Thanks for your feedback, so let me clarify. My numbers are purely of TTL standalone entity, excluding TPL Plastech and battery business. If we add these, they would come closer to what you are saying. When management says India business, they are including all these.
I think TPL Plastech being a listed entity, it should be valued separately giving some holding company discount. TTL does not have full control over TPL Plastech’s cash flows. I prefer not to consolidate in such instances. Battery business can be consolidated, but it is a small one in the overall scheme of things.
And my main point is not the numbers forecast but the methodology – how the current valuation should be looked at. Looking at the current consolidated numbers and saying “P/E of 16.5 X and an EV / EBIDTA of 7.7 X” is not the right way. That is the point I was making.
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