"CE11","v":20},null,null,null,20,{"$f":"CJ11","v":20},null,null,null,20,{"$f":"CO11","v":20},null,null,null,20,{"$f":"CT11","v":20}]
["Total ",{"$f":"+SUM(B6:B11)","v":3323.9100000000003},null,null,null,{"$f":"SUM(F6:F11)","v":0},{"$f":"SUM(G6:G11)","v":0},{"$f":"SUM(H6:H11)","v":0},{"$f":"SUM(I6:I11)","v":0},null,{"$f":"SUM(K6:K11)","v":0},{"$f":"SUM(L6:L11)","v":0},{"$f":"SUM(M6:M11)","v":0},{"$f":"SUM(N6:N11)","v":0},null,{"$f":"SUM(P6:P11)","v":1419.48},{"$f":"SUM(Q6:Q11)","v":1419.48},{"$f":"SUM(R6:R11)","v":0},{"$f":"SUM(S6:S11)","v":0},null,{"$f":"SUM(U6:U11)","v":90.382999999999996},{"$f":"SUM(V6:V11)","v":90.382999999999996},{"$f":"SUM(W6:W11)","v":895.327},{"$f":"SUM(X6:X11)","v":2314.8070000000002},null,{"$f":"SUM(Z6:Z11)","v":0},{"$f":"SUM(AA6:AA11)","v":10.516},{"$f":"SUM(AB6:AB11)","v":443.21000000000004},{"$f":"SUM(AC6:AC11)","v":533.59299999999996},null,{"$f":"SUM(AE6:AE11)","v":0},{"$f":"SUM(AF6:AF11)","v":188.488},{"$f":"SUM(AG6:AG11)","v":180.82999999999998},{"$f":"SUM(AH6:AH11)","v":191.34599999999998},null,{"$f":"SUM(AJ6:AJ11)","v":0},{"$f":"SUM(AK6:AK11)","v":578.75699999999995},{"$f":"SUM(AL6:AL11)","v":60},{"$f":"SUM(AM6:AM11)","v":248.488},null,{"$f":"SUM(AO6:AO11)","v":0},{"$f":"SUM(AP6:AP11)","v":1946.1},{"$f":"SUM(AQ6:AQ11)","v":520},{"$f":"SUM(AR6:AR11)","v":1098.7570000000001},null,{"$f":"SUM(AT6:AT11)","v":0},{"$f":"SUM(AU6:AU11)","v":1288.7},{"$f":"SUM(AV6:AV11)","v":620},{"$f":"SUM(AW6:AW11)","v":2566.1},null,{"$f":"SUM(AY6:AY11)","v":0},{"$f":"SUM(AZ6:AZ11)","v":0},{"$f":"SUM(BA6:BA11)","v":220},{"$f":"SUM(BB6:BB11)","v":1508.7},null,{"$f":"SUM(BD6:BD11)","v":0},{"$f":"SUM(BE6:BE11)","v":0},{"$f":"SUM(BF6:BF11)","v":850},{"$f":"SUM(BG6:BG11)","v":850},null,{"$f":"SUM(BI6:BI11)","v":0},{"$f":"SUM(BJ6:BJ11)","v":0},{"$f":"SUM(BK6:BK11)","v":891.5},{"$f":"SUM(BL6:BL11)","v":891.5},null,{"$f":"SUM(BN6:BN11)","v":0},{"$f":"SUM(BO6:BO11)","v":0},{"$f":"SUM(BP6:BP11)","v":935.07499999999993},{"$f":"SUM(BQ6:BQ11)","v":935.07499999999993},null,{"$f":"SUM(BS6:BS11)","v":0},{"$f":"SUM(BT6:BT11)","v":0},{"$f":"SUM(BU6:BU11)","v":737.72750000000008},{"$f":"SUM(BV6:BV11)","v":737.72750000000008},null,{"$f":"SUM(BX6:BX11)","v":0},{"$f":"SUM(BY6:BY11)","v":0},{"$f":"SUM(BZ6:BZ11)","v":773.61387500000012},{"$f":"SUM(CA6:CA11)","v":773.61387500000012},null,{"$f":"SUM(CC6:CC11)","v":0},{"$f":"SUM(CD6:CD11)","v":0},{"$f":"SUM(CE6:CE11)","v":1146.3184789062502},{"$f":"SUM(CF6:CF11)","v":1146.3184789062502},null,{"$f":"SUM(CH6:CH11)","v":0},{"$f":"SUM(CI6:CI11)","v":0},{"$f":"SUM(CJ6:CJ11)","v":1484.054487382813},{"$f":"SUM(CK6:CK11)","v":1484.054487382813},null,{"$f":"SUM(CM6:CM11)","v":0},{"$f":"SUM(CN6:CN11)","v":0},{"$f":"SUM(CO6:CO11)","v":1557.2572117519539},{"$f":"SUM(CP6:CP11)","v":1557.2572117519539},null,{"$f":"SUM(CR6:CR11)","v":0},{"$f":"SUM(CS6:CS11)","v":0},{"$f":"SUM(CT6:CT11)","v":1634.1200723395516},{"$f":"SUM(CU6:CU11)","v":1634.1200723395516}]

{"sheet":"interest","index":30,"n_rows":32,"n_cols":97,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
["Interest calculation for HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
[null,null,null,2002,null,null,null,null,2003,null,null,null,null,2004,null,null,null,null,2005,null,null,null,null,2006,null,null,null,null,2007,null,null,null,null,2008,null,null,null,null,2009,null,null,null,null,2010,null,null,null,null,2011,null,null,null,null,"2012E",null,null,null,null,"2013E",null,null,null,null,"2014E",null,null,null,null,"2015E",null,null,null,null,"2016E",null,null,null,null,"2017E",null,null,null,null,"2018E",null,null,null,null,"2019E",null,null,null,null,"2020E"]
[null,null,null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest",null,"Op Bal","Repay/(new)","Cl Bal","Interest"]
["Secured loans"]
["Debentures"]
["NCD Series-I",0.105,null,0,{"$f":"+D7-F7","v":-250},250,{"$f":"F7*B7","v":26.25},null,{"$f":"+F7","v":250},{"$f":"+I7-K7","v":0},250,{"$f":"(I7+K7)/2*$B7","v":26.25},null,{"$f":"+K7","v":250},{"$f":"+N7-P7","v":250},0,{"$f":"(N7+P7)/2*$B7","v":13.125},null,{"$f":"+P7","v":0},0,{"$f":"S7-T7","v":0},{"$f":"(S7+U7)/2*$B7","v":0},null,{"$f":"+U7","v":0},0,{"$f":"+X7-Y7","v":0},{"$f":"(X7+Z7)/2*$B7","v":0},null,{"$f":"+Z7","v":0},null,{"$f":"+AC7-AD7","v":0},{"$f":"(AC7+AE7)/2*$B7","v":0},null,{"$f":"+AE7","v":0},null,{"$f":"+AH7-AI7","v":0},{"$f":"(AH7+AJ7)/2*$B7","v":0},null,{"$f":"+AJ7","v":0},null,{"$f":"+AM7-AN7","v":0},{"$f":"(AM7+AO7)/2*$B7","v":0},null,{"$f":"+AO7","v":0},null,{"$f":"+AR7-AS7","v":0},{"$f":"(AR7+AT7)/2*$B7","v":0},null,{"$f":"+AT7","v":0},null,{"$f":"+AW7-AX7","v":0},{"$f":"(AW7+AY7)/2*$B7","v":0},null,{"$f":"+AY7","v":0},null,{"$f":"+BB7-BC7","v":0},{"$f":"(BB7+BD7)/2*$B7","v":0},null,{"$f":"+BD7","v":0},null,{"$f":"+BG7-BH7","v":0},{"$f":"(BG7+BI7)/2*$B7","v":0},null,{"$f":"+BI7","v":0},null,{"$f":"+BL7-BM7","v":0},{"$f":"(BL7+BN7)/2*$B7","v":0},null,{"$f":"+BN7","v":0},null,{"$f":"+BQ7-BR7","v":0},{"$f":"(BQ7+BS7)/2*$B7","v":0},null,{"$f":"+BS7","v":0},null,{"$f":"+BV7-BW7","v":0},{"$f":"(BV7+BX7)/2*$B7","v":0},null,{"$f":"+BX7","v":0},null,{"$f":"+CA7-CB7","v":0},{"$f":"(CA7+CC7)/2*$B7","v":0},null,{"$f":"+CC7","v":0},null,{"$f":"+CF7-CG7","v":0},{"$f":"(CF7+CH7)/2*$B7","v":0},null,{"$f":"+CH7","v":0},null,{"$f":"+CK7-CL7","v":0},{"$f":"(CK7+CM7)/2*$B7","v":0},null,{"$f":"+CM7","v":0},null,{"$f":"+CP7-CQ7","v":0},{"$f":"(CP7+CR7)/2*$B7","v":0}]
["Total debentures",null,null,{"$f":"SUM(D7)","v":0},{"$f":"SUM(E7)","v":-250},{"$f":"SUM(F7)","v":250},{"$f":"SUM(G7)","v":26.25},null,{"$f":"SUM(I7)","v":250},{"$f":"SUM(J7)","v":0},{"$f":"SUM(K7)","v":250},{"$f":"SUM(L7)","v":26.25},null,{"$f":"SUM(N7)","v":250},{"$f":"SUM(O7)","v":250},{"$f":"SUM(P7)","v":0},{"$f":"SUM(Q7)","v":13.125},null,{"$f":"SUM(S7)","v":0},{"$f":"SUM(T7)","v":0},{"$f":"SUM(U7)","v":0},{"$f":"SUM(V7)","v":0},null,{"$f":"SUM(X7)","v":0},{"$f":"SUM(Y7)","v":0},{"$f":"SUM(Z7)","v":0},{"$f":"SUM(AA7)","v":0},null,{"$f":"SUM(AC7)","v":0},{"$f":"SUM(AD7)","v":0},{"$f":"SUM(AE7)","v":0},{"$f":"SUM(AF7)","v":0},null,{"$f":"SUM(AH7)","v":0},{"$f":"SUM(AI7)","v":0},{"$f":"SUM(AJ7)","v":0},{"$f":"SUM(AK7)","v":0},null,{"$f":"SUM(AM7)","v":0},{"$f":"SUM(AN7)","v":0},{"$f":"SUM(AO7)","v":0},{"$f":"SUM(AP7)","v":0},null,{"$f":"SUM(AR7)","v":0},{"$f":"SUM(AS7)","v":0},{"$f":"SUM(AT7)","v":0},{"$f":"SUM(AU7)","v":0},null,{"$f":"SUM(AW7)","v":0},{"$f":"SUM(AX7)","v":0},{"$f":"SUM(AY7)","v":0},{"$f":"SUM(AZ7)","v":0},null,{"$f":"SUM(BB7)","v":0},{"$f":"SUM(BC7)","v":0},{"$f":"SUM(BD7)","v":0},{"$f":"SUM(BE7)","v":0},null,{"$f":"SUM(BG7)","v":0},{"$f":"SUM(BH7)","v":0},{"$f":"SUM(BI7)","v":0},{"$f":"SUM(BJ7)","v":0},null,{"$f":"SUM(BL7)","v":0},{"$f":"SUM(BM7)","v":0},{"$f":"SUM(BN7)","v":0},{"$f":"SUM(BO7)","v":0},null,{"$f":"SUM(BQ7)","v":0},{"$f":"SUM(BR7)","v":0},{"$f":"SUM(BS7)","v":0},{"$f":"SUM(BT7)","v":0},null,{"$f":"SUM(BV7)","v":0},{"$f":"SUM(BW7)","v":0},{"$f":"SUM(BX7)","v":0},{"$f":"SUM(BY7)","v":0},null,{"$f":"SUM(CA7)","v":0},{"$f":"SUM(CB7)","v":0},{"$f":"SUM(CC7)","v":0},{"$f":"SUM(CD7)","v":0},null,{"$f":"SUM(CF7)","v":0},{"$f":"SUM(CG7)","v":0},{"$f":"SUM(CH7)","v":0},{"$f":"SUM(CI7)","v":0},null,{"$f":"SUM(CK7)","v":0},{"$f":"SUM(CL7)","v":0},{"$f":"SUM(CM7)","v":0},{"$f":"SUM(CN7)","v":0},null,{"$f":"SUM(CP7)","v":0},{"$f":"SUM(CQ7)","v":0},{"$f":"SUM(CR7)","v":0},{"$f":"SUM(CS7)","v":0}]
[]
["Term loans"]
["Secured loans from banks-1",0.09,null,0,{"$f":"+D11-F11","v":0},0,{"$f":"D11*$B11","v":0},null,{"$f":"+F11","v":0},{"$f":"+I11-K11","v":0},0,{"$f":"(I11+K11)/2*$B11","v":0},null,{"$f":"+K11","v":0},{"$f":"+N11-P11","v":-1317.556},{"$f":"450+867.556","v":1317.556},{"$f":"(N11+P11)/2*$B11","v":59.290019999999998},null,{"$f":"+P11","v":1317.556},{"$f":"S11-U11","v":0},1317.556,{"$f":"(S11+U11)/2*$B11","v":118.58004},null,{"$f":"+U11","v":1317.556},{"$f":"X11-Z11","v":-332.44399999999996},{"$f":"750+900","v":1650},{"$f":"(X11+Z11)/2*$B11","v":133.54002},null,{"$f":"+Z11","v":1650},{"$f":"AC11-AE11","v":0},{"$f":"750+900","v":1650},{"$f":"(AC11+AE11)/2*$B11","v":148.5},null,{"$f":"+AE11","v":1650},{"$f":"AH11-AJ11","v":-557.90000000000009},2207.9,{"$f":"(AH11+AJ11)/2*$B11","v":173.60550000000001},null,{"$f":"+AJ11","v":2207.9},{"$f":"AM11-AO11","v":-1498.2999999999997},3706.2,311.61900000000003,null,{"$f":"+AO11","v":3706.2},{"$f":"AR11-AT11","v":581.19999999999982},3125,295.10000000000002,null,{"$f":"+AT11","v":3125},{"$f":"AW11-AY11","v":2.5},3122.5,{"$f":"(AW11+AY11)/2*$B11","v":281.13749999999999},null,{"$f":"+AY11","v":3122.5},0,{"$f":"+BB11-BC11","v":3122.5},{"$f":"(BB11+BD11)/2*$B11","v":281.02499999999998},null,{"$f":"+BD11","v":3122.5},0,{"$f":"+BG11-BH11","v":3122.5},{"$f":"(BG11+BI11)/2*$B11","v":281.02499999999998},null,{"$f":"+BI11","v":3122.5},0,{"$f":"+BL11-BM11","v":3122.5},{"$f":"(BL11+BN11)/2*$B11","v":281.02499999999998},null,{"$f":"+BN11","v":3122.5},0,{"$f":"+BQ11-BR11","v":3122.5},{"$f":"(BQ11+BS11)/2*$B11","v":281.02499999999998},null,{"$f":"+BS11","v":3122.5},0,{"$f":"+BV11-BW11","v":3122.5},{"$f":"(BV11+BX11)/2*$B11","v":281.02499999999998},null,{"$f":"+BX11","v":3122.5},0,{"$f":"+CA11-CB11","v":3122.5},{"$f":"(CA11+CC11)/2*$B11","v":281.02499999999998},null,{"$f":"+CC11","v":3122.5},0,{"$f":"+CF11-CG11","v":3122.5},{"$f":"(CF11+CH11)/2*$B11","v":281.02499999999998},null,{"$f":"+CH11","v":3122.5},0,{"$f":"+CK11-CL11","v":3122.5},{"$f":"(CK11+CM11)/2*$B11","v":281.02499999999998},null,{"$f":"+CM11","v":3122.5},0,{"$f":"+CP11-CQ11","v":3122.5},{"$f":"(CP11+CR11)/2*$B11","v":281.02499999999998}]
["Secured loans from banks-2",0.08,null,0,0,0,null,null,{"$f":"+F12","v":0},0,0,{"$f":"(I12+K12)/2*$B12","v":0},null,{"$f":"+K12","v":0},-343.69200000000001,343.69200000000001,{"$f":"(N12+P12)/2*$B12","v":13.747680000000001},null,{"$f":"+P12","v":343.69200000000001},0,344.83199999999999,{"$f":"(S12+U12)/2*$B12","v":27.540960000000002},null,{"$f":"+U12","v":344.83199999999999},{"$f":"X12-Z12","v":344.83199999999999},0,{"$f":"(X12+Z12)/2*$B12","v":13.793279999999999},null,{"$f":"+Z12","v":0},{"$f":"+AC12","v":0},{"$f":"+AC12-AD12","v":0},{"$f":"(AC12+AE12)/2*$B12","v":0},null,{"$f":"+AE12","v":0},null,null,{"$f":"(AH12+AJ12)/2*$B12","v":0},null,{"$f":"+AJ12","v":0},null,null,{"$f":"(AM12+AO12)/2*$B12","v":0},null,{"$f":"+AO12","v":0},null,null,{"$f":"(AR12+AT12)/2*$B12","v":0},null,{"$f":"+AT12","v":0},null,null,0,null,{"$f":"+AY12","v":0},null,null,0,null,{"$f":"+BD12","v":0},null,null,0,null,{"$f":"+BI12","v":0},null,null,0,null,{"$f":"+BN12","v":0},null,null,0,null,{"$f":"+BS12","v":0},null,null,0,null,{"$f":"+BX12","v":0},null,null,0,null,{"$f":"+CC12","v":0},null,null,0,null,{"$f":"+CH12","v":0},null,null,0,null,{"$f":"+CM12","v":0},null,null,0]
["Financial institutions",7.4999999999999997E-2,null,0,0,0,{"$f":"(F13+D13)/2*$B13","v":0},null,0,0,0,0,null,0,0,0,0,null,0,0,{"$f":"+S13-T13","v":0},0,null,0,0,{"$f":"+X13-Y13","v":0},0,null,0,{"$f":"+AC13","v":0},0,0,null,0,{"$f":"+AH13","v":0},{"$f":"+AH13-AI13","v":0},0,null,{"$f":"+AJ13","v":0},{"$f":"+AM13","v":0},{"$f":"+AM13-AN13","v":0},0,null,{"$f":"+AO13","v":0},{"$f":"+AR13","v":0},{"$f":"+AR13-AS13","v":0},0,null,{"$f":"+AT13","v":0},{"$f":"+AW13","v":0},{"$f":"+AW13-AX13","v":0},0,null,{"$f":"+AY13","v":0},{"$f":"+BB13","v":0},{"$f":"+BB13-BC13","v":0},0,null,{"$f":"+BD13","v":0},{"$f":"+BG13","v":0},{"$f":"+BG13-BH13","v":0},0,null,{"$f":"+BI13","v":0},{"$f":"+BL13","v":0},{"$f":"+BL13-BM13","v":0},0,null,{"$f":"+BN13","v":0},{"$f":"+BQ13","v":0},{"$f":"+BQ13-BR13","v":0},0,null,{"$f":"+BS13","v":0},{"$f":"+BV13","v":0},{"$f":"+BV13-BW13","v":0},0,null,{"$f":"+BX13","v":0},{"$f":"+CA13","v":0},{"$f":"+CA13-CB13","v":0},0,null,{"$f":"+CC13","v":0},{"$f":"+CF13","v":0},{"$f":"+CF13-CG13","v":0},0,null,{"$f":"+CH13","v":0},{"$f":"+CK13","v":0},{"$f":"+CK13-CL13","v":0},0,null,{"$f":"+CM13","v":0},{"$f":"+CP13","v":0},{"$f":"+CP13-CQ13","v":0},0]
["FC loan from CBI",7.4999999999999997E-2,null,147.09700000000001,67.575000000000003,79.522000000000006,null,null,79.522000000000006,79.522000000000006,0,2.982075,null,0,0,0,0,null,0,0,{"$f":"+S14-T14","v":0},0,null,0,0,{"$f":"+X14-Y14","v":0},0,null,0,0,0,0,null,{"$f":"+AE14","v":0},0,{"$f":"+AH14-AI14","v":0},{"$f":"(AH14+AJ14)/2*$B14","v":0},null,{"$f":"+AJ14","v":0},0,{"$f":"+AM14-AN14","v":0},0,null,{"$f":"+AO14","v":0},0,{"$f":"+AR14-AS14","v":0},0,null,{"$f":"+AT14","v":0},0,{"$f":"+AW14-AX14","v":0},0,null,{"$f":"+AY14","v":0},0,{"$f":"+BB14-BC14","v":0},0,null,{"$f":"+BD14","v":0},0,{"$f":"+BG14-BH14","v":0},0,null,{"$f":"+BI14","v":0},0,{"$f":"+BL14-BM14","v":0},0,null,{"$f":"+BN14","v":0},0,{"$f":"+BQ14-BR14","v":0},0,null,{"$f":"+BS14","v":0},0,{"$f":"+BV14-BW14","v":0},0,null,{"$f":"+BX14","v":0},0,{"$f":"+CA14-CB14","v":0},0,null,{"$f":"+CC14","v":0},0,{"$f":"+CF14-CG14","v":0},0,null,{"$f":"+CH14","v":0},0,{"$f":"+CK14-CL14","v":0},0,null,{"$f":"+CM14","v":0},0,{"$f":"+CP14-CQ14","v":0},0]
["INR loan from CBI",7.4999999999999997E-2,null,null,-500,500,null,null,500,0,500,37.5,null,500,500,0,18.75,null,0,0,{"$f":"+S15-T15","v":0},0,null,0,0,{"$f":"+X15-Y15","v":0},0,null,0,0,0,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0]
["INR loan from Corp bank",7.4999999999999997E-2,null,null,-200.22,200.22,null,null,200.22,33,167.22,13.779,null,167.22,167.22,0,6.2707499999999996,null,0,0,{"$f":"+S16-T16","v":0},0,null,0,0,{"$f":"+X16-Y16","v":0},0,null,0,0,0,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0,null,null,null,null,0]
["Others",7.4999999999999997E-2,null,19.167000000000002,3.8070000000000022,15.36,null,null,15.36,15.36,0,0.57599999999999996,null,0,0,null,0,null,0,0,{"$f":"+S17-T17","v":0},0,null,0,0,{"$f":"+X17-Y17","v":0},0,null,0,0,0,0,null,0,null,null,0,null,{"$f":"+AJ17","v":0},null,null,0,null,{"$f":"+AO17","v":0},null,null,0,null,{"$f":"+AT17","v":0},null,null,0,null,{"$f":"+AY17","v":0},null,null,0,null,{"$f":"+BD17","v":0},null,null,0,null,{"$f":"+BI17","v":0},null,null,0,null,{"$f":"+BN17","v":0},null,null,0,null,{"$f":"+BS17","v":0},null,null,0,null,{"$f":"+BX17","v":0},null,null,0,null,{"$f":"+CC17","v":0},null,null,0,null,{"$f":"+CH17","v":0},null,null,0,null,{"$f":"+CM17","v":0},null,null,0]
["Total",null,null,{"$f":"SUM(D11:D17)","v":166.26400000000001},{"$f":"SUM(E11:E17)","v":-628.83799999999997},{"$f":"SUM(F11:F17)","v":795.10200000000009},{"$f":"SUM(G11:G17)","v":0},null,{"$f":"SUM(I11:I17)","v":795.10200000000009},{"$f":"SUM(J11:J17)","v":127.88200000000001},{"$f":"SUM(K11:K17)","v":667.22},{"$f":"SUM(L11:L17)","v":54.837075000000006},null,{"$f":"SUM(N11:N17)","v":667.22},{"$f":"SUM(O11:O17)","v":-994.02800000000002},{"$f":"SUM(P11:P17)","v":1661.248},{"$f":"SUM(Q11:Q17)","v":98.058449999999993},null,{"$f":"SUM(S11:S17)","v":1661.248},{"$f":"SUM(T11:T17)","v":0},{"$f":"SUM(U11:U17)","v":1662.3879999999999},{"$f":"SUM(V11:V17)","v":146.12100000000001},null,{"$f":"SUM(X11:X17)","v":1662.3879999999999},{"$f":"SUM(Y11:Y17)","v":12.388000000000034},{"$f":"SUM(Z11:Z17)","v":1650},{"$f":"SUM(AA11:AA17)","v":147.33330000000001},null,{"$f":"SUM(AC11:AC17)","v":1650},{"$f":"SUM(AD11:AD17)","v":0},{"$f":"SUM(AE11:AE17)","v":1650},{"$f":"SUM(AF11:AF17)","v":148.5},null,{"$f":"SUM(AH11:AH17)","v":1650},{"$f":"SUM(AI11:AI17)","v":-557.90000000000009},{"$f":"SUM(AJ11:AJ17)","v":2207.9},{"$f":"SUM(AK11:AK17)","v":173.60550000000001},null,{"$f":"SUM(AM11:AM17)","v":2207.9},{"$f":"SUM(AN11:AN17)","v":-1498.2999999999997},{"$f":"SUM(AO11:AO17)","v":3706.2},{"$f":"SUM(AP11:AP17)","v":311.61900000000003},null,{"$f":"SUM(AR11:AR17)","v":3706.2},{"$f":"SUM(AS11:AS17)","v":581.19999999999982},{"$f":"SUM(AT11:AT17)","v":3125},{"$f":"SUM(AU11:AU17)","v":295.10000000000002},null,{"$f":"SUM(AW11:AW17)","v":3125},{"$f":"SUM(AX11:AX17)","v":2.5},{"$f":"SUM(AY11:AY17)","v":3122.5},{"$f":"SUM(AZ11:AZ17)","v":281.13749999999999},null,{"$f":"SUM(BB11:BB17)","v":3122.5},{"$f":"SUM(BC11:BC17)","v":0},{"$f":"SUM(BD11:BD17)","v":3122.5},{"$f":"SUM(BE11:BE17)","v":281.02499999999998},null,{"$f":"SUM(BG11:BG17)","v":3122.5},{"$f":"SUM(BH11:BH17)","v":0},{"$f":"SUM(BI11:BI17)","v":3122.5},{"$f":"SUM(BJ11:BJ17)","v":281.02499999999998},null,{"$f":"SUM(BL11:BL17)","v":3122.5},{"$f":"SUM(BM11:BM17)","v":0},{"$f":"SUM(BN11:BN17)","v":3122.5},{"$f":"SUM(BO11:BO17)","v":281.02499999999998},null,{"$f":"SUM(BQ11:BQ17)","v":3122.5},{"$f":"SUM(BR11:BR17)","v":0},{"$f":"SUM(BS11:BS17)","v":3122.5},{"$f":"SUM(BT11:BT17)","v":281.02499999999998},null,{"$f":"SUM(BV11:BV17)","v":3122.5},{"$f":"SUM(BW11:BW17)","v":0},{"$f":"SUM(BX11:BX17)","v":3122.5},{"$f":"SUM(BY11:BY17)","v":281.02499999999998},null,{"$f":"SUM(CA11:CA17)","v":3122.5},{"$f":"SUM(CB11:CB17)","v":0},{"$f":"SUM(CC11:CC17)","v":3122.5},{"$f":"SUM(CD11:CD17)","v":281.02499999999998},null,{"$f":"SUM(CF11:CF17)","v":3122.5},{"$f":"SUM(CG11:CG17)","v":0},{"$f":"SUM(CH11:CH17)","v":3122.5},{"$f":"SUM(CI11:CI17)","v":281.02499999999998},null,{"$f":"SUM(CK11:CK17)","v":3122.5},{"$f":"SUM(CL11:CL17)","v":0},{"$f":"SUM(CM11:CM17)","v":3122.5},{"$f":"SUM(CN11:CN17)","v":281.02499999999998},null,{"$f":"SUM(CP11:CP17)","v":3122.5},{"$f":"SUM(CQ11:CQ17)","v":0},{"$f":"SUM(CR11:CR17)","v":3122.5},{"$f":"SUM(CS11:CS17)","v":281.02499999999998}]
[]
["Others"]
["Cash credit",7.0000000000000007E-2,null,612.69100000000003,{"$f":"+D21-F21","v":381.36500000000001},231.32599999999999,null,null,{"$f":"+F21","v":231.32599999999999},{"$f":"+I21-K21","v":150.32},81.006,{"$f":"(I21+K21)/2*$B21","v":10.931620000000001},null,{"$f":"+K21","v":81.006},{"$f":"+N21-P21","v":-123.69300000000001},204.69900000000001,{"$f":"(N21+P21)/2*$B21","v":9.9996750000000016},null,{"$f":"+P21","v":204.69900000000001},{"$f":"S21-U21","v":151.96300000000002},52.735999999999997,{"$f":"(S21+U21)/2*$B21","v":9.0102250000000002},null,{"$f":"+U21","v":52.735999999999997},{"$f":"X21-Z21","v":7.009999999999998},45.725999999999999,{"$f":"(X21+Z21)/2*$B21","v":3.44617},null,{"$f":"+Z21","v":45.725999999999999},{"$f":"AC21-AE21","v":45.725999999999999},0,{"$f":"(AC21+AE21)/2*$B21","v":1.6004100000000001},null,{"$f":"+AE21","v":0},{"$f":"AH21","v":0},{"$f":"+AH21-AI21","v":0},7.1,null,{"$f":"+AJ21","v":0},{"$f":"AM21","v":0},{"$f":"+AM21-AN21","v":0},{"$f":"(AM21+AO21)/2*$B21","v":0},null,{"$f":"+AO21","v":0},0,{"$f":"+AR21-AS21","v":0},{"$f":"(AR21+AT21)/2*$B21","v":0},null,{"$f":"+AT21","v":0},0,{"$f":"+AW21-AX21","v":0},{"$f":"(AW21+AY21)/2*$B21","v":0},null,{"$f":"+AY21","v":0},0,{"$f":"+BB21-BC21","v":0},{"$f":"(BB21+BD21)/2*$B21","v":0},null,{"$f":"+BD21","v":0},0,{"$f":"+BG21-BH21","v":0},{"$f":"(BG21+BI21)/2*$B21","v":0},null,{"$f":"+BI21","v":0},0,{"$f":"+BL21-BM21","v":0},{"$f":"(BL21+BN21)/2*$B21","v":0},null,{"$f":"+BN21","v":0},0,{"$f":"+BQ21-BR21","v":0},{"$f":"(BQ21+BS21)/2*$B21","v":0},null,{"$f":"+BS21","v":0},0,{"$f":"+BV21-BW21","v":0},{"$f":"(BV21+BX21)/2*$B21","v":0},null,{"$f":"+BX21","v":0},0,{"$f":"+CA21-CB21","v":0},{"$f":"(CA21+CC21)/2*$B21","v":0},null,{"$f":"+CC21","v":0},0,{"$f":"+CF21-CG21","v":0},{"$f":"(CF21+CH21)/2*$B21","v":0},null,{"$f":"+CH21","v":0},0,{"$f":"+CK21-CL21","v":0},{"$f":"(CK21+CM21)/2*$B21","v":0},null,{"$f":"+CM21","v":0},0,{"$f":"+CP21-CQ21","v":0},{"$f":"(CP21+CR21)/2*$B21","v":0}]
["Interest accrued and due",7.0000000000000007E-2,null,0,{"$f":"+D22-F22","v":-21.161999999999999},21.161999999999999,null,null,{"$f":"+F22","v":21.161999999999999},{"$f":"+I22-K22","v":8.2079999999999984},12.954000000000001,{"$f":"(I22+K22)/2*$B22","v":1.1940600000000001},null,{"$f":"+K22","v":12.954000000000001},{"$f":"+N22-P22","v":3.4930000000000003},9.4610000000000003,{"$f":"(N22+P22)/2*$B22","v":0.78452500000000003},null,{"$f":"+P22","v":9.4610000000000003},{"$f":"S22-U22","v":8.58},0.88100000000000001,{"$f":"(S22+U22)/2*$B22","v":0.36197000000000007},null,{"$f":"+U22","v":0.88100000000000001},{"$f":"X22","v":0.88100000000000001},{"$f":"+X22-Y22","v":0},{"$f":"(X22+Z22)/2*$B22","v":3.0835000000000005E-2},null,{"$f":"+Z22","v":0},{"$f":"AC22","v":0},{"$f":"+AC22-AD22","v":0},{"$f":"(AC22+AE22)/2*$B22","v":0},null,{"$f":"+AE22","v":0},0,{"$f":"+AH22-AI22","v":0},{"$f":"(AH22+AJ22)/2*$B22","v":0},null,{"$f":"+AJ22","v":0},0,{"$f":"+AM22-AN22","v":0},{"$f":"(AM22+AO22)/2*$B22","v":0},null,{"$f":"+AO22","v":0},0,{"$f":"+AR22-AS22","v":0},{"$f":"(AR22+AT22)/2*$B22","v":0},null,{"$f":"+AT22","v":0},0,{"$f":"+AW22-AX22","v":0},{"$f":"(AW22+AY22)/2*$B22","v":0},null,{"$f":"+AY22","v":0},0,{"$f":"+BB22-BC22","v":0},{"$f":"(BB22+BD22)/2*$B22","v":0},null,{"$f":"+BD22","v":0},0,{"$f":"+BG22-BH22","v":0},{"$f":"(BG22+BI22)/2*$B22","v":0},null,{"$f":"+BI22","v":0},0,{"$f":"+BL22-BM22","v":0},{"$f":"(BL22+BN22)/2*$B22","v":0},null,{"$f":"+BN22","v":0},0,{"$f":"+BQ22-BR22","v":0},{"$f":"(BQ22+BS22)/2*$B22","v":0},null,{"$f":"+BS22","v":0},0,{"$f":"+BV22-BW22","v":0},{"$f":"(BV22+BX22)/2*$B22","v":0},null,{"$f":"+BX22","v":0},0,{"$f":"+CA22-CB22","v":0},{"$f":"(CA22+CC22)/2*$B22","v":0},null,{"$f":"+CC22","v":0},0,{"$f":"+CF22-CG22","v":0},{"$f":"(CF22+CH22)/2*$B22","v":0},null,{"$f":"+CH22","v":0},0,{"$f":"+CK22-CL22","v":0},{"$f":"(CK22+CM22)/2*$B22","v":0},null,{"$f":"+CM22","v":0},0,{"$f":"+CP22-CQ22","v":0},{"$f":"(CP22+CR22)/2*$B22","v":0}]
["Total",null,null,{"$f":"SUM(D21:D22)","v":612.69100000000003},{"$f":"SUM(E21:E22)","v":360.20300000000003},{"$f":"SUM(F21:F22)","v":252.488},{"$f":"SUM(G21:G22)","v":0},null,{"$f":"SUM(I21:I22)","v":252.488},{"$f":"SUM(J21:J22)","v":158.52799999999999},{"$f":"SUM(K21:K22)","v":93.960000000000008},{"$f":"SUM(L21:L22)","v":12.125680000000001},null,{"$f":"SUM(N21:N22)","v":93.960000000000008},{"$f":"SUM(O21:O22)","v":-120.20000000000002},{"$f":"SUM(P21:P22)","v":214.16000000000003},{"$f":"SUM(Q21:Q22)","v":10.784200000000002},null,{"$f":"SUM(S21:S22)","v":214.16000000000003},{"$f":"SUM(T21:T22)","v":160.54300000000003},{"$f":"SUM(U21:U22)","v":53.616999999999997},{"$f":"SUM(V21:V22)","v":9.3721949999999996},null,{"$f":"SUM(X21:X22)","v":53.616999999999997},{"$f":"SUM(Y21:Y22)","v":7.8909999999999982},{"$f":"SUM(Z21:Z22)","v":45.725999999999999},{"$f":"SUM(AA21:AA22)","v":3.4770050000000001},null,{"$f":"SUM(AC21:AC22)","v":45.725999999999999},{"$f":"SUM(AD21:AD22)","v":45.725999999999999},{"$f":"SUM(AE21:AE22)","v":0},{"$f":"SUM(AF21:AF22)","v":1.6004100000000001},null,{"$f":"SUM(AH21:AH22)","v":0},{"$f":"SUM(AI21:AI22)","v":0},{"$f":"SUM(AJ21:AJ22)","v":0},{"$f":"SUM(AK21:AK22)","v":7.1},null,{"$f":"SUM(AM21:AM22)","v":0},{"$f":"SUM(AN21:AN22)","v":0},{"$f":"SUM(AO21:AO22)","v":0},{"$f":"SUM(AP21:AP22)","v":0},null,{"$f":"SUM(AR21:AR22)","v":0},{"$f":"SUM(AS21:AS22)","v":0},{"$f":"SUM(AT21:AT22)","v":0},{"$f":"SUM(AU21:AU22)","v":0},null,{"$f":"SUM(AW21:AW22)","v":0},{"$f":"SUM(AX21:AX22)","v":0},{"$f":"SUM(AY21:AY22)","v":0},{"$f":"SUM(AZ21:AZ22)","v":0},null,{"$f":"SUM(BB21:BB22)","v":0},{"$f":"SUM(BC21:BC22)","v":0},{"$f":"SUM(BD21:BD22)","v":0},{"$f":"SUM(BE21:BE22)","v":0},null,{"$f":"SUM(BG21:BG22)","v":0},{"$f":"SUM(BH21:BH22)","v":0},{"$f":"SUM(BI21:BI22)","v":0},{"$f":"SUM(BJ21:BJ22)","v":0},null,{"$f":"SUM(BL21:BL22)","v":0},{"$f":"SUM(BM21:BM22)","v":0},{"$f":"SUM(BN21:BN22)","v":0},{"$f":"SUM(BO21:BO22)","v":0},null,{"$f":"SUM(BQ21:BQ22)","v":0},{"$f":"SUM(BR21:BR22)","v":0},{"$f":"SUM(BS21:BS22)","v":0},{"$f":"SUM(BT21:BT22)","v":0},null,{"$f":"SUM(BV21:BV22)","v":0},{"$f":"SUM(BW21:BW22)","v":0},{"$f":"SUM(BX21:BX22)","v":0},{"$f":"SUM(BY21:BY22)","v":0},null,{"$f":"SUM(CA21:CA22)","v":0},{"$f":"SUM(CB21:CB22)","v":0},{"$f":"SUM(CC21:CC22)","v":0},{"$f":"SUM(CD21:CD22)","v":0},null,{"$f":"SUM(CF21:CF22)","v":0},{"$f":"SUM(CG21:CG22)","v":0},{"$f":"SUM(CH21:CH22)","v":0},{"$f":"SUM(CI21:CI22)","v":0},null,{"$f":"SUM(CK21:CK22)","v":0},{"$f":"SUM(CL21:CL22)","v":0},{"$f":"SUM(CM21:CM22)","v":0},{"$f":"SUM(CN21:CN22)","v":0},null,{"$f":"SUM(CP21:CP22)","v":0},{"$f":"SUM(CQ21:CQ22)","v":0},{"$f":"SUM(CR21:CR22)","v":0},{"$f":"SUM(CS21:CS22)","v":0}]
[]
["Unsecured Loans"]
["Commercial paper",7.0000000000000007E-2,null,50,{"$f":"+D26-F26","v":50},0,{"$f":"(F26+D26)/2*$B26","v":1.7500000000000002},null,{"$f":"+F26","v":0},{"$f":"+I26-K26","v":0},0,{"$f":"(I26+K26)/2*$B26","v":0},null,{"$f":"+K26","v":0},{"$f":"+N26-P26","v":0},0,{"$f":"(N26+P26)/2*$B26","v":0},null,{"$f":"+P26","v":0},{"$f":"S26-U26","v":0},0,{"$f":"(S26+U26)/2*$B26","v":0},null,{"$f":"+U26","v":0},0,{"$f":"+X26-Y26","v":0},{"$f":"(X26+Z26)/2*$B26","v":0},null,{"$f":"+Z26","v":0},0,{"$f":"+AC26-AD26","v":0},{"$f":"(AC26+AE26)/2*$B26","v":0},null,{"$f":"+AE26","v":0},0,{"$f":"+AH26-AI26","v":0},{"$f":"(AH26+AJ26)/2*$B26","v":0},null,{"$f":"+AJ26","v":0},0,{"$f":"+AM26-AN26","v":0},{"$f":"(AM26+AO26)/2*$B26","v":0},null,{"$f":"+AO26","v":0},0,{"$f":"+AR26-AS26","v":0},{"$f":"(AR26+AT26)/2*$B26","v":0},null,{"$f":"+AT26","v":0},0,{"$f":"+AW26-AX26","v":0},{"$f":"(AW26+AY26)/2*$B26","v":0},null,{"$f":"+AY26","v":0},0,{"$f":"+BB26-BC26","v":0},{"$f":"(BB26+BD26)/2*$B26","v":0},null,{"$f":"+BD26","v":0},0,{"$f":"+BG26-BH26","v":0},{"$f":"(BG26+BI26)/2*$B26","v":0},null,{"$f":"+BI26","v":0},0,{"$f":"+BL26-BM26","v":0},{"$f":"(BL26+BN26)/2*$B26","v":0},null,{"$f":"+BN26","v":0},0,{"$f":"+BQ26-BR26","v":0},{"$f":"(BQ26+BS26)/2*$B26","v":0},null,{"$f":"+BS26","v":0},0,{"$f":"+BV26-BW26","v":0},{"$f":"(BV26+BX26)/2*$B26","v":0},null,{"$f":"+BX26","v":0},0,{"$f":"+CA26-CB26","v":0},{"$f":"(CA26+CC26)/2*$B26","v":0},null,{"$f":"+CC26","v":0},0,{"$f":"+CF26-CG26","v":0},{"$f":"(CF26+CH26)/2*$B26","v":0},null,{"$f":"+CH26","v":0},0,{"$f":"+CK26-CL26","v":0},{"$f":"(CK26+CM26)/2*$B26","v":0},null,{"$f":"+CM26","v":0},0,{"$f":"+CP26-CQ26","v":0},{"$f":"(CP26+CR26)/2*$B26","v":0}]
