SIP capital budgeting acknow.docx

7/24/2019 SIP capital budgeting acknow.docx

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SUMMER INTERNSHIP PROJECT

ON

CAPITAL BUDGETING IN

MAKE MY TRIP INDIA

SUBMITTED FOR THE PARTIAL FULLFILLMENT OF BBA DEGREE

OF

AMITY GLOBAL BUSINESS SCHOOL HYDERABAD

IN THE

FACULTY OF MANAGEMENT

BY

AJAY JOSHI

A306064013058

UNDER THE SUPERVISION

OF PROF.N.VANI

AMITY GLOBAL BUSINESS SCHOOL

HYDERABAD

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DECLARATION

I here! "e#$%re &h%& &he '($$()*+, -r(.e#& re-(r& &*&$e" #%-*&%$ /",e&*+, *+ M%e M! Tr*-

I+"*% /2*&&e" ! 2e &( A2*&! G$(%$ B/*+e S#h(($ H!"er%%" I+ -%r&*%$ '/$'*$$2e+&

(' &he re/*re2e+& '(r &he %)%r" (' &he "e,ree (' %#he$(r (' /*+e %+" %"2*+*&r%&*(+ *

% re#(r" (' (+%'*"e -r(.e#& )(r #%rr*e" (/& e 2e /+"er &he ,/*"%+#e (' Pr('N%+*

I '/r&her "e#$%re &h%& &he )(r re-(r&e" *+ &h* -r(.e#& h% +(& ee+ /2*&&e" %+" )*$$ +(& e

/2*&&e" e*&her *+ -%r& (r *+ '/$$ '(r &he %)%r" (' %+! (&her "e,ree (r "*-$(2% *+ &h*

*+&*&/&*(+ (r %+! (&her *+&*&/&*(+ (r /+*7er*&!

AJAY JOSHI

ROLL NO A306064013058

BBA95:B;

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ACKNOWLEDGEMENT

I& * 2! -r(/" -r*7*$e,e &( re$e%e &he 'ee$*+, (' 2! ,r%&*&/"e &( e7er%$ -er(+ )h( he$-e"

2e "*re#&$! (r *+"*re#&$! &( he$- 2e #(2-$e&e &h* -r(.e#& re-(r&

M! S*+#ere &h%+ &( Dr P Pr%%"% R%(DG A2*&! G$(%$ B/*+e S#h(($ H!"er%%"'(r

,*7*+, 2e %+ (--(r&/+*&! &( "( S/22er I+&er+h*- -r(,r%22e *+

M! S*+#ere &h%+ &( P(' DS/reh% Th%/r S/22er *+&er+h*- -r(,r%22e #((r"*+%&(r '(&

her #(+&%+& /-er7**(+ %+" ,/*"%+#e &hr(/,h(/& 2! *+&er+h*- -r(.e#&

M! S*+#ere &h%+ &( Pr('N%+* '%#/$&! ,/*"e '(r her #(+&%+& ,/*"%+#e %+" he$-

&hr(/,h(/& 2! *+&er+h*-

M! S*+#ere &h%+ &( Mr A2*& Pr%%" I+"/&r! G/*"e '(r ,*7*+, %+ (--(r&/+*&! &( "(

S/22er I+&er+h*- Pr(.e#&

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Certificte Fr!" Fc#$t% G#i&e

Th* * &( #er&*'! &h%& Mr A.%! J(h* &/"e+& (' BBA #$% ('


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CONTENTS

'. E(ec#ti)e S#""r%

*. O+,ecti)e- !f te St#&%

/. Re-erc Met!&!$!0%

1. Li"itti!2- !f te St#&%

3. Litert#re Re)ie4

C5ter I6 I2tr!cti!2 t! C5it$ +#&0eti20 i2 M7eM%Tri5 I2&i Lt&

C5ter II6 8 M7eM%Tri5 I2&i 5r!fi$e

8 Ser)ice Strte0%

C5ter III6 8 C!"5rti)e 2$%-i- !f M7eM%Tri5 I2&i Wit

8 Te I2&i2 Tr)e$ Mr7et

8 C!( 9 Ki20-

8 T!"- 2& C!!7

C5ter IV6 Dt A2$%-i- 2& I2ter5retti!2

C5ter V6 Fi2&i20-:Ler2i20- 2& C!2c$#-i!2

C5ter V$6 8 A22e(#re

8 Fct -eet-

8 C-e St#&%8 Te Ket2 Pre7 Sc"

8 Artic$e ; C!2-#"er B!rr!4i20 Rec!r&

8 Bi+$i!0r5%

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E


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A+ e''*#*e+& %$$(#%&*(+ (' #%-*&%$ * &he 2(& *2-(r&%+& '*+%+#e '/+#&*(+ *+ 2("er+ &*2e I&

