Income Statement (INR b) Y/E March FY22 FY23E FY24 FY25E FY26E FY27E Net Sales 383.1 432.3 477.6 522.4 576.3 629.4 Change (%) 15.5 12.8 10.5 9.4 10.3 9.2 Total Expenditure 284.1 321.1 355.1 377.5 410.6 445.5％的销售74.2 74.3 74.4 72.3 71.3 70.8 EBITDA 99.0 111.1 122.5 144.9 165.6 165.6 183.9边缘（％）25.8 25.7 25.6 25.6 27.7 27.7 28.7 28.7 29.2折旧21.4 int。和财务费用1.3 1.7 2.4 2.2 2.1 1.9其他收入 - rec。10.2 11.3 20.9 23.3 25.7 26.7 Extra-ordinary Exp 43.2 1.4 4.6 0.4 0.0 0.0 PBT 43.3 94.1 110.9 140.1 162.6 181.8 Tax Rate (%) 24.8 9.0 13.0 15.5 11.2 11.2 Profit after Tax 32.6 85.6 96.5 118.4 144.4 161.4 Change (%) 42.5 162.9 12.7 22.7 22.0 11.8边缘（％）8.3 19.3 19.4 21.7 24.0 24.0 24.6少：少数族裔1.3 -0.9 0.7 0.7 0.4 1.3 1.3 1.3报告PAT 31.2 84.7 95.8 118.8 118.0 143.1 160.2ex。Items) 75.3 86.1 99.7 118.3 143.1 160.2 Balance Sheet (INR b) Y/E March FY22 FY23E FY24 FY25E FY26E FY27E Net Worth 480.1 560.0 636.7 738.3 865.2 1,009.1 Total Loans 11.8 67.6 31.5 22.3 15.9 11.3资本雇用493.8 629.4 663.1 755.2 876.8 1,017.4总块248.1 273.5 297.1 344.6 374.6 374.6 404.6少：累积。deprn。144.3 169.6 195.2 220.6 247.2 274.1 Net Fixed Assets 103.7 103.9 101.9 124.1 127.4 130.6 Capital WIP 8.0 9.6 11.1 13.7 15.1 16.6 Goodwill 125.8 180.4 172.7 172.7 172.7 172.7 Investments 52.1 54.6 64.4 64.4 64.4 64.4 Curr.Assets 379.4 427.3 463.5 534.5 672.5 826.9 Inventory 90.0 105.1 98.7 106.3 119.9 128.3 Account Receivables 105.9 114.4 112.5 130.0 147.3 160.7 Cash and Bank Balance 50.3 57.7 105.2 139.3 233.5 351.8 L & A and Others 133.2 150.1 147.1 158.9 171.9 186.1 Curr。责任和省份。175.2 146.4 150.5 154.1 175.3 193.7 Account Payables 80.0 89.4 92.8 87.8 98.9 105.9 Provisions 95.2 57.0 57.7 66.4 76.3 87.8 Net Current Assets 204.2 280.9 313.0 380.4 497.3 633.2 Misc Expenditure 0.0 0.0 0.0 0.0 0.0 0.0 Appl.资金493.8 629.4 663.1 755.2 876.8 1,017.4