["Fixed deposits",7.0000000000000007E-2,null,138.63800000000001,{"$f":"+D27-F27","v":-1.5629999999999882},140.20099999999999,null,null,{"$f":"+F27","v":140.20099999999999},{"$f":"+I27-K27","v":-22.695999999999998},162.89699999999999,{"$f":"(I27+K27)/2*$B27","v":10.60843},null,{"$f":"+K27","v":162.89699999999999},{"$f":"+N27-P27","v":162.89699999999999},0,{"$f":"(N27+P27)/2*$B27","v":5.7013950000000007},null,{"$f":"+P27","v":0},{"$f":"S27-U27","v":0},0,{"$f":"(S27+U27)/2*$B27","v":0},null,{"$f":"+U27","v":0},{"$f":"SUM(Y26:Y26)","v":0},{"$f":"SUM(Z26:Z26)","v":0},{"$f":"(X27+Z27)/2*$B27","v":0},null,{"$f":"+Z27","v":0},{"$f":"AC27-AE27","v":-7.55},7.55,{"$f":"(AC27+AE27)/2*$B27","v":0.26425000000000004},null,{"$f":"+AE27","v":7.55},{"$f":"AH27-AJ27","v":-15.219999999999999},22.77,{"$f":"(AH27+AJ27)/2*$B27","v":1.0612000000000001},null,{"$f":"+AJ27","v":22.77},{"$f":"SUM(AN26:AN26)","v":0},{"$f":"SUM(AO26:AO26)","v":0},{"$f":"(AM27+AO27)/2*$B27","v":0.79695000000000005},null,{"$f":"+AO27","v":0},{"$f":"SUM(AS26:AS26)","v":0},{"$f":"SUM(AT26:AT26)","v":0},{"$f":"(AR27+AT27)/2*$B27","v":0},null,{"$f":"+AT27","v":0},{"$f":"SUM(AX26:AX26)","v":0},{"$f":"SUM(AY26:AY26)","v":0},{"$f":"(AW27+AY27)/2*$B27","v":0},null,{"$f":"+AY27","v":0},{"$f":"SUM(BC26:BC26)","v":0},{"$f":"SUM(BD26:BD26)","v":0},{"$f":"(BB27+BD27)/2*$B27","v":0},null,{"$f":"+BD27","v":0},{"$f":"SUM(BH26:BH26)","v":0},{"$f":"SUM(BI26:BI26)","v":0},{"$f":"(BG27+BI27)/2*$B27","v":0},null,{"$f":"+BI27","v":0},{"$f":"SUM(BM26:BM26)","v":0},{"$f":"SUM(BN26:BN26)","v":0},{"$f":"(BL27+BN27)/2*$B27","v":0},null,{"$f":"+BN27","v":0},{"$f":"SUM(BR26:BR26)","v":0},{"$f":"SUM(BS26:BS26)","v":0},{"$f":"(BQ27+BS27)/2*$B27","v":0},null,{"$f":"+BS27","v":0},{"$f":"SUM(BW26:BW26)","v":0},{"$f":"SUM(BX26:BX26)","v":0},{"$f":"(BV27+BX27)/2*$B27","v":0},null,{"$f":"+BX27","v":0},{"$f":"SUM(CB26:CB26)","v":0},{"$f":"SUM(CC26:CC26)","v":0},{"$f":"(CA27+CC27)/2*$B27","v":0},null,{"$f":"+CC27","v":0},{"$f":"SUM(CG26:CG26)","v":0},{"$f":"SUM(CH26:CH26)","v":0},{"$f":"(CF27+CH27)/2*$B27","v":0},null,{"$f":"+CH27","v":0},{"$f":"SUM(CL26:CL26)","v":0},{"$f":"SUM(CM26:CM26)","v":0},{"$f":"(CK27+CM27)/2*$B27","v":0},null,{"$f":"+CM27","v":0},{"$f":"SUM(CQ26:CQ26)","v":0},{"$f":"SUM(CR26:CR26)","v":0},{"$f":"(CP27+CR27)/2*$B27","v":0}]
["Interest accrued and due",7.0000000000000007E-2,null,1.4E-2,{"$f":"+D28-F28","v":1.4E-2},0,null,null,null,{"$f":"+I28-K28","v":0},null,{"$f":"(I28+K28)/2*$B28","v":0},null,null,{"$f":"+N28-P28","v":0},null,{"$f":"(N28+P28)/2*$B28","v":0},null,{"$f":"+P28","v":0},{"$f":"S28-U28","v":0},0,{"$f":"(S28+U28)/2*$B28","v":0},null,{"$f":"+U28","v":0},{"$f":"SUM(Y27:Y27)","v":0},{"$f":"SUM(Z27:Z27)","v":0},{"$f":"(X28+Z28)/2*$B28","v":0},null,{"$f":"+Z28","v":0},0,0,{"$f":"(AC28+AE28)/2*$B28","v":0},null,{"$f":"+AE28","v":0},0,{"$f":"+AH28-AI28","v":0},{"$f":"(AH28+AJ28)/2*$B28","v":0},null,{"$f":"+AJ28","v":0},{"$f":"SUM(AN27:AN27)","v":0},{"$f":"SUM(AO27:AO27)","v":0},{"$f":"(AM28+AO28)/2*$B28","v":0},null,{"$f":"+AO28","v":0},{"$f":"SUM(AS27:AS27)","v":0},{"$f":"SUM(AT27:AT27)","v":0},{"$f":"(AR28+AT28)/2*$B28","v":0},null,{"$f":"+AT28","v":0},{"$f":"SUM(AX27:AX27)","v":0},{"$f":"SUM(AY27:AY27)","v":0},{"$f":"(AW28+AY28)/2*$B28","v":0},null,{"$f":"+AY28","v":0},{"$f":"SUM(BC27:BC27)","v":0},{"$f":"SUM(BD27:BD27)","v":0},{"$f":"(BB28+BD28)/2*$B28","v":0},null,{"$f":"+BD28","v":0},{"$f":"SUM(BH27:BH27)","v":0},{"$f":"SUM(BI27:BI27)","v":0},{"$f":"(BG28+BI28)/2*$B28","v":0},null,{"$f":"+BI28","v":0},{"$f":"SUM(BM27:BM27)","v":0},{"$f":"SUM(BN27:BN27)","v":0},{"$f":"(BL28+BN28)/2*$B28","v":0},null,{"$f":"+BN28","v":0},{"$f":"SUM(BR27:BR27)","v":0},{"$f":"SUM(BS27:BS27)","v":0},{"$f":"(BQ28+BS28)/2*$B28","v":0},null,{"$f":"+BS28","v":0},{"$f":"SUM(BW27:BW27)","v":0},{"$f":"SUM(BX27:BX27)","v":0},{"$f":"(BV28+BX28)/2*$B28","v":0},null,{"$f":"+BX28","v":0},{"$f":"SUM(CB27:CB27)","v":0},{"$f":"SUM(CC27:CC27)","v":0},{"$f":"(CA28+CC28)/2*$B28","v":0},null,{"$f":"+CC28","v":0},{"$f":"SUM(CG27:CG27)","v":0},{"$f":"SUM(CH27:CH27)","v":0},{"$f":"(CF28+CH28)/2*$B28","v":0},null,{"$f":"+CH28","v":0},{"$f":"SUM(CL27:CL27)","v":0},{"$f":"SUM(CM27:CM27)","v":0},{"$f":"(CK28+CM28)/2*$B28","v":0},null,{"$f":"+CM28","v":0},{"$f":"SUM(CQ27:CQ27)","v":0},{"$f":"SUM(CR27:CR27)","v":0},{"$f":"(CP28+CR28)/2*$B28","v":0}]
["Total",null,null,{"$f":"+SUM(D26:D28)","v":188.65200000000002},{"$f":"+SUM(E26:E28)","v":48.451000000000015},{"$f":"+SUM(F26:F28)","v":140.20099999999999},{"$f":"+SUM(G26:G28)","v":1.7500000000000002},null,{"$f":"+SUM(I26:I28)","v":140.20099999999999},{"$f":"+SUM(J26:J28)","v":-22.695999999999998},{"$f":"+SUM(K26:K28)","v":162.89699999999999},{"$f":"+SUM(L26:L28)","v":10.60843},null,{"$f":"+SUM(N26:N28)","v":162.89699999999999},{"$f":"+SUM(O26:O28)","v":162.89699999999999},{"$f":"+SUM(P26:P28)","v":0},{"$f":"+SUM(Q26:Q28)","v":5.7013950000000007},null,{"$f":"+SUM(S26:S28)","v":0},{"$f":"+SUM(T26:T28)","v":0},{"$f":"+SUM(U26:U28)","v":0},{"$f":"+SUM(V26:V28)","v":0},null,{"$f":"+SUM(X26:X28)","v":0},{"$f":"+SUM(Y26:Y28)","v":0},{"$f":"+SUM(Z26:Z28)","v":0},{"$f":"+SUM(AA26:AA28)","v":0},null,{"$f":"+SUM(AC26:AC28)","v":0},{"$f":"+SUM(AD26:AD28)","v":-7.55},{"$f":"+SUM(AE26:AE28)","v":7.55},{"$f":"+SUM(AF26:AF28)","v":0.26425000000000004},null,{"$f":"+SUM(AH26:AH28)","v":7.55},{"$f":"+SUM(AI26:AI28)","v":-15.219999999999999},{"$f":"+SUM(AJ26:AJ28)","v":22.77},{"$f":"+SUM(AK26:AK28)+30","v":31.061199999999999},null,{"$f":"+SUM(AM26:AM28)","v":22.77},{"$f":"+SUM(AN26:AN28)","v":0},{"$f":"+SUM(AO26:AO28)","v":0},{"$f":"+SUM(AP26:AP28)","v":0.79695000000000005},null,{"$f":"+SUM(AR26:AR28)","v":0},{"$f":"+SUM(AS26:AS28)","v":0},{"$f":"+SUM(AT26:AT28)","v":0},{"$f":"+SUM(AU26:AU28)","v":0},null,{"$f":"+SUM(AW26:AW28)","v":0},{"$f":"+SUM(AX26:AX28)","v":0},{"$f":"+SUM(AY26:AY28)","v":0},{"$f":"+SUM(AZ26:AZ28)","v":0},null,{"$f":"+SUM(BB26:BB28)","v":0},{"$f":"+SUM(BC26:BC28)","v":0},{"$f":"+SUM(BD26:BD28)","v":0},{"$f":"+SUM(BE26:BE28)","v":0},null,{"$f":"+SUM(BG26:BG28)","v":0},{"$f":"+SUM(BH26:BH28)","v":0},{"$f":"+SUM(BI26:BI28)","v":0},{"$f":"+SUM(BJ26:BJ28)","v":0},null,{"$f":"+SUM(BL26:BL28)","v":0},{"$f":"+SUM(BM26:BM28)","v":0},{"$f":"+SUM(BN26:BN28)","v":0},{"$f":"+SUM(BO26:BO28)","v":0},null,{"$f":"+SUM(BQ26:BQ28)","v":0},{"$f":"+SUM(BR26:BR28)","v":0},{"$f":"+SUM(BS26:BS28)","v":0},{"$f":"+SUM(BT26:BT28)","v":0},null,{"$f":"+SUM(BV26:BV28)","v":0},{"$f":"+SUM(BW26:BW28)","v":0},{"$f":"+SUM(BX26:BX28)","v":0},{"$f":"+SUM(BY26:BY28)","v":0},null,{"$f":"+SUM(CA26:CA28)","v":0},{"$f":"+SUM(CB26:CB28)","v":0},{"$f":"+SUM(CC26:CC28)","v":0},{"$f":"+SUM(CD26:CD28)","v":0},null,{"$f":"+SUM(CF26:CF28)","v":0},{"$f":"+SUM(CG26:CG28)","v":0},{"$f":"+SUM(CH26:CH28)","v":0},{"$f":"+SUM(CI26:CI28)","v":0},null,{"$f":"+SUM(CK26:CK28)","v":0},{"$f":"+SUM(CL26:CL28)","v":0},{"$f":"+SUM(CM26:CM28)","v":0},{"$f":"+SUM(CN26:CN28)","v":0},null,{"$f":"+SUM(CP26:CP28)","v":0},{"$f":"+SUM(CQ26:CQ28)","v":0},{"$f":"+SUM(CR26:CR28)","v":0},{"$f":"+SUM(CS26:CS28)","v":0}]
[]
["Total borrowings",null,null,{"$f":"D8+D18+D23+D29","v":967.60700000000008},{"$f":"E8+E18+E23+E29","v":-470.18399999999997},{"$f":"F8+F18+F23+F29","v":1437.7910000000002},{"$f":"G8+G18+G23+G29","v":28},null,{"$f":"I8+I18+I23+I29","v":1437.7910000000002},{"$f":"J8+J18+J23+J29","v":263.71399999999994},{"$f":"K8+K18+K23+K29","v":1174.077},{"$f":"L8+L18+L23+L29","v":103.821185},null,{"$f":"N8+N18+N23+N29","v":1174.077},{"$f":"O8+O18+O23+O29","v":-701.33100000000013},{"$f":"P8+P18+P23+P29","v":1875.4080000000001},{"$f":"Q8+Q18+Q23+Q29","v":127.669045},null,{"$f":"S8+S18+S23+S29","v":1875.4080000000001},{"$f":"T8+T18+T23+T29","v":160.54300000000003},{"$f":"U8+U18+U23+U29","v":1716.0049999999999},{"$f":"V8+V18+V23+V29","v":155.49319500000001},null,{"$f":"X8+X18+X23+X29","v":1716.0049999999999},{"$f":"Y8+Y18+Y23+Y29","v":20.279000000000032},{"$f":"Z8+Z18+Z23+Z29","v":1695.7260000000001},{"$f":"AA8+AA18+AA23+AA29","v":150.810305},null,{"$f":"AC8+AC18+AC23+AC29","v":1695.7260000000001},{"$f":"AD8+AD18+AD23+AD29","v":38.176000000000002},{"$f":"AE8+AE18+AE23+AE29","v":1657.55},{"$f":"AF8+AF18+AF23+AF29","v":150.36466000000001},null,{"$f":"AH8+AH18+AH23+AH29","v":1657.55},{"$f":"AI8+AI18+AI23+AI29","v":-573.12000000000012},{"$f":"AJ8+AJ18+AJ23+AJ29","v":2230.67},{"$f":"AK8+AK18+AK23+AK29","v":211.76670000000001},null,{"$f":"AM8+AM18+AM23+AM29","v":2230.67},{"$f":"AN8+AN18+AN23+AN29","v":-1498.2999999999997},{"$f":"AO8+AO18+AO23+AO29","v":3706.2},{"$f":"AP8+AP18+AP23+AP29","v":312.41595000000001},null,{"$f":"AR8+AR18+AR23+AR29","v":3706.2},{"$f":"AS8+AS18+AS23+AS29","v":581.19999999999982},{"$f":"AT8+AT18+AT23+AT29","v":3125},{"$f":"AU8+AU18+AU23+AU29","v":295.10000000000002},null,{"$f":"AW8+AW18+AW23+AW29","v":3125},{"$f":"AX8+AX18+AX23+AX29","v":2.5},{"$f":"AY8+AY18+AY23+AY29","v":3122.5},{"$f":"AZ8+AZ18+AZ23+AZ29","v":281.13749999999999},null,{"$f":"BB8+BB18+BB23+BB29","v":3122.5},{"$f":"BC8+BC18+BC23+BC29","v":0},{"$f":"BD8+BD18+BD23+BD29","v":3122.5},{"$f":"BE8+BE18+BE23+BE29","v":281.02499999999998},null,{"$f":"BG8+BG18+BG23+BG29","v":3122.5},{"$f":"BH8+BH18+BH23+BH29","v":0},{"$f":"BI8+BI18+BI23+BI29","v":3122.5},{"$f":"BJ8+BJ18+BJ23+BJ29","v":281.02499999999998},null,{"$f":"BL8+BL18+BL23+BL29","v":3122.5},{"$f":"BM8+BM18+BM23+BM29","v":0},{"$f":"BN8+BN18+BN23+BN29","v":3122.5},{"$f":"BO8+BO18+BO23+BO29","v":281.02499999999998},null,{"$f":"BQ8+BQ18+BQ23+BQ29","v":3122.5},{"$f":"BR8+BR18+BR23+BR29","v":0},{"$f":"BS8+BS18+BS23+BS29","v":3122.5},{"$f":"BT8+BT18+BT23+BT29","v":281.02499999999998},null,{"$f":"BV8+BV18+BV23+BV29","v":3122.5},{"$f":"BW8+BW18+BW23+BW29","v":0},{"$f":"BX8+BX18+BX23+BX29","v":3122.5},{"$f":"BY8+BY18+BY23+BY29","v":281.02499999999998},null,{"$f":"CA8+CA18+CA23+CA29","v":3122.5},{"$f":"CB8+CB18+CB23+CB29","v":0},{"$f":"CC8+CC18+CC23+CC29","v":3122.5},{"$f":"CD8+CD18+CD23+CD29","v":281.02499999999998},null,{"$f":"CF8+CF18+CF23+CF29","v":3122.5},{"$f":"CG8+CG18+CG23+CG29","v":0},{"$f":"CH8+CH18+CH23+CH29","v":3122.5},{"$f":"CI8+CI18+CI23+CI29","v":281.02499999999998},null,{"$f":"CK8+CK18+CK23+CK29","v":3122.5},{"$f":"CL8+CL18+CL23+CL29","v":0},{"$f":"CM8+CM18+CM23+CM29","v":3122.5},{"$f":"CN8+CN18+CN23+CN29","v":281.02499999999998},null,{"$f":"CP8+CP18+CP23+CP29","v":3122.5},{"$f":"CQ8+CQ18+CQ23+CQ29","v":0},{"$f":"CR8+CR18+CR23+CR29","v":3122.5},{"$f":"CS8+CS18+CS23+CS29","v":281.02499999999998}]
["Interest capitalized",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,53.2,null,null,null,null,68.400000000000006]

{"sheet":"depn","index":31,"n_rows":37,"n_cols":88,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["Depreciation calculation for HT Media, March fiscal year-ends, 2007-20E (Rs mn)"]
[]
["Method of depreciation for Income tax : Written down value method"]
[null,"Estimated",null,null,null,null,2000,null,null,null,2001,null,null,null,{"$f":"O21","v":2002},null,null,null,2003,null,null,null,2004,null,null,null,2005,null,null,null,2006,null,null,null,2007,null,null,null,2008,null,null,null,2009,null,null,null,2010,null,null,null,2011,null,null,null,"2012E",null,null,null,"2013E",null,null,null,"2014E",null,null,null,"2015E",null,null,null,"2016E",null,null,null,"2017E",null,null,null,"2018E",null,null,null,"2019E",null,null,null,"2020E"]
[null,"Break up","Rate","Rate",null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross"]
[null,"of assets","of Depn","of Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Addition","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn"]
["Land",{"$f":"+B24","v":7.7250118412406863},0,0,null,null,null,null,null,null,null,null,null,{"$f":"N24","v":1350.808},{"$f":"O24","v":64.162000000000006},{"$f":"(N7+O7/2)*$C7","v":0},null,{"$f":"(N7+O7)-P7","v":1414.97},{"$f":"S24","v":1.629},{"$f":"(R7+S7/2)*$C7","v":0},null,null,{"$f":"W24","v":122.974},{"$f":"(V7+W7)*$C7","v":0},null,143.5,{"$f":"AA24","v":53.666999999999994},{"$f":"(Z7+AA7)*$C7","v":0},null,{"$f":"(Z7+AA7)-AB7","v":197.167},{"$f":"AE24","v":41.22012243403141},{"$f":"(AD7+AE7)*$C7","v":0},null,{"$f":"(AD7+AE7)-AF7","v":238.38712243403143},{"$f":"AI24","v":105.578},{"$f":"(AH7+AI7)*$C7","v":0},null,{"$f":"(AH7+AI7)-AJ7","v":343.9651224340314},{"$f":"AM24","v":19.195727424062156},{"$f":"(AL7+AM7)*$C7","v":0},null,{"$f":"(AL7+AM7)-AN7","v":363.16084985809357},{"$f":"AQ24","v":84.879108356460932},{"$f":"(AP7+AQ7)*$C7","v":0},null,{"$f":"(AP7+AQ7)-AR7","v":448.03995821455453},{"$f":"AU24","v":198.23152885807724},{"$f":"(AT7+AU7)*$C7","v":0},null,{"$f":"(AT7+AU7)-AV7","v":646.27148707263177},{"$f":"AY24","v":26.8},{"$f":"(AX7+AY7)*$C7","v":0},null,{"$f":"(AX7+AY7)-AZ7","v":673.07148707263173},{"$f":"BC24","v":65.662600650545841},{"$f":"(BB7+BC7)*$C7","v":0},null,{"$f":"(BB7+BC7)-BD7","v":738.73408772317759},{"$f":"BG24","v":68.868480564660715},{"$f":"(BF7+BG7)*$C7","v":0},null,{"$f":"(BF7+BG7)-BH7","v":807.60256828783827},{"$f":"BK24","v":72.234654474481346},{"$f":"(BJ7+BK7)*$C7","v":0},null,{"$f":"(BJ7+BK7)-BL7","v":879.83722276231958},{"$f":"BO24","v":56.98953673108889},{"$f":"(BN7+BO7)*$C7","v":0},null,{"$f":"(BN7+BO7)-BP7","v":936.82675949340842},{"$f":"BS24","v":59.761763449230934},{"$f":"(BR7+BS7)*$C7","v":0},null,{"$f":"(BR7+BS7)-BT7","v":996.58852294263932},{"$f":"BW24","v":88.553238233837945},{"$f":"(BV7+BW7)*$C7","v":0},null,{"$f":"(BV7+BW7)-BX7","v":1085.1417611764773},{"$f":"CA24","v":114.64338488078607},{"$f":"(BZ7+CA7)*$C7","v":0},null,{"$f":"(BZ7+CA7)-CB7","v":1199.7851460572633},{"$f":"CE24","v":120.29830400641299},{"$f":"(CD7+CE7)*$C7","v":0},null,{"$f":"(CD7+CE7)-CF7","v":1320.0834500636763},{"$f":"CI24","v":126.23596908832123},{"$f":"(CH7+CI7)*$C7","v":0}]
["Buildings",{"$f":"+B25","v":10.848335379114438},0.1,0.1,null,null,null,null,null,null,null,null,null,{"$f":"N25*70%","v":454.35319999999996},{"$f":"O25","v":56.345999999999997},{"$f":"(N8+O8/2)*$C8","v":48.25262},null,462.44657999999998,{"$f":"S25","v":97.376999999999995},{"$f":"(R8+S8/2)*$C8","v":51.113507999999996},null,null,{"$f":"W25-50","v":122.69399999999999},{"$f":"(V8+W8)*$C8","v":12.269399999999999},null,115,{"$f":"AA25","v":265.87499999999994},{"$f":"(Z8+AA8)*$C8","v":38.087499999999999},null,342.78749999999997,{"$f":"AE25","v":57.885958199478097},40.067345819947811,null,360.60611237953026,{"$f":"AI25","v":4.5049999999999999},{"$f":"(AH8+AI8)*$C8","v":36.511111237953024},null,328.60000114157725,{"$f":"AM25","v":26.956811616853884},35.555681275843114,null,320.00113148258799,{"$f":"AQ25","v":119.19684436149643},43.91979758440845,null,395.278178259676,{"$f":"AU25","v":278.3791341634556},67.36573124231316,null,606.29158118081841,{"$f":"AY25","v":461.70000000000005},106.79915811808185,null,961.19242306273657,{"$f":"BC25","v":92.210850722472713},105.34032737852093,null,948.0629464066883,{"$f":"BG25","v":96.712909904805215},104.47758563114935,null,940.2982706803441,{"$f":"BK25","v":101.44007204625431},104.17383427265985,null,937.56450845393852,{"$f":"BO25","v":80.031153383956465},101.7595661837895,null,915.83609565410552,{"$f":"BS25","v":83.924227699363158},99.976032335346872,null,899.78429101812185,{"$f":"BW25","v":124.35647310451321},{"$f":"(BV8+BW8)*$C8","v":102.41407641226351},null,921.72668771037161,{"$f":"CA25","v":160.99520800008511},{"$f":"(BZ8+CA8)*$C8","v":108.27218957104567},null,974.44970613941098,{"$f":"CE25","v":168.93648504629826},{"$f":"(CD8+CE8)*$C8","v":114.33861911857093},null,1029.0475720671384,{"$f":"CI25","v":177.27482594482203},{"$f":"(CH8+CI8)*$C8","v":120.63223980119604}]
["Plant & Machinery",{"$f":"+B26","v":79.235049569883415},0.25,0.15,null,null,null,null,null,null,null,null,null,{"$f":"N26*60%","v":1365.6215999999999},{"$f":"O26","v":304.89700000000005},{"$f":"(N9+O9)*$C9","v":417.62964999999997},null,1252.88895,{"$f":"S26","v":150.58799999999999},{"$f":"(R9+S9)*$C9","v":350.8692375},null,null,{"$f":"W26-300","v":961.33799999999997},{"$f":"(V9+W9/4)*$C9","v":60.083624999999998},null,745.4,{"$f":"AA27","v":2140.5459999999998},{"$f":"(Z9+AA9/2)*$C9","v":453.91824999999994},null,2432.0277500000002,{"$f":"AE27","v":422.79267805142803},{"$f":"(AD9*$D9+AE9*20%)","v":449.36269811028563},null,2405.4577299411426,{"$f":"AI27","v":347.67199999999997},{"$f":"(AH9*$D9+AI9*20%)","v":430.35305949117139},null,2322.7766704499713,{"$f":"AM26","v":0},{"$f":"(AL9*$D9+AM9*20%)","v":348.41650056749569},null,1974.3601698824757,{"$f":"AQ26","v":0},{"$f":"(AP9*$D9+AQ9*20%)","v":296.15402548237137},null,1678.2061444001042,{"$f":"AU27","v":2033.2506070127783},{"$f":"(AT9*$D9+AU9*20%)","v":658.38104306257128},null,3053.0757083503113,{"$f":"AY27","v":1250.4000000000001},{"$f":"(AX9*$D9+AY9*20%)","v":708.04135625254673},null,3595.434352097765,{"$f":"BC27","v":673.49792134400911},{"$f":"(BB9*$D9+BC9*20%)","v":674.01473708346657},null,3594.9175363583072,{"$f":"BG27","v":706.38046691551074},{"$f":"(BF9*$D9+BG9*20%)","v":680.51372383684827},null,3620.7842794369694,{"$f":"BK27","v":740.90713976558732},{"$f":"(BJ9*$D9+BK9*20%)","v":691.29906986866285},null,3670.3923493338943,{"$f":"BO27","v":584.53875031566179},{"$f":"(BN9*$D9+BO9*20%)","v":667.46660246321653},null,3587.4644971863395,{"$f":"BS27","v":612.97333733574601},{"$f":"(BR9*$D9+BS9*20%)","v":660.71434204510012},null,3539.7234924769855,{"$f":"BW27","v":908.28601499010097},{"$f":"(BV9*$D9+BW9*20%)","v":712.61572686956799},null,3735.3937805975183,{"$f":"CA27","v":1175.8913087218511},{"$f":"(BZ9*$D9+CA9*20%)","v":795.48732883399805},null,4115.7977604853722,{"$f":"CE27","v":1233.8935236622451},{"$f":"(CD9*$D9+CE9*20%)","v":864.14836880525479},null,4485.542915342362,{"$f":"CI27","v":1294.7958493496585},{"$f":"(CH9*$D9+CI9*20%)","v":931.79060717128596}]
["Furniture & Fixtures",{"$f":"+B28","v":1.6439536803329873},0.1,0.1,null,null,null,null,null,null,null,null,null,{"$f":"N28*50%","v":32.915999999999997},{"$f":"O28","v":4.899},{"$f":"(N10+O10)*$C10","v":3.7814999999999999},null,34.033499999999997,{"$f":"S28","v":0.69600000000000017},{"$f":"(R10+S10)*$C10","v":3.4729499999999995},null,null,{"$f":"W28","v":26.17},{"$f":"(V10+W10)*$C10","v":2.6170000000000004},null,22.3,{"$f":"AA28","v":0.81099999999999994},{"$f":"(Z10+AA10/2)*$C10","v":2.2705500000000001},null,20.840450000000001,{"$f":"AE28","v":8.7720217614991967},2.9612471761499197,null,26.651224585349276,{"$f":"AI28","v":16.625},{"$f":"(AH10+AI10/2)*$C10","v":3.4963724585349278},null,39.779852126814347,{"$f":"AM28","v":4.0850276211858336},4.3864879748000183,null,39.478391773200158,{"$f":"AQ28","v":18.063056139416322},5.7541447912616484,null,51.787303121354824,{"$f":"AU28","v":42.185495391024787},9.3972798512379612,null,84.575518661141643,{"$f":"AY28","v":7},9.1575518661141651,null,82.417966795027482,{"$f":"BC28","v":13.973606282830392},9.6391573077857871,null,86.752415770072076,{"$f":"BG28","v":14.655847060168581},10.140826283024067,null,91.26743654721659,{"$f":"BK28","v":15.37219987637368},10.663963642359029,null,95.975672781231253,{"$f":"BO28","v":12.12789838707854},10.81035711683098,null,97.293214051478813,{"$f":"BS28","v":12.717853769629137},11.001106782110796,null,99.009961038997162,{"$f":"BW28","v":18.844944822316418},{"$f":"(BV10+BW10)*$C10","v":11.78549058613136},null,106.06941527518222,{"$f":"CA28","v":24.397168363476602},{"$f":"(BZ10+CA10)*$C10","v":13.046658363865882},null,117.41992527479293,{"$f":"CE28","v":25.600587244847109},{"$f":"(CD10+CE10)*$C10","v":14.302051251964006},null,128.71846126767605,{"$f":"CI28","v":26.864177070286132},{"$f":"(CH10+CI10)*$C10","v":15.558263833796218}]
["Office Equipment",{"$f":"+B29","v":0},0.1,0.1,null,null,null,null,null,null,null,null,null,{"$f":"N29*50%","v":0},{"$f":"O29","v":0},{"$f":"(N11+O11)*$C11","v":0},null,0,{"$f":"S29","v":0},{"$f":"(R11+S11)*$C11","v":0},null,null,{"$f":"W29","v":0},{"$f":"(V11+W11)*$C11","v":0},null,47.8,{"$f":"AA29","v":0},{"$f":"(Z11+AA11/2)*$C11","v":4.78},null,43.019999999999996,{"$f":"AE29","v":0},4.3019999999999996,null,38.717999999999996,{"$f":"AI29","v":0},{"$f":"(AH11+AI11/2)*$C11","v":3.8717999999999999},null,34.846199999999996,{"$f":"AM29","v":0},3.4846199999999996,null,31.361579999999996,{"$f":"AQ29","v":0},3.136158,null,28.225421999999995,{"$f":"AU29","v":0},2.8225421999999996,null,25.402879799999994,{"$f":"AY29","v":0},2.5402879799999996,null,22.862591819999995,{"$f":"BC29","v":0},2.2862591819999998,null,20.576332637999997,{"$f":"BG29","v":0},2.0576332637999997,null,18.518699374199997,{"$f":"BK29","v":0},1.8518699374199998,null,16.666829436779999,{"$f":"BO29","v":0},1.666682943678,null,15.000146493101999,{"$f":"BS29","v":0},1.5000146493102,null,13.500131843791799,{"$f":"BW29","v":0},{"$f":"(BV11+BW11)*$C11","v":1.3500131843791801},null,12.15011865941262,{"$f":"CA29","v":0},{"$f":"(BZ11+CA11)*$C11","v":1.2150118659412621},null,10.935106793471357,{"$f":"CE29","v":0},{"$f":"(CD11+CE11)*$C11","v":1.0935106793471359},null,9.8415961141242221,{"$f":"CI29","v":0},{"$f":"(CH11+CI11)*$C11","v":0.98415961141242225}]
["Computers",{"$f":"+B30","v":0},1,1,null,null,null,null,null,null,null,null,null,{"$f":"N30-N30","v":0},{"$f":"O30","v":0},{"$f":"(N12+O12)*$C12","v":0},null,0,{"$f":"S30","v":0},{"$f":"(R12+S12)*$C12","v":0},null,null,{"$f":"W30","v":0},{"$f":"(V12+W12)*$C12","v":0},null,130,{"$f":"AA30","v":0},{"$f":"(Z12+AA12/2)*$C12","v":130},null,0,{"$f":"AE30","v":0},0,null,0,{"$f":"AI30","v":0},{"$f":"(AH12+AI12/2)*$C12","v":0},null,0,{"$f":"AM30","v":0},0,null,0,{"$f":"AQ30","v":0},0,null,0,{"$f":"AU30","v":0},0,null,0,{"$f":"AY30","v":0},0,null,0,{"$f":"BC30","v":0},0,null,0,{"$f":"BG30","v":0},0,null,0,{"$f":"BK30","v":0},0,null,0,{"$f":"BO30","v":0},0,null,0,{"$f":"BS30","v":0},0,null,0,{"$f":"BW30","v":0},{"$f":"(BV12+BW12)*$C12","v":0},null,0,{"$f":"CA30","v":0},{"$f":"(BZ12+CA12)*$C12","v":0},null,0,{"$f":"CE30","v":0},{"$f":"(CD12+CE12)*$C12","v":0},null,0,{"$f":"CI30","v":0},{"$f":"(CH12+CI12)*$C12","v":0}]
["Vehicles",{"$f":"+B31","v":0.54764952942846701},0.2,0.2,null,null,null,null,null,null,null,null,null,{"$f":"N31*65%","v":27.381250000000001},{"$f":"O31","v":-4.4139999999999997},{"$f":"(N13+O13)*$C13","v":4.5934499999999998},null,18.373799999999999,{"$f":"S31","v":-14.298},{"$f":"(R13+S13)*$C13","v":0.81515999999999988},null,null,{"$f":"W31","v":8.718},{"$f":"(V13+W13)*$C13","v":1.7436},null,7.3,{"$f":"AA31","v":3.1079999999999997},{"$f":"(Z13+AA13/2)*$C13","v":1.7707999999999999},null,8.6372,{"$f":"AE31","v":2.9222195535632398},2.3118839107126479,null,9.2475356428505915,{"$f":"AI31","v":5.6920000000000002},{"$f":"(AH13+AI13/2)*$C13","v":2.4187071285701185},null,12.520828514280474,{"$f":"AM31","v":1.3608433626862091},2.7763343753933367,null,11.105337501573347,{"$f":"AQ31","v":6.0173375400623419},3.4245350083271378,null,13.698140033308551,{"$f":"AU31","v":14.053234574663891},5.5502749215944895,null,22.201099686377955,{"$f":"AY31","v":-0.20000000000000018},4.4002199372755912,null,17.600879749102365,{"$f":"BC31","v":4.6550210001419696},4.4511801498488666,null,17.804720599395466,{"$f":"BG31","v":4.8822955548547835},4.5374032308500505,null,18.149612923400202,{"$f":"BK31","v":5.1209338373032374},4.6541093521406882,null,18.616437408562753,{"$f":"BO31","v":4.0401611822143941},4.5313197181554292,null,18.125278872621717,{"$f":"BS31","v":4.2366927460308297},4.4723943237305095,null,17.889577294922038,{"$f":"BW31","v":6.2778077554816401},{"$f":"(BV13+BW13)*$C13","v":4.8334770100807356},null,19.333908040322942,{"$f":"CA31","v":8.1274174166140245},{"$f":"(BZ13+CA13)*$C13","v":5.4922650913873943},null,21.969060365549574,{"$f":"CE31","v":8.5283117921504417},{"$f":"(CD13+CE13)*$C13","v":6.0994744315400027},null,24.397897726160011,{"$f":"CI31","v":8.9492508864636786},{"$f":"(CH13+CI13)*$C13","v":6.6694297225247388}]
["Total",{"$f":"SUM(B7:B13)","v":99.999999999999986},null,null,null,{"$f":"SUM(F7:F13)","v":0},{"$f":"SUM(G7:G13)","v":0},{"$f":"SUM(H7:H13)","v":0},null,{"$f":"SUM(J7:J13)","v":0},{"$f":"SUM(K7:K13)","v":0},{"$f":"SUM(L7:L13)","v":0},null,{"$f":"SUM(N7:N13)","v":3231.08005},{"$f":"SUM(O7:O13)","v":425.8900000000001},{"$f":"SUM(P7:P13)","v":474.25721999999996},null,{"$f":"SUM(R7:R13)","v":3182.7128299999999},{"$f":"SUM(S7:S13)","v":235.99199999999999},{"$f":"SUM(T7:T13)","v":406.27085549999998},null,{"$f":"SUM(V7:V13)","v":0},{"$f":"SUM(W7:W13)","v":1241.894},{"$f":"SUM(X7:X13)","v":76.713625000000008},null,{"$f":"SUM(Z7:Z13)","v":1211.3},{"$f":"SUM(AA7:AA13)","v":2464.0070000000001},{"$f":"SUM(AB7:AB13)","v":630.82709999999997},null,{"$f":"SUM(AD7:AD13)","v":3044.4799000000003},{"$f":"SUM(AE7:AE13)","v":533.59299999999996},{"$f":"SUM(AF7:AF13)","v":499.00517501709606},null,{"$f":"SUM(AH7:AH13)","v":3079.0677249829037},{"$f":"SUM(AI7:AI13)","v":480.072},{"$f":"SUM(AJ7:AJ13)","v":476.65105031622949},null,{"$f":"SUM(AL7:AL13)","v":3082.4886746666743},{"$f":"SUM(AM7:AM13)","v":51.59841002478808},{"$f":"SUM(AN7:AN13)","v":394.61962419353216},null,{"$f":"SUM(AP7:AP13)","v":2739.4674604979309},{"$f":"SUM(AQ7:AQ13)","v":228.15634639743601},{"$f":"SUM(AR7:AR13)","v":352.38866086636864},null,{"$f":"SUM(AT7:AT13)","v":2615.2351460289979},{"$f":"SUM(AU7:AU13)","v":2566.0999999999995},{"$f":"SUM(AV7:AV13)","v":743.51687127771686},null,{"$f":"SUM(AX7:AX13)","v":4437.818274751281},{"$f":"SUM(AY7:AY13)","v":1745.7},{"$f":"SUM(AZ7:AZ13)","v":830.9385741540184},null,{"$f":"SUM(BB7:BB13)","v":5352.5797005972627},{"$f":"SUM(BC7:BC13)","v":850},{"$f":"SUM(BD7:BD13)","v":795.73166110162208},null,{"$f":"SUM(BF7:BF13)","v":5406.8480394956405},{"$f":"SUM(BG7:BG13)","v":891.49999999999989},{"$f":"SUM(BH7:BH13)","v":801.72717224567168},null,{"$f":"SUM(BJ7:BJ13)","v":5496.6208672499688},{"$f":"SUM(BK7:BK13)","v":935.07499999999993},{"$f":"SUM(BL7:BL13)","v":812.64284707324248},null,{"$f":"SUM(BN7:BN13)","v":5619.0530201767269},{"$f":"SUM(BO7:BO13)","v":737.72750000000008},{"$f":"SUM(BP7:BP13)","v":786.23452842567042},null,{"$f":"SUM(BR7:BR13)","v":5570.5459917510552},{"$f":"SUM(BS7:BS13)","v":773.61387500000012},{"$f":"SUM(BT7:BT13)","v":777.66389013559854},null,{"$f":"SUM(BV7:BV13)","v":5566.495976615457},{"$f":"SUM(BW7:BW13)","v":1146.3184789062502},{"$f":"SUM(BX7:BX13)","v":832.99878406242283},null,{"$f":"SUM(BZ7:BZ13)","v":5879.8156714592851},{"$f":"SUM(CA7:CA13)","v":1484.054487382813},{"$f":"SUM(CB7:CB13)","v":923.51345372623825},null,{"$f":"SUM(CD7:CD13)","v":6440.3567051158607},{"$f":"SUM(CE7:CE13)","v":1557.2572117519537},{"$f":"SUM(CF7:CF13)","v":999.98202428667685},null,{"$f":"SUM(CH7:CH13)","v":6997.6318925811374},{"$f":"SUM(CI7:CI13)","v":1634.1200723395516},{"$f":"SUM(CJ7:CJ13)","v":1075.6347001402153}]