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"e&er2*+e &he 7%$/e (' #(2-%+!@'*r2 ! *+'$/e+#*+, *& ,r()&h -r('*&%*$*&! r*

I+7e&2e+& "e#**(+ %re ,e+er%$$! +()+ % #%-*&%$ /",e&*+, (r #%-*&%$ e-e+"*&/re"e#**(+ I& * #$e7er "e#**(+ &( *+7e& #/rre+& *+ $(+, &er2 %e& e-e#&*+, $(+,9&er2

e+e'*& '*r2? *+7e&2e+& "e#**(+ )(/$" ,e+er%$$! *+#$/"e e-%+*(+ %#/**&*(+

2("er+*%&*(+ %+" re-$%#e2e+& (' $(+,9&er2 %e&

S/#h "e#**(+ #%+ e *+7e&2e+& "e#**(+ '*+%+#*+, "e#**(+ (r (-er%&*+,

"e#**(+ I+7e&2e+& "e#**(+ "e%$ )*&h *+7e&2e+& (' (r,%+*%&*(+? re(/r#e *+ L(+, &er+

:'*e"; Ae& %+" @ (r Sh(r& &er2 :C/rre+&; Ae& De#**(+ -er&%*+*+, &( *+7e&2e+& *+

Sh(r& &er2 Ae& '%$$ /+"er (r*+, C%-*&%$ M%+%,e2e+& De#**(+ -er&%*+*+, &(

*+7e&2e+& *+ L(+, &er2 Ae& %re #$%*'*e" % C%-*&%$ B/",e&*+, "e#**(+

C%-*&%$ /",e&*+, "e#**(+ %re re$%&e" &( %$$(#%&*(+ (' *+7e&*$e '/+" &( "*''ere+& $(+,9&er2

%e& The! h%7e $(+,9&er2 *2-$*#%&*(+ %+" %''e#& &he '/&/re ,r()&h %+" -r('*&%*$*&! (' &he

'*r2

I+ e7%$/%&*+, /#h *+7e&2e+& -r(-(%$ *& * *2-(r&%+& &( #%re'/$$! #(+*"er &he e-e#&e"

e+e'*& (' *+7e&2e+& %,%*+& &he e-e+e %(#*%&e" )*&h *&

Or,%+*%&*(+ %re 're/e+&$! '%#e" )*&h C%-*&%$ B/",e&*+, "e#**(+ A+! "e#**(+ &h%&

re/*re &he /e (' re(/r#e * % #%-*&%$ /",e&*+, "e#**(+ C%-*&%$ /",e&*+, * 2(re (r

$e % #(+&*+/(/ -r(#e *+ %+! ,r()*+, #(+#er+

The re&/r+ %(#*%&e" &( &he -r(.e#& * 2(re &h%+ &he #(& (' #%-*&%$ %+" &he +e& -ree+& 7%$/e

%$( h() % -(*&*7e '*,/re &h%& /,,e& 7*%*$*&! (' +e) -r(.e#& Cer&%*+ '*+%+#*%$ r*

h(/$" %$( e &%e+ *+&( #(+*"er%&*(+ A"%-&*+, &he +e) -r(.e#& )*$$ 2e%+ &h%& &he

%##(/+&*+, '%#e %--r(*2%&e$! 3 &*2e 2(re r* &h%+ -re9&% (-er%&*+, #%h '$() -r('*& '(r

e7er! 1 (' #h%+,e *+ re7e+/e I+ %""*&*(+ &( &h* &he 7%r*%$e #(& h% ee+ -r(7e+ &( e

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&he 2(& e+*&*7e '%#&(r &h%& %''e#& &he +e& -ree+& 7%$/e (' -r(.e#& P$e%e e%r *+ 2*+" &h%&