[]
["Additional capex",null,null,null,null,null,{"$f":"+G34","v":0},null,null,null,{"$f":"+K34","v":0},null,null,null,{"$f":"+O34","v":0},null,null,null,{"$f":"+S34","v":0},null,null,null,{"$f":"+W34","v":0},null,null,null,{"$f":"+AA34","v":2383.2070000000003},null,null,null,{"$f":"+AE34","v":533.59299999999996},null,null,null,{"$f":"+AI34","v":191.34599999999998},null,null,null,{"$f":"+AM34","v":248.488},null,null,null,{"$f":"+AQ34","v":1098.7570000000001},null,null,null,{"$f":"+AU34","v":2566.1},null,null,null,{"$f":"+AY34","v":1508.7},null,null,null,{"$f":"+BC34","v":850},null,null,null,{"$f":"+BG34","v":891.5},null,null,null,{"$f":"+BK34","v":935.07499999999993},null,null,null,{"$f":"+BO34","v":737.72750000000008},null,null,null,{"$f":"+BS34","v":773.61387500000012},null,null,null,{"$f":"+BW34","v":1146.3184789062502},null,null,null,{"$f":"+CA34","v":1484.054487382813},null,null,null,{"$f":"+CE34","v":1557.2572117519539},null,null,null,{"$f":"+CI34","v":1634.1200723395516}]
[]
["Depreciation calculation for accounting (Rs mn)"]
[]
["Method of depreciation : Straight line method"]
[null,"Estimated",null,null,null,null,2000,null,null,null,2001,null,null,null,2002,null,null,null,2003,null,null,null,2004,null,null,null,2005,null,null,null,{"$f":"+AE4","v":2006},null,null,null,2007,null,null,null,{"$f":"+AM4","v":2008},null,null,null,{"$f":"+AQ4","v":2009},null,null,null,{"$f":"+AU4","v":2010},null,null,null,{"$f":"+AY4","v":2011},null,null,null,{"$f":"+BC4","v":"2012E"},null,null,null,{"$f":"+BG4","v":"2013E"},null,null,null,{"$f":"+BK4","v":"2014E"},null,null,null,{"$f":"+BO4","v":"2015E"},null,null,null,{"$f":"+BS4","v":"2016E"},null,null,null,{"$f":"+BW4","v":"2017E"},null,null,null,{"$f":"+CA4","v":"2018E"},null,null,null,{"$f":"+CE4","v":"2019E"},null,null,null,{"$f":"+CI4","v":"2020E"}]
[null,"Break up","Rate","Rate",null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross",null,null,null,"Gross"]
[null,"of assets","of Depn","of Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn",null,"Block","Additions","Depn"]
["Land",{"$f":"Z24/Z$32*100","v":7.7250118412406863},0,0,null,null,null,null,null,null,null,null,null,{"$f":"1311.896+38.912","v":1350.808},64.162000000000006,{"$f":"(N24+O24*3/4)*$C24","v":0},null,{"$f":"1376.058+38.912","v":1414.97},1.629,{"$f":"(R24+S24*3/4)*$C24","v":0},null,0,122.974,{"$f":"(V24+W24*3/4)*$C24","v":0},null,{"$f":"V24+W24","v":122.974},{"$f":"55.367-1.7","v":53.666999999999994},{"$f":"(Z24+AA24/2)*$C24","v":0},null,{"$f":"Z24+AA24","v":176.64099999999999},{"$f":"+AE$34*B24%","v":41.22012243403141},{"$f":"(AD24+AE24/2)*$C24","v":0},null,{"$f":"AD24+AE24","v":217.86112243403142},{"$f":"107.607-2.029","v":105.578},{"$f":"(AH24+AI24/2)*$C24","v":0},null,{"$f":"AH24+AI24","v":323.43912243403145},{"$f":"+AM$34*$B24%","v":19.195727424062156},{"$f":"(AL24+AM24/2)*$C24","v":0},null,{"$f":"AL24+AM24","v":342.63484985809362},{"$f":"+AQ$34*$B24%","v":84.879108356460932},{"$f":"(AP24+AQ24/2)*$C24","v":0},null,{"$f":"AP24+AQ24","v":427.51395821455458},{"$f":"+AU$34*$B24%","v":198.23152885807724},{"$f":"(AT24+AU24/2)*$C24","v":0},null,{"$f":"30.4+207.2","v":237.6},26.8,2.8,null,{"$f":"AX24+AY24","v":264.39999999999998},{"$f":"+BC$34*$B24%","v":65.662600650545841},{"$f":"(BB24+BC24/2)*$C24","v":0},null,{"$f":"BB24+BC24","v":330.06260065054585},{"$f":"+BG$34*$B24%","v":68.868480564660715},{"$f":"(BF24+BG24/2)*$C24","v":0},null,{"$f":"BF24+BG24","v":398.93108121520658},{"$f":"+BK$34*$B24%","v":72.234654474481346},{"$f":"(BJ24+BK24/2)*$C24","v":0},null,{"$f":"BJ24+BK24","v":471.16573568968795},{"$f":"+BO$34*$B24%","v":56.98953673108889},{"$f":"(BN24+BO24/2)*$C24","v":0},null,{"$f":"BN24+BO24","v":528.15527242077678},{"$f":"+BS$34*$B24%","v":59.761763449230934},{"$f":"(BR24+BS24/2)*$C24","v":0},null,{"$f":"BR24+BS24","v":587.91703587000768},{"$f":"+BW$34*$B24%","v":88.553238233837945},{"$f":"(BV24+BW24/2)*$C24","v":0},null,{"$f":"BV24+BW24","v":676.47027410384567},{"$f":"+CA$34*$B24%","v":114.64338488078607},{"$f":"(BZ24+CA24/2)*$C24","v":0},null,{"$f":"BZ24+CA24","v":791.11365898463168},{"$f":"+CE$34*$B24%","v":120.29830400641299},{"$f":"(CD24+CE24/2)*$C24","v":0},null,{"$f":"CD24+CE24","v":911.41196299104467},{"$f":"+CI$34*$B24%","v":126.23596908832123},{"$f":"(CH24+CI24/2)*$C24","v":0}]
["Buildings",{"$f":"Z25/Z$32*100","v":10.848335379114438},1.6299999999999999E-2,1.6299999999999999E-2,null,null,null,null,null,null,null,null,null,649.07600000000002,{"$f":"64.121-7.775","v":56.345999999999997},{"$f":"(N25+O25*3/4)*$C25","v":11.26876865},null,705.42200000000003,{"$f":"97.946-0.569","v":97.376999999999995},{"$f":"(R25+S25*3/4)*$C25","v":12.688812424999998},null,0,{"$f":"134.225+38.469","v":172.69399999999999},{"$f":"(V25+W25*3/4)*$C25","v":2.1111841499999997},null,{"$f":"V25+W25","v":172.69399999999999},{"$f":"264.054-0.446+3.873-1.465-0.141","v":265.87499999999994},{"$f":"(Z25+AA25/2)*$C25","v":4.9817934499999987},null,{"$f":"Z25+AA25","v":438.56899999999996},57.885958199478097,{"$f":"(AD25+AE25/2)*$C25","v":7.620445259325745},null,{"$f":"AD25+AE25","v":496.45495819947803},{"$f":"6.475-1.97","v":4.5049999999999999},{"$f":"(AH25+AI25/2)*$C25","v":8.1289315686514918},null,{"$f":"AH25+AI25","v":500.95995819947802},{"$f":"+AM$34*$B25%","v":26.956811616853884},{"$f":"(AL25+AM25/2)*$C25","v":8.3853453333288499},null,527.91676981633191,{"$f":"+AQ$34*$B25%","v":119.19684436149643},9.5764976295524047,null,647.11361417782837,{"$f":"+AU$34*$B25%","v":278.3791341634556},12.816741854530765,null,{"$f":"1047.9+517","v":1564.9},{"$f":"431.1+32.5-1.9","v":461.70000000000005},{"$f":"45.5+65.5-1.8","v":109.2},null,2026.6000000000001,{"$f":"+BC$34*$B25%","v":92.210850722472713},33.78509843338815,null,2118.8108507224729,{"$f":"+BG$34*$B25%","v":96.712909904805215},35.32482708250047,null,2215.5237606272781,{"$f":"+BK$34*$B25%","v":101.44007204625431},36.939773885401607,null,2316.9638326735326,{"$f":"+BO$34*$B25%","v":80.031153383956465},38.418764372657826,null,2396.9949860574889,{"$f":"+BS$34*$B25%","v":83.924227699363158},39.75500072848687,null,{"$f":"BR25+BS25","v":2480.9192137568521},{"$f":"+BW$34*$B25%","v":124.35647310451321},{"$f":"(BV25+BW25/2)*$C25","v":41.452488440038472},null,{"$f":"BV25+BW25","v":2605.2756868613651},{"$f":"+CA$34*$B25%","v":160.99520800008511},{"$f":"(BZ25+CA25/2)*$C25","v":43.77810464104094},null,{"$f":"BZ25+CA25","v":2766.2708948614504},{"$f":"+CE$34*$B25%","v":168.93648504629826},{"$f":"(CD25+CE25/2)*$C25","v":46.467047939368967},null,{"$f":"CD25+CE25","v":2935.2073799077489},{"$f":"+CI$34*$B25%","v":177.27482594482203},{"$f":"(CH25+CI25/2)*$C25","v":49.288670123946602}]
["Plant & Machinery",79.235049569883415,0.15,0.15,null,null,null,null,null,null,null,null,null,2276.0360000000001,{"$f":"328.095-23.198","v":304.89700000000005},{"$f":"(N26+O26*3/4)*$C26","v":375.70631250000002},null,2580.933,{"$f":"170.326-19.738","v":150.58799999999999},404.08109999999994,null,0,{"$f":"1262.12-0.782","v":1261.338},107.483,null,1261.338,null,{"$f":"Z26*$C26","v":189.20069999999998},null,{"$f":"Z26","v":1261.338},null,{"$f":"(AD26)*$C26","v":189.20069999999998},null,{"$f":"AD26","v":1261.338},null,{"$f":"(AH26)*$C26","v":189.20069999999998},null,{"$f":"AH26","v":1261.338},null,{"$f":"(AL26)*$C26","v":189.20069999999998},null,{"$f":"AL26","v":1261.338},null,{"$f":"(AP26)*$C26","v":189.20069999999998},null,{"$f":"AP26","v":1261.338},null,{"$f":"(AT26)*$C26","v":189.20069999999998},null,0,null,{"$f":"(AX26)*$C26","v":0},null,{"$f":"AX26","v":0},null,{"$f":"(BB26)*$C26","v":0},null,{"$f":"BB26","v":0},null,{"$f":"(BF26)*$C26","v":0},null,{"$f":"BF26","v":0},null,{"$f":"(BJ26)*$C26","v":0},null,{"$f":"BJ26","v":0},null,{"$f":"(BN26)*$C26","v":0},null,{"$f":"BN26","v":0},null,{"$f":"(BR26)*$C26","v":0},null,{"$f":"BR26","v":0},null,{"$f":"(BV26)*$C26","v":0},null,{"$f":"BV26","v":0},null,{"$f":"(BZ26)*$C26","v":0},null,{"$f":"BZ26","v":0},null,{"$f":"(CD26)*$C26","v":0},null,{"$f":"CD26","v":0},null,{"$f":"(CH26)*$C26","v":0}]
["Plant & Machinery",null,7.4200000000000002E-2,7.4200000000000002E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"2142.048-1.391-0.111","v":2140.5459999999998},{"$f":"+AA27*1/12*$C27","v":13.235709433333332},null,{"$f":"+AA27","v":2140.5459999999998},{"$f":"+AE$34*B26%","v":422.79267805142803},{"$f":"(AD27+AE27*9/12)*$C27","v":182.35692573356195},null,{"$f":"AD27+AE27","v":2563.3386780514279},{"$f":"352.061-4.389","v":347.67199999999997},{"$f":"(AH27+AI27*6/12)*$C27","v":203.09836111141595},null,{"$f":"AH27+AI27","v":2911.0106780514279},{"$f":"+AM$34*$B26%","v":196.88958997521192},{"$f":"(AL27+AM27*9/12)*$C27","v":226.95389799353651},null,{"$f":"AL27+AM27","v":3107.9002680266399},{"$f":"+AQ$34*$B26%","v":870.60065360256397},{"$f":"(AP27+AQ27*9/12)*$C27","v":279.05512626055935},null,{"$f":"AP27+AQ27","v":3978.5009216292037},{"$f":"+AU$34*$B26%","v":2033.2506070127783},{"$f":"(AT27+AU27/3)*$C27+1.5","v":346.99383339833633},null,{"$f":"6783.5","v":6783.5},{"$f":"1314.5-64.1","v":1250.4000000000001},{"$f":"590.6-50.1","v":540.5},null,{"$f":"AX27+AY27","v":8033.9},{"$f":"+BC$34*$B26%","v":673.49792134400911},{"$f":"(BB27+BC27/2)*$C27","v":621.10215288186271},null,{"$f":"BB27+BC27","v":8707.3979213440089},{"$f":"+BG$34*$B26%","v":706.38046691551074},{"$f":"(BF27+BG27*6/12)*$C27","v":672.29564108629097},null,{"$f":"BF27+BG27","v":9413.7783882595195},{"$f":"+BK$34*$B26%","v":740.90713976558732},{"$f":"(BJ27+BK27*6/12)*$C27","v":725.99001129415956},null,{"$f":"BJ27+BK27","v":10154.685528025107},{"$f":"+BO$34*$B26%","v":584.53875031566179},{"$f":"(BN27+BO27*6/12)*$C27","v":775.16405381617415},null,{"$f":"BN27+BO27","v":10739.224278340769},{"$f":"+BS$34*$B26%","v":612.97333733574601},{"$f":"(BR27+BS27*6/12)*$C27","v":819.5917522680412},null,{"$f":"BR27+BS27","v":11352.197615676516},{"$f":"+BW$34*$B26%","v":908.28601499010097},{"$f":"(BV27+BW27*6/12)*$C27","v":876.03047423933026},null,{"$f":"BV27+BW27","v":12260.483630666617},{"$f":"+CA$34*$B26%","v":1175.8913087218511},{"$f":"(BZ27+CA27*6/12)*$C27","v":953.35345294904357},null,{"$f":"BZ27+CA27","v":13436.374939388468},{"$f":"+CE$34*$B26%","v":1233.8935236622451},{"$f":"(CD27+CE27*6/12)*$C27","v":1042.7564702304937},null,{"$f":"CD27+CE27","v":14670.268463050714},{"$f":"+CI$34*$B26%","v":1294.7958493496585},{"$f":"(CH27+CI27*6/12)*$C27","v":1136.5708459692353}]
["Furniture & Fixtures",1.6439536803329873,6.3299999999999995E-2,6.3299999999999995E-2,null,null,null,null,null,null,null,null,null,65.831999999999994,{"$f":"7.755-2.856","v":4.899},{"$f":"(N28+O28*3/4)*$C28","v":4.3997456249999995},null,70.370999999999995,{"$f":"3.668-2.972","v":0.69600000000000017},4.4875268999999998,null,0,{"$f":"26.196-0.026","v":26.17},5.8029999999999999,null,26.17,{"$f":"1.035-0.2-0.024","v":0.81099999999999994},1.68222915,null,26.981000000000002,8.7720217614991967,1.9855317887514494,null,35.753021761499198,{"$f":"17.193-0.568","v":16.625},2.7893475275028989,null,52.378021761499198,4.0850276211858336,{"$f":"(AL28+AM28/2)*$C28+0.8","v":4.2448199017134307},null,56.463049382685028,18.063056139416322,4.1458067527364886,null,74.526105522101346,42.185495391024787,6.0526734086749494,null,129.1,{"$f":"12.4-5.4","v":7},{"$f":"13.7-3.8","v":9.8999999999999986},null,136.1,13.973606282830392,9.0573946388515818,null,150.07360628283038,14.655847060168581,9.9635168371574974,null,164.72945334299897,15.37219987637368,10.91390452269906,null,180.10165321937265,12.12789838707854,11.784282632737323,null,192.2295516064512,12.717853769629137,12.570650688497121,null,{"$f":"BR28+BS28","v":204.94740537608033},18.844944822316418,{"$f":"(BV28+BW28/2)*$C28","v":13.569613263932197},null,{"$f":"BV28+BW28","v":223.79235019839675},24.397168363476602,{"$f":"(BZ28+CA28/2)*$C28","v":14.938226146262547},null,{"$f":"BZ28+CA28","v":248.18951856187334},25.600587244847109,{"$f":"(CD28+CE28/2)*$C28","v":16.520655111265992},null,{"$f":"CD28+CE28","v":273.79010580672048},26.864177070286132,{"$f":"(CH28+CI28/2)*$C28","v":18.18116490183996}]
["Office Equipment",0,6.3299999999999995E-2,6.3299999999999995E-2,null,null,null,null,null,null,null,null,null,0,0,0,null,0,0,0,null,0,0,{"$f":"(V29+W29*3/4)*$C29","v":0},null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,{"$f":"AT29+AU29","v":0},{"$f":"+AY$34*$B29%","v":0},{"$f":"(AX29+AY29/2)*$C29","v":0},null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,{"$f":"BR29+BS29","v":0},0,{"$f":"(BV29+BW29/2)*$C29","v":0},null,{"$f":"BV29+BW29","v":0},0,{"$f":"(BZ29+CA29/2)*$C29","v":0},null,{"$f":"BZ29+CA29","v":0},0,{"$f":"(CD29+CE29/2)*$C29","v":0},null,{"$f":"CD29+CE29","v":0},0,{"$f":"(CH29+CI29/2)*$C29","v":0}]
["Goodwill",0,0,0,null,null,null,null,null,null,null,null,null,0,0,0,null,0,0,0,null,0,0,0,null,0,{"$f":"+AA$34*B30%","v":0},0,null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,0,0,0,null,33.299999999999997,{"$f":"+AY$34*$B30%","v":0},{"$f":"(AX30+AY30/2)*$C30","v":0},null,33.299999999999997,0,0,null,33.299999999999997,0,0,null,33.299999999999997,0,0,null,33.299999999999997,0,0,null,33.299999999999997,0,0,null,{"$f":"BR30+BS30","v":33.299999999999997},0,{"$f":"(BV30+BW30/2)*$C30","v":0},null,{"$f":"BV30+BW30","v":33.299999999999997},0,{"$f":"(BZ30+CA30/2)*$C30","v":0},null,{"$f":"BZ30+CA30","v":33.299999999999997},0,{"$f":"(CD30+CE30/2)*$C30","v":0},null,{"$f":"CD30+CE30","v":33.299999999999997},0,{"$f":"(CH30+CI30/2)*$C30","v":0}]
["Vehicles",0.54764952942846701,9.5000000000000001E-2,9.5000000000000001E-2,null,null,null,null,null,null,null,null,null,42.125,{"$f":"1.419-5.833","v":-4.4139999999999997},{"$f":"(N31+O31*3/4)*$C31","v":3.6873775000000002},null,37.710999999999999,{"$f":"1.528-15.826","v":-14.298},2.5638124999999996,null,0,{"$f":"11.318-2.6","v":8.718},1.216,null,8.718,{"$f":"4.044-0.745-0.191","v":3.1079999999999997},0.97584000000000004,null,11.826000000000001,2.9222195535632398,1.2622754287942539,null,14.74821955356324,{"$f":"6.382-0.69","v":5.6920000000000002},1.6714508575885081,null,20.440219553563239,1.3608433626862091,2.0064609173161028,null,21.80106291624945,6.0173375400623419,2.3569245101966589,null,27.818400456311792,14.053234574663891,3.310276685646155,null,22.3,{"$f":"3-3.2","v":-0.20000000000000018},{"$f":"2.1-2.4","v":-0.29999999999999982},null,22.1,4.6550210001419696,2.3206134975067436,null,26.755021000141973,4.8822955548547835,2.77363603386909,null,31.637316554996758,5.1209338373032374,3.248789429996596,null,36.758250392299999,4.0401611822143941,3.6839414434236835,null,40.79841157451439,4.2366927460308297,4.0770920050153316,null,{"$f":"BR31+BS31","v":45.035104320545216},6.2778077554816401,{"$f":"(BV31+BW31/2)*$C31","v":4.5765307788371734},null,{"$f":"BV31+BW31","v":51.312912076026855},8.1274174166140245,{"$f":"(BZ31+CA31/2)*$C31","v":5.2607789745117177},null,{"$f":"BZ31+CA31","v":59.440329492640878},8.5283117921504417,{"$f":"(CD31+CE31/2)*$C31","v":6.0519261119280294},null,{"$f":"CD31+CE31","v":67.968641284791318},8.9492508864636786,{"$f":"(CH31+CI31/2)*$C31","v":6.8821103391622005}]
["Total",{"$f":"SUM(B24:B31)","v":99.999999999999986}," "," ",null,{"$f":"+SUM(F26:F31)","v":0},{"$f":"SUM(G26:G31)","v":0},{"$f":"SUM(H26:H31)","v":0},null,{"$f":"+SUM(J24:J31)","v":0},{"$f":"+SUM(K24:K31)","v":0},{"$f":"+SUM(L24:L31)","v":0},null,{"$f":"+SUM(N24:N31)","v":4383.8770000000004},{"$f":"+SUM(O24:O31)","v":425.8900000000001},{"$f":"+SUM(P24:P31)","v":395.06220427500006},null,{"$f":"SUM(R24:R31)","v":4809.4070000000002},{"$f":"SUM(S24:S31)","v":235.99199999999999},{"$f":"SUM(T24:T31)","v":423.82125182499988},null,{"$f":"SUM(V24:V31)","v":0},{"$f":"SUM(W24:W31)","v":1591.894},{"$f":"SUM(X24:X31)","v":116.61318415},null,{"$f":"SUM(Z24:Z31)","v":1591.894},{"$f":"SUM(AA24:AA31)","v":2464.0070000000001},{"$f":"SUM(AB24:AB31)","v":210.07627203333334},null,{"$f":"SUM(AD24:AD31)","v":4055.9009999999998},{"$f":"SUM(AE24:AE31)","v":533.59299999999996},{"$f":"SUM(AF24:AF31)","v":382.42587821043338},null,{"$f":"SUM(AH24:AH31)","v":4589.4939999999997},{"$f":"SUM(AI24:AI31)","v":480.072},{"$f":"SUM(AJ24:AJ31)","v":404.88879106515884},null,{"$f":"SUM(AL24:AL31)","v":5069.5659999999998},{"$f":"SUM(AM24:AM31)","v":248.488},{"$f":"SUM(AN24:AN31)","v":430.79122414589483},null,{"$f":"SUM(AP24:AP31)","v":5318.0539999999992},{"$f":"SUM(AQ24:AQ31)","v":1098.7570000000001},{"$f":"SUM(AR24:AR31)","v":484.33505515304489},null,{"$f":"SUM(AT24:AT31)","v":6416.8109999999997},{"$f":"SUM(AU24:AU31)","v":2566.0999999999995},{"$f":"SUM(AV24:AV31)","v":558.37422534718826},null,{"$f":"SUM(AX24:AX31)","v":8770.6999999999989},{"$f":"SUM(AY24:AY31)","v":1745.7},{"$f":"SUM(AZ24:AZ31)","v":662.1},null,{"$f":"SUM(BB24:BB31)","v":10516.4},{"$f":"SUM(BC24:BC31)","v":850},{"$f":"SUM(BD24:BD31)+60","v":726.26525945160927},null,{"$f":"SUM(BF24:BF31)","v":11366.4},{"$f":"SUM(BG24:BG31)","v":891.49999999999989},{"$f":"SUM(BH24:BH31)+40","v":760.35762103981813},null,{"$f":"SUM(BJ24:BJ31)","v":12257.9},{"$f":"SUM(BK24:BK31)","v":935.07499999999993},{"$f":"SUM(BL24:BL31)+20","v":797.09247913225681},null,{"$f":"SUM(BN24:BN31)","v":13192.975},{"$f":"SUM(BO24:BO31)","v":737.72750000000008},{"$f":"SUM(BP24:BP31)","v":829.05104226499304},null,{"$f":"SUM(BR24:BR31)","v":13930.702500000001},{"$f":"SUM(BS24:BS31)","v":773.61387500000012},{"$f":"SUM(BT24:BT31)","v":875.99449569004048},null,{"$f":"SUM(BV24:BV31)","v":14704.316375},{"$f":"SUM(BW24:BW31)","v":1146.3184789062502},{"$f":"SUM(BX24:BX31)","v":935.62910672213809},null,{"$f":"SUM(BZ24:BZ31)","v":15850.634853906251},{"$f":"SUM(CA24:CA31)","v":1484.054487382813},{"$f":"SUM(CB24:CB31)","v":1017.3305627108588},null,{"$f":"SUM(CD24:CD31)","v":17334.689341289064},{"$f":"SUM(CE24:CE31)","v":1557.2572117519537},{"$f":"SUM(CF24:CF31)","v":1111.7960993930567},null,{"$f":"SUM(CH24:CH31)","v":18891.94655304102},{"$f":"SUM(CI24:CI31)","v":1634.1200723395516},{"$f":"SUM(CJ24:CJ31)","v":1210.922791334184}]
[]
["Capex",null,null,null,null,null,null,null,null,null,{"$f":"+K32","v":0},null,null,null,{"$f":"+capex!I12","v":0},null,null,null,{"$f":"+capex!N12","v":0},null,null,null,{"$f":"+capex!S12","v":0},null,null,null,{"$f":"+capex!X12+interest!V32","v":2383.2070000000003},null,null,null,{"$f":"+capex!AC12+interest!AA32","v":533.59299999999996},null,null,null,{"$f":"capex!AH12+interest!AF32","v":191.34599999999998},null,null,null,{"$f":"capex!AM12+interest!AK32","v":248.488},null,null,null,{"$f":"capex!AR12","v":1098.7570000000001},null,null,null,{"$f":"capex!AW12","v":2566.1},null,null,null,{"$f":"capex!BB12","v":1508.7},null,null,null,{"$f":"capex!BG12","v":850},null,null,null,{"$f":"capex!BL12","v":891.5},null,null,null,{"$f":"capex!BQ12","v":935.07499999999993},null,null,null,{"$f":"capex!BV12","v":737.72750000000008},null,null,null,{"$f":"capex!CA12","v":773.61387500000012},null,null,null,{"$f":"capex!CF12","v":1146.3184789062502},null,null,null,{"$f":"capex!CJ12","v":1484.054487382813},null,null,null,{"$f":"capex!CO12","v":1557.2572117519539},null,null,null,{"$f":"capex!CT12","v":1634.1200723395516}]
[]
[]
["Total"]

{"sheet":"tax","index":32,"n_rows":26,"n_cols":17,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["Calculation of HT Media's tax expenses, March fiscal year-ends, 2010-20E (Rs mn)"]
[]
[null,null,2006,2007,2008,2009,2010,2011,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Pre-tax profits",null,{"$f":"'cons finstats'!C54","v":611.67400000000202},{"$f":"'cons finstats'!D54","v":1470.5059999999992},{"$f":"'cons finstats'!E54","v":1389.8600000000006},{"$f":"'cons finstats'!F54","v":8.9000000000010857},{"$f":"'cons finstats'!G54","v":1884.7999999999972},{"$f":"'cons finstats'!H54","v":2571.0000000000014},{"$f":"'cons finstats'!I54","v":2344.0549394388736},{"$f":"'cons finstats'!J54","v":2656.3868602402817},{"$f":"'cons finstats'!K54","v":4033.4894962911094},{"$f":"'cons finstats'!L54","v":4565.9820508035373},{"$f":"'cons finstats'!M54","v":4973.4349296579849},{"$f":"'cons finstats'!N54","v":6197.9981613607406},{"$f":"'cons finstats'!O54","v":6938.5485615410998},{"$f":"'cons finstats'!P54","v":7362.157801856416},{"$f":"'cons finstats'!Q54","v":7833.6358514786361}]
["Adjusted pre-tax profits",null,{"$f":"SUM(C4:C4)-'cash model'!C45","v":575.78448000000208},{"$f":"SUM(D4:D4)-'cash model'!D45","v":1390.4508799999992},{"$f":"SUM(E4:E4)-'cons finstats'!E44","v":951.2000000000005},{"$f":"SUM(F4:F4)-1/2*'cons finstats'!F44","v":-156.2999999999989},{"$f":"SUM(G4:G4)-1/2*'cons finstats'!G44","v":1680.3999999999974},{"$f":"SUM(H4:H4)-1/2*'cons finstats'!H44","v":2332.1500000000015},{"$f":"SUM(I4:I4)-2/5*'cons finstats'!I44","v":2025.3515571192834},{"$f":"SUM(J4:J4)-2/5*'cons finstats'!J44","v":2334.2480873729514},{"$f":"SUM(K4:K4)-2/5*'cons finstats'!K44","v":3689.6725389478488},{"$f":"SUM(L4:L4)-2/5*'cons finstats'!L44","v":4183.6950384402808},{"$f":"SUM(M4:M4)-2/5*'cons finstats'!M44","v":4567.8274749747425},{"$f":"SUM(N4:N4)-2/5*'cons finstats'!N44","v":5785.3516459730672},{"$f":"SUM(O4:O4)-2/5*'cons finstats'!O44","v":6525.4763022379793},{"$f":"SUM(P4:P4)-2/5*'cons finstats'!P44","v":6954.1636750415746},{"$f":"SUM(Q4:Q4)-2/5*'cons finstats'!Q44","v":7434.5636583170181}]
["Add: Depreciation as per accounts",null,{"$f":"'cons finstats'!C52","v":385.36399999999998},{"$f":"'cons finstats'!D52","v":435.988},{"$f":"'cons finstats'!E52","v":569.87},{"$f":"'cons finstats'!F52","v":688.1},{"$f":"'cons finstats'!G52","v":706.9},{"$f":"'cons finstats'!H52","v":841.9},{"$f":"'cons finstats'!I52","v":919.86918061063898},{"$f":"'cons finstats'!J52","v":996.04948890819196},{"$f":"'cons finstats'!K52","v":1077.4766910454418},{"$f":"'cons finstats'!L52","v":1156.8994735251711},{"$f":"'cons finstats'!M52","v":1243.7176153645021},{"$f":"'cons finstats'!N52","v":1345.2206492315975},{"$f":"'cons finstats'!O52","v":1482.4170682891217},{"$f":"'cons finstats'!P52","v":1646.685435285619},{"$f":"'cons finstats'!Q52","v":1819.1050990567608}]
["Less: Depreciation as per IT rules",null,{"$f":"-depn!AF14","v":-499.00517501709606},{"$f":"-depn!AJ14","v":-476.65105031622949},{"$f":"-depn!AN14","v":-394.61962419353216},{"$f":"-depn!AR14","v":-352.38866086636864},{"$f":"-depn!AV14","v":-743.51687127771686},{"$f":"-depn!AZ14","v":-830.9385741540184},{"$f":"-depn!BD14","v":-795.73166110162208},{"$f":"-depn!BH14","v":-801.72717224567168},{"$f":"-depn!BL14","v":-812.64284707324248},{"$f":"-depn!BP14","v":-786.23452842567042},{"$f":"-depn!BT14","v":-777.66389013559854},{"$f":"-depn!BX14","v":-832.99878406242283},{"$f":"-depn!CB14","v":-923.51345372623825},{"$f":"-depn!CF14","v":-999.98202428667685},{"$f":"-depn!CJ14","v":-1075.6347001402153}]
["Less: VRS expenses/others",null,-229,0,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
["Add: Deferred revenue exp written off"]
["Less: Deferred revenue exp incurred"]
["Taxable income for current year",null,{"$f":"SUM(C5:C10)","v":233.14330498290605},{"$f":"SUM(D5:D10)","v":1349.7878296837698},{"$f":"SUM(E5:E10)","v":1126.4503758064684},{"$f":"SUM(F5:F10)","v":179.41133913363245},1643.7831287222807,2343.1114258459829,2149.4890766283002,2528.5704040354717,3954.5063829200481,4554.3599835397808,5033.8812002036466,6297.5735111422418,7084.3799168008627,{"$f":"SUM(P5:P10)","v":7600.8670860405164},{"$f":"SUM(Q5:Q10)","v":8178.0340572335626}]
["Unabsorbed losses",null,{"$f":"IF((C5+C6)<0,(C5+C6),0)","v":0},{"$f":"IF((D5+D6)<0,(D5+D6),0)","v":0},{"$f":"IF((E5+E6)<0,(E5+E6),0)","v":0},{"$f":"IF((F5+F6)<0,(F5+F6),0)","v":0},0,0,0,0,0,0,0,{"$f":"IF((N5+N6)<0,(N5+N6),0)","v":0},{"$f":"IF((O5+O6)<0,(O5+O6),0)","v":0},{"$f":"IF((P5+P6)<0,(P5+P6),0)","v":0},{"$f":"IF((Q5+Q6)<0,(Q5+Q6),0)","v":0}]
["Unabsorbed depreciation",null,null,{"$f":"IF(D12<0,D7,IF(D15<0,D15,0))","v":0},{"$f":"IF(E12<0,E7,IF(E15<0,E15,0))","v":0},{"$f":"IF(F12<0,F7,IF(F15<0,F15,0))","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(P12<0,P7,IF(P15<0,P15,0))","v":0},{"$f":"IF(Q12<0,Q7,IF(Q15<0,Q15,0))","v":0}]
["Accumulated depreciation & losses",null,null,{"$f":"IF((D11+C14)>0,0,IF(D13<0,C14+D12+D13,C14+D11+D12+D13))","v":0},{"$f":"IF((E11+D14)>0,0,IF(E13<0,D14+E12+E13,D14+E11+E12+E13))","v":0},-304,-400,{"$f":"IF((H11+G14)>0,0,IF(H13<0,G14+H12+H13,G14+H11+H12+H13))","v":0},0,0,0,0,0,0,0,{"$f":"IF((P11+O14)>0,0,IF(P13<0,O14+P12+P13,O14+P11+P12+P13))","v":0},{"$f":"IF((Q11+P14)>0,0,IF(Q13<0,P14+Q12+Q13,P14+Q11+Q12+Q13))","v":0}]
["Gross taxable income",null,null,{"$f":"IF((C14+D11)<0,0,IF(C14<0,D11+C14,D11))","v":1349.7878296837698},{"$f":"IF((D14+E11)<0,0,IF(D14<0,E11+D14,E11))","v":1126.4503758064684},{"$f":"IF((E14+F11)<0,0,IF(E14<0,F11+E14,F11))","v":179.41133913363245},{"$f":"IF((F14+G11)<0,0,IF(F14<0,G11+F14,G11))","v":1339.7831287222807},{"$f":"IF((G14+H11)<0,0,IF(G14<0,H11+G14,H11))-'cons finstats'!H44/2","v":1704.261425845983},{"$f":"IF((H14+I11)<0,0,IF(H14<0,I11+H14,I11))-'cons finstats'!I44*2/5","v":1830.7856943087099},{"$f":"IF((I14+J11)<0,0,IF(I14<0,J11+I14,J11))-'cons finstats'!J44/2","v":2125.8969379513087},{"$f":"IF((J14+K11)<0,0,IF(J14<0,K11+J14,K11))-'cons finstats'!K44/2","v":3524.7351862409723},{"$f":"IF((K14+L11)<0,0,IF(K14<0,L11+K14,L11))-'cons finstats'!L44/2","v":4076.5012180857102},{"$f":"IF((L14+M11)<0,0,IF(L14<0,M11+L14,M11))-'cons finstats'!M44/2","v":4526.8718818495936},{"$f":"IF((M14+N11)<0,0,IF(M14<0,N11+M14,N11))-'cons finstats'!N44/2","v":5781.7653669076508},{"$f":"IF((N14+O11)<0,0,IF(N14<0,O11+N14,O11))-'cons finstats'!O44/2","v":6568.0395926719621},{"$f":"IF((O14+P11)<0,0,IF(O14<0,P11+O14,P11))-'cons finstats'!P44/2","v":7090.8744275219642},{"$f":"IF((P14+Q11)<0,0,IF(P14<0,Q11+P14,Q11))-'cons finstats'!Q44/2","v":7679.1938157815403}]
["Tax payable",null,null,{"$f":"IF(D4<0,0,IF(+D15*D17<D5*11.22%,+D5*11.22%,D15*D17))","v":454.33858347155683},{"$f":"IF(E4<0,0,IF(+E15*E17<E5*11.33%,+E5*11.33%,E15*E17))","v":382.8804827366186},{"$f":"IF(F4<0,0,IF(+F15*F17<F5*11.33%,+F5*11.33%,F15*F17))","v":60.981914171521666},455.39228545270316,579.27845864504957,608.55316478821521,706.6481421750151,1171.6219759064993,1355.0290048916902,1504.732213526805,1921.8588079601034,2183.2163606041604,{"$f":"IF(P4<0,0,IF(+P15*P17<P5*11.33%,+P5*11.33%,P15*P17))","v":2357.006659708301},{"$f":"IF(Q4<0,0,IF(+Q15*Q17<Q5*11.33%,+Q5*11.33%,Q15*Q17))","v":2552.564024365784}]
["Income tax rate",null,{"$f":"30%+10%*30%+2%*33%","v":0.33659999999999995},{"$f":"30%+10%*30%+2%*33%","v":0.33659999999999995},{"$f":"30%+10%*30%+3%*33%","v":0.33989999999999998},{"$f":"30%+10%*30%+3%*33%","v":0.33989999999999998},{"$f":"30%+10%*30%+3%*33%","v":0.33989999999999998},{"$f":"30%+10%*30%+3%*33%","v":0.33989999999999998},{"$f":"30%+7.5%*30%+3%*33%","v":0.33240000000000003},{"$f":"30%+7.5%*30%+3%*33%","v":0.33240000000000003},0.33240000000000003,0.33240000000000003,0.33240000000000003,0.33240000000000003,0.33240000000000003,0.33240000000000003,0.33240000000000003]
["Deferred tax liability/(asset)",null,{"$f":"-((SUM(C6:C10))*C17)","v":115.33301951075453},{"$f":"-((SUM(D6:D10))*D17)","v":13.687182736442843},{"$f":"-((SUM(E6:E7))*E17)","v":-59.567602736618419},{"$f":"-((SUM(F6:F10))*F17)","v":-114.1082841715213},12.446074547295968,-3.7257886450491386,-41.263311484797221,-64.592738058621748,-88.030769736359076,-123.20902775107402,-154.91625826608754,-170.26254798223366,-185.77956148070248,{"$f":"-((SUM(P6:P10))*P17)","v":-214.96421381604839},{"$f":"-((SUM(Q6:Q10))*Q17)","v":-247.12956059985973}]
["Deferred tax liability/(asset)",null,{"$f":"C18","v":115.33301951075453},{"$f":"+C19+D18","v":129.02020224719737},{"$f":"+D19+E18","v":69.452599510578949},{"$f":"+E19+F18","v":-44.655684660942356},-32.209610113646391,-35.935398758695527,-77.198710243492741,-141.79144830211447,-229.82221803847355,-353.0312457895476,-507.94750405563514,-678.21005203786876,-863.98961351857122,{"$f":"+O19+P18","v":-1078.9538273346195},{"$f":"+P19+Q18","v":-1326.0833879344793}]
[]
["Effective estimated tax rate",null,{"$f":"+C16/C4*100","v":0},{"$f":"+D16/D4*100","v":30.896751422405423},{"$f":"+E16/E4*100","v":27.548133102371349},{"$f":"+F16/F4*100","v":685.19004687094639},24.161305467567054,22.531250822444544,25.961557237813395,26.60185354595135,29.04735408345141,29.676616986552268,30.255391591707887,{"$f":"+N16/N4*100","v":31.007734399491472},{"$f":"+O16/O4*100","v":31.465029627453568},{"$f":"+P16/P4*100","v":32.015160814862817},{"$f":"+Q16/Q4*100","v":32.584665317114215}]
[]
["Actual tax paid",null,{"$f":"+'cons finstats'!C56","v":238.96799999999999},{"$f":"+'cons finstats'!D56","v":545.76499999999999},{"$f":"+'cons finstats'!E56","v":376.60000000000008},{"$f":"+'cons finstats'!F56","v":124.9},{"$f":"+'cons finstats'!G56","v":536.5},{"$f":"+'cons finstats'!H56","v":712.8},{"$f":"+'cons finstats'!I56","v":622.53488481099748},{"$f":"+'cons finstats'!J56","v":736.71924516914487},{"$f":"+'cons finstats'!K56","v":1196.2696185223899},{"$f":"+'cons finstats'!L56","v":1376.4670052144822},{"$f":"+'cons finstats'!M56","v":1513.8422709024917},{"$f":"+'cons finstats'!N56","v":1921.4720350650259},{"$f":"+'cons finstats'!O56","v":2167.6663674043511},{"$f":"+'cons finstats'!P56","v":2308.0520860753859},{"$f":"+'cons finstats'!Q56","v":2464.0299770832285}]
["Actual deferred tax provided",null,{"$f":"+'cons finstats'!C58","v":174.12799999999999},{"$f":"+'cons finstats'!D58","v":-27.010999999999999},{"$f":"+'cons finstats'!E58","v":-143.07},{"$f":"+'cons finstats'!F58","v":84.9},{"$f":"+'cons finstats'!G58","v":-25},{"$f":"+'cons finstats'!H58","v":-218.7},{"$f":"+'cons finstats'!I58","v":-41.263311484797221},{"$f":"+'cons finstats'!J58","v":-64.592738058621748},{"$f":"+'cons finstats'!K58","v":-88.030769736359076},{"$f":"+'cons finstats'!L58","v":-123.20902775107402},{"$f":"+'cons finstats'!M58","v":-154.91625826608754},{"$f":"+'cons finstats'!N58","v":-170.26254798223366},{"$f":"+'cons finstats'!O58","v":-185.77956148070248},{"$f":"+'cons finstats'!P58","v":-214.96421381604839},{"$f":"+'cons finstats'!Q58","v":-247.12956059985973}]
[]
["Tax on interest income",null,{"$f":"-'cash model'!C47","v":12.080412431999999},{"$f":"-'cash model'!D47","v":26.946553391999998},{"$f":"-'cash model'!E47+32","v":57.534783559999994},{"$f":"-'cash model'!F47+20","v":40.113514519999995},{"$f":"-'cash model'!G47+10","v":28.275063399999993},{"$f":"-'cash model'!H47","v":26.638642799999992},{"$f":"-'cash model'!I47","v":55.245031507579519},{"$f":"-'cash model'!J47","v":94.663841052751522},{"$f":"-'cash model'!K47","v":112.67841235224971},{"$f":"-'cash model'!L47","v":144.64702807386607},{"$f":"-'cash model'!M47","v":164.02631564177432},{"$f":"-'cash model'!N47","v":169.87577508715637},{"$f":"-'cash model'!O47","v":170.22956828089312},{"$f":"-'cash model'!P47","v":166.00964018313337},{"$f":"-'cash model'!Q47","v":158.5955133173043}]

{"sheet":"cons DCF","index":33,"n_rows":43,"n_cols":14,"rows_kept":43,"cut":false,"hidden":false,"merged":[[27,5,34,5],[23,6,23,13],[24,7,24,13]]}
["Discounted cash flow analysis of HT Media (Rs mn)"]
[]
[null,"2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E","2021E","2022E","2023E","2024E"]
["EBITDA",{"$f":"+'profit model'!I8","v":2798.1906642505373},{"$f":"+'profit model'!J8","v":3128.1144169801482},{"$f":"+'profit model'!K8","v":4532.4487939783994},{"$f":"+'profit model'!L8","v":5048.1889934205665},{"$f":"+'profit model'!M8","v":5484.1589083143808},{"$f":"+'profit model'!N8","v":6792.6275221231554},{"$f":"+'profit model'!O8","v":7669.3099815724199},{"$f":"+'profit model'!P8","v":8269.8829201049302},{"$f":"+'profit model'!Q8","v":8936.085467631352},{"$f":"J4*(1+$B$16%)","v":9204.1680316602924},{"$f":"K4*(1+$B$16%)","v":9480.2930726101022},{"$f":"L4*(1+$B$16%)","v":9764.7018647884051},{"$f":"M4*(1+$B$16%)","v":10057.642920732058}]
["Tax expense",{"$f":"'profit model'!I14+SUM('profit model'!H9:I10)*'profit model'!I35%","v":-463.46455903425795},{"$f":"'profit model'!J14+SUM('profit model'!I9:J10)*'profit model'!J35%","v":-502.65697242649628},{"$f":"'profit model'!K14+SUM('profit model'!J9:K10)*'profit model'!K35%","v":-933.146139496464},{"$f":"'profit model'!L14+SUM('profit model'!K9:L10)*'profit model'!L35%","v":-1088.0649344580634},{"$f":"'profit model'!M14+SUM('profit model'!L9:M10)*'profit model'!M35%","v":-1196.4313887059648},{"$f":"'profit model'!N14+SUM('profit model'!M9:N10)*'profit model'!N35%","v":-1591.0461649339495},{"$f":"'profit model'!O14+SUM('profit model'!N9:O10)*'profit model'!O35%","v":-1843.9075281572057},{"$f":"'profit model'!P14+SUM('profit model'!O9:P10)*'profit model'!P35%","v":-2012.1812324375519},{"$f":"'profit model'!Q14+SUM('profit model'!P9:Q10)*'profit model'!Q35%","v":-2207.3823984294504}]
["Changes in working capital",{"$f":"+'cash model'!I11","v":-860.31132877932578},{"$f":"+'cash model'!J11","v":-317.10785169178052},{"$f":"+'cash model'!K11","v":-364.51423612650706},{"$f":"+'cash model'!L11","v":-16.597483023921995},{"$f":"+'cash model'!M11","v":-137.75477575737568},{"$f":"+'cash model'!N11","v":-355.19308507656206},{"$f":"+'cash model'!O11","v":-322.78765707256025},{"$f":"+'cash model'!P11","v":-275.69917388669637},{"$f":"+'cash model'!Q11","v":-225.30917366624817}]
["Cash flow from operations",{"$f":"+SUM(B4:B6)","v":1474.4147764369536},2308.3495928618713,3234.7884183554283,3943.5265759385811,4149.9727438510399,4846.3882721126438,5502.6147963426538,5982.0025137806824,6503.3938955356534]
["Capital expenditure",{"$f":"+'cash model'!I15","v":-830},{"$f":"+'cash model'!J15","v":-871.5},{"$f":"+'cash model'!K15","v":-915.07500000000073},{"$f":"+'cash model'!L15","v":-717.72750000000087},{"$f":"+'cash model'!M15","v":-753.61387500000092},{"$f":"+'cash model'!N15","v":-1126.3184789062507},{"$f":"+'cash model'!O15","v":-1464.054487382813},{"$f":"+'cash model'!P15","v":-1537.2572117519558},{"$f":"+'cash model'!Q15","v":-1614.1200723395523}]
["Cash flows for minority interest",{"$f":"-'cons finstats'!I61","v":-64.367432217988579},{"$f":"-'cons finstats'!J61","v":-166.94534449914414},{"$f":"-'cons finstats'!K61","v":-265.9394636598683},{"$f":"-'cons finstats'!L61","v":-344.3005154790286},{"$f":"-'cons finstats'!M61","v":-371.66199497532705},{"$f":"-'cons finstats'!N61","v":-521.07938527595343},{"$f":"-'cons finstats'!O61","v":-619.48111342517439},{"$f":"-'cons finstats'!P61","v":-695.07851687123241},{"$f":"-'cons finstats'!Q61","v":-742.16404609588926}]
["Free cash flow to the firm",{"$f":"SUM(B7:B9)","v":580.04734421896501},1269.9042483627272,2053.7739546955595,2881.4985604595518,3024.6968738757118,3198.9904079304397,3419.0791955346663,3749.6667851574944,4147.1097771002114,{"$f":"J10*(1+$B$16%)","v":4271.5230704132182},{"$f":"K10*(1+$B$16%)","v":4399.6687625256145},{"$f":"L10*(1+$B$16%)","v":4531.6588254013832},{"$f":"M10*(1+$B$16%)","v":4667.6085901634251}]
["Dicounted cash flow-now",{"$f":"B10*B22","v":511.05492882728191},{"$f":"C10*C22","v":985.77829832733198},1404.6400831356398,1736.3407622267623,1605.2839969063077,1495.8467255711153,1408.5992606520833,1361.0532281680019,1325.8104282513229,1203.1583622016412]
["Discounted cash flow-1 year forward",null,{"$f":"C10*B22","v":1118.8583686015218},{"$f":"D10*C22","v":1594.2664943589509},1970.7467651273755,1822.6295676693539,1697.786033523216,1598.7601608401146,1544.7954139706817,1505.3169983082232,1365.5847410988629,1239.2531130676905]
["Discounted cash flow-2 year forward",null,null,{"$f":"D10*B22","v":1809.4924710974092},{"$f":"E10*C22","v":2236.797578419571},2068.6845593047169,1927.655810584956,1814.5927825535302,1753.3427948567239,1708.5347930798332,1550.4765082574702,1406.5522833318287,1276.4307064597213]
[]
["Discount rate (%)",13.5]
["Growth from 2020E to perpetuity (%)",3]
[]
["Fiscal year-end (March 31, XXXX)","2012-03-31","2013-03-31","2014-03-31","2015-03-31","2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31"]
["Today","2011-04-01",{"$f":"B19","v":"2011-04-01"},{"$f":"+C19","v":"2011-04-01"},"2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01","2011-04-01",{"$f":"+K19","v":"2011-04-01"},{"$f":"+L19","v":"2011-04-01"},{"$f":"+M19","v":"2011-04-01"}]
["Days left",{"$f":"B18-B19","v":365},730,1095,1460,1826,2191,2556,2921,3287,3652,4017,4382,4748]
["Years left",{"$f":"B20/365","v":1},2,3,4,5.0027397260273974,6.0027397260273974,7.0027397260273974,8.0027397260273965,9.0054794520547947,10.005479452054795,11.005479452054795,12.005479452054795,13.008219178082191]
["Discount factor at WACC",{"$f":"1/(1+$B$15%)^B21","v":0.88105726872246692},{"$f":"1/(1+$B$15%)^C21","v":0.77626191076869333},0.68393119891514842,0.60258255411026285,0.53072557808061216,0.46759962826485651,0.4119820513346753,0.36297978091160826,0.31969504052491493,0.28166963922899996,0.24816708302114532,0.21864941235343197,0.1925758304430224]
[]
[null,"+ 1-year",null,"+ 2-years",null,null,"Sensitivity of share price to different levels of WACC and growth rate (Rs)"]
["Total PV of free cash flow (a)",{"$f":"+SUM(B11:K11)","v":13037.566074267488},{"$f":"B25/$B$30","v":0.52486225107590967},{"$f":"+SUM(C12:L12)","v":15457.997656565991},{"$f":"D25/$D$30","v":0.55977868620247406},null,null,"WACC (%)"]
["FCF in terminal year",{"$f":"L10","v":4399.6687625256145},null,{"$f":"M10","v":4531.6588254013832},null,null,{"$f":"D34","v":135.64976025891565},{"$f":"I26-0.5","v":12},{"$f":"J26-0.5","v":12.5},{"$f":"K26-0.5","v":13},13.5,{"$f":"K26+0.5","v":14},{"$f":"L26+0.5","v":14.5},{"$f":"M26+0.5","v":15}]
["Exit FCF multiple (X)",{"$f":"1/($B$15%-$B$16%)","v":9.5238095238095237},null,{"$f":"1/($B$15%-$B$16%)","v":9.5238095238095237},null,null,{"$f":"G28-0.5","v":1},141.67165560797096,135.45999502539067,129.78428665167777,124.5796688194289,119.79127843984365,115.37239858643434,111.28300306359372]
["Terminal value ",{"$f":"B26*B27","v":41901.607262148711},null,{"$f":"D26*D27","v":43158.655480013171},null,"Growth rate (%)",{"$f":"G29-0.5","v":1.5},145.12376918684544,138.51508803428001,132.49912437542764,127.00125132181661,121.95880174028733,117.318767490168,113.036009978737]
["PV of terminal value (b)",{"$f":"B28*K22","v":11802.410600644673},{"$f":"B29/$B$30","v":0.47513774892409022},{"$f":"D28*K22","v":12156.482918664013},{"$f":"D29/$D$30","v":0.44022131379752599},null,{"$f":"G30-0.5","v":2},148.92109412360739,141.86114228211122,135.46076552860936,129.63340621571632,124.30695198243467,119.42084590620041,114.92386357966058]
["EV (a) + (b)",{"$f":"B29+B25","v":24839.976674912163},null,{"$f":"D29+D25","v":27614.480575230002},null,null,{"$f":"G31-0.5","v":2.5},153.11813747476529,145.54180195472554,138.70446774399883,132.50484791815234,126.85928920216003,121.69809752356883,116.96274546865803]
["EV (US$ mn)",{"$f":"+B30/46","v":539.99949293287307},null,{"$f":"+D30/46","v":600.31479511369571},null,null,3,157.78151897605193,149.60989948761508,142.27254018092731,135.64976025891565,129.64365707822407,124.17337102070846,119.17153418173859]
["Net debt/ (cash)",{"$f":"'balance model'!H14-'balance model'!H18-'balance model'!H26*2/3","v":-3093.2333333333331},null,{"$f":"'balance model'!I14-'balance model'!I18-'balance model'!I26*2/3","v":-4276.7780616410591},null,null,{"$f":"G31+0.5","v":3.5},162.99353359513691,154.1300078574923,146.21619919016396,139.10916383375522,132.69320284724654,126.87366938122435,121.57239147856527]
["Equity value",{"$f":"+B30-B32","v":27933.210008245496},null,{"$f":"+D30-D32","v":31891.258636871062},null,null,{"$f":"G32+0.5","v":4},168.85705004160761,159.18189368264922,150.59804253376029,142.93271515331483,136.04770319317134,129.83113901417039,124.19150852964897]
["Implied share price (Rs)",{"$f":"+B33/'profit model'!F24","v":118.86472343934254},null,{"$f":"+D33/'profit model'!G24","v":135.64976025891565},null,null,{"$f":"G33+0.5","v":4.5},175.50236868094098,164.86526523595074,155.49539685895618,147.18110550838097,139.7553088386671,133.084355610411,127.06006529988345]
["Exit EV/EBITDA multiple (X)",{"$f":"B28/L4","v":4.4198641266912242},null,{"$f":"D28/M4","v":4.4198641266912242},null,null,{"$f":"G34+0.5","v":5},183.09701855446488,171.30641966302579,161.00492047480157,151.92930649345496,143.87487066699578,136.68001605888747,130.21547774714139]
[]
[]
["Depreciation",{"$f":"-'profit model'!D11","v":435.988},{"$f":"-'profit model'!E11","v":569.87},{"$f":"-'profit model'!F11","v":688.1},{"$f":"-'profit model'!G11","v":706.9},{"$f":"-'profit model'!H11","v":841.9},{"$f":"-'profit model'!I11","v":919.86918061063898},{"$f":"-'profit model'!J11","v":996.04948890819196},{"$f":"-'profit model'!K11","v":1077.4766910454418},{"$f":"-'profit model'!L11","v":1156.8994735251711}]
["Cap Exp",{"$f":"-B8","v":830},{"$f":"-C8","v":871.5},915.07500000000073,717.72750000000087,753.61387500000092,1126.3184789062507,1464.054487382813,1537.2572117519558,1614.1200723395523]
[]
[null,null,null,{"$f":"J4","v":8936.085467631352}]
[null,null,null,{"$f":"D28","v":43158.655480013171}]
[null,null,null,{"$f":"D42/D41","v":4.8297048675669219}]

{"sheet":"profit model (F)","index":34,"n_rows":41,"n_cols":18,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
["Profit model of HT Media, March fiscal year-ends, 2006-2013E (Rs mn)"]
[]
[null,null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C3","v":2006},{"$f":"'profit model'!D3","v":2007},{"$f":"'profit model'!E3","v":2008},{"$f":"'profit model'!F3","v":2009},{"$f":"'profit model'!G3","v":2010},{"$f":"'profit model'!H3","v":2011},{"$f":"'profit model'!I3","v":"2012E"},{"$f":"'profit model'!J3","v":"2013E"},{"$f":"'profit model'!K3","v":"2014E"},{"$f":"'profit model'!L3","v":"2015E"},{"$f":"'profit model'!M3","v":"2016E"}]
[{"$f":"'profit model'!A4","v":"Revenues"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C4","v":8210.1050000000014},{"$f":"'profit model'!D4","v":10396.574999999999},{"$f":"'profit model'!E4","v":12032.51},{"$f":"'profit model'!F4","v":13466.1},{"$f":"'profit model'!G4","v":14129.199999999999},{"$f":"'profit model'!H4","v":17673.900000000001},{"$f":"'profit model'!I4","v":20010.086386822586},{"$f":"'profit model'!J4","v":23529.706641501765},{"$f":"'profit model'!K4","v":27652.077327222552},{"$f":"'profit model'!L4","v":29648.157315772878},{"$f":"'profit model'!M4","v":31521.775963916076}]
["Production costs",null,{"$f":"'profit model'!#REF!+'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!+'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!+'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!+'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!+'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C5","v":-3416.8179999999998},{"$f":"'profit model'!D5","v":-4349.2339999999995},{"$f":"'profit model'!E5","v":-4643.2299999999996},{"$f":"'profit model'!F5","v":-5587.7},{"$f":"'profit model'!G5","v":-4760.3},{"$f":"'profit model'!H5","v":-6248.9},{"$f":"'profit model'!I5","v":-7444.0337735159992},{"$f":"'profit model'!J5","v":-9266.6474685216017},{"$f":"'profit model'!K5","v":-10407.944629512003},{"$f":"'profit model'!L5","v":-10416.126057297661},{"$f":"'profit model'!M5","v":-11025.596509959294}]
[{"$f":"'profit model'!A6","v":"Employee costs"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C6","v":-1183.8499999999999},{"$f":"'profit model'!D6","v":-1596.2239999999999},{"$f":"'profit model'!E6","v":-1982.79},{"$f":"'profit model'!F6","v":-2419.1999999999998},{"$f":"'profit model'!G6","v":-2519.8000000000002},{"$f":"'profit model'!H6","v":-3009},{"$f":"'profit model'!I6","v":-3547.7172614400001},{"$f":"'profit model'!J6","v":-4266.6086614560008},{"$f":"'profit model'!K6","v":-5048.9649899704018},{"$f":"'profit model'!L6","v":-5807.4979978067622},{"$f":"'profit model'!M6","v":-6150.5737824169764}]
[{"$f":"'profit model'!A7","v":"SG&A and other costs"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C7","v":-2425.4490000000001},{"$f":"'profit model'!D7","v":-2770.7449999999999},{"$f":"'profit model'!E7","v":-3707.52},{"$f":"'profit model'!F7","v":-4580.3999999999996},{"$f":"'profit model'!G7","v":-4350.3},{"$f":"'profit model'!H7","v":-5244.8},{"$f":"'profit model'!I7","v":-6220.1446876160489},{"$f":"'profit model'!J7","v":-6868.3360945440145},{"$f":"'profit model'!K7","v":-7662.7189137617479},{"$f":"'profit model'!L7","v":-8376.3442672478886},{"$f":"'profit model'!M7","v":-8861.4467632254236}]
[{"$f":"'profit model'!A8","v":"EBITDA"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C8","v":1183.9880000000021},{"$f":"'profit model'!D8","v":1680.3719999999994},{"$f":"'profit model'!E8","v":1698.9700000000007},{"$f":"'profit model'!F8","v":878.80000000000109},{"$f":"'profit model'!G8","v":2498.7999999999975},{"$f":"'profit model'!H8","v":3171.2000000000016},{"$f":"'profit model'!I8","v":2798.1906642505373},{"$f":"'profit model'!J8","v":3128.1144169801482},{"$f":"'profit model'!K8","v":4532.4487939783994},{"$f":"'profit model'!L8","v":5048.1889934205665},{"$f":"'profit model'!M8","v":5484.1589083143808}]
[{"$f":"'profit model'!A9","v":"Other income"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C9","v":177.33799999999999},{"$f":"'profit model'!D9","v":366.85599999999999},{"$f":"'profit model'!E9","v":438.66},{"$f":"'profit model'!F9","v":330.4},{"$f":"'profit model'!G9","v":408.79999999999995},{"$f":"'profit model'!H9","v":477.7},{"$f":"'profit model'!I9","v":796.75845579897555},{"$f":"'profit model'!J9","v":805.34693216832579},{"$f":"'profit model'!K9","v":859.54239335815191},{"$f":"'profit model'!L9","v":955.71753090814082},{"$f":"'profit model'!M9","v":1014.0186367081055}]
[{"$f":"'profit model'!A10","v":"Interest expense"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C10","v":-135.4},{"$f":"'profit model'!D10","v":-142.9},{"$f":"'profit model'!E10","v":-177.89999999999998},{"$f":"'profit model'!F10","v":-322.8},{"$f":"'profit model'!G10","v":-295.10000000000002},{"$f":"'profit model'!H10","v":-236},{"$f":"'profit model'!I10","v":-331.02499999999998},{"$f":"'profit model'!J10","v":-281.02499999999998},{"$f":"'profit model'!K10","v":-281.02499999999998},{"$f":"'profit model'!L10","v":-281.02499999999998},{"$f":"'profit model'!M10","v":-281.02499999999998}]
[{"$f":"'profit model'!A11","v":"D&A expenses"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C11","v":-385.36399999999998},{"$f":"'profit model'!D11","v":-435.988},{"$f":"'profit model'!E11","v":-569.87},{"$f":"'profit model'!F11","v":-688.1},{"$f":"'profit model'!G11","v":-706.9},{"$f":"'profit model'!H11","v":-841.9},{"$f":"'profit model'!I11","v":-919.86918061063898},{"$f":"'profit model'!J11","v":-996.04948890819196},{"$f":"'profit model'!K11","v":-1077.4766910454418},{"$f":"'profit model'!L11","v":-1156.8994735251711},{"$f":"'profit model'!M11","v":-1243.7176153645021}]
[{"$f":"'profit model'!A12","v":"Pretax profits"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C12","v":840.56200000000194},{"$f":"'profit model'!D12","v":1468.3399999999992},{"$f":"'profit model'!E12","v":1389.8600000000006},{"$f":"'profit model'!F12","v":198.30000000000121},{"$f":"'profit model'!G12","v":1905.5999999999976},{"$f":"'profit model'!H12","v":2571.0000000000014},{"$f":"'profit model'!I12","v":2344.054939438874},{"$f":"'profit model'!J12","v":2656.3868602402822},{"$f":"'profit model'!K12","v":4033.4894962911094},{"$f":"'profit model'!L12","v":4565.9820508035373},{"$f":"'profit model'!M12","v":4973.4349296579849}]
[{"$f":"'profit model'!A13","v":"Extraordinary items"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C13","v":-228.88799999999998},{"$f":"'profit model'!D13","v":2.1660000000000004},{"$f":"'profit model'!E13","v":0},{"$f":"'profit model'!F13","v":-189.4},{"$f":"'profit model'!G13","v":-20.8},{"$f":"'profit model'!H13","v":0},{"$f":"'profit model'!I13","v":0},{"$f":"'profit model'!J13","v":0},{"$f":"'profit model'!K13","v":0},{"$f":"'profit model'!L13","v":0},{"$f":"'profit model'!M13","v":0}]
[{"$f":"'profit model'!A14","v":"Current tax"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C14","v":-64.84},{"$f":"'profit model'!D14","v":-572.77599999999995},{"$f":"'profit model'!E14","v":-519.67000000000007},{"$f":"'profit model'!F14","v":-40},{"$f":"'profit model'!G14","v":-561.5},{"$f":"'profit model'!H14","v":-931.5},{"$f":"'profit model'!I14","v":-663.7981962957947},{"$f":"'profit model'!J14","v":-801.31198322776663},{"$f":"'profit model'!K14","v":-1284.3003882587491},{"$f":"'profit model'!L14","v":-1499.6760329655563},{"$f":"'profit model'!M14","v":-1668.7585291685793}]
[{"$f":"'profit model'!A15","v":"Deferred tax"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C15","v":-174.12799999999999},{"$f":"'profit model'!D15","v":27.010999999999999},{"$f":"'profit model'!E15","v":143.07},{"$f":"'profit model'!F15","v":-84.9},{"$f":"'profit model'!G15","v":25},{"$f":"'profit model'!H15","v":218.7},{"$f":"'profit model'!I15","v":41.263311484797221},{"$f":"'profit model'!J15","v":64.592738058621748},{"$f":"'profit model'!K15","v":88.030769736359076},{"$f":"'profit model'!L15","v":123.20902775107402},{"$f":"'profit model'!M15","v":154.91625826608754}]
[{"$f":"'profit model'!A16","v":"Reported PAT"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C16","v":372.70600000000201},{"$f":"'profit model'!D16","v":924.74099999999919},{"$f":"'profit model'!E16","v":1013.2600000000004},{"$f":"'profit model'!F16","v":-115.99999999999881},{"$f":"'profit model'!G16","v":1348.2999999999977},{"$f":"'profit model'!H16","v":1858.2000000000014},{"$f":"'profit model'!I16","v":1721.5200546278766},{"$f":"'profit model'!J16","v":1919.6676150711373},{"$f":"'profit model'!K16","v":2837.2198777687195},{"$f":"'profit model'!L16","v":3189.5150455890553},{"$f":"'profit model'!M16","v":3459.5926587554932}]