% 10 "e#re%e *+ (/r -r(.e#&e" (/&-/& (+ +e) -r(.e#& )*$$ 2e%+ &h%& &he #(2-%+! )*$$

/''er $( O+ '*+%+#*%$ ,r(/+" &he #/rre+& %/2-&*(+ (+ +e) -r(.e#& * e+(/,h &(

#(+*"er &h%& *& * % 7*%$e 7e+&/re h()e7er &he +e& -ree+& 7%$/e * e+*&*7e )*&h 10

'$/#&/%&*(+ (+ #er&%*+ 7%r*%$e There %re %$( #er&%*+ +(+9'*+%+#*%$ '%#&(r &h%& h(/$" e

&%e+ *+&( #(+*"er%&*(+ F*r&$! &he +e) -r(.e#& )(/$" re/*re &( $%!9('' #er&%*+ %2(/+& ('

)(rer The h*,h /+e2-$(!2e+& *+ T%2%+*% 2%! *2-$! &h%& B$/eS#%-e )*$$ /''er #er&%*+

#(& re$%&e" &( "e%$*+, )*&h /+*(+ %+" re"/+"%+#! #(& A+(&her +(+9'*+%+#*%$ '%#&(r &(

#(+*"er * &he -/$*# *2%,e (' B$/eS#%-e S*+#e &he +e) -r(.e#& * $e e+7*r(+2e+&%$$!

'r*e+"$! &h%+ &he ($"er %$&er+%&*7e &h* 2%! *+'$/e+#e -/$*# -er#e-&*(+ %+" &h/ %$e (' &he

#(2-%+! I+ /22%r! &he '*+%+#*%$ '%#&(r *+"*#%&e &( -/r/e &he -r(.e#& /& *& * *2-(r&%+&

&( &%e *+&( %##(/+& 7%r*(/ r* %+" +(+9'*+%+#*%$ '%#&(r

OBJECTIES OF STUDY

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The Pr(.e#& &/"! * /+"er&%e+ &( %+%$!e %+" /+"er&%+" &he C%-*&%$ B/",e&*+, -r(#e *+

#e2e+& 2%+/'%#&/r*+, e#&(r )h*#h ,*7e 2e%+ e-(/re &( -r%#&*#%$ *2-$*#%&*(+ (' &he(r!

+()$e",e

T( +() %(/& &he #(2-%+!? (-er%&*(+ (' /*+, 7%r*(/ C%-*&%$ B/",e&*+, &e#h+*/e

T( +() h() &he #(2-%+! ,e& '/+" 'r(2 7%r*(/ re(/r#e

T( &/"! &he re$e7%+#e (' #%-*&%$ /",e&*+, *+ e7%$/%&*+, &he -r(.e#& '(r -r(.e#& '*+%+#e

T( &/"! &he &e#h+*/e (' #%-*&%$ /",e&*+, '(r "e#**(+9 2%*+,

T( 2e%/re &he -ree+& 7%$/e (' r/-ee *+7e&e"

T( /+"er&%+" %+ *&e2 )*e &/"! (' &he #(2-%+! '*+%+#*%$ -er'(r2%+#e (' &he #(2-%+!

T( 2%e /,,e&*(+ *' %+! '(r *2-r(7*+, &he '*+%+#*%$ -(*&*(+ *' &he #(2-%+!

T( /+"er&%+" &he -r%#&*#%$ /%,e (' #%-*&%$ /",e&*+, &e#h+*/eT( /+"er&%+" &he +%&/re ('

r* %+" /+#er&%*+&!

P/r#h%*+, Ae& '(r P(*&*7e Re&/r+

A+ %e& -r("/#e *+#(2e A+ %e& %$( #(& 2(+e! O+e (.e#&*7e (' !(/r #%-*&%$ /",e&h(/$" e &( -/r#h%e %e& )h(e +e& *+#(2e r/+ h*,her &h%+ &he (+,(*+, #(& (' &he%e& F(r e%2-$e #(+*"er % -r*+&*+, -re &h%& -r(7*"e 500000 (' %++/%$ *+#(2e %+"#(&