[{"$f":"'profit model'!A17","v":"Minority interest"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C17","v":0},{"$f":"'profit model'!D17","v":-45.691000000000003},{"$f":"'profit model'!E17","v":0},{"$f":"'profit model'!F17","v":-125},{"$f":"'profit model'!G17","v":-10.9},{"$f":"'profit model'!H17","v":49.1},{"$f":"'profit model'!I17","v":64.367432217988579},{"$f":"'profit model'!J17","v":166.94534449914414},{"$f":"'profit model'!K17","v":265.9394636598683},{"$f":"'profit model'!L17","v":344.3005154790286},{"$f":"'profit model'!M17","v":371.66199497532705}]
[{"$f":"'profit model'!A18","v":"Adjusted PAT"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C18","v":601.59400000000198},{"$f":"'profit model'!D18","v":969.07107715515406},{"$f":"'profit model'!E18","v":1013.2600000000004},{"$f":"'profit model'!F18","v":79.105698436713979},{"$f":"'profit model'!G18","v":1374.1439966414755},{"$f":"'profit model'!H18","v":1809.1000000000015},{"$f":"'profit model'!I18","v":1657.152622409888},{"$f":"'profit model'!J18","v":1752.7222705719932},{"$f":"'profit model'!K18","v":2571.2804141088513},{"$f":"'profit model'!L18","v":2845.2145301100268},{"$f":"'profit model'!M18","v":3087.930663780166}]
[]
[{"$f":"'profit model'!A20","v":"EPS (Rs)"}]
[{"$f":"'profit model'!A21","v":"Primary"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C21","v":2.5684010092687153},{"$f":"'profit model'!D21","v":4.1372805124692249},{"$f":"'profit model'!E21","v":4.3255496264674509},{"$f":"'profit model'!F21","v":0.33661999334771908},{"$f":"'profit model'!G21","v":5.8449340563227379},{"$f":"'profit model'!H21","v":7.6917517006802791},{"$f":"'profit model'!I21","v":7.0457169320148303},{"$f":"'profit model'!J21","v":7.4520504701190191},{"$f":"'profit model'!K21","v":10.932314685836953},{"$f":"'profit model'!L21","v":12.09700055318889},{"$f":"'profit model'!M21","v":13.128956903827238}]
[{"$f":"'profit model'!A22","v":"Fully diluted"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C22","v":2.5684010092687153},{"$f":"'profit model'!D22","v":4.1372805124692249},{"$f":"'profit model'!E22","v":4.3255496264674509},{"$f":"'profit model'!F22","v":0.33661999334771908},{"$f":"'profit model'!G22","v":5.8449340563227379},{"$f":"'profit model'!H22","v":7.6917517006802791},{"$f":"'profit model'!I22","v":7.0457169320148303},{"$f":"'profit model'!J22","v":7.4520504701190191},{"$f":"'profit model'!K22","v":10.932314685836953},{"$f":"'profit model'!L22","v":12.09700055318889},{"$f":"'profit model'!M22","v":13.128956903827238}]
[]
[{"$f":"'profit model'!A23","v":"Shares outstanding (mn)"}]
[{"$f":"'profit model'!A24","v":"Year end"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C24","v":234.22900000000001},{"$f":"'profit model'!D24","v":234.22900000000001},{"$f":"'profit model'!E24","v":234.25},{"$f":"'profit model'!F24","v":235},{"$f":"'profit model'!G24","v":235.09999999999997},{"$f":"'profit model'!H24","v":235.2},{"$f":"'profit model'!I24","v":235.2},{"$f":"'profit model'!J24","v":235.2},{"$f":"'profit model'!K24","v":235.2},{"$f":"'profit model'!L24","v":235.2},{"$f":"'profit model'!M24","v":235.2}]
[{"$f":"'profit model'!A25","v":"Primary"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C25","v":234.22900000000001},{"$f":"'profit model'!D25","v":234.22900000000001},{"$f":"'profit model'!E25","v":234.25},{"$f":"'profit model'!F25","v":235},{"$f":"'profit model'!G25","v":235.09999999999997},{"$f":"'profit model'!H25","v":235.2},{"$f":"'profit model'!I25","v":235.2},{"$f":"'profit model'!J25","v":235.2},{"$f":"'profit model'!K25","v":235.2},{"$f":"'profit model'!L25","v":235.2},{"$f":"'profit model'!M25","v":235.2}]
[{"$f":"'profit model'!A26","v":"Fully diluted"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C26","v":234.22900000000001},{"$f":"'profit model'!D26","v":234.22900000000001},{"$f":"'profit model'!E26","v":234.25},{"$f":"'profit model'!F26","v":235},{"$f":"'profit model'!G26","v":235.09999999999997},{"$f":"'profit model'!H26","v":235.2},{"$f":"'profit model'!I26","v":235.2},{"$f":"'profit model'!J26","v":235.2},{"$f":"'profit model'!K26","v":235.2},{"$f":"'profit model'!L26","v":235.2},{"$f":"'profit model'!M26","v":235.2}]
[]
[{"$f":"'profit model'!A27","v":"Cash flow per share (Rs)"}]
[{"$f":"'profit model'!A28","v":"Primary"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C28","v":3.8121154938116111},{"$f":"'profit model'!D28","v":5.7072138804332502},{"$f":"'profit model'!E28","v":5.3026680896478124},{"$f":"'profit model'!F28","v":2.4944680851063841},{"$f":"'profit model'!G28","v":9.8153977031050612},{"$f":"'profit model'!H28","v":11.988945578231293},{"$f":"'profit model'!I28","v":9.0747979079708436},{"$f":"'profit model'!J28","v":9.8928674904437983},{"$f":"'profit model'!K28","v":13.810154786223004},{"$f":"'profit model'!L28","v":15.087214967920966},{"$f":"'profit model'!M28","v":16.221940387524672}]
[{"$f":"'profit model'!A29","v":"Fully diluted"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C29","v":3.8121154938116111},{"$f":"'profit model'!D29","v":5.7072138804332502},{"$f":"'profit model'!E29","v":5.3026680896478124},{"$f":"'profit model'!F29","v":2.4944680851063841},{"$f":"'profit model'!G29","v":9.8153977031050612},{"$f":"'profit model'!H29","v":11.988945578231293},{"$f":"'profit model'!I29","v":9.0747979079708436},{"$f":"'profit model'!J29","v":9.8928674904437983},{"$f":"'profit model'!K29","v":13.810154786223004},{"$f":"'profit model'!L29","v":15.087214967920966},{"$f":"'profit model'!M29","v":16.221940387524672}]
[]
[{"$f":"'profit model'!A30","v":"Growth (%)"}]
[{"$f":"'profit model'!A31","v":"Net income (adjusted)"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C31","v":0},{"$f":"'profit model'!D31","v":61.083899964951591},{"$f":"'profit model'!E31","v":4.5599258802119298},{"$f":"'profit model'!F31","v":-92.192951617875579},{"$f":"'profit model'!G31","v":1637.0986209556272},{"$f":"'profit model'!H31","v":31.652869307845126},{"$f":"'profit model'!I31","v":-8.399059067498392},{"$f":"'profit model'!J31","v":5.7670999562565726},{"$f":"'profit model'!K31","v":46.702102054635567},{"$f":"'profit model'!L31","v":10.653607226114811},{"$f":"'profit model'!M31","v":8.5306795358152918}]
[{"$f":"'profit model'!A32","v":"EPS (adjusted)"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C32","v":0},{"$f":"'profit model'!D32","v":61.083899964951613},{"$f":"'profit model'!E32","v":4.5505523116164692},{"$f":"'profit model'!F32","v":-92.217867729733413},{"$f":"'profit model'!G32","v":1636.3597444686193},{"$f":"'profit model'!H32","v":31.596894448445529},{"$f":"'profit model'!I32","v":-8.3990590674983938},{"$f":"'profit model'!J32","v":5.7670999562565672},{"$f":"'profit model'!K32","v":46.702102054635567},{"$f":"'profit model'!L32","v":10.653607226114813},{"$f":"'profit model'!M32","v":8.5306795358152954}]
[{"$f":"'profit model'!A33","v":"DCF/share"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C33","v":0},{"$f":"'profit model'!D33","v":49.712512375295098},{"$f":"'profit model'!E33","v":-7.0883236419856681},{"$f":"'profit model'!F33","v":-52.95824586916472},{"$f":"'profit model'!G33","v":293.48660188155719},{"$f":"'profit model'!H33","v":22.144267006507938},{"$f":"'profit model'!I33","v":-24.306955530365904},{"$f":"'profit model'!J33","v":9.0147416038257315},{"$f":"'profit model'!K33","v":39.597086482389287},{"$f":"'profit model'!L33","v":9.247254657652034},{"$f":"'profit model'!M33","v":7.5211059298644853}]
[]
[{"$f":"'profit model'!A35","v":"Cash tax rate (%)"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C35","v":0},{"$f":"'profit model'!D35","v":39.008404048108765},{"$f":"'profit model'!E35","v":37.390096844286461},{"$f":"'profit model'!F35","v":20.171457387796146},{"$f":"'profit model'!G35","v":29.46578505457602},{"$f":"'profit model'!H35","v":36.231038506417718},{"$f":"'profit model'!I35","v":28.318371942881871},{"$f":"'profit model'!J35","v":30.1654851264881},{"$f":"'profit model'!K35","v":31.840925566800017},{"$f":"'profit model'!L35","v":32.844545078788428},{"$f":"'profit model'!M35","v":33.553440484710173}]
[{"$f":"'profit model'!A36","v":"Effective tax rate (%)"},null,{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'profit model'!C36","v":0},{"$f":"'profit model'!D36","v":37.168843728291826},{"$f":"'profit model'!E36","v":27.09625429899414},{"$f":"'profit model'!F36","v":62.985375693393465},{"$f":"'profit model'!G36","v":28.153862300587779},{"$f":"'profit model'!H36","v":27.72462077012834},{"$f":"'profit model'!I36","v":26.558033019482963},{"$f":"'profit model'!J36","v":27.733883802696766},{"$f":"'profit model'!K36","v":29.658429001052035},{"$f":"'profit model'!L36","v":30.146132636948209},{"$f":"'profit model'!M36","v":30.438565947149048}]
[]
["Source: Kotak Institutional Equities estimates"]

{"sheet":"cash model (F)","index":35,"n_rows":35,"n_cols":19,"rows_kept":35,"cut":false,"hidden":false,"merged":[]}
["Cash flow statement of HT Media, March fiscal year-ends, 2006-2013E (Rs mn)"]
[]
[null,null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C3","v":2006},{"$f":"'cash model'!D3","v":2007},{"$f":"'cash model'!E3","v":2008},{"$f":"'cash model'!F3","v":2009},{"$f":"'cash model'!G3","v":2010},{"$f":"'cash model'!H3","v":2011},{"$f":"'cash model'!I3","v":"2012E"},{"$f":"'cash model'!J3","v":"2013E"},{"$f":"'cash model'!K3","v":"2014E"},{"$f":"'cash model'!L3","v":"2015E"},{"$f":"'cash model'!M3","v":"2016E"},{"$f":"'cash model'!N3","v":"2017E"}]
[{"$f":"'cash model'!A4","v":"Operating"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}}]
[{"$f":"'cash model'!A5","v":"Pre-tax profits"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C5","v":611.678},{"$f":"'cash model'!D5","v":1467.904},{"$f":"'cash model'!E5","v":1389.89},{"$f":"'cash model'!F5","v":8.9},{"$f":"'cash model'!G5","v":1891.3},{"$f":"'cash model'!H5","v":2571},{"$f":"'cash model'!I5","v":2344.0549394388736},{"$f":"'cash model'!J5","v":2656.3868602402817},{"$f":"'cash model'!K5","v":4033.4894962911094},{"$f":"'cash model'!L5","v":4565.9820508035373},{"$f":"'cash model'!M5","v":4973.4349296579849},{"$f":"'cash model'!N5","v":6197.9981613607406}]
[{"$f":"'cash model'!A6","v":"D&A expenses"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C6","v":385.36399999999998},{"$f":"'cash model'!D6","v":435.988},{"$f":"'cash model'!E6","v":569.87},{"$f":"'cash model'!F6","v":688.1},{"$f":"'cash model'!G6","v":706.9},{"$f":"'cash model'!H6","v":841.9},{"$f":"'cash model'!I6","v":919.86918061063898},{"$f":"'cash model'!J6","v":996.04948890819196},{"$f":"'cash model'!K6","v":1077.4766910454418},{"$f":"'cash model'!L6","v":1156.8994735251711},{"$f":"'cash model'!M6","v":1243.7176153645021},{"$f":"'cash model'!N6","v":1345.2206492315975}]
[{"$f":"'cash model'!A7","v":"Taxes paid"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C7","v":-109.49},{"$f":"'cash model'!D7","v":-513.37400000000002},{"$f":"'cash model'!E7","v":-597.19000000000005},{"$f":"'cash model'!F7","v":-204.8},{"$f":"'cash model'!G7","v":-407.4},{"$f":"'cash model'!H7","v":-515.5},{"$f":"'cash model'!I7","v":-663.7981962957947},{"$f":"'cash model'!J7","v":-801.31198322776663},{"$f":"'cash model'!K7","v":-1284.3003882587491},{"$f":"'cash model'!L7","v":-1499.6760329655563},{"$f":"'cash model'!M7","v":-1668.7585291685793},{"$f":"'cash model'!N7","v":-2091.7345830472595}]
[{"$f":"'cash model'!A8","v":"Other income"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C8","v":-130.04000000000002},{"$f":"'cash model'!D8","v":-196.62099999999998},{"$f":"'cash model'!E8","v":-298.29000000000002},{"$f":"'cash model'!F8","v":-205.70000000000002},{"$f":"'cash model'!G8","v":-145.69999999999999},{"$f":"'cash model'!H8","v":-291.2},{"$f":"'cash model'!I8","v":-796.75845579897555},{"$f":"'cash model'!J8","v":-805.34693216832579},{"$f":"'cash model'!K8","v":-859.54239335815191},{"$f":"'cash model'!L8","v":-955.71753090814082},{"$f":"'cash model'!M8","v":-1014.0186367081055},{"$f":"'cash model'!N8","v":-1031.6162884691826}]
[{"$f":"'cash model'!A9","v":"Interest expenses"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C9","v":135.39599999999999},{"$f":"'cash model'!D9","v":142.898},{"$f":"'cash model'!E9","v":177.87},{"$f":"'cash model'!F9","v":299.7},{"$f":"'cash model'!G9","v":262.5},{"$f":"'cash model'!H9","v":213.6},{"$f":"'cash model'!I9","v":331.02499999999998},{"$f":"'cash model'!J9","v":281.02499999999998},{"$f":"'cash model'!K9","v":281.02499999999998},{"$f":"'cash model'!L9","v":281.02499999999998},{"$f":"'cash model'!M9","v":281.02499999999998},{"$f":"'cash model'!N9","v":281.02499999999998}]
[{"$f":"'cash model'!A25","v":"Interest paid"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C25","v":-136.27699999999999},{"$f":"'cash model'!D25","v":-142.898},{"$f":"'cash model'!E25","v":-177.88},{"$f":"'cash model'!F25","v":-299.7},{"$f":"'cash model'!G25","v":-249.4},{"$f":"'cash model'!H25","v":-204.9},{"$f":"'cash model'!I25","v":-281.02499999999998},{"$f":"'cash model'!J25","v":-281.02499999999998},{"$f":"'cash model'!K25","v":-281.02499999999998},{"$f":"'cash model'!L25","v":-281.02499999999998},{"$f":"'cash model'!M25","v":-281.02499999999998},{"$f":"'cash model'!N25","v":-281.02499999999998}]
[{"$f":"'cash model'!A10","v":"Extraordinary items"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C10","v":-133.79899999999998},{"$f":"'cash model'!D10","v":20.901},{"$f":"'cash model'!E10","v":6.88},{"$f":"'cash model'!F10","v":189.70000000000002},{"$f":"'cash model'!G10","v":49.3},{"$f":"'cash model'!H10","v":-4.6000000000000085},{"$f":"'cash model'!I10","v":0},{"$f":"'cash model'!J10","v":0},{"$f":"'cash model'!K10","v":0},{"$f":"'cash model'!L10","v":0},{"$f":"'cash model'!M10","v":0},{"$f":"'cash model'!N10","v":0}]
[{"$f":"'cash model'!A11","v":"Working capital changes (a)"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C11","v":-231.62300000000005},{"$f":"'cash model'!D11","v":-226.03399999999999},{"$f":"'cash model'!E11","v":-130.91000000000008},{"$f":"'cash model'!F11","v":1313.2},{"$f":"'cash model'!G11","v":1695.1},{"$f":"'cash model'!H11","v":-328.09999999999997},{"$f":"'cash model'!I11","v":-860.31132877932578},{"$f":"'cash model'!J11","v":-317.10785169178052},{"$f":"'cash model'!K11","v":-364.51423612650706},{"$f":"'cash model'!L11","v":-16.597483023921995},{"$f":"'cash model'!M11","v":-137.75477575737568},{"$f":"'cash model'!N11","v":-355.19308507656206}]
[{"$f":"'cash model'!A12","v":"Total operating "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C12","v":527.48599999999988},{"$f":"'cash model'!D12","v":1131.6619999999998},{"$f":"'cash model'!E12","v":1118.1200000000001},{"$f":"'cash model'!F12","v":2089.1000000000004},{"$f":"'cash model'!G12","v":4051.9999999999995},{"$f":"'cash model'!H12","v":2487.1000000000004},{"$f":"'cash model'!I12","v":1274.0811391754164},{"$f":"'cash model'!J12","v":2009.6945820606006},{"$f":"'cash model'!K12","v":2883.6341695931433},{"$f":"'cash model'!L12","v":3531.9154774310891},{"$f":"'cash model'!M12","v":3677.6456033884269},{"$f":"'cash model'!N12","v":4345.6998539993328}]
[{"$f":"'cash model'!A13","v":"Operating, excl. working capital (b)"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C13","v":892.9079999999999},{"$f":"'cash model'!D13","v":1336.7949999999998},{"$f":"'cash model'!E13","v":1242.1500000000001},{"$f":"'cash model'!F13","v":586.20000000000027},{"$f":"'cash model'!G13","v":2307.5999999999995},{"$f":"'cash model'!H13","v":2819.8},{"$f":"'cash model'!I13","v":2134.3924679547422},{"$f":"'cash model'!J13","v":2326.8024337523811},{"$f":"'cash model'!K13","v":3248.1484057196503},{"$f":"'cash model'!L13","v":3548.5129604550111},{"$f":"'cash model'!M13","v":3815.4003791458026},{"$f":"'cash model'!N13","v":4700.8929390758949}]
[{"$f":"'cash model'!A14","v":"Investing"}]
[{"$f":"'cash model'!A15","v":"Capital expenditure (c)"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C15","v":-328.49299999999999},{"$f":"'cash model'!D15","v":-870.07799999999997},{"$f":"'cash model'!E15","v":-1204.71},{"$f":"'cash model'!F15","v":-2600.6},{"$f":"'cash model'!G15","v":-1603.6},{"$f":"'cash model'!H15","v":-776.1},{"$f":"'cash model'!I15","v":-830},{"$f":"'cash model'!J15","v":-871.5},{"$f":"'cash model'!K15","v":-915.07500000000073},{"$f":"'cash model'!L15","v":-717.72750000000087},{"$f":"'cash model'!M15","v":-753.61387500000092},{"$f":"'cash model'!N15","v":-1126.3184789062507}]
[{"$f":"'cash model'!A16","v":"(Purchase)/Sale of assets/businesses "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C16","v":1.456},{"$f":"'cash model'!D16","v":3.3839999999999999},{"$f":"'cash model'!E16","v":8.33},{"$f":"'cash model'!F16","v":3.6},{"$f":"'cash model'!G16","v":28.8},{"$f":"'cash model'!H16","v":2.9},{"$f":"'cash model'!I16","v":0},{"$f":"'cash model'!J16","v":0},{"$f":"'cash model'!K16","v":0},{"$f":"'cash model'!L16","v":0},{"$f":"'cash model'!M16","v":0},{"$f":"'cash model'!N16","v":0}]
[{"$f":"'cash model'!A17","v":"(Purchase)/Sale of investments "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C17","v":387.67800000000011},{"$f":"'cash model'!D17","v":-319.22199999999975},{"$f":"'cash model'!E17","v":-325.32999999999993},{"$f":"'cash model'!F17","v":-1126.3999999999996},{"$f":"'cash model'!G17","v":-1778.3999999999994},{"$f":"'cash model'!H17","v":-3097.7},{"$f":"'cash model'!I17","v":1000},{"$f":"'cash model'!J17","v":0},{"$f":"'cash model'!K17","v":0},{"$f":"'cash model'!L17","v":0},{"$f":"'cash model'!M17","v":0},{"$f":"'cash model'!N17","v":0}]
[{"$f":"'cash model'!A20","v":"Interest/dividend received "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C20","v":51.019000000000005},{"$f":"'cash model'!D20","v":199.58600000000001},{"$f":"'cash model'!E20","v":74.63},{"$f":"'cash model'!F20","v":280.10000000000002},{"$f":"'cash model'!G20","v":258.5},{"$f":"'cash model'!H20","v":82.8},{"$f":"'cash model'!I20","v":796.75845579897555},{"$f":"'cash model'!J20","v":805.34693216832579},{"$f":"'cash model'!K20","v":859.54239335815191},{"$f":"'cash model'!L20","v":955.71753090814082},{"$f":"'cash model'!M20","v":1014.0186367081055},{"$f":"'cash model'!N20","v":1031.6162884691826}]
[{"$f":"'cash model'!A21","v":"Total investing"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C21","v":-835.76799999999992},{"$f":"'cash model'!D21","v":-986.3299999999997},{"$f":"'cash model'!E21","v":-1447.08},{"$f":"'cash model'!F21","v":-3443.2999999999997},{"$f":"'cash model'!G21","v":-2778.8999999999992},{"$f":"'cash model'!H21","v":-2946.0999999999995},{"$f":"'cash model'!I21","v":966.75845579897555},{"$f":"'cash model'!J21","v":-66.153067831674207},{"$f":"'cash model'!K21","v":-55.532606641848815},{"$f":"'cash model'!L21","v":237.99003090813994},{"$f":"'cash model'!M21","v":260.40476170810462},{"$f":"'cash model'!N21","v":-94.702190437068111}]
[{"$f":"'cash model'!A22","v":"Financing"}]
[{"$f":"'cash model'!A23","v":"Proceeds from issue of share capital"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C23","v":2698.7289999999998},{"$f":"'cash model'!D23","v":-158.26},{"$f":"'cash model'!E23","v":-1.57},{"$f":"'cash model'!F23","v":2.5},{"$f":"'cash model'!G23","v":-21.9},{"$f":"'cash model'!H23","v":1854.8},{"$f":"'cash model'!I23","v":0},{"$f":"'cash model'!J23","v":0},{"$f":"'cash model'!K23","v":0},{"$f":"'cash model'!L23","v":0},{"$f":"'cash model'!M23","v":0},{"$f":"'cash model'!N23","v":0}]
[{"$f":"'cash model'!A24","v":"Proceeds from borrowings"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C24","v":-19.395999999999965},{"$f":"'cash model'!D24","v":-38.176000000000002},{"$f":"'cash model'!E24","v":573.12},{"$f":"'cash model'!F24","v":1490.8},{"$f":"'cash model'!G24","v":-490.40000000000009},{"$f":"'cash model'!H24","v":-881.2},{"$f":"'cash model'!I24","v":0},{"$f":"'cash model'!J24","v":0},{"$f":"'cash model'!K24","v":0},{"$f":"'cash model'!L24","v":0},{"$f":"'cash model'!M24","v":0},{"$f":"'cash model'!N24","v":0}]
[{"$f":"'cash model'!A26","v":"Dividends paid (d)"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C26","v":-45.884},{"$f":"'cash model'!D26","v":-66.38},{"$f":"'cash model'!E26","v":-81.809999999999988},{"$f":"'cash model'!F26","v":-109.6},{"$f":"'cash model'!G26","v":-82.5},{"$f":"'cash model'!H26","v":-98.699999999999989},{"$f":"'cash model'!I26","v":-109.6032},{"$f":"'cash model'!J26","v":-548.01599999999996},{"$f":"'cash model'!K26","v":-1096.0319999999999},{"$f":"'cash model'!L26","v":-2192.0639999999999},{"$f":"'cash model'!M26","v":-3288.0959999999995},{"$f":"'cash model'!N26","v":-3836.1119999999996}]
[{"$f":"'cash model'!A27","v":"Total financing"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C27","v":2497.1719999999996},{"$f":"'cash model'!D27","v":-405.71399999999994},{"$f":"'cash model'!E27","v":311.85999999999996},{"$f":"'cash model'!F27","v":1084},{"$f":"'cash model'!G27","v":-844.2},{"$f":"'cash model'!H27","v":670},{"$f":"'cash model'!I27","v":-390.62819999999999},{"$f":"'cash model'!J27","v":-829.04099999999994},{"$f":"'cash model'!K27","v":-1377.0569999999998},{"$f":"'cash model'!L27","v":-2473.0889999999999},{"$f":"'cash model'!M27","v":-3569.1209999999996},{"$f":"'cash model'!N27","v":-4117.1369999999997}]
[]
[{"$f":"'cash model'!A29","v":"Net increase in cash and cash equivalents"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C29","v":2188.8899999999994},{"$f":"'cash model'!D29","v":-260.38199999999983},{"$f":"'cash model'!E29","v":-17.099999999999909},{"$f":"'cash model'!F29","v":-270.19999999999936},{"$f":"'cash model'!G29","v":428.90000000000009},{"$f":"'cash model'!H29","v":211.00000000000091},{"$f":"'cash model'!I29","v":1850.2113949743921},{"$f":"'cash model'!J29","v":1114.5005142289265},{"$f":"'cash model'!K29","v":1451.0445629512947},{"$f":"'cash model'!L29","v":1296.8165083392291},{"$f":"'cash model'!M29","v":368.92936509653191},{"$f":"'cash model'!N29","v":133.86066356226547}]
[{"$f":"'cash model'!A30","v":"Beginning cash"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C30","v":0},{"$f":"'cash model'!D30","v":897.23800000000006},{"$f":"'cash model'!E30","v":1104.1400000000001},{"$f":"'cash model'!F30","v":773.97},{"$f":"'cash model'!G30","v":705.4},{"$f":"'cash model'!H30","v":1086.8},{"$f":"'cash model'!I30","v":1152.4000000000001},{"$f":"'cash model'!J30","v":3002.6113949743922},{"$f":"'cash model'!K30","v":4117.1119092033186},{"$f":"'cash model'!L30","v":5568.1564721546129},{"$f":"'cash model'!M30","v":6864.9729804938415},{"$f":"'cash model'!N30","v":7233.9023455903734}]
[{"$f":"'cash model'!A31","v":"Ending cash"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C31","v":897.23800000000006},{"$f":"'cash model'!D31","v":1104.1400000000001},{"$f":"'cash model'!E31","v":773.97},{"$f":"'cash model'!F31","v":705.4},{"$f":"'cash model'!G31","v":1086.8},{"$f":"'cash model'!H31","v":1152.4000000000001},{"$f":"'cash model'!I31","v":3002.6113949743922},{"$f":"'cash model'!J31","v":4117.1119092033186},{"$f":"'cash model'!K31","v":5568.1564721546129},{"$f":"'cash model'!L31","v":6864.9729804938415},{"$f":"'cash model'!M31","v":7233.9023455903734},{"$f":"'cash model'!N31","v":7367.7630091526389}]
[]
[{"$f":"'cash model'!A33","v":"Gross cash flow (b)"},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C33","v":892.9079999999999},{"$f":"'cash model'!D33","v":1336.7949999999998},{"$f":"'cash model'!E33","v":1242.1500000000001},{"$f":"'cash model'!F33","v":586.20000000000027},{"$f":"'cash model'!G33","v":2307.5999999999995},{"$f":"'cash model'!H33","v":2819.8},{"$f":"'cash model'!I33","v":2134.3924679547422},{"$f":"'cash model'!J33","v":2326.8024337523811},{"$f":"'cash model'!K33","v":3248.1484057196503},{"$f":"'cash model'!L33","v":3548.5129604550111},{"$f":"'cash model'!M33","v":3815.4003791458026},{"$f":"'cash model'!N33","v":4700.8929390758949}]
[{"$f":"'cash model'!A34","v":"Free cash flow (b) + (a) + (c) "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C34","v":772.94499999999994},{"$f":"'cash model'!D34","v":244.06699999999998},{"$f":"'cash model'!E34","v":-85.140000000000029},{"$f":"'cash model'!F34","v":-697.59999999999957},{"$f":"'cash model'!G34","v":2427.8999999999996},{"$f":"'cash model'!H34","v":1718.5000000000005},{"$f":"'cash model'!I34","v":444.08113917541641},{"$f":"'cash model'!J34","v":1138.1945820606006},{"$f":"'cash model'!K34","v":1968.5591695931425},{"$f":"'cash model'!L34","v":2814.1879774310883},{"$f":"'cash model'!M34","v":2924.031728388426},{"$f":"'cash model'!N34","v":3219.3813750930822}]
[{"$f":"'cash model'!A35","v":"Excess cash flow (b) + (a) + (c) + (d) "},null,{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'cash model'!C35","v":727.06099999999992},{"$f":"'cash model'!D35","v":177.68699999999998},{"$f":"'cash model'!E35","v":-166.95000000000002},{"$f":"'cash model'!F35","v":-807.19999999999959},{"$f":"'cash model'!G35","v":2345.3999999999996},{"$f":"'cash model'!H35","v":1619.8000000000004},{"$f":"'cash model'!I35","v":334.4779391754164},{"$f":"'cash model'!J35","v":590.17858206060066},{"$f":"'cash model'!K35","v":872.52716959314262},{"$f":"'cash model'!L35","v":622.12397743108841},{"$f":"'cash model'!M35","v":-364.06427161157353},{"$f":"'cash model'!N35","v":-616.73062490691746}]
[]
["Source: Kotak Institutional Equities estimates."]

{"sheet":"balance model (F)","index":36,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["Balance sheet of HT Media, March fiscal year-ends, 2006-2013E (Rs mn)"]
[]
[null,null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C3","v":2006},{"$f":"'balance model'!D3","v":2007},{"$f":"'balance model'!E3","v":2008},{"$f":"'balance model'!F3","v":2009},{"$f":"'balance model'!G3","v":2010},{"$f":"'balance model'!H3","v":2011},{"$f":"'balance model'!I3","v":"2012E"},{"$f":"'balance model'!J3","v":"2013E"},{"$f":"'balance model'!K3","v":"2014E"},{"$f":"'balance model'!L3","v":"2015E"},{"$f":"'balance model'!M3","v":"2016E"},{"$f":"'balance model'!N3","v":"2017E"}]
[{"$f":"'balance model'!A4","v":"Equity"}]
[{"$f":"'balance model'!A5","v":"Share capital"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C5","v":468.45800000000003},{"$f":"'balance model'!D5","v":468.45800000000003},{"$f":"'balance model'!E5","v":468.5},{"$f":"'balance model'!F5","v":470},{"$f":"'balance model'!G5","v":470.2},{"$f":"'balance model'!H5","v":470.4},{"$f":"'balance model'!I5","v":470.4},{"$f":"'balance model'!J5","v":470.4},{"$f":"'balance model'!K5","v":470.4},{"$f":"'balance model'!L5","v":470.4},{"$f":"'balance model'!M5","v":470.4},{"$f":"'balance model'!N5","v":470.4}]
[{"$f":"'balance model'!A7","v":"Reserves/surplus"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C7","v":6463.89},{"$f":"'balance model'!D7","v":7173.5959999999995},{"$f":"'balance model'!E7","v":8060.2699999999995},{"$f":"'balance model'!F7","v":8015.4},{"$f":"'balance model'!G7","v":9241.0999999999985},{"$f":"'balance model'!H7","v":12551.6},{"$f":"'balance model'!I7","v":14099.14942240989},{"$f":"'balance model'!J7","v":15303.855692981881},{"$f":"'balance model'!K7","v":16779.104107090734},{"$f":"'balance model'!L7","v":17432.25463720076},{"$f":"'balance model'!M7","v":17232.089300980926},{"$f":"'balance model'!N7","v":17151.424042000686}]
[{"$f":"'balance model'!A8","v":"Total equity"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C8","v":6932.348},{"$f":"'balance model'!D8","v":7642.0539999999992},{"$f":"'balance model'!E8","v":8528.77},{"$f":"'balance model'!F8","v":8485.4},{"$f":"'balance model'!G8","v":9711.2999999999993},{"$f":"'balance model'!H8","v":13022},{"$f":"'balance model'!I8","v":14569.549422409889},{"$f":"'balance model'!J8","v":15774.25569298188},{"$f":"'balance model'!K8","v":17249.504107090735},{"$f":"'balance model'!L8","v":17902.654637200761},{"$f":"'balance model'!M8","v":17702.489300980928},{"$f":"'balance model'!N8","v":17621.824042000688}]
[{"$f":"'balance model'!A9","v":"Minority interest"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C9","v":0},{"$f":"'balance model'!D9","v":0.108},{"$f":"'balance model'!E9","v":0.52},{"$f":"'balance model'!F9","v":-69.400000000000006},{"$f":"'balance model'!G9","v":218.2},{"$f":"'balance model'!H9","v":1298.8},{"$f":"'balance model'!I9","v":1363.1674322179886},{"$f":"'balance model'!J9","v":1530.1127767171326},{"$f":"'balance model'!K9","v":1796.052240377001},{"$f":"'balance model'!L9","v":2140.3527558560295},{"$f":"'balance model'!M9","v":2512.0147508313567},{"$f":"'balance model'!N9","v":3033.0941361073101}]
[{"$f":"'balance model'!A10","v":"Deferred tax liability/(asset)"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C10","v":295.84200000000004},{"$f":"'balance model'!D10","v":272.59899999999999},{"$f":"'balance model'!E10","v":121.61},{"$f":"'balance model'!F10","v":206.5},{"$f":"'balance model'!G10","v":178.1},{"$f":"'balance model'!H10","v":-85.5},{"$f":"'balance model'!I10","v":-126.76331148479721},{"$f":"'balance model'!J10","v":-191.35604954341898},{"$f":"'balance model'!K10","v":-279.38681927977802},{"$f":"'balance model'!L10","v":-402.59584703085204},{"$f":"'balance model'!M10","v":-557.51210529693958},{"$f":"'balance model'!N10","v":-727.77465327917321}]
[{"$f":"'balance model'!A11","v":"Liabilities"}]
[{"$f":"'balance model'!A12","v":"Secured loans"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C12","v":1695.7260000000001},{"$f":"'balance model'!D12","v":1650},{"$f":"'balance model'!E12","v":2207.9},{"$f":"'balance model'!F12","v":3698.7},{"$f":"'balance model'!G12","v":3125},{"$f":"'balance model'!H12","v":2838.9},{"$f":"'balance model'!I12","v":3122.5},{"$f":"'balance model'!J12","v":3122.5},{"$f":"'balance model'!K12","v":3122.5},{"$f":"'balance model'!L12","v":3122.5},{"$f":"'balance model'!M12","v":3122.5},{"$f":"'balance model'!N12","v":3122.5}]
[{"$f":"'balance model'!A13","v":"Unsecured loans"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C13","v":0},{"$f":"'balance model'!D13","v":7.55},{"$f":"'balance model'!E13","v":22.77},{"$f":"'balance model'!F13","v":7.5},{"$f":"'balance model'!G13","v":895.9},{"$f":"'balance model'!H13","v":283.60000000000002},{"$f":"'balance model'!I13","v":0},{"$f":"'balance model'!J13","v":0},{"$f":"'balance model'!K13","v":0},{"$f":"'balance model'!L13","v":0},{"$f":"'balance model'!M13","v":0},{"$f":"'balance model'!N13","v":0}]
[{"$f":"'balance model'!A14","v":"Total borrowings"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C14","v":1695.7260000000001},{"$f":"'balance model'!D14","v":1657.55},{"$f":"'balance model'!E14","v":2230.67},{"$f":"'balance model'!F14","v":3706.2},{"$f":"'balance model'!G14","v":4020.9},{"$f":"'balance model'!H14","v":3122.5},{"$f":"'balance model'!I14","v":3122.5},{"$f":"'balance model'!J14","v":3122.5},{"$f":"'balance model'!K14","v":3122.5},{"$f":"'balance model'!L14","v":3122.5},{"$f":"'balance model'!M14","v":3122.5},{"$f":"'balance model'!N14","v":3122.5}]
[{"$f":"'balance model'!A15","v":"Currrent liabilities"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C15","v":1809.4060000000002},{"$f":"'balance model'!D15","v":2112.5070000000001},{"$f":"'balance model'!E15","v":2803.7},{"$f":"'balance model'!F15","v":5399},{"$f":"'balance model'!G15","v":5764.5},{"$f":"'balance model'!H15","v":6037},{"$f":"'balance model'!I15","v":6536.7515124034389},{"$f":"'balance model'!J15","v":7416.582460242922},{"$f":"'balance model'!K15","v":8189.4993953174808},{"$f":"'balance model'!L15","v":8683.8165223316937},{"$f":"'balance model'!M15","v":9198.8789421802612},{"$f":"'balance model'!N15","v":9952.1954329285873}]
[{"$f":"'balance model'!A16","v":"Total capital"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C16","v":10733.322},{"$f":"'balance model'!D16","v":11684.817999999999},{"$f":"'balance model'!E16","v":13685.27},{"$f":"'balance model'!F16","v":17727.7},{"$f":"'balance model'!G16","v":19893},{"$f":"'balance model'!H16","v":23394.799999999999},{"$f":"'balance model'!I16","v":25465.205055546518},{"$f":"'balance model'!J16","v":27652.094880398516},{"$f":"'balance model'!K16","v":30078.16892350544},{"$f":"'balance model'!L16","v":31446.728068357635},{"$f":"'balance model'!M16","v":31978.370888695605},{"$f":"'balance model'!N16","v":33001.838957757413}]
[{"$f":"'balance model'!A17","v":"Assets"}]
[{"$f":"'balance model'!A18","v":"Cash"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C18","v":2677.5039999999999},{"$f":"'balance model'!D18","v":1104.1389999999999},{"$f":"'balance model'!E18","v":773.97},{"$f":"'balance model'!F18","v":705.4},{"$f":"'balance model'!G18","v":1086.8},{"$f":"'balance model'!H18","v":1152.4000000000001},{"$f":"'balance model'!I18","v":3002.6113949743922},{"$f":"'balance model'!J18","v":4117.1119092033186},{"$f":"'balance model'!K18","v":5568.1564721546129},{"$f":"'balance model'!L18","v":6864.9729804938415},{"$f":"'balance model'!M18","v":7233.9023455903734},{"$f":"'balance model'!N18","v":7367.7630091526389}]
[{"$f":"'balance model'!A19","v":"Current assets"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C19","v":3275.5940000000001},{"$f":"'balance model'!D19","v":2863.0309999999999},{"$f":"'balance model'!E19","v":4424.8999999999996},{"$f":"'balance model'!F19","v":6270.3},{"$f":"'balance model'!G19","v":5622.8},{"$f":"'balance model'!H19","v":6403.7999999999993},{"$f":"'balance model'!I19","v":7763.8628411827631},{"$f":"'balance model'!J19","v":8960.8016407140258},{"$f":"'balance model'!K19","v":10098.232811915092},{"$f":"'balance model'!L19","v":10609.14742195323},{"$f":"'balance model'!M19","v":11261.96461755917},{"$f":"'balance model'!N19","v":12370.474193384061}]
[{"$f":"'balance model'!A20","v":"Gross block"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C20","v":4387.8050000000003},{"$f":"'balance model'!D20","v":5000.9449999999997},{"$f":"'balance model'!E20","v":5614.27},{"$f":"'balance model'!F20","v":6721.5},{"$f":"'balance model'!G20","v":8777.5999999999985},{"$f":"'balance model'!H20","v":10527.5},{"$f":"'balance model'!I20","v":11357.5},{"$f":"'balance model'!J20","v":12229},{"$f":"'balance model'!K20","v":13144.075000000001},{"$f":"'balance model'!L20","v":13861.802500000002},{"$f":"'balance model'!M20","v":14615.416375000003},{"$f":"'balance model'!N20","v":15741.734853906253}]
[{"$f":"'balance model'!A21","v":"Less: accumulated depreciation"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C21","v":661.91800000000001},{"$f":"'balance model'!D21","v":1080.7360000000001},{"$f":"'balance model'!E21","v":1451.83},{"$f":"'balance model'!F21","v":1949.6},{"$f":"'balance model'!G21","v":2493.8000000000002},{"$f":"'balance model'!H21","v":3162.2000000000003},{"$f":"'balance model'!I21","v":4082.0691806106393},{"$f":"'balance model'!J21","v":5078.1186695188317},{"$f":"'balance model'!K21","v":6155.5953605642735},{"$f":"'balance model'!L21","v":7312.4948340894443},{"$f":"'balance model'!M21","v":8556.2124494539457},{"$f":"'balance model'!N21","v":9901.4330986855439}]
[{"$f":"'balance model'!A22","v":"Net fixed assets"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C22","v":3725.8870000000002},{"$f":"'balance model'!D22","v":3920.2089999999998},{"$f":"'balance model'!E22","v":4162.4400000000005},{"$f":"'balance model'!F22","v":4771.8999999999996},{"$f":"'balance model'!G22","v":6283.7999999999984},{"$f":"'balance model'!H22","v":7365.2999999999993},{"$f":"'balance model'!I22","v":7275.4308193893612},{"$f":"'balance model'!J22","v":7150.8813304811683},{"$f":"'balance model'!K22","v":6988.4796394357272},{"$f":"'balance model'!L22","v":6549.3076659105573},{"$f":"'balance model'!M22","v":6059.2039255460568},{"$f":"'balance model'!N22","v":5840.3017552207093}]
[{"$f":"'balance model'!A23","v":"Capital work-in-progress"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C23","v":10.516},{"$f":"'balance model'!D23","v":188.488},{"$f":"'balance model'!E23","v":589.16},{"$f":"'balance model'!F23","v":1946.1},{"$f":"'balance model'!G23","v":1288.7},{"$f":"'balance model'!H23","v":193.6},{"$f":"'balance model'!I23","v":193.6},{"$f":"'balance model'!J23","v":193.6},{"$f":"'balance model'!K23","v":193.6},{"$f":"'balance model'!L23","v":193.6},{"$f":"'balance model'!M23","v":193.6},{"$f":"'balance model'!N23","v":193.6}]
[{"$f":"'balance model'!A24","v":"Total fixed assets"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C24","v":3736.4030000000002},{"$f":"'balance model'!D24","v":4108.6970000000001},{"$f":"'balance model'!E24","v":4751.6000000000004},{"$f":"'balance model'!F24","v":6718},{"$f":"'balance model'!G24","v":7572.4999999999982},{"$f":"'balance model'!H24","v":7558.9},{"$f":"'balance model'!I24","v":7469.0308193893616},{"$f":"'balance model'!J24","v":7344.4813304811687},{"$f":"'balance model'!K24","v":7182.0796394357276},{"$f":"'balance model'!L24","v":6742.9076659105576},{"$f":"'balance model'!M24","v":6252.8039255460571},{"$f":"'balance model'!N24","v":6033.9017552207097}]
[{"$f":"'balance model'!A25","v":"Intangible assets"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C25","v":182.41900000000001},{"$f":"'balance model'!D25","v":1098.18},{"$f":"'balance model'!E25","v":1077.75},{"$f":"'balance model'!F25","v":998.2},{"$f":"'balance model'!G25","v":834.3},{"$f":"'balance model'!H25","v":684.7},{"$f":"'balance model'!I25","v":684.7},{"$f":"'balance model'!J25","v":684.7},{"$f":"'balance model'!K25","v":684.7},{"$f":"'balance model'!L25","v":684.7},{"$f":"'balance model'!M25","v":684.7},{"$f":"'balance model'!N25","v":684.7}]
[{"$f":"'balance model'!A26","v":"Investments"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C26","v":861.40200000000004},{"$f":"'balance model'!D26","v":2510.0169999999998},{"$f":"'balance model'!E26","v":2656.36},{"$f":"'balance model'!F26","v":3035},{"$f":"'balance model'!G26","v":4754.7},{"$f":"'balance model'!H26","v":7595},{"$f":"'balance model'!I26","v":6595},{"$f":"'balance model'!J26","v":6595},{"$f":"'balance model'!K26","v":6595},{"$f":"'balance model'!L26","v":6595},{"$f":"'balance model'!M26","v":6595},{"$f":"'balance model'!N26","v":6595}]
[{"$f":"'balance model'!A27","v":"Misc. expenses"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C27","v":0},{"$f":"'balance model'!D27","v":0.754},{"$f":"'balance model'!E27","v":0.69},{"$f":"'balance model'!F27","v":0.8},{"$f":"'balance model'!G27","v":21.9},{"$f":"'balance model'!H27","v":0},{"$f":"'balance model'!I27","v":0},{"$f":"'balance model'!J27","v":0},{"$f":"'balance model'!K27","v":0},{"$f":"'balance model'!L27","v":0},{"$f":"'balance model'!M27","v":0},{"$f":"'balance model'!N27","v":0}]
[{"$f":"'balance model'!A28","v":"Total assets"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C28","v":10733.322},{"$f":"'balance model'!D28","v":11684.818000000001},{"$f":"'balance model'!E28","v":13685.270000000002},{"$f":"'balance model'!F28","v":17727.7},{"$f":"'balance model'!G28","v":19893},{"$f":"'balance model'!H28","v":23394.799999999999},{"$f":"'balance model'!I28","v":25515.205055546518},{"$f":"'balance model'!J28","v":27702.094880398512},{"$f":"'balance model'!K28","v":30128.168923505433},{"$f":"'balance model'!L28","v":31496.728068357628},{"$f":"'balance model'!M28","v":32028.370888695601},{"$f":"'balance model'!N28","v":33051.838957757413}]
[]
[{"$f":"'balance model'!A30","v":"Leverage ratios (%)"}]
[{"$f":"'balance model'!A31","v":"Debt/equity"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C31","v":23.459897982759173},{"$f":"'balance model'!D31","v":20.942800650893982},{"$f":"'balance model'!E31","v":25.786959648015461},{"$f":"'balance model'!F31","v":42.639699030131503},{"$f":"'balance model'!G31","v":40.658685056727407},{"$f":"'balance model'!H31","v":24.137131372473235},{"$f":"'balance model'!I31","v":21.61978981076247},{"$f":"'balance model'!J31","v":20.0379908197304},{"$f":"'balance model'!K31","v":18.399990683875725},{"$f":"'balance model'!L31","v":17.842797201081193},{"$f":"'balance model'!M31","v":18.212331018941494},{"$f":"'balance model'!N31","v":18.482839301302057}]
[{"$f":"'balance model'!A32","v":"Debt/capitalization"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C32","v":19.002039015158818},{"$f":"'balance model'!D32","v":17.316285498750915},{"$f":"'balance model'!E32","v":20.500503168352317},{"$f":"'balance model'!F32","v":29.893290100902558},{"$f":"'balance model'!G32","v":28.905918635831007},{"$f":"'balance model'!H32","v":19.443925524627932},{"$f":"'balance model'!I32","v":17.776539364524766},{"$f":"'balance model'!J32","v":16.693040830567448},{"$f":"'balance model'!K32","v":15.540533894975656},{"$f":"'balance model'!L32","v":15.141186075747266},{"$f":"'balance model'!M32","v":15.406456214811703},{"$f":"'balance model'!N32","v":15.599591814558197}]
[{"$f":"'balance model'!A33","v":"Net debt/equity"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C33","v":-13.582625802586815},{"$f":"'balance model'!D33","v":6.9922332665753011},{"$f":"'balance model'!E33","v":16.839722648022398},{"$f":"'balance model'!F33","v":34.524097147919328},{"$f":"'balance model'!G33","v":29.669140696098857},{"$f":"'balance model'!H33","v":15.229003207977426},{"$f":"'balance model'!I33","v":0.83009333590365486},{"$f":"'balance model'!J33","v":-6.3827139490186147},{"$f":"'balance model'!K33","v":-14.411547254957647},{"$f":"'balance model'!L33","v":-21.385488045309049},{"$f":"'balance model'!M33","v":-23.980214722159925},{"$f":"'balance model'!N33","v":-25.128747474757478}]
[{"$f":"'balance model'!A34","v":"Net debt/capitalization"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C34","v":-15.717471085800936},{"$f":"'balance model'!D34","v":6.5352718165568913},{"$f":"'balance model'!E34","v":14.412669138861075},{"$f":"'balance model'!F34","v":25.663875751537287},{"$f":"'balance model'!G34","v":22.880648808827548},{"$f":"'balance model'!H34","v":13.216293453906323},{"$f":"'balance model'!I34","v":0.82325951354452886},{"$f":"'balance model'!J34","v":-6.8178797081799232},{"$f":"'balance model'!K34","v":-16.83819112595469},{"$f":"'balance model'!L34","v":-27.20297755919983},{"$f":"'balance model'!M34","v":-31.544701993719272},{"$f":"'balance model'!N34","v":-33.562611319057908}]
[{"$f":"'balance model'!A35","v":"RoAE"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C35","v":0},{"$f":"'balance model'!D35","v":12.799063916269276},{"$f":"'balance model'!E35","v":12.233721478248796},{"$f":"'balance model'!F35","v":0.91228717834925943},{"$f":"'balance model'!G35","v":14.790612030821046},{"$f":"'balance model'!H35","v":15.851291734389457},{"$f":"'balance model'!I35","v":12.105155815210523},{"$f":"'balance model'!J35","v":11.674819252494673},{"$f":"'balance model'!K35","v":15.797493790141083},{"$f":"'balance model'!L35","v":16.508268038279706},{"$f":"'balance model'!M35","v":17.826107411411066},{"$f":"'balance model'!N35","v":22.06553546240518}]
[{"$f":"'balance model'!A36","v":"RoACE"},null,{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!#REF!","v":{"$error":"#REF!"}},{"$f":"'balance model'!C36","v":0},{"$f":"'balance model'!D36","v":10.62623992217234},{"$f":"'balance model'!E36","v":9.5982093187231889},{"$f":"'balance model'!F36","v":3.5738979778230333},{"$f":"'balance model'!G36","v":11.800386707697493},{"$f":"'balance model'!H36","v":11.945522578938151},{"$f":"'balance model'!I36","v":11.40568960240981},{"$f":"'balance model'!J36","v":11.311213338110196},{"$f":"'balance model'!K36","v":15.159193069941059},{"$f":"'balance model'!L36","v":15.989269597144956},{"$f":"'balance model'!M36","v":17.077059289334535},{"$f":"'balance model'!N36","v":21.310911923372331}]
[]
["Source: Kotak Institutional Equities estimates."]

{"sheet":"Kotakval","index":37,"n_rows":129,"n_cols":25,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
["Company Name ","HT Media LTd.","In case where the year ending is December say 1991, this should be included in FY92"]
["Reuters Code "]
[130,"Rs"]
["ADD","FY91","FY92","FY93","FY94","FY95","FY96","FY97","FY98","FY99","FY00","FY01","FY02","FY03","FY04","FY05","FY06","FY07","FY08","FY09","FY10","FY11","FY12","FY13","FY14"]
["Year end ","March ","March ","March ","March ","March ","March ","March ","March ","March ","March ","March ","March ","March","March","March","March","March","March","March","March","March","March","March","March"]
["Enter figures for expense as positive figures ","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths","12 mths"]
["Accounting standard"]
[]
["Profit and loss items"]
[]
["Exports"]
["Domestic Sales (including captive)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C4","v":8210.1050000000014},{"$f":"+'profit model'!D4","v":10396.574999999999},{"$f":"+'profit model'!E4","v":12032.51},{"$f":"+'profit model'!F4","v":13466.1},{"$f":"+'profit model'!G4","v":14129.199999999999},{"$f":"+'profit model'!H4","v":17673.900000000001},{"$f":"+'profit model'!I4","v":20010.086386822586},{"$f":"+'profit model'!J4","v":23529.706641501765},{"$f":"+'profit model'!K4","v":27652.077327222552}]
["Captive Sales "]
["Gross Sales ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q11+Q12","v":8210.1050000000014},{"$f":"+R11+R12","v":10396.574999999999},{"$f":"+S11+S12","v":12032.51},13466.1,14129.199999999999,17673.900000000001,20010.086386822586,23529.706641501765,{"$f":"+Y11+Y12","v":27652.077327222552}]
["Sales (net of excise duty)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C4","v":8210.1050000000014},{"$f":"+'profit model'!D4","v":10396.574999999999},{"$f":"+'profit model'!E4","v":12032.51},{"$f":"+'profit model'!F4","v":13466.1},{"$f":"+'profit model'!G4","v":14129.199999999999},{"$f":"+'profit model'!H4","v":17673.900000000001},{"$f":"+'profit model'!I4","v":20010.086386822586},{"$f":"+'profit model'!J4","v":23529.706641501765},{"$f":"+'profit model'!K4","v":27652.077327222552}]
["Operating PBDIT (excl. operational other income and before non-recurring expense)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C8","v":1183.9880000000021},{"$f":"+'profit model'!D8","v":1680.3719999999994},{"$f":"+'profit model'!E8","v":1698.9700000000007},{"$f":"+'profit model'!F8","v":878.80000000000109},{"$f":"+'profit model'!G8","v":2498.7999999999975},{"$f":"+'profit model'!H8","v":3171.2000000000016},{"$f":"+'profit model'!I8","v":2798.1906642505373},{"$f":"+'profit model'!J8","v":3128.1144169801482},{"$f":"+'profit model'!K8","v":4532.4487939783994}]
["Operational other income (operational subsidiary dividends, scrap sales etc)  (i)"]
["Gross other Income  (excl. operational and non-recurring income) (ii)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C9","v":177.33799999999999},{"$f":"+'profit model'!D9","v":366.85599999999999},{"$f":"+'profit model'!E9","v":438.66},{"$f":"+'profit model'!F9","v":330.4},{"$f":"+'profit model'!G9","v":408.79999999999995},{"$f":"+'profit model'!H9","v":477.7},{"$f":"+'profit model'!I9","v":796.75845579897555},{"$f":"+'profit model'!J9","v":805.34693216832579},{"$f":"+'profit model'!K9","v":859.54239335815191}]
["Total other income (excludes non-recurring) (i+ii)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q18+Q17","v":177.33799999999999},366.85599999999999,438.66,330.4,408.79999999999995,477.7,796.75845579897555,805.34693216832579,859.54239335815191]
["EBITDA (excl. non-recurring items)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q19+Q16","v":1361.3260000000021},2047.2279999999994,2137.6300000000006,1209.2000000000012,2907.5999999999976,3648.9000000000015,3594.9491200495131,3933.4613491484743,5391.9911873365509]
["Gross Interest expense",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'profit model'!C10","v":135.4},{"$f":"-'profit model'!D10","v":142.9},{"$f":"-'profit model'!E10","v":177.89999999999998},{"$f":"-'profit model'!F10","v":322.8},{"$f":"-'profit model'!G10","v":295.10000000000002},{"$f":"-'profit model'!H10","v":236},{"$f":"-'profit model'!I10","v":331.02499999999998},{"$f":"-'profit model'!J10","v":281.02499999999998},{"$f":"-'profit model'!K10","v":281.02499999999998}]
["EBDT (excl. non-recurring)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q20-Q21","v":1225.926000000002},1904.3279999999993,1959.7300000000005,886.40000000000123,2612.4999999999977,3412.9000000000015,3263.924120049513,3652.4363491484742,5110.9661873365512]
["Depreciation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'profit model'!C11","v":385.36399999999998},{"$f":"-'profit model'!D11","v":435.988},{"$f":"-'profit model'!E11","v":569.87},{"$f":"-'profit model'!F11","v":688.1},{"$f":"-'profit model'!G11","v":706.9},{"$f":"-'profit model'!H11","v":841.9},{"$f":"-'profit model'!I11","v":919.86918061063898},{"$f":"-'profit model'!J11","v":996.04948890819196},{"$f":"-'profit model'!K11","v":1077.4766910454418}]
["Amortisation "]
["PBT (excl. non-recurring)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q22-Q23-Q24","v":840.56200000000194},1468.3399999999992,1389.8600000000006,198.30000000000121,1905.5999999999976,2571.0000000000014,2344.054939438874,2656.3868602402822,4033.4894962911094]
["Tax  (on recurring PBT)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'profit model'!C14-'profit model'!C15","v":238.96799999999999},{"$f":"-'profit model'!D14-'profit model'!D15","v":545.76499999999999},{"$f":"-'profit model'!E14-'profit model'!E15","v":376.60000000000008},{"$f":"-'profit model'!F14-'profit model'!F15","v":124.9},{"$f":"-'profit model'!G14-'profit model'!G15","v":536.5},{"$f":"-'profit model'!H14-'profit model'!H15","v":712.8},{"$f":"-'profit model'!I14-'profit model'!I15","v":622.53488481099748},{"$f":"-'profit model'!J14-'profit model'!J15","v":736.71924516914487},{"$f":"-'profit model'!K14-'profit model'!K15","v":1196.2696185223899}]
["Net Profit (excluding extraordinary/recurring items)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q25-Q26","v":601.59400000000198},922.57499999999925,1013.2600000000004,73.400000000001199,1369.0999999999976,1858.2000000000014,1721.5200546278766,1919.6676150711373,2837.2198777687195]
["Minority interest ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'profit model'!C17","v":0},{"$f":"'profit model'!D17","v":-45.691000000000003},{"$f":"'profit model'!E17","v":0},{"$f":"'profit model'!F17","v":-125},{"$f":"'profit model'!G17","v":-10.9},{"$f":"'profit model'!H17","v":49.1},{"$f":"'profit model'!I17","v":64.367432217988579},{"$f":"'profit model'!J17","v":166.94534449914414},{"$f":"'profit model'!K17","v":265.9394636598683}]
["Share of Profits from equity investments"]
["Net Profit (excl. extraordinary items, minority interest and share of profits) ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q27-Q28-Q29","v":601.59400000000198},968.26599999999928,1013.2600000000004,198.4000000000012,1379.9999999999977,1809.1000000000015,1657.152622409888,1752.7222705719932,2571.2804141088513]
["Preference Dividend ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
["Equity Dividend ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C64","v":56.215000000000003},{"$f":"+'cons finstats'!D64","v":70.268699999999995},{"$f":"+'cons finstats'!E64","v":93.7},{"$f":"+'cons finstats'!F64","v":70.5},{"$f":"+'cons finstats'!G64","v":84.6},{"$f":"+'cons finstats'!H64","v":84.6},{"$f":"+'cons finstats'!I64","v":94.08},{"$f":"+'cons finstats'!J64","v":470.4},{"$f":"+'cons finstats'!K64","v":940.8}]
["Dividend Tax",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C65","v":8.1649999999999991},{"$f":"+'cons finstats'!D65","v":11.942165565},{"$f":"+'cons finstats'!E65","v":15.92},{"$f":"+'cons finstats'!F65","v":12},{"$f":"+'cons finstats'!G65","v":14.1},{"$f":"+'cons finstats'!H65","v":25.6},{"$f":"+'cons finstats'!I65","v":15.523200000000001},{"$f":"+'cons finstats'!J65","v":77.616},{"$f":"+'cons finstats'!K65","v":155.232}]
["Net Profit after preference dividend and dividend tax (a) ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q30-Q31-Q33","v":593.42900000000202},956.3238344349993,997.34000000000049,186.4000000000012,1365.8999999999978,1783.5000000000016,1641.6294224098879,1675.1062705719933,2416.0484141088514]
["EPS (recurring) ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q30/Q115","v":2.5684010092687153},{"$f":"+R30/R115","v":4.1338433755000414},{"$f":"+S30/S115","v":4.3255496264674509},0.84425531914894125,5.8698426201616245,7.6917517006802791,7.0457169320148303,7.4520504701190191,{"$f":"+Y30/Y115","v":10.932314685836953}]
["Return on average equity (%)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q30/AVERAGE(P100:Q100)*100","v":8.3228858123541585},12.788339604347915,12.233257700975535,2.2971736890247572,14.73563942531004,14.863471484498572,11.03251314083818,10.648707936489267,14.332993532632985]
["Pretax return on average capital employed (%)  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+(Q25+Q21)/AVERAGE(P102:Q102)*100","v":10.936476766477877},17.422364031323788,15.329706865899931,4.4902536678806513,16.635925192386175,17.82997684707318,14.744315977720316,15.000584276847698,20.484739628092736]
[]
["Details"]
["Extra-ordinary/non-recurring income  (gross of tax)"]
["xxxx"]
["xxxx"]
["xxxx"]
["xxxx"]
["xxxx"]
[]
[]
["Extra-ordinary/non-recurring expense  (gross of tax)"]
["xxxxx"]
["xxxxx"]
["xxxxx"]
["xxxxx"]
["xxxxx"]
["xxxxx"]
[]
[]
["Tax (Actuals-Gross)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'profit model'!C14","v":64.84},{"$f":"-'profit model'!D14","v":572.77599999999995},{"$f":"-'profit model'!E14","v":519.67000000000007},{"$f":"-'profit model'!F14","v":40},{"$f":"-'profit model'!G14","v":561.5},{"$f":"-'profit model'!H14","v":931.5},{"$f":"-'profit model'!I14","v":663.7981962957947},{"$f":"-'profit model'!J14","v":801.31198322776663},{"$f":"-'profit model'!K14","v":1284.3003882587491}]
["Deferred Tax"]
["Extra-ordinary item,if any",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C13","v":-228.88799999999998},{"$f":"+'profit model'!D13","v":2.1660000000000004},{"$f":"+'profit model'!E13","v":0},{"$f":"+'profit model'!F13","v":-189.4},{"$f":"+'profit model'!G13","v":-20.8},{"$f":"+'profit model'!H13","v":0},{"$f":"+'profit model'!I13","v":0},{"$f":"+'profit model'!J13","v":0},{"$f":"+'profit model'!K13","v":0}]
["Net profit (including extra-ordinary items, minority interest, share of profits)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C16-Q59","v":601.59400000000198},{"$f":"+'profit model'!D16-R59","v":922.57499999999914},{"$f":"+'profit model'!E16-S59","v":1013.2600000000004},{"$f":"+'profit model'!F16-T59","v":73.400000000001199},{"$f":"+'profit model'!G16-U59","v":1369.0999999999976},{"$f":"+'profit model'!H16-V59","v":1858.2000000000014},{"$f":"+'profit model'!I16-W59","v":1721.5200546278766},{"$f":"+'profit model'!J16-X59","v":1919.6676150711373},{"$f":"+'profit model'!K16-Y59","v":2837.2198777687195}]
["Net profit (including extra-ordinary items but after prefrence dividend and dividend tax) (b)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q60-Q31-Q33","v":593.42900000000202},910.63283443499915,997.34000000000049,61.400000000001199,1354.9999999999977,1832.6000000000015,1705.9968546278765,1842.0516150711373,2681.9878777687195]
["Fully diluted EPS (based on (b))",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q61/Q115","v":2.5335419610722925},3.8877885933637555,4.2575880469583796,0.26127659574468598,5.7635048915355078,7.7916666666666732,7.2533879873634204,7.831852104894292,11.403009684390815]
[]
[]
["Balance sheet items"]
["Assets"]
["Gross Block",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C20","v":4387.8050000000003},{"$f":"+'balance model'!D20","v":5000.9449999999997},{"$f":"+'balance model'!E20","v":5614.27},{"$f":"+'balance model'!F20","v":6721.5},{"$f":"+'balance model'!G20","v":8777.5999999999985},{"$f":"+'balance model'!H20","v":10527.5},{"$f":"+'balance model'!I20","v":11357.5},{"$f":"+'balance model'!J20","v":12229},{"$f":"+'balance model'!K20","v":13144.075000000001}]
["Accumulated depreciation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C21","v":661.91800000000001},{"$f":"+'balance model'!D21","v":1080.7360000000001},{"$f":"+'balance model'!E21","v":1451.83},{"$f":"+'balance model'!F21","v":1949.6},{"$f":"+'balance model'!G21","v":2493.8000000000002},{"$f":"+'balance model'!H21","v":3162.2000000000003},{"$f":"+'balance model'!I21","v":4082.0691806106393},{"$f":"+'balance model'!J21","v":5078.1186695188317},{"$f":"+'balance model'!K21","v":6155.5953605642735}]
["Net Block",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q67-Q68","v":3725.8870000000002},3920.2089999999998,4162.4400000000005,4771.8999999999996,6283.7999999999984,7365.2999999999993,7275.4308193893612,7150.8813304811683,6988.4796394357272]
["Capital Work in progress",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C23","v":10.516},{"$f":"+'balance model'!D23","v":188.488},{"$f":"+'balance model'!E23","v":589.16},{"$f":"+'balance model'!F23","v":1946.1},{"$f":"+'balance model'!G23","v":1288.7},{"$f":"+'balance model'!H23","v":193.6},{"$f":"+'balance model'!I23","v":193.6},{"$f":"+'balance model'!J23","v":193.6},{"$f":"+'balance model'!K23","v":193.6}]
["Intangible Assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C25","v":182.41900000000001},{"$f":"+'balance model'!D25","v":1098.18},{"$f":"+'balance model'!E25","v":1077.75},{"$f":"+'balance model'!F25","v":998.2},{"$f":"+'balance model'!G25","v":834.3},{"$f":"+'balance model'!H25","v":684.7},{"$f":"+'balance model'!I25","v":684.7},{"$f":"+'balance model'!J25","v":684.7},{"$f":"+'balance model'!K25","v":684.7}]