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Le-t8C!-t O+,ecti)e

The #%-*&%$ /",e& h(/$" #(+&%*+ %+ (.e#&*7e (' ee-*+, #(& $() F(r e%2-$e *' !(/#(+*"er &)( %e& &h%& )*$$ (&h -r(7*"e &he %2e *+#(2e &he $e%& e-e+*7e (+e '*& *+)*&h &he $e%&9#(& (.e#&*7e Y(/r #(+*"er%&*(+ 2/& +(& '(#/ (+ -/r#h%e (r $e%e -r*#e

(+$! /& %$( (+ 2%*+&e+%+#e #(&

Kee5i20 De+t i2 Li2e

S(2e #%-*&%$ e-e+"*&/re re/*re !(/ &( (rr() 2(+e! The /",e& #%+ *+#$/"e $(%+ %-%r& (' *& re(/r#e /& &he +ee" '(r %+ %e& "(e +(& +e#e%r*$! 2e%+ !(/ #%+ %''(r" &(er7*#e % $(%+ '(r &h%& %e& The #%-*&%$ /",e& 2/& e& %+ (.e#&*7e (' ee-*+, !(/r "e&)*&h*+ &he $*2*& !(/ e&

I2cre-e& Reti2e& Er2i20-

A #%-*&%$ /",e& h(/$" #(+&%*+ 2e%/re &h%& )*$$ re-$e+*h &he #%-*&%$ e-e+"*&/re %##(/+&I+ (&her )(r" )he+ !(/ /! %+ %e& -%r& (' &he *+#(2e 'r(2 &h%& %e& h(/$" ,( *+&(re&%*+e" e%r+*+, Re&%*+e" e%r+*+, "( +(& ,e& -%*" (/& % "*7*"e+" (r (&her "*&r*/&*(+The #%-*&%$ /",e& #%+ e%r2%r re&%*+e" e%r+*+, 'r(2 %+ %e& '(r '/&/re #%-*&%$e-e+"*&/re Mee&*+, &he (.e#&*7e (' /*+, re&%*+e" e%r+*+, '(r %e& -/r#h%e #%+ re"/#e&he +ee" &( (rr()

A2tici5ti20 I2f$ti!2

A #%-*&%$ /",e& h(/$" e& &he (.e#&*7e (' ee-*+, /- )*&h *+'$%&*(+ I' !(/ e& % /",e& '(r%+ %e& '*7e !e%r 'r(2 &he -ree+& '(r e%2-$e &h%& /",e& h(/$" *+#$/"e e-e#&e" -r*#e*+#re%e Thee *+#re%e )*$$ e e&*2%&e %e" (+ -r(.e#&e" *+'$%&*(+ r%&e /& e&*2%&e%re e&&er &h%+ (2**(+ Y(/ )*$$ h%7e r(/,h -r*#e e&*2%&e *+ 2*+" '(r '/&/re -/r#h%e

O.e#&*7e (' C%-*&%$ B/",e&*+,

'.Setti20 Pri!ritie-

Y(/ "(+& %$)%! -e+" #%-*&%$ (+ ,r()&h S(2e&*2e !(/ h%7e &( /! re-$%#e2e+&

e/*-2e+& '(r e%2-$e Y(/r #%-*&%$ /",e& 2/& #$e%r$! "e'*+e -r*(r*&*e e-e#*%$$! )he+!(/ %re '%#e" )*&h &he #h(*#e e&)ee+ 2%*+&%*+*+, #/rre+& -r("/#&*7*&! %+" ee*+,%""*&*(+%$ *+#(2e Y(/r #%-*&%$ /",e& h(/$" 2%e -r(7**(+ '(r -e+"*+, (+ %e& &h%&)*$$ ee- !(/r #(re/*+e(-er%&*+, *+ %""*&*(+ &( -e+"*+, (+ +e) %e& '(r ,r()&h

*.P#rc-i20 A--et- f!r P!-iti)e Ret#r2-

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A+ %e& -r("/#e *+#(2e A+ %e& %$( #(& 2(+e! O+e (.e#&*7e (' !(/r #%-*&%$ /",e&h(/$" e &( -/r#h%e %e& )h(e +e& *+#(2e r/+ h*,her &h%+ &he (+,(*+, #(& (' &he%e& F(r e%2-$e #(+*"er % -r*+&*+, -re &h%& -r(7*"e 500000 (' %++/%$ *+#(2e %+"#(&