["Investments",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM(Q73:Q75)","v":861.40200000000004},{"$f":"+SUM(R73:R75)","v":2510.0169999999998},{"$f":"+SUM(S73:S75)","v":2656.36},3035,4754.7,7595,6595,6595,{"$f":"+SUM(Y73:Y75)","v":6595}]
["   Strategic"]
["   Minority interest "]
["   Marketable",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C26","v":861.40200000000004},{"$f":"+'balance model'!D26","v":2510.0169999999998},{"$f":"+'balance model'!E26","v":2656.36},{"$f":"+'balance model'!F26","v":3035},{"$f":"+'balance model'!G26","v":4754.7},{"$f":"+'balance model'!H26","v":7595},{"$f":"+'balance model'!I26","v":6595},{"$f":"+'balance model'!J26","v":6595},{"$f":"+'balance model'!K26","v":6595}]
["Total Current Assets (including cash and bank balance)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'balance model'!C19+'balance model'!C18","v":5953.098},{"$f":"'balance model'!D19+'balance model'!D18","v":3967.17},{"$f":"'balance model'!E19+'balance model'!E18","v":5198.87},{"$f":"'balance model'!F19+'balance model'!F18","v":6975.7},{"$f":"'balance model'!G19+'balance model'!G18","v":6709.6},{"$f":"'balance model'!H19+'balance model'!H18","v":7556.1999999999989},{"$f":"'balance model'!I19+'balance model'!I18","v":10766.474236157155},{"$f":"'balance model'!J19+'balance model'!J18","v":13077.913549917344},{"$f":"'balance model'!K19+'balance model'!K18","v":15666.389284069704}]
["   Receivables",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C110","v":1212.1600000000001},{"$f":"+'cons finstats'!D110","v":1485.13},{"$f":"+'cons finstats'!E110","v":1983.18},{"$f":"+'cons finstats'!F110","v":2199.1},{"$f":"+'cons finstats'!G110","v":2422.5},{"$f":"+'cons finstats'!H110","v":2525.1},{"$f":"+'cons finstats'!I110","v":3335.014397803764},{"$f":"+'cons finstats'!J110","v":3921.6177735836272},{"$f":"+'cons finstats'!K110","v":4608.6795545370915}]
["   Inventories",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C109","v":1084.5219999999999},{"$f":"+'cons finstats'!D109","v":1032.0119999999999},{"$f":"+'cons finstats'!E109","v":1154.77},{"$f":"+'cons finstats'!F109","v":1756.1},{"$f":"+'cons finstats'!G109","v":1200.3},{"$f":"+'cons finstats'!H109","v":1455.9},{"$f":"+'cons finstats'!I109","v":1861.0084433789998},{"$f":"+'cons finstats'!J109","v":2316.6618671304004},{"$f":"+'cons finstats'!K109","v":2601.9861573780008}]
["   Cash and Bank Balances",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C108","v":2677.5039999999999},{"$f":"+'cons finstats'!D108","v":1104.1389999999999},{"$f":"+'cons finstats'!E108","v":773.97},{"$f":"+'cons finstats'!F108","v":705.4},{"$f":"+'cons finstats'!G108","v":1086.8},{"$f":"+'cons finstats'!H108","v":1152.4000000000001},{"$f":"+'cons finstats'!I108","v":3002.6113949743922},{"$f":"+'cons finstats'!J108","v":4117.1119092033186},{"$f":"+'cons finstats'!K108","v":5568.1564721546129}]
["   Loans&Advances",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM('cons finstats'!C111:C114)","v":978.91200000000003},{"$f":"SUM('cons finstats'!D111:D114)","v":345.88900000000001},{"$f":"SUM('cons finstats'!E111:E114)","v":1064.1500000000001},{"$f":"SUM('cons finstats'!F111:F114)","v":2166.6999999999998},{"$f":"SUM('cons finstats'!G111:G114)","v":1959.3999999999999},{"$f":"SUM('cons finstats'!H111:H114)","v":2109.6},{"$f":"SUM('cons finstats'!I111:I114)","v":2223.3200000000002},{"$f":"SUM('cons finstats'!J111:J114)","v":2343.5500000000002},{"$f":"SUM('cons finstats'!K111:K114)","v":2470.6979000000006}]
["   Other Current assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C115","v":0},{"$f":"+'cons finstats'!D115","v":0},{"$f":"+'cons finstats'!E115","v":222.8},{"$f":"+'cons finstats'!F115","v":148.4},{"$f":"+'cons finstats'!G115","v":40.6},{"$f":"+'cons finstats'!H115","v":313.2},{"$f":"+'cons finstats'!I115","v":344.52000000000004},{"$f":"+'cons finstats'!J115","v":378.97200000000009},{"$f":"+'cons finstats'!K115","v":416.86920000000015}]
["Total Current Liabilities and provisions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C79","v":1809.4060000000002},{"$f":"+'cons finstats'!D79","v":2112.5070000000001},{"$f":"+'cons finstats'!E79","v":2803.7},{"$f":"+'cons finstats'!F79","v":5399},{"$f":"+'cons finstats'!G79","v":5764.5},{"$f":"+'cons finstats'!H79","v":6037},{"$f":"+'cons finstats'!I79","v":6536.7515124034389},{"$f":"+'cons finstats'!J79","v":7416.582460242922},{"$f":"+'cons finstats'!K79","v":8189.4993953174808}]
["Net Current Assets and Liabilities ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q76-Q82","v":4143.692},1854.663,2395.17,1576.6999999999998,945.10000000000036,1519.1999999999989,4229.7227237537163,5661.3310896744224,7476.8898887522237]
["Deferred Expenditure "]
["Miscellaneous expenditure ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C130","v":0},{"$f":"+'cons finstats'!D130","v":0.754},{"$f":"+'cons finstats'!E130","v":0.69},{"$f":"+'cons finstats'!F130","v":0.8},{"$f":"+'cons finstats'!G130","v":21.9},{"$f":"+'cons finstats'!H130","v":0},{"$f":"+'cons finstats'!I130","v":0},{"$f":"+'cons finstats'!J130","v":0},{"$f":"+'cons finstats'!K130","v":0}]
["Accumulated losses"]
["Total Assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q69+Q70+Q71+Q72+Q83+Q84+Q85+Q86","v":8923.9160000000011},9572.3110000000015,10881.570000000002,12328.7,14128.499999999996,17357.8,18978.453543143078,20285.512420155592,21938.669528187951]
[]
["Details"]
[]
["Cash equivalents (other than cash and bank balances, but includes marketable securities ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C126","v":0},{"$f":"+'cons finstats'!D126","v":0},{"$f":"+'cons finstats'!E126","v":0},{"$f":"+'cons finstats'!F126","v":1025},{"$f":"+'cons finstats'!G126","v":1723.2999999999997},{"$f":"+'cons finstats'!H126","v":1860.7000000000007},{"$f":"+'cons finstats'!I126","v":1860.7000000000007},{"$f":"+'cons finstats'!J126","v":1860.7000000000007},{"$f":"+'cons finstats'!K126","v":1860.7000000000007}]
["                            which may be classified in investments or other current assets)"]
["Fiscal incentives included in total debt"]
[]
["Liabilities"]
["Equity ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C92","v":468.45800000000003},{"$f":"+'cons finstats'!D92","v":468.45800000000003},{"$f":"+'cons finstats'!E92","v":468.5},{"$f":"+'cons finstats'!F92","v":470},{"$f":"+'cons finstats'!G92","v":470.2},{"$f":"+'cons finstats'!H92","v":470.4},{"$f":"+'cons finstats'!I92","v":470.4},{"$f":"+'cons finstats'!J92","v":470.4},{"$f":"+'cons finstats'!K92","v":470.4}]
["Preference Equity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C6","v":0},{"$f":"+'balance model'!D6","v":0},{"$f":"+'balance model'!E6","v":0},{"$f":"+'balance model'!F6","v":0},{"$f":"+'balance model'!G6","v":0},{"$f":"+'balance model'!H6","v":0},{"$f":"+'balance model'!I6","v":0},{"$f":"+'balance model'!J6","v":0},{"$f":"+'balance model'!K6","v":0}]
["Reserves & Surplus (excl. revaluation reserves)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM('cons finstats'!C94:C98)","v":6463.89},{"$f":"+SUM('cons finstats'!D94:D98)","v":7173.5959999999995},{"$f":"+SUM('cons finstats'!E94:E98)","v":8060.2699999999995},{"$f":"+SUM('cons finstats'!F94:F98)","v":8015.4},{"$f":"+SUM('cons finstats'!G94:G98)","v":9241.0999999999985},{"$f":"+SUM('cons finstats'!H94:H98)","v":12551.6},{"$f":"+SUM('cons finstats'!I94:I98)","v":14099.14942240989},{"$f":"+SUM('cons finstats'!J94:J98)","v":15303.855692981881},{"$f":"+SUM('cons finstats'!K94:K98)","v":16779.104107090734}]
["Revaluation Reserves",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C10","v":295.84200000000004},{"$f":"+'balance model'!D10","v":272.59899999999999},{"$f":"+'balance model'!E10","v":121.61},{"$f":"+'balance model'!F10","v":206.5},{"$f":"+'balance model'!G10","v":178.1},{"$f":"+'balance model'!H10","v":-85.5},{"$f":"+'balance model'!I10","v":-126.76331148479721},{"$f":"+'balance model'!J10","v":-191.35604954341898},{"$f":"+'balance model'!K10","v":-279.38681927977802}]
["Shareholder's Funds or Networth ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM(Q96:Q99)","v":7228.19},{"$f":"+SUM(R96:R99)+'balance model'!D9","v":7914.7609999999995},{"$f":"+SUM(S96:S99)+'balance model'!E9","v":8650.9000000000015},{"$f":"+SUM(T96:T99)+'balance model'!F9","v":8622.5},{"$f":"+SUM(U96:U99)+'balance model'!G9","v":10107.6},{"$f":"+SUM(V96:V99)+'balance model'!H9","v":14235.3},{"$f":"+SUM(W96:W99)+'balance model'!I9","v":15805.95354314308},{"$f":"+SUM(X96:X99)+'balance model'!J9","v":17113.012420155592},{"$f":"+SUM(Y96:Y99)+'balance model'!K9","v":18766.169528187958}]
["Debt",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'balance model'!C14","v":1695.7260000000001},{"$f":"+'balance model'!D14","v":1657.55},{"$f":"+'balance model'!E14","v":2230.67},{"$f":"+'balance model'!F14","v":3706.2},{"$f":"+'balance model'!G14","v":4020.9},{"$f":"+'balance model'!H14","v":3122.5},{"$f":"+'balance model'!I14","v":3122.5},{"$f":"+'balance model'!J14","v":3122.5},{"$f":"+'balance model'!K14","v":3122.5}]
["Total Assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q101+Q100","v":8923.9159999999993},9572.3109999999997,10881.570000000002,12328.7,14128.5,17357.8,18928.453543143078,20235.512420155592,21888.669528187958]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q102-Q87","v":0},0,0,0,0,0,-50,-50,-49.999999999992724]
["Free Cash flows"]
["EBIT (recurring)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'cons finstats'!C39-'cons finstats'!C52","v":798.62400000000207},{"$f":"+'cons finstats'!D39-'cons finstats'!D52","v":1244.3839999999993},{"$f":"+'cons finstats'!E39-'cons finstats'!E52","v":1129.1000000000008},{"$f":"+'cons finstats'!F39-'cons finstats'!F52","v":190.70000000000107},{"$f":"+'cons finstats'!G39-'cons finstats'!G52","v":1791.8999999999974},{"$f":"+'cons finstats'!H39-'cons finstats'!H52","v":2329.3000000000015},{"$f":"+'cons finstats'!I39-'cons finstats'!I52","v":1878.3214836398984},{"$f":"+'cons finstats'!J39-'cons finstats'!J52","v":2132.0649280719563},{"$f":"+'cons finstats'!K39-'cons finstats'!K52","v":3454.9721029329576}]
["Effective tax rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C36%","v":0},{"$f":"+'profit model'!D36%","v":0.37168843728291828},{"$f":"+'profit model'!E36%","v":0.27096254298994138},{"$f":"+'profit model'!F36%","v":0.62985375693393464},{"$f":"+'profit model'!G36%","v":0.28153862300587779},{"$f":"+'profit model'!H36%","v":0.27724620770128339},{"$f":"+'profit model'!I36%","v":0.26558033019482963},{"$f":"+'profit model'!J36%","v":0.27733883802696768},{"$f":"+'profit model'!K36%","v":0.29658429001052034}]
["EBIT (1-T)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q105*(1-Q106)","v":798.62400000000207},781.86085566013253,823.15619271005778,70.586888552699065,1287.4109414357656,1683.5104084014017,1379.4762438027719,1540.7605183224296,2430.2816547784319]
["Depreciation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q23","v":385.36399999999998},{"$f":"+R23","v":435.988},{"$f":"+S23","v":569.87},688.1,706.9,841.9,919.86918061063898,996.04948890819196,{"$f":"+Y23","v":1077.4766910454418}]
["Capex",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cash model'!C15","v":328.49299999999999},{"$f":"-'cash model'!D15","v":870.07799999999997},{"$f":"-'cash model'!E15","v":1204.71},{"$f":"-'cash model'!F15","v":2600.6},{"$f":"-'cash model'!G15","v":1603.6},{"$f":"-'cash model'!H15","v":776.1},{"$f":"-'cash model'!I15","v":830},{"$f":"-'cash model'!J15","v":871.5},{"$f":"-'cash model'!K15","v":915.07500000000073}]
["Investments",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cash model'!C17","v":-387.67800000000011},{"$f":"-'cash model'!D17","v":319.22199999999975},{"$f":"-'cash model'!E17","v":325.32999999999993},{"$f":"-'cash model'!F17","v":1126.3999999999996},{"$f":"-'cash model'!G17","v":1778.3999999999994},{"$f":"-'cash model'!H17","v":3097.7},{"$f":"-'cash model'!I17","v":-1000},{"$f":"-'cash model'!J17","v":0},{"$f":"-'cash model'!K17","v":0}]
["Cash acquisitions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cash model'!C16","v":-1.456},{"$f":"-'cash model'!D16","v":-3.3839999999999999},{"$f":"-'cash model'!E16","v":-8.33},{"$f":"-'cash model'!F16","v":-3.6},{"$f":"-'cash model'!G16","v":-28.8},{"$f":"-'cash model'!H16","v":-2.9},{"$f":"-'cash model'!I16","v":0},{"$f":"-'cash model'!J16","v":0},{"$f":"-'cash model'!K16","v":0}]
["Change in Net Working Capital (excl. marketable securiites)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-'cash model'!C11","v":231.62300000000005},{"$f":"-'cash model'!D11","v":226.03399999999999},{"$f":"-'cash model'!E11","v":130.91000000000008},{"$f":"-'cash model'!F11","v":-1313.2},{"$f":"-'cash model'!G11","v":-1695.1},{"$f":"-'cash model'!H11","v":328.09999999999997},{"$f":"-'cash model'!I11","v":860.31132877932578},{"$f":"-'cash model'!J11","v":317.10785169178052},{"$f":"-'cash model'!K11","v":364.51423612650706}]
["Free cash flow (recurring)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q107+Q108-Q109-Q110-Q111-Q112","v":1013.0060000000021},-194.10114433986712,-259.59380728994222,-1651.5131114473004,336.21094143576602,-1673.589591598598,1609.0340956340851,1348.202155538841,2228.1691096973659]
[]
["Fully diluted number of shares outstanding  (m)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C26","v":234.22900000000001},{"$f":"+'profit model'!D26","v":234.22900000000001},{"$f":"+'profit model'!E26","v":234.25},{"$f":"+'profit model'!F26","v":235},{"$f":"+'profit model'!G26","v":235.09999999999997},{"$f":"+'profit model'!H26","v":235.2},{"$f":"+'profit model'!I26","v":235.2},{"$f":"+'profit model'!J26","v":235.2},{"$f":"+'profit model'!K26","v":235.2}]
["Weighted shares outstanding  (m)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'profit model'!C25","v":234.22900000000001},{"$f":"+'profit model'!D25","v":234.22900000000001},{"$f":"+'profit model'!E25","v":234.25},{"$f":"+'profit model'!F25","v":235},{"$f":"+'profit model'!G25","v":235.09999999999997},{"$f":"+'profit model'!H25","v":235.2},{"$f":"+'profit model'!I25","v":235.2},{"$f":"+'profit model'!J25","v":235.2},{"$f":"+'profit model'!K25","v":235.2}]
["Promoter Holding (%)"]
["FDI holding (%)"]
["FII holding  (%)"]
["Free Float (%)"]
[]
["Chk"]
["Revenue with 15",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q15-'profit model'!C4","v":0},{"$f":"R15-'profit model'!D4","v":0},{"$f":"S15-'profit model'!E4","v":0},{"$f":"T15-'profit model'!F4","v":0},{"$f":"U15-'profit model'!G4","v":0},{"$f":"V15-'profit model'!H4","v":0},{"$f":"W15-'profit model'!I4","v":0},{"$f":"X15-'profit model'!J4","v":0},{"$f":"Y15-'profit model'!K4","v":0}]
["EBITDA with 20",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q20-'profit model'!C8-'profit model'!C9","v":0},{"$f":"+R20-'profit model'!D8-'profit model'!D9","v":0},{"$f":"+S20-'profit model'!E8-'profit model'!E9","v":0},{"$f":"+T20-'profit model'!F8-'profit model'!F9","v":0},{"$f":"+U20-'profit model'!G8-'profit model'!G9","v":0},{"$f":"+V20-'profit model'!H8-'profit model'!H9","v":0},{"$f":"+W20-'profit model'!I8-'profit model'!I9","v":0},{"$f":"+X20-'profit model'!J8-'profit model'!J9","v":0},{"$f":"+Y20-'profit model'!K8-'profit model'!K9","v":0}]
["EPS with 35",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'profit model'!C22-Q35","v":0},{"$f":"'profit model'!D22-R35","v":3.437136969183463E-3},{"$f":"'profit model'!E22-S35","v":0},{"$f":"'profit model'!F22-T35","v":-0.50763532580122217},{"$f":"'profit model'!G22-U35","v":-2.4908563838886622E-2},{"$f":"'profit model'!H22-V35","v":0},{"$f":"'profit model'!I22-W35","v":0},{"$f":"'profit model'!J22-X35","v":0},{"$f":"'profit model'!K22-Y35","v":0}]
["Dividend with 32",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q32-'cons finstats'!C64","v":0},{"$f":"R32-'cons finstats'!D64","v":0},{"$f":"S32-'cons finstats'!E64","v":0},{"$f":"T32-'cons finstats'!F64","v":0},{"$f":"U32-'cons finstats'!G64","v":0},{"$f":"V32-'cons finstats'!H64","v":0},{"$f":"W32-'cons finstats'!I64","v":0},{"$f":"X32-'cons finstats'!J64","v":0},{"$f":"Y32-'cons finstats'!K64","v":0}]
["Cash with 75+79",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q75+Q79-'balance model'!C18","v":861.40200000000004},{"$f":"+R75+R79-'balance model'!D18","v":2510.0169999999998},{"$f":"+S75+S79-'balance model'!E18","v":2656.3599999999997},{"$f":"+T75+T79-'balance model'!F18","v":3035},{"$f":"+U75+U79-'balance model'!G18","v":4754.7},{"$f":"+V75+V79-'balance model'!H18","v":7595},{"$f":"+W75+W79-'balance model'!I18","v":6595},{"$f":"+X75+X79-'balance model'!J18","v":6595},{"$f":"+Y75+Y79-'balance model'!K18","v":6595}]
["Net worth with 100",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q100-'balance model'!C8","v":295.84199999999964},{"$f":"+R100-'balance model'!D8","v":272.70700000000033},{"$f":"+S100-'balance model'!E8","v":122.13000000000102},{"$f":"+T100-'balance model'!F8","v":137.10000000000036},{"$f":"+U100-'balance model'!G8","v":396.30000000000109},{"$f":"+V100-'balance model'!H8","v":1213.2999999999993},{"$f":"+W100-'balance model'!I8","v":1236.4041207331902},{"$f":"+X100-'balance model'!J8","v":1338.7567271737116},{"$f":"+Y100-'balance model'!K8","v":1516.6654210972229}]
["Debt with 101",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q101-'balance model'!C14","v":0},{"$f":"+R101-'balance model'!D14","v":0},{"$f":"+S101-'balance model'!E14","v":0},{"$f":"+T101-'balance model'!F14","v":0},{"$f":"+U101-'balance model'!G14","v":0},{"$f":"+V101-'balance model'!H14","v":0},{"$f":"+W101-'balance model'!I14","v":0},{"$f":"+X101-'balance model'!J14","v":0},{"$f":"+Y101-'balance model'!K14","v":0}]

{"sheet":"interim_quarterly","index":38,"n_rows":27,"n_cols":62,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[]
["Profit & Loss Statement"]
["Qtr Ended",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2004-06-01","2004-09-01","2004-12-01","2005-03-31","Jun-05","Sep-05","Dec-05","Mar-06","Jun-06","Sep-06","Dec-06","Mar-07",null,null,null,null,null,null,{"$f":"interim_cons_qtr!L4","v":"3QFY09"},{"$f":"interim_cons_qtr!M4","v":"4QFY09"},{"$f":"interim_cons_qtr!N4","v":"1QFY10"},{"$f":"interim_cons_qtr!O4","v":"2QFY10"},{"$f":"interim_cons_qtr!P4","v":"3QFY10"},{"$f":"interim_cons_qtr!Q4","v":"4QFY10"},{"$f":"interim_cons_qtr!R4","v":"1QFY11"},{"$f":"interim_cons_qtr!S4","v":"2QFY11"},{"$f":"interim_cons_qtr!T4","v":"3QFY11"},{"$f":"interim_cons_qtr!U4","v":"4QFY11"},{"$f":"interim_cons_qtr!V4","v":"1QFY12"},{"$f":"interim_cons_qtr!W4","v":"2QFY12"},{"$f":"interim_cons_qtr!X4","v":"3QFY12"},{"$f":"interim_cons_qtr!Y4","v":"4QFY12"}]
["Total volumes"]
["Realisations/Spreads/Margins*",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"1Q 2005","2Q 2005","3Q 2005","4Q 2005","1Q 2006","2Q 2006","3Q 2006","4Q 2006","1Q 2007","2Q 2007","3Q 2007","4Q 2007"]
["Net Sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L5","v":3435.3},{"$f":"interim_cons_qtr!M5","v":3380.9},{"$f":"interim_cons_qtr!N5","v":3295.5},{"$f":"interim_cons_qtr!O5","v":3496.3},{"$f":"interim_cons_qtr!P5","v":3594.4},{"$f":"interim_cons_qtr!Q5","v":3743},{"$f":"interim_cons_qtr!R5","v":4028.4},{"$f":"interim_cons_qtr!S5","v":4310},{"$f":"interim_cons_qtr!T5","v":4621.5},{"$f":"interim_cons_qtr!U5","v":4672.7},{"$f":"interim_cons_qtr!V5","v":4944.2},{"$f":"interim_cons_qtr!W5","v":4889},{"$f":"interim_cons_qtr!X5","v":5238.1000000000004},{"$f":"interim_cons_qtr!Y5","v":4941},{"$f":"BI6/BE6*100","v":105.74186230658935}]
["Operating profit",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L13","v":196.5},{"$f":"interim_cons_qtr!M13","v":207.90000000000009},{"$f":"interim_cons_qtr!N13","v":507.5},{"$f":"interim_cons_qtr!O13","v":507.80000000000018},{"$f":"interim_cons_qtr!P13","v":677.5},{"$f":"interim_cons_qtr!Q13","v":805.90000000000009},{"$f":"interim_cons_qtr!R13","v":785.49999999999955},{"$f":"interim_cons_qtr!S13","v":645.19999999999982},{"$f":"interim_cons_qtr!T13","v":868.10000000000036},{"$f":"interim_cons_qtr!U13","v":862.29999999999927},{"$f":"interim_cons_qtr!V13","v":877.69999999999982},{"$f":"interim_cons_qtr!W13","v":671},{"$f":"interim_cons_qtr!X13","v":771.60000000000036},{"$f":"interim_cons_qtr!Y13","v":481.89999999999964},{"$f":"BI7/BE7*100","v":55.885422706714607}]
["Other income",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L14","v":71.900000000000006},{"$f":"interim_cons_qtr!M14","v":96.8},{"$f":"interim_cons_qtr!N14","v":136.30000000000001},{"$f":"interim_cons_qtr!O14","v":33.299999999999997},{"$f":"interim_cons_qtr!P14","v":86.1},{"$f":"interim_cons_qtr!Q14","v":153.1},{"$f":"interim_cons_qtr!R14","v":71.7},{"$f":"interim_cons_qtr!S14","v":206.5},{"$f":"interim_cons_qtr!T14","v":79.099999999999994},{"$f":"interim_cons_qtr!U14","v":138.1},{"$f":"interim_cons_qtr!V14","v":171},{"$f":"interim_cons_qtr!W14","v":246},{"$f":"interim_cons_qtr!X14","v":195.7},{"$f":"interim_cons_qtr!Y14","v":178.5},129.25416364952932]
["EBITDA",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD8+AD7","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AM8+AM7","v":{"$error":"#REF!"}},{"$f":"AN8+AN7","v":{"$error":"#REF!"}},{"$f":"AO8+AO7","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV8+AV7","v":268.39999999999998},304.7000000000001,643.79999999999995,541.10000000000014,763.6,959.00000000000011,857.19999999999959,851.69999999999982,947.20000000000039,1000.3999999999993,1048.6999999999998,{"$f":"BG8+BG7","v":917},{"$f":"BH8+BH7","v":967.30000000000041},{"$f":"BI8+BI7","v":660.39999999999964},66.013594562175143]
["Interest",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L15","v":-103.6},{"$f":"interim_cons_qtr!M15","v":-91.2},{"$f":"interim_cons_qtr!N15","v":-78.7},{"$f":"interim_cons_qtr!O15","v":-73.900000000000006},{"$f":"interim_cons_qtr!P15","v":-71.599999999999994},{"$f":"interim_cons_qtr!Q15","v":-70.900000000000006},{"$f":"interim_cons_qtr!R15","v":-64},{"$f":"interim_cons_qtr!S15","v":-54.7},{"$f":"interim_cons_qtr!T15","v":-46.3},{"$f":"interim_cons_qtr!U15","v":-78.599999999999994},{"$f":"interim_cons_qtr!V15","v":-52.8},{"$f":"interim_cons_qtr!W15","v":-75},{"$f":"interim_cons_qtr!X15","v":-106.1},{"$f":"interim_cons_qtr!Y15","v":-103.6},131.80661577608143]
["Depreciation",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L16","v":-180.8},{"$f":"interim_cons_qtr!M16","v":-166.8},{"$f":"interim_cons_qtr!N16","v":-174.8},{"$f":"interim_cons_qtr!O16","v":-186.6},{"$f":"interim_cons_qtr!P16","v":-164.8},{"$f":"interim_cons_qtr!Q16","v":-180.7},{"$f":"interim_cons_qtr!R16","v":-194.2},{"$f":"interim_cons_qtr!S16","v":-211},{"$f":"interim_cons_qtr!T16","v":-217.2},{"$f":"interim_cons_qtr!U16","v":-219.6},{"$f":"interim_cons_qtr!V16","v":-213.6},{"$f":"interim_cons_qtr!W16","v":-233},{"$f":"interim_cons_qtr!X16","v":-219.7},{"$f":"interim_cons_qtr!Y16","v":-249.3},113.52459016393443]
["PBT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD9+AD10+AD11","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AM9+AM10+AM11","v":{"$error":"#REF!"}},{"$f":"AN9+AN10+AN11","v":{"$error":"#REF!"}},{"$f":"AO9+AO10+AO11","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV9+AV10+AV11","v":-16.000000000000028},46.700000000000102,390.2999999999999,280.60000000000014,527.20000000000005,707.40000000000009,598.99999999999955,585.99999999999977,683.7000000000005,702.19999999999925,782.29999999999984,{"$f":"BG9+BG10+BG11","v":609},{"$f":"BH9+BH10+BH11","v":641.50000000000045},{"$f":"BI9+BI10+BI11","v":307.4999999999996},43.79094275135288]
["Tax",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L19","v":-24.4},{"$f":"interim_cons_qtr!M19","v":67.5},{"$f":"interim_cons_qtr!N19","v":-110.6},{"$f":"interim_cons_qtr!O19","v":-43.9},{"$f":"interim_cons_qtr!P19","v":-159.70000000000002},{"$f":"interim_cons_qtr!Q19","v":-222.3},{"$f":"interim_cons_qtr!R19","v":-197.5},{"$f":"interim_cons_qtr!S19","v":-165.5},{"$f":"interim_cons_qtr!T19","v":-183.5},{"$f":"interim_cons_qtr!U19","v":-166.4},{"$f":"interim_cons_qtr!V19","v":-242.8},{"$f":"interim_cons_qtr!W19","v":-140},{"$f":"interim_cons_qtr!X19","v":-160.9},{"$f":"interim_cons_qtr!Y19","v":-81.3},48.858173076923073]
["PAT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD12+AD13","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AM12+AM13","v":{"$error":"#REF!"}},{"$f":"AN12+AN13","v":{"$error":"#REF!"}},{"$f":"AO12+AO13","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV12+AV13+interim_cons_qtr!L20","v":-0.400000000000027},{"$f":"AW12+AW13+interim_cons_qtr!M20","v":137.50000000000011},{"$f":"AX12+AX13+interim_cons_qtr!N20","v":286.99999999999994},{"$f":"AY12+AY13+interim_cons_qtr!O20","v":241.10000000000014},{"$f":"AZ12+AZ13+interim_cons_qtr!P20","v":372.2},{"$f":"BA12+BA13+interim_cons_qtr!Q20","v":479.60000000000008},{"$f":"BB12+BB13+interim_cons_qtr!R20","v":413.69999999999953},{"$f":"BC12+BC13+interim_cons_qtr!S20","v":387.99999999999977},{"$f":"BD12+BD13+interim_cons_qtr!T20","v":477.90000000000049},{"$f":"BE12+BE13+interim_cons_qtr!U20","v":529.3999999999993},{"$f":"BF12+BF13+interim_cons_qtr!V20","v":514.89999999999975},{"$f":"BG12+BG13+interim_cons_qtr!W20","v":438},{"$f":"BH12+BH13+interim_cons_qtr!X20","v":481.60000000000048},{"$f":"BI12+BI13+interim_cons_qtr!Y20","v":219.89999999999958},41.537589724216069]
["Extraordinaries",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"interim_cons_qtr!L18","v":-127.9},{"$f":"interim_cons_qtr!M18","v":-61.6},{"$f":"interim_cons_qtr!N18","v":0},{"$f":"interim_cons_qtr!O18","v":0},{"$f":"interim_cons_qtr!P18","v":-14.3},{"$f":"interim_cons_qtr!Q18","v":0},{"$f":"interim_cons_qtr!R18","v":0},{"$f":"interim_cons_qtr!S18","v":0},{"$f":"interim_cons_qtr!T18","v":0},{"$f":"interim_cons_qtr!U18","v":0},{"$f":"interim_cons_qtr!V18","v":0},{"$f":"interim_cons_qtr!W18","v":0},{"$f":"interim_cons_qtr!X18","v":0},{"$f":"interim_cons_qtr!Y18","v":0},{"$error":"#DIV/0!"}]
["Reported PAT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD14+AD15","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AM14+AM15","v":{"$error":"#REF!"}},{"$f":"AN14+AN15","v":{"$error":"#REF!"}},{"$f":"AO14+AO15","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV14+AV15","v":-128.30000000000004},75.900000000000119,286.99999999999994,241.10000000000014,357.9,479.60000000000008,413.69999999999953,387.99999999999977,477.90000000000049,529.3999999999993,514.89999999999975,{"$f":"BG14+BG15","v":438},{"$f":"BH14+BH15","v":481.60000000000048},{"$f":"BI14+BI15","v":219.89999999999958},41.537589724216069]
["Recurring EPS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD14/AD19","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AL14/AL19","v":{"$error":"#REF!"}},{"$f":"AM14/AM19","v":{"$error":"#REF!"}},{"$f":"AN14/AN19","v":{"$error":"#REF!"}},{"$f":"AO14/AO19","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV14/AV19","v":-1.702127659574583E-3},{"$f":"AW14/AW19","v":0.58510638297872386},1.2207571246278179,1.0255210548702687,1.5831561037856232,2.0399829859634204,1.759676733304975,1.6503615482773282,{"$f":"BD14/BD19","v":2.0327520204168463},2.2518077413866413,2.1901318587834955,1.8630370055295622,2.0484900042535115,0.93534666099531949,41.537589724216069]
["Reported EPS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AD16/AD19","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AL16/AL19","v":{"$error":"#REF!"}},{"$f":"AM16/AM19","v":{"$error":"#REF!"}},{"$f":"AN16/AN19","v":{"$error":"#REF!"}},{"$f":"AO16/AO19","v":{"$error":"#REF!"}},null,null,null,null,null,null,{"$f":"AV16/AV19","v":-0.54595744680851077},{"$f":"AW16/AW19","v":0.32297872340425582},1.2207571246278179,1.0255210548702687,1.5223309230114845,2.0399829859634204,1.759676733304975,1.6503615482773282,{"$f":"BD16/BD19","v":2.0327520204168463},2.2518077413866413,2.1901318587834955,1.8630370055295622,2.0484900042535115,0.93534666099531949,41.537589724216069]
["Shares O/S",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE19","v":234.22900000000001},{"$f":"AF19","v":234.22900000000001},{"$f":"AG19","v":234.22900000000001},{"$f":"AH19","v":234.22900000000001},{"$f":"'profit model'!$C26","v":234.22900000000001},{"$f":"AH19","v":234.22900000000001},{"$f":"AI19","v":234.22900000000001},{"$f":"AJ19","v":234.22900000000001},{"$f":"'profit model'!$D26","v":234.22900000000001},{"$f":"'profit model'!$D26","v":234.22900000000001},{"$f":"'profit model'!$D26","v":234.22900000000001},{"$f":"'profit model'!$D26","v":234.22900000000001},null,null,null,null,null,null,{"$f":"'profit model'!$F$26","v":235},{"$f":"'profit model'!$F$26","v":235},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},{"$f":"'profit model'!$G$26","v":235.09999999999997},100]
[]
[]
["Balance Sheet Statement"]
["Capital Employed",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"We expect 22% yoy growth in ad revenues propelled by a strong macro-environment",null,"Revenues to grow 8% qoq driven by strong growth in ad revenues; 3Q is strongest quarter",null,null,null,null,null,null,null,"Modest 10% yoy growth in total revenues driven largely by the Hindi print media business","Moderate 6% yoy revenTe growth led by modest recovery in ad spending","Moderate 6% yoy revenve growth led by radio buRineRR, circulation","Weak 1% yoy revenue growth due to weak advertising market in Delhi/Mumbai","Modest 7% yoy revenue growth led by continued weakness in advertising","Modest 7% yoy revenue growth led by continued weakness in advertising","Robust 14% yoy advertising revenue growth led by robust advertising recovery and favorable base. Strong 19% yoy revenue growth but consolidated (1QFY11) and standalone (1QFY10) financials not comparable (internet business).","Yoy comparisons are invalid given demerger and subsequent listing of HMVL. We expect flat qoq advertising revenues (cyclically weak quarter) and marginal weakness in circulation revenues (competition in BJH market).",null,null,"Robust 15% yoy advertising growth led by (1) contribution from new markets but partially negated by (2) weak education advertising in 1QFY12.","Robust 15% yoy advertising growth led by (1) contribution from new markets but partially negated by (2) weak education advertising in 1QFY12.","Robust 15% yoy advertising growth led by (1) contribution from new markets but partially negated by (2) weak education advertising in 1QFY12.","Robust 10% yoy revenue growth led by (1) Hindi Hindustan advertising (UP elections) despite (2) weakness in HT Delhi advertising."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"RM costs to jump up sharply yoy but moderately qoq",null,"Costs likely to grow at a lower pace relative to revenues given flat newspring prices",null,null,null,null,null,null,null,"Sharp 20% qoq increase in RM costs on peak newsprint prices and depreciating rupee","RobTst 10% qoq decline in RM consTmption and costs to sTpport financials","ModeRt qoq decline in RM and employee coRtR to Rupport financialR","Strong 69% yoy EBITDA growth led by significantly lower RM costs, favorable base","Strong 97% yoy EBITDA growth led by significantly lower RM costs, small base","Strong 97% yoy EBITDA growth led by significantly lower RM costs, small base","Strong 30% yoy EBITDA growth led by robust revenue growth, turnaround in FM radio and continued positive operating leverage on newsprint. EBITDA margin capped at 23% due to continued losses in internet and media inflation.","We expect 6% qoq decline in EBITDA due to (1) relatively weak advertising and circulation revenues and (2) media cost inflation (newsprint prices) but supported by likely lower overhead expenses (high base in 1QFY11).",null,null,"Modest 5% yoy growth in EBITDA led by (1) improved Fever FM financials despite (2) moderate advertising growth and (3) cost of expansion in new markets.","Modest 5% yoy growth in EBITDA led by (1) improved Fever FM financials despite (2) moderate advertising growth and (3) cost of expansion in new markets.","Modest 5% yoy growth in EBITDA led by (1) improved Fever FM financials despite (2) moderate advertising growth and (3) cost of expansion in new markets.","Likely 17% yoy EBITDA decline led by (1) weak advertising environment and (2) Rupee depreciation resulting in higher newsprint prices."]
[]
[]
["* realizations need not be sales/volume. Basically, a parameter which captures the price behaviour in the quarter, for eg, cement prices, banking spreads, refining margins, etc."]

{"sheet":"short model","index":39,"n_rows":46,"n_cols":16,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
["Key assumptions for HT Media, March fiscal year-ends, 2007-20E"]
[]
[null,2006,2007,2008,2009,2010,"2011E","2012E","2013E","2014E","2015E","2016E","2017E","2018E","2019E","2020E"]
["Profit model assumptions"]
["Revenue model assumptions"]
["Advertising"]
["Advertising growth (%)",null,null,{"$f":"('cons finstats'!E6/'cons finstats'!D6-1)*100","v":15.137802902930474},{"$f":"('cons finstats'!F6/'cons finstats'!E6-1)*100","v":11.997704871489677},{"$f":"('cons finstats'!G6/'cons finstats'!F6-1)*100","v":1.1309951161574627},{"$f":"('cons finstats'!H6/'cons finstats'!G6-1)*100","v":22.244230786085527},{"$f":"('cons finstats'!I6/'cons finstats'!H6-1)*100","v":10.05167252538115},{"$f":"('cons finstats'!J6/'cons finstats'!I6-1)*100","v":14.895584024699748},{"$f":"('cons finstats'!K6/'cons finstats'!J6-1)*100","v":18.524204859484783},{"$f":"('cons finstats'!L6/'cons finstats'!K6-1)*100","v":5.9374941167968265},{"$f":"('cons finstats'!M6/'cons finstats'!L6-1)*100","v":4.9624008233476236},{"$f":"('cons finstats'!N6/'cons finstats'!M6-1)*100","v":13.518346174737239},{"$f":"('cons finstats'!O6/'cons finstats'!N6-1)*100","v":11.639557958682412},{"$f":"('cons finstats'!P6/'cons finstats'!O6-1)*100","v":9.4708450086697926},{"$f":"('cons finstats'!Q6/'cons finstats'!P6-1)*100","v":9.3006692079054432}]
[]
["Circulation"]
["Circulation copies (mn)",null,{"$f":"'HT Delhi-NCR'!D63+'HT Mumbai'!D63+'HT Others'!D63+'HT Mint'!D63+Hindustan!D38","v":2.5489999999999995},{"$f":"'HT Delhi-NCR'!E63+'HT Mumbai'!E63+'HT Others'!E63+'HT Mint'!E63+Hindustan!E38","v":2.8195000000000001},{"$f":"'HT Delhi-NCR'!F63+'HT Mumbai'!F63+'HT Others'!F63+'HT Mint'!F63+Hindustan!F38","v":3.0065999999999997},{"$f":"'HT Delhi-NCR'!G63+'HT Mumbai'!G63+'HT Others'!G63+'HT Mint'!G63+Hindustan!G38","v":3.3249},{"$f":"'HT Delhi-NCR'!H63+'HT Mumbai'!H63+'HT Others'!H63+'HT Mint'!H63+Hindustan!H38","v":3.6036999999999995},{"$f":"'HT Delhi-NCR'!I63+'HT Mumbai'!I63+'HT Others'!I63+'HT Mint'!I63+Hindustan!I38","v":3.8896500000000001},{"$f":"'HT Delhi-NCR'!J63+'HT Mumbai'!J63+'HT Others'!J63+'HT Mint'!J63+Hindustan!J38","v":4.1498749999999998},{"$f":"'HT Delhi-NCR'!K63+'HT Mumbai'!K63+'HT Others'!K63+'HT Mint'!K63+Hindustan!K38","v":4.4090000000000007},{"$f":"'HT Delhi-NCR'!L63+'HT Mumbai'!L63+'HT Others'!L63+'HT Mint'!L63+Hindustan!L38","v":4.5486250000000004},{"$f":"'HT Delhi-NCR'!M63+'HT Mumbai'!M63+'HT Others'!M63+'HT Mint'!M63+Hindustan!M38","v":4.5104500000000005},{"$f":"'HT Delhi-NCR'!N63+'HT Mumbai'!N63+'HT Others'!N63+'HT Mint'!N63+Hindustan!N38","v":4.6650499999999999},{"$f":"'HT Delhi-NCR'!O63+'HT Mumbai'!O63+'HT Others'!O63+'HT Mint'!O63+Hindustan!O38","v":4.8679000000000006},{"$f":"'HT Delhi-NCR'!P63+'HT Mumbai'!P63+'HT Others'!P63+'HT Mint'!P63+Hindustan!P38","v":5.0465},{"$f":"'HT Delhi-NCR'!Q63+'HT Mumbai'!Q63+'HT Others'!Q63+'HT Mint'!Q63+Hindustan!Q38","v":5.1669999999999998}]
["Increase in copies (%)",null,null,{"$f":"(D10/C10-1)*100","v":10.61200470772854},{"$f":"(E10/D10-1)*100","v":6.6359283560914806},10.586709239672732,8.3852145929200752,7.9349002414185632,6.6901906341187534,6.2441639808428206,3.1668178725334561,-0.83926461293247767,3.4275959161502501,4.3482920869015507,3.6689332155549481,2.3877935202615719]
["Per-copy realization (Rs)",null,{"$f":"'cons finstats'!D7/C10/360","v":1.4847837932086663},{"$f":"'cons finstats'!E7/D10/360","v":1.4670055762448029},{"$f":"'cons finstats'!F7/E10/360","v":1.422703385884388},{"$f":"'cons finstats'!G7/F10/360","v":1.5312908324728229},{"$f":"'cons finstats'!H7/G10/360","v":1.4088143975481993},{"$f":"'cons finstats'!I7/H10/360","v":1.4152443021865722},{"$f":"'cons finstats'!J7/I10/360","v":1.4826288442422964},{"$f":"'cons finstats'!K7/J10/360","v":1.470814924019052},{"$f":"'cons finstats'!L7/K10/360","v":1.4441191568880707},{"$f":"'cons finstats'!M7/L10/360","v":1.5737878149630302},{"$f":"'cons finstats'!N7/M10/360","v":1.6545112056676781},{"$f":"'cons finstats'!O7/N10/360","v":1.6886090511308782},{"$f":"'cons finstats'!P7/O10/360","v":1.7553452888140295},{"$f":"'cons finstats'!Q7/P10/360","v":1.8050996709889691}]
["Increase in realization (%)",null,null,{"$f":"(D12/C12-1)*100","v":-1.1973606558193906},-3.0199060642849274,7.6324726338465876,-7.998247774189382,0.45640537529734182,4.7613363962401456,-0.79682250005610467,-1.815032380690984,8.9790830248649414,5.1292423246105834,2.0609014521264513,3.9521426015368899,2.8344498653342098]
[]
["Others"]
["HT-Burda premium (%)",null,null,null,null,{"$f":"-('HT-Burda'!G4/'HT-Burda'!G5+1)*100","v":28.57142857142858},{"$f":"-('HT-Burda'!H4/'HT-Burda'!H5+1)*100","v":10.000000000000009},{"$f":"-('HT-Burda'!I4/'HT-Burda'!I5+1)*100","v":24.999999999999979},{"$f":"-('HT-Burda'!J4/'HT-Burda'!J5+1)*100","v":30.000000000000004},{"$f":"-('HT-Burda'!K4/'HT-Burda'!K5+1)*100","v":35.000000000000007},{"$f":"-('HT-Burda'!L4/'HT-Burda'!L5+1)*100","v":39.999999999999993},{"$f":"-('HT-Burda'!M4/'HT-Burda'!M5+1)*100","v":39.999999999999993},{"$f":"-('HT-Burda'!N4/'HT-Burda'!N5+1)*100","v":39.999999999999993},{"$f":"-('HT-Burda'!O4/'HT-Burda'!O5+1)*100","v":39.999999999999993},{"$f":"-('HT-Burda'!P4/'HT-Burda'!P5+1)*100","v":39.999999999999972},{"$f":"-('HT-Burda'!Q4/'HT-Burda'!Q5+1)*100","v":39.999999999999993}]
["Other ops growth (%)",null,null,{"$f":"(SUM('cons finstats'!E9:E13)/SUM('cons finstats'!D9:D13)-1)*100","v":64.90518899041362},{"$f":"(SUM('cons finstats'!F9:F13)/SUM('cons finstats'!E9:E13)-1)*100","v":37.05421738020258},{"$f":"(SUM('cons finstats'!G9:G13)/SUM('cons finstats'!F9:F13)-1)*100","v":27.666511411271522},{"$f":"(SUM('cons finstats'!H9:H13)/SUM('cons finstats'!G9:G13)-1)*100","v":55.685273014714824},{"$f":"(SUM('cons finstats'!I9:I13)/SUM('cons finstats'!H9:H13)-1)*100","v":22.268255585064843},{"$f":"(SUM('cons finstats'!J9:J13)/SUM('cons finstats'!I9:I13)-1)*100","v":17.897372748403729},{"$f":"(SUM('cons finstats'!K9:K13)/SUM('cons finstats'!J9:J13)-1)*100","v":13.251289070459515},{"$f":"(SUM('cons finstats'!L9:L13)/SUM('cons finstats'!K9:K13)-1)*100","v":15.235920383844558},{"$f":"(SUM('cons finstats'!M9:M13)/SUM('cons finstats'!L9:L13)-1)*100","v":9.0615986405202964},{"$f":"(SUM('cons finstats'!N9:N13)/SUM('cons finstats'!M9:M13)-1)*100","v":0.37208202007017466},{"$f":"(SUM('cons finstats'!O9:O13)/SUM('cons finstats'!N9:N13)-1)*100","v":-22.26344473116486},{"$f":"(SUM('cons finstats'!P9:P13)/SUM('cons finstats'!O9:O13)-1)*100","v":-5.4960194758871044},{"$f":"(SUM('cons finstats'!Q9:Q13)/SUM('cons finstats'!P9:P13)-1)*100","v":9.2262028040482225}]
[]
["Yield on cash balances (%)",null,null,{"$f":"'profit model'!E9/(AVERAGE('balance model'!D18:E18)+AVERAGE('balance model'!D26:E26))*100","v":12.453995933841021},{"$f":"'profit model'!F9/(AVERAGE('balance model'!E18:F18)+AVERAGE('balance model'!E26:F26))*100","v":9.2152402893429244},{"$f":"'profit model'!G9/(AVERAGE('balance model'!F18:G18)+AVERAGE('balance model'!F26:G26))*100","v":8.5327544641459419},{"$f":"'profit model'!H9/(AVERAGE('balance model'!G18:H18)+AVERAGE('balance model'!G26:H26))*100","v":6.5488145096614545},{"$f":"'profit model'!I9/(AVERAGE('balance model'!H18:I18)+AVERAGE('balance model'!H26:I26))*100","v":8.686377333265078},{"$f":"'profit model'!J9/(AVERAGE('balance model'!I18:J18)+AVERAGE('balance model'!I26:J26))*100","v":7.9306539050944718},{"$f":"'profit model'!K9/(AVERAGE('balance model'!J18:K18)+AVERAGE('balance model'!J26:K26))*100","v":7.5150365803675649},{"$f":"'profit model'!L9/(AVERAGE('balance model'!K18:L18)+AVERAGE('balance model'!K26:L26))*100","v":7.4598033208574845},{"$f":"'profit model'!M9/(AVERAGE('balance model'!L18:M18)+AVERAGE('balance model'!L26:M26))*100","v":7.4317363730915691},{"$f":"'profit model'!N9/(AVERAGE('balance model'!M18:N18)+AVERAGE('balance model'!M26:N26))*100","v":7.423925664772181},{"$f":"'profit model'!O9/(AVERAGE('balance model'!N18:O18)+AVERAGE('balance model'!N26:O26))*100","v":7.4234623184859743},{"$f":"'profit model'!P9/(AVERAGE('balance model'!O18:P18)+AVERAGE('balance model'!O26:P26))*100","v":7.4290560739815756},{"$f":"'profit model'!Q9/(AVERAGE('balance model'!P18:Q18)+AVERAGE('balance model'!P26:Q26))*100","v":7.4392503485013082}]
[]
["Cost model assumptions"]
["Newsprint"]
["Newsprint price (Rs/Kg)",null,{"$f":"'cons finstats'!D17/(4.6*C27*C25*360)*10^3","v":31.219602185039232},{"$f":"'cons finstats'!E17/(4.5*D27*D25*360)*10^3","v":28.716474882523709},{"$f":"'cons finstats'!F17/(4.5*E27*E25*360)*10^3","v":34.857984142134391},{"$f":"'cons finstats'!G17/(4.5*F27*F25*360)*10^3","v":29.175959788745043},{"$f":"('cons finstats'!H17+'HT-Burda'!H5)/(4.4*G27*G25*360)*10^3","v":30.088697369316055},{"$f":"('cons finstats'!I17+'HT-Burda'!I5)/(4.4*H27*H25*360)*10^3","v":32.68182642801743},{"$f":"('cons finstats'!J17+'HT-Burda'!J5)/(4.4*I27*I25*360)*10^3","v":35.671871766742342},{"$f":"('cons finstats'!K17+'HT-Burda'!K5)/(4.4*J27*J25*360)*10^3","v":35.917021159325365},{"$f":"('cons finstats'!L17+'HT-Burda'!L5)/(4.3*K27*K25*360)*10^3","v":36.356684735228811},{"$f":"('cons finstats'!M17+'HT-Burda'!M5)/(4.3*L27*L25*360)*10^3","v":37.346169458735922},{"$f":"('cons finstats'!N17+'HT-Burda'!N5)/(4.3*M27*M25*360)*10^3","v":38.199431128502724},{"$f":"('cons finstats'!O17+'HT-Burda'!O5)/(4.2*N27*N25*360)*10^3","v":39.64876743555147},{"$f":"('cons finstats'!P17+'HT-Burda'!P5)/(4.2*O27*O25*360)*10^3","v":40.823997462059076},{"$f":"('cons finstats'!Q17+'HT-Burda'!Q5)/(4.2*P27*P25*360)*10^3","v":42.005310175664576}]
["NP price inflation (%)",null,null,{"$f":"(D23/C23-1)*100","v":-8.0178065296265917},{"$f":"(E23/D23-1)*100","v":21.386710188959455},-16.300496122267816,3.1283892190004714,8.6182828949777246,9.1489542217310316,0.6872344523608076,1.2241092432279554,2.7216032779477262,2.2847367805942653,3.7941306041264999,2.9641022975504194,2.8936723178649704]
["Print order (mn)",null,{"$f":"'HT Delhi-NCR'!D60+'HT Mumbai'!D60+'HT Others'!D60+'HT Mint'!D60+Hindustan!D37","v":2.67},{"$f":"'HT Delhi-NCR'!E60+'HT Mumbai'!E60+'HT Others'!E60+'HT Mint'!E60+Hindustan!E37","v":2.96},{"$f":"'HT Delhi-NCR'!F60+'HT Mumbai'!F60+'HT Others'!F60+'HT Mint'!F60+Hindustan!F37","v":3.17},{"$f":"'HT Delhi-NCR'!G60+'HT Mumbai'!G60+'HT Others'!G60+'HT Mint'!G60+Hindustan!G37","v":3.42},{"$f":"'HT Delhi-NCR'!H60+'HT Mumbai'!H60+'HT Others'!H60+'HT Mint'!H60+Hindustan!H37","v":3.7649999999999997},{"$f":"'HT Delhi-NCR'!I60+'HT Mumbai'!I60+'HT Others'!I60+'HT Mint'!I60+Hindustan!I37","v":4.0600000000000005},{"$f":"'HT Delhi-NCR'!J60+'HT Mumbai'!J60+'HT Others'!J60+'HT Mint'!J60+Hindustan!J37","v":4.33},{"$f":"'HT Delhi-NCR'!K60+'HT Mumbai'!K60+'HT Others'!K60+'HT Mint'!K60+Hindustan!K37","v":4.5999999999999996},{"$f":"'HT Delhi-NCR'!L60+'HT Mumbai'!L60+'HT Others'!L60+'HT Mint'!L60+Hindustan!L37","v":4.745000000000001},{"$f":"'HT Delhi-NCR'!M60+'HT Mumbai'!M60+'HT Others'!M60+'HT Mint'!M60+Hindustan!M37","v":4.6700000000000008},{"$f":"'HT Delhi-NCR'!N60+'HT Mumbai'!N60+'HT Others'!N60+'HT Mint'!N60+Hindustan!N37","v":4.83},{"$f":"'HT Delhi-NCR'!O60+'HT Mumbai'!O60+'HT Others'!O60+'HT Mint'!O60+Hindustan!O37","v":5.0400000000000009},{"$f":"'HT Delhi-NCR'!P60+'HT Mumbai'!P60+'HT Others'!P60+'HT Mint'!P60+Hindustan!P37","v":5.2250000000000005},{"$f":"'HT Delhi-NCR'!Q60+'HT Mumbai'!Q60+'HT Others'!Q60+'HT Mint'!Q60+Hindustan!Q37","v":5.3500000000000005}]
["Print wastage (%)",null,{"$f":"(1-C10/C25)*100","v":4.5318352059925289},{"$f":"(1-D10/D25)*100","v":4.7466216216216157},5.1545741324921179,2.7807017543859613,4.2841965471447585,4.1958128078817829,4.1599307159353449,4.1521739130434554,4.1385669125395319,3.4164882226980775,3.4151138716356111,3.4146825396825453,3.4162679425837394,3.4205607476635591]
["Average pages (#)",null,{"$f":"('HT Delhi-NCR'!D76*'HT Delhi-NCR'!D77+'HT Mumbai'!D76*'HT Mumbai'!D77+'HT Others'!D76*'HT Others'!D77+'HT Mint'!D76*'HT Mint'!D77+Hindustan!D37*Hindustan!D41)/C25","v":31.507490636704119},{"$f":"('HT Delhi-NCR'!E76*'HT Delhi-NCR'!E77+'HT Mumbai'!E76*'HT Mumbai'!E77+'HT Others'!E76*'HT Others'!E77+'HT Mint'!E76*'HT Mint'!E77+Hindustan!E37*Hindustan!E41)/D25","v":33.719594594594597},{"$f":"('HT Delhi-NCR'!F76*'HT Delhi-NCR'!F77+'HT Mumbai'!F76*'HT Mumbai'!F77+'HT Others'!F76*'HT Others'!F77+'HT Mint'!F76*'HT Mint'!F77+Hindustan!F37*Hindustan!F41)/E25","v":31.214511041009462},{"$f":"('HT Delhi-NCR'!G76*'HT Delhi-NCR'!G77+'HT Mumbai'!G76*'HT Mumbai'!G77+'HT Others'!G76*'HT Others'!G77+'HT Mint'!G76*'HT Mint'!G77+Hindustan!G37*Hindustan!G41)/F25","v":29.448830409356727},{"$f":"('HT Delhi-NCR'!H76*'HT Delhi-NCR'!H77+'HT Mumbai'!H76*'HT Mumbai'!H77+'HT Others'!H76*'HT Others'!H77+'HT Mint'!H76*'HT Mint'!H77+Hindustan!H37*Hindustan!H41)/G25","v":31.553784860557773},{"$f":"('HT Delhi-NCR'!I76*'HT Delhi-NCR'!I77+'HT Mumbai'!I76*'HT Mumbai'!I77+'HT Others'!I76*'HT Others'!I77+'HT Mint'!I76*'HT Mint'!I77+Hindustan!I37*Hindustan!I41)/H25","v":31.179802955665021},{"$f":"('HT Delhi-NCR'!J76*'HT Delhi-NCR'!J77+'HT Mumbai'!J76*'HT Mumbai'!J77+'HT Others'!J76*'HT Others'!J77+'HT Mint'!J76*'HT Mint'!J77+Hindustan!J37*Hindustan!J41)/I25","v":32.111431870669747},{"$f":"('HT Delhi-NCR'!K76*'HT Delhi-NCR'!K77+'HT Mumbai'!K76*'HT Mumbai'!K77+'HT Others'!K76*'HT Others'!K77+'HT Mint'!K76*'HT Mint'!K77+Hindustan!K37*Hindustan!K41)/J25","v":33.190217391304351},{"$f":"('HT Delhi-NCR'!L76*'HT Delhi-NCR'!L77+'HT Mumbai'!L76*'HT Mumbai'!L77+'HT Others'!L76*'HT Others'!L77+'HT Mint'!L76*'HT Mint'!L77+Hindustan!L37*Hindustan!L41)/K25","v":31.70021074815595},{"$f":"('HT Delhi-NCR'!M76*'HT Delhi-NCR'!M77+'HT Mumbai'!M76*'HT Mumbai'!M77+'HT Others'!M76*'HT Others'!M77+'HT Mint'!M76*'HT Mint'!M77+Hindustan!M37*Hindustan!M41)/L25","v":32.645610278372587},{"$f":"('HT Delhi-NCR'!N76*'HT Delhi-NCR'!N77+'HT Mumbai'!N76*'HT Mumbai'!N77+'HT Others'!N76*'HT Others'!N77+'HT Mint'!N76*'HT Mint'!N77+Hindustan!N37*Hindustan!N41)/M25","v":33.85507246376811},{"$f":"('HT Delhi-NCR'!O76*'HT Delhi-NCR'!O77+'HT Mumbai'!O76*'HT Mumbai'!O77+'HT Others'!O76*'HT Others'!O77+'HT Mint'!O76*'HT Mint'!O77+Hindustan!O37*Hindustan!O41)/N25","v":35.236111111111114},{"$f":"('HT Delhi-NCR'!P76*'HT Delhi-NCR'!P77+'HT Mumbai'!P76*'HT Mumbai'!P77+'HT Others'!P76*'HT Others'!P77+'HT Mint'!P76*'HT Mint'!P77+Hindustan!P37*Hindustan!P41)/O25","v":36.311004784688997},{"$f":"('HT Delhi-NCR'!Q76*'HT Delhi-NCR'!Q77+'HT Mumbai'!Q76*'HT Mumbai'!Q77+'HT Others'!Q76*'HT Others'!Q77+'HT Mint'!Q76*'HT Mint'!Q77+Hindustan!Q37*Hindustan!Q41)/P25","v":37.495327102803742}]
["Page inflation (%)",null,null,{"$f":"(D27/C27-1)*100","v":7.0208826954740955},{"$f":"(E27/D27-1)*100","v":-7.429162727794802},-5.6566019225256952,7.1478371872189639,-1.1852204309101055,2.9879243186027304,3.3595061253558045,-4.4892946182954923,2.9823130758575012,3.7048233287180432,4.0792665525114513,3.0505457034926131,3.2616071219657705]
[]
["Employee"]
["Cost inflation (%)",null,null,{"$f":"('cons finstats'!E21/'cons finstats'!D21-1)*100","v":24.217528366945995},{"$f":"('cons finstats'!F21/'cons finstats'!E21-1)*100","v":22.009895147746363},{"$f":"('cons finstats'!G21/'cons finstats'!F21-1)*100","v":4.1583994708994876},{"$f":"('cons finstats'!H21/'cons finstats'!G21-1)*100","v":19.41423922533534},{"$f":"('cons finstats'!I21/'cons finstats'!H21-1)*100","v":17.903531453639076},{"$f":"('cons finstats'!J21/'cons finstats'!I21-1)*100","v":20.263491903078169},{"$f":"('cons finstats'!K21/'cons finstats'!J21-1)*100","v":18.336725736815485},{"$f":"('cons finstats'!L21/'cons finstats'!K21-1)*100","v":15.023534711434138},{"$f":"('cons finstats'!M21/'cons finstats'!L21-1)*100","v":5.9074628134142992},{"$f":"('cons finstats'!N21/'cons finstats'!M21-1)*100","v":9.1384355210507593},{"$f":"('cons finstats'!O21/'cons finstats'!N21-1)*100","v":5.8190852799265169},{"$f":"('cons finstats'!P21/'cons finstats'!O21-1)*100","v":8.4109240512167496},{"$f":"('cons finstats'!Q21/'cons finstats'!P21-1)*100","v":9.6580350645007798}]
[]
["Overheads"]
["Share of revenues (%)",null,{"$f":"'cons finstats'!D37/'cons finstats'!D14*100","v":26.650555591625132},{"$f":"'cons finstats'!E37/'cons finstats'!E14*100","v":30.812523737773745},{"$f":"'cons finstats'!F37/'cons finstats'!F14*100","v":34.014302582039342},{"$f":"'cons finstats'!G37/'cons finstats'!G14*100","v":30.789428983948142},{"$f":"'cons finstats'!H37/'cons finstats'!H14*100","v":29.675397054413573},{"$f":"'cons finstats'!I37/'cons finstats'!I14*100","v":31.085046647835835},{"$f":"'cons finstats'!J37/'cons finstats'!J14*100","v":29.190062584246686},{"$f":"'cons finstats'!K37/'cons finstats'!K14*100","v":27.711187203350018},{"$f":"'cons finstats'!L37/'cons finstats'!L14*100","v":28.252495350838068},{"$f":"'cons finstats'!M37/'cons finstats'!M14*100","v":28.112143089175522},{"$f":"'cons finstats'!N37/'cons finstats'!N14*100","v":27.26668804319165},{"$f":"'cons finstats'!O37/'cons finstats'!O14*100","v":26.481591470820703},{"$f":"'cons finstats'!P37/'cons finstats'!P14*100","v":26.200715475655279},{"$f":"'cons finstats'!Q37/'cons finstats'!Q14*100","v":26.272208156195575}]
[]
["Rate on outstanding debt (%)",null,null,{"$f":"-'profit model'!E10/AVERAGE('balance model'!D14:E14)%","v":9.1507167804290894},{"$f":"-'profit model'!F10/AVERAGE('balance model'!E14:F14)%","v":10.874416990771232},{"$f":"-'profit model'!G10/AVERAGE('balance model'!F14:G14)%","v":7.6380530858925084},{"$f":"-'profit model'!H10/AVERAGE('balance model'!G14:H14)%","v":6.6074978301649079},{"$f":"-'profit model'!I10/AVERAGE('balance model'!H14:I14)%","v":10.601281024819855},{"$f":"-'profit model'!J10/AVERAGE('balance model'!I14:J14)%","v":8.9999999999999982},{"$f":"-'profit model'!K10/AVERAGE('balance model'!J14:K14)%","v":8.9999999999999982},{"$f":"-'profit model'!L10/AVERAGE('balance model'!K14:L14)%","v":8.9999999999999982},{"$f":"-'profit model'!M10/AVERAGE('balance model'!L14:M14)%","v":8.9999999999999982},{"$f":"-'profit model'!N10/AVERAGE('balance model'!M14:N14)%","v":8.9999999999999982},{"$f":"-'profit model'!O10/AVERAGE('balance model'!N14:O14)%","v":8.9999999999999982},{"$f":"-'profit model'!P10/AVERAGE('balance model'!O14:P14)%","v":8.9999999999999982},{"$f":"-'profit model'!Q10/AVERAGE('balance model'!P14:Q14)%","v":8.9999999999999982}]
[]
["Tax rate (%)",null,{"$f":"SUM('cons finstats'!D57:D58)/'cons finstats'!D54*100","v":37.114095420215918},{"$f":"SUM('cons finstats'!E57:E58)/'cons finstats'!E54*100","v":27.09625429899414},{"$f":"SUM('cons finstats'!F57:F58)/'cons finstats'!F54*100","v":1403.3707865166828},{"$f":"SUM('cons finstats'!G57:G58)/'cons finstats'!G54*100","v":28.464558573854031},{"$f":"SUM('cons finstats'!H57:H58)/'cons finstats'!H54*100","v":27.72462077012834},{"$f":"SUM('cons finstats'!I57:I58)/'cons finstats'!I54*100","v":26.55803301948297},{"$f":"SUM('cons finstats'!J57:J58)/'cons finstats'!J54*100","v":27.733883802696774},{"$f":"SUM('cons finstats'!K57:K58)/'cons finstats'!K54*100","v":29.658429001052035},{"$f":"SUM('cons finstats'!L57:L58)/'cons finstats'!L54*100","v":30.146132636948209},{"$f":"SUM('cons finstats'!M57:M58)/'cons finstats'!M54*100","v":30.438565947149048},{"$f":"SUM('cons finstats'!N57:N58)/'cons finstats'!N54*100","v":31.001494112143718},{"$f":"SUM('cons finstats'!O57:O58)/'cons finstats'!O54*100","v":31.240919454239542},{"$f":"SUM('cons finstats'!P57:P58)/'cons finstats'!P54*100","v":31.350212100770179},{"$f":"SUM('cons finstats'!Q57:Q58)/'cons finstats'!Q54*100","v":31.454487083646239}]
[]
[]
["Capital expenditure (Rs mn)",null,{"$f":"-SUM('cash model'!D15:D16)","v":866.69399999999996},{"$f":"-SUM('cash model'!E15:E16)","v":1196.3800000000001},{"$f":"-SUM('cash model'!F15:F16)","v":2597},{"$f":"-SUM('cash model'!G15:G16)","v":1574.8},{"$f":"-SUM('cash model'!H15:H16)","v":773.2},{"$f":"-SUM('cash model'!I15:I16)","v":830},{"$f":"-SUM('cash model'!J15:J16)","v":871.5},{"$f":"-SUM('cash model'!K15:K16)","v":915.07500000000073},{"$f":"-SUM('cash model'!L15:L16)","v":717.72750000000087},{"$f":"-SUM('cash model'!M15:M16)","v":753.61387500000092},{"$f":"-SUM('cash model'!N15:N16)","v":1126.3184789062507},{"$f":"-SUM('cash model'!O15:O16)","v":1464.054487382813},{"$f":"-SUM('cash model'!P15:P16)","v":1537.2572117519558},{"$f":"-SUM('cash model'!Q15:Q16)","v":1614.1200723395523}]
[]
["D&A to net block (%)",null,null,{"$f":"-'profit model'!E11/AVERAGE('balance model'!D20:E20)%","v":10.736852715653898},{"$f":"-'profit model'!F11/AVERAGE('balance model'!E20:F20)%","v":11.156174280162487},{"$f":"-'profit model'!G11/AVERAGE('balance model'!F20:G20)%","v":9.1218199766438062},{"$f":"-'profit model'!H11/AVERAGE('balance model'!G20:H20)%","v":8.7220475418412757},{"$f":"-'profit model'!I11/AVERAGE('balance model'!H20:I20)%","v":8.4063895874858492},{"$f":"-'profit model'!J11/AVERAGE('balance model'!I20:J20)%","v":8.4459287211599179},{"$f":"-'profit model'!K11/AVERAGE('balance model'!J20:K20)%","v":8.4930714235104876},{"$f":"-'profit model'!L11/AVERAGE('balance model'!K20:L20)%","v":8.5677606552512202},{"$f":"-'profit model'!M11/AVERAGE('balance model'!L20:M20)%","v":8.7348249899245243},{"$f":"-'profit model'!N11/AVERAGE('balance model'!M20:N20)%","v":8.8626277155457878},{"$f":"-'profit model'!O11/AVERAGE('balance model'!N20:O20)%","v":8.9986553132590164},{"$f":"-'profit model'!P11/AVERAGE('balance model'!O20:P20)%","v":9.1612726494174854},{"$f":"-'profit model'!Q11/AVERAGE('balance model'!P20:Q20)%","v":9.304834685968812}]
[]
["Current asset days",null,{"$f":"('balance model'!D19+'balance model'!D25)/'profit model'!D4*360","v":137.16401411041619},{"$f":"('balance model'!E19+'balance model'!E25)/'profit model'!E4*360","v":164.63348046251363},{"$f":"('balance model'!F19+'balance model'!F25)/'profit model'!F4*360","v":194.31461224853521},{"$f":"('balance model'!G19+'balance model'!G25)/'profit model'!G4*360","v":164.5214166407157},{"$f":"('balance model'!H19+'balance model'!H25)/'profit model'!H4*360","v":144.38578921460456},{"$f":"('balance model'!I19+'balance model'!I25)/'profit model'!I4*360","v":151.99747587440345},{"$f":"('balance model'!J19+'balance model'!J25)/'profit model'!J4*360","v":147.57432566254158},{"$f":"('balance model'!K19+'balance model'!K25)/'profit model'!K4*360","v":140.38206845559031},{"$f":"('balance model'!L19+'balance model'!L25)/'profit model'!L4*360","v":137.13449468713381},{"$f":"('balance model'!M19+'balance model'!M25)/'profit model'!M4*360","v":136.43898958118842},{"$f":"('balance model'!N19+'balance model'!N25)/'profit model'!N4*360","v":133.23027144834802},{"$f":"('balance model'!O19+'balance model'!O25)/'profit model'!O4*360","v":132.36065544005683},{"$f":"('balance model'!P19+'balance model'!P25)/'profit model'!P4*360","v":131.51947590802368},{"$f":"('balance model'!Q19+'balance model'!Q25)/'profit model'!Q4*360","v":130.21745363124626}]
["Current liability days",null,{"$f":"-'balance model'!D15/SUM('profit model'!D5:D7)*360","v":87.251584204727692},{"$f":"-'balance model'!E15/SUM('profit model'!E5:E7)*360","v":97.675336815844332},{"$f":"-'balance model'!F15/SUM('profit model'!F5:F7)*360","v":154.41278113654241},{"$f":"-'balance model'!G15/SUM('profit model'!G5:G7)*360","v":178.43066446553857},{"$f":"-'balance model'!H15/SUM('profit model'!H5:H7)*360","v":149.85623366683444},{"$f":"-'balance model'!I15/SUM('profit model'!I5:I7)*360","v":136.72117135703775},{"$f":"-'balance model'!J15/SUM('profit model'!J5:J7)*360","v":130.87065246203147},{"$f":"-'balance model'!K15/SUM('profit model'!K5:K7)*360","v":127.52020552903744},{"$f":"-'balance model'!L15/SUM('profit model'!L5:L7)*360","v":127.0804054328342},{"$f":"-'balance model'!M15/SUM('profit model'!M5:M7)*360","v":127.18508042088445},{"$f":"-'balance model'!N15/SUM('profit model'!N5:N7)*360","v":125.78427901100284},{"$f":"-'balance model'!O15/SUM('profit model'!O5:O7)*360","v":125.24635196936686},{"$f":"-'balance model'!P15/SUM('profit model'!P5:P7)*360","v":124.18328757868828},{"$f":"-'balance model'!Q15/SUM('profit model'!Q5:Q7)*360","v":123.30101808176053}]