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?.A2tici5ti20 I2f$ti!2

A #%-*&%$ /",e& h(/$" e& &he (.e#&*7e (' ee-*+, /- )*&h *+'$%&*(+ I' !(/ e& % /",e& '(r%+ %e& '*7e !e%r 'r(2 &he -ree+& '(r e%2-$e &h%& /",e& h(/$" *+#$/"e e-e#&e" -r*#e*+#re%e Thee *+#re%e )*$$ e e&*2%&e %e" (+ -r(.e#&e" *+'$%&*(+ r%&e /& e&*2%&e

%re e&&er &h%+ (2**(+ Y(/ )*$$ h%7e r(/,h -r*#e e&*2%&e *+ 2*+" '(r '/&/re -/r#h%e

RESEARCH METHODOLOGY

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PRIMARY RESEARCH

Pr*2%r! ree%r#h #(+*& (' % #($$e#&*(+ (' (r*,*+%$ -r*2%r! "%&% #($$e#&e" ! &he ree%r#her

I& * ('&e+ /+"er&%e+ %'&er &he ree%r#her h% ,%*+e" (2e *+*,h& *+&( &he */e ! re7*e)*+,

e#(+"%r! ree%r#h (r ! %+%$!*+, -re7*(/$! #($$e#&e" -r*2%r! "%&%K#$%r*'*#%&*(+ +ee"e"

I& #%+ e %##(2-$*he" &hr(/,h 7%r*(/ 2e&h(" *+#$/"*+, /e&*(++%*re %+" &e$e-h(+e*+&er7*e) *+ 2%re& ree%r#h (r e-er*2e+& %+" "*re#& (er7%&*(+ *+ &he -h!*#%$

#*e+#e %2(+,& (&herThe &er2 -r*2%r! ree%r#h * )*"e$! /e" *+ %#%"e2*# ree%r#h

2%re& ree%r#h %+" #(2-e&*&*7e *+&e$$*,e+#eThere %re %"7%+&%,e %+" "*%"7%+&%,e &(

-r*2%r! ree%r#h

A&)2t0e-6

Ree%r#her #%+ '(#/ (+ (&h /%$*&%&*7e %+" /%+&*&%&*7e */eA""ree -e#*'*# ree%r#h

*/e % &he ree%r#her #(+&r($ &he e%r#h "e*,+ &( '*& &he*r +ee" Gre%& #(+&r($ +(& (+$!

"(e -r*2%r! ree%r#h e+%$e &he 2%re&er &( '(#/ (+ -e#*'*# /.e#& *& %$( e+%$e &he

ree%r#her &( h%7e % h*,her #(+&r($ (7er h() &he *+'(r2%&*(+ * #($$e#&e" T%*+, &h* *+&(

%##(/+& &he ree%r#her #%+ "e#*"e (+ /#h re/*re2e+& % *e (' -r(.e#& &*2e 'r%2e %+"

,(%$

Di-&)2t0e-

C(2-%re" &( e#(+"%r! ree%r#h -r*2%r! "%&% 2%! e 7er! e-e+*7e *+ -re-%r*+, %+"

#%rr!*+, (/& &he ree%r#h C(& #%+ e *+#/rre" *+ -r("/#*+, &he -%-er '(r /e&*(++%*re (r

&he e/*-2e+& '(r %+ e-er*2e+& (' (2e (r&

I+ (r"er &( e "(+e -r(-er$! -r*2%r! "%&% #($$e#&*(+ re/*re &he "e7e$(-2e+& %+" ee#/&*(+

(' % ree%r#h -$%+ I& &%e $(+,er &( /+"er&%e -r*2%r! ree%r#h &h%+ &( %#/*re e#(+"%r!

"%&%

S(2e ree%r#h -r(.e#& )h*$e -(&e+&*%$$! (''er*+, *+'(r2%&*(+ &h%& #(/$" -r(7e /*&e

7%$/%$e 2%! +(& e )*&h*+ &he re%#h (' % ree%r#herB! &he &*2e &he ree%r#h * #(2-$e&e *&

2%! e (/& (' "%&e

L() re-(+e r%&e h% &( e e-e#&e"A+ e%2-$e (' -r*2%r! ree%r#h *+ (-*+*(+ ree%r#h

&he ,(7er+2e+& )%+& &( +() *' -e(-$e %re -$e%e" )*&h h() &he ,(7er+2e+& * e*+, r/+

( &he! h%+" (/& /e&*(++%*re &( &he -/$*# %*+, *' &he! %re h%--! %+" *' +(& h() &(

*2-r(7e

A+ e%2-$e (' -r*2%r! ree%r#h *+ &he -h!*#%$ #*e+#e C%+ &he &r%+*&*(+ &e2-er%&/re ('

h*,h9&e2-er%&/re /-er#(+"/#&(r e *+#re%e" ! 7%r!*+, &he #(2-(*&*(+ (' &he

/-er#(+"/#&*+, 2%&er*%$ The #*e+&*& )*$$ 2("*'! &he #(2-(*&*(+ (' &he h*,h9T# 2%&er*%$

*+ 7%r*(/ )%! %+" 2e%/re &he &r%+*&*(+ &e2-er%&/re (' &he +e) 2%&er*%$ % % '/+#&*(+ ('

*& #(2-(*&*(+A$$ ree%r#h )he&her -r*2%r! (r e#(+"%r! "e-e+" e7e+&/%$$! (+ &he

#($$e#&*(+ (' -r*2%r! ree%r#h "%&%

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SECONDARY RESEARCH

Se#(+"%r! ree%r#h :%$( +()+ % "e ree%r#h; *+7($7e &he /22%r! #($$%&*(+ %+"@(r

!+&he* (' e*&*+, ree%r#h r%&her &h%+ -r*2%r! ree%r#h )here "%&% * #($$e#&e" 'r(2 '(r

e%2-$e ree%r#h /.e#& (r e-er*2e+&

C%re h(/$" e &%e+ &( "*&*+,/*h e#(+"%r! ree%r#h 'r(2 -r*2%r! ree%r#h &h%& /e r%)

e#(+"%r! "%&% (/r#e The e! (' "*&*+#&*(+ * )he&her &he e#(+"%r! (/r#e e*+, /e"

h% %$re%"! ee+ %+%$!e" %+" *+&er-re&e" ! &he -r*2%r! %/&h(r

The &er2 * )*"e$! /e" *+ he%$&h ree%r#h $e,%$ ree%r#h %+" *+ 2%re& ree%r#h The

-r*+#*-%$ 2e&h("($(,! *+ he%$&h e#(+"%r! ree%r#h * &he !&e2%&*# re7*e) #(22(+$!

/*+, 2e&%9%+%$!&*# &%&*&*#%$ &e#h+*/e %$&h(/,h (&her 2e&h(" (' !+&he* $*e re%$*&

re7*e) %+" 2e&%9+%rr%&*7e re7*e) h%7e ee+ "e7e$(-e" *+ re#e+& !e%r S/#h e#(+"%r!

ree%r#h /e &he -r*2%r! ree%r#h (' (&her &!-*#%$$! *+ &he '(r2 (' ree%r#h -/$*#%&*(+%+" re-(r&

I+ % 2%re& ree%r#h #(+&e& e#(+"%r! ree%r#h * &%e+ &( *+#$/"e &he re9/e ! % e#(+"

-%r&! (' %+! "%&% #($$e#&e" ! % '*r& -%r&! (r -%r&*e

I+ %r#h%e($(,! %+" $%+"#%-e h*&(r! "e ree%r#h * #(+&r%&e" )*&h '*e$")(r

S(2e&*2e e#(+"%r! ree%r#h * re/*re" *+ &he -re$*2*+%r! &%,e (' ree%r#h &( "e&er2*+e

)h%& * +()+ %$re%"! %+" )h%& +e) "%&% * re/*re" (r &( *+'(r2 ree%r#h "e*,+ A& (&her

&*2e *& 2%! e &he (+$! ree%r#h &e#h+*/e /e"

A e! -er'(r2%+#e %re% *+ e#(+"%r! ree%r#h * &he '/$$ #*&%&*(+ (' (r*,*+%$ (/r#e //%$$!*+ &he '(r2 (' % #(2-$e&e $*&*+, (r %++(&%&e" $*&*+,

Se#(+"%r! (/r#e #(/$" *+#$/"e -re7*(/ ree%r#h re-(r& +e)-%-er 2%,%*+e %+" .(/r+%$

#(+&e+& %+" ,(7er+2e+& %+" NGO &%&*&*#

LIMITATIONS OF CAPITAL BUDGETING

1; I& h% $(+, &er2 *2-$e2e+&%&*(+ )h*#h #%+& e /e" *+ h(r& &er2 %+" *& * /e" %

(-er%&*(+ (' &he /*+e A )r(+, "e#**(+ *+ &he e%r$! &%,e #%+ %''e#& &he $(+,9&er2

/r7*7%$ (' &he #(2-%+! The (-er%&*+, #(& ,e& *+#re%e" )he+ &he *+7e&2e+& (' '*e"

%e& * 2(re &h%+ re/*re"


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#%-*&%$

3; C%-*&%$ /",e&*+, *+7($7e $%r,e +/2er (' '/+" ( &he "e#**(+ h% &( e &%e+ #%re'/$$!

4; De#**(+ *+ #%-*&%$ /",e&*+, %re +(& 2("*'*%$e % *& * h%r" &( $(#%&e &he 2%re& '(r

#%-*&%$ ,(("

5; The e&*2%&*(+ #%+ e *+ re-e#& (' #%h (/&'$() %+" &he re7e+/e@%7*+, %+" #(&

%&&%#he" )h*#h %re )*&h -r(.e#&

6;C%-*&%$ /",e&*+, "e#**(+ %re '(r $(+, &er2 %+" %re 2%.(r$! *rre7er*$e *+ +%&/re;M(& (' &he &*2e &hee &e#h+*/e %re %e" /-(+ &he e&*2%&*(+ %+" %/2-&*(+ %&he '/&/re )(/$" %$)%! re2%*+ /+#er&%*+

8;C%-*&%$ /",e&*+, &*$$ re2%*+ *+&r(-e#&*7e % &he r* '%#&(r %+" &he "*#(/+&*+, '%#&(rre2%*+ /.e#&*7e &( &he 2%+%,er? -er#e-&*(+

;A )r(+, #%-*&%$ /",e&*+, "e#**(+ &%e+ #%+ %''e#& &he $(+, &er2 "/r%*$*&! (' &he#(2-%+! %+" he+#e *& +ee" &( e "(+e ./"*#*(/$! ! -r('e*(+%$ )h( /+"er&%+" &he-r(.e#& )e$$

A##(/+&%+#! %*& /er (' '*+%+#*%$ &%&e2e+& &( 2%e e&&er '*+%+#*%$ "e#**(+ I& *

*2-(r&%+& h()e7er &( re%$*e &he $*2*&%&*(+ (' %##(/+&*+, %+" '*+%+#*%$ re-(r&*+, )he+

'(r2*+, &h(e "e#**(+

F!$$!4i20 re te "i2 $i"itti!2- !f c!r5!rte fi22ci$ re5!rti206

'.Differe2t cc!#2ti20 5!$icie-

*.cc!#2ti20 e-ti"te-

/.Pr!fe--i!2$ ,#&0e"e2t

1.Verifi+i$it%

3.U-e !f i-t!ric$ c!-t +-i-

=.Me-#r+i$it%

>.Li"ite& 5re&icti)e )$#e

?.fr#& 2& err!r

@.C!-t +e2efit c!"5r!"i-e

15


16/82

1 Differe2t cc!#2ti20 5!$icie- 2& fr"e4!r7-

A##(/+&*+, 'r%2e)(r /#h % IFRS %$$() &he -re-%rer (' '*+%+#*%$ &%&e2e+& &( /e

%##(/+&*+, -($*#*e &h%& 2(& %--r(-r*%&e$! re'$e#& &he #*r#/2&%+#e (' &he*r e+&*&*e

here% % "e,ree (' '$e**$*&! * *2-(r&%+& *+ (r"er &( -ree+& re$*%$e *+'(r2%&*(+ (' %

-%r&*#/$%r e+&*&! &he /e (' "*7ere e& (' %##(/+&*+, -($*#*e %2(+,& "*''ere+& e+&*&*e

*2-%*r &he $e7e$ (' #(2-%r%*$*&! e&)ee+ '*+%+#*%$ &%&e2e+&

The /e (' "*''ere+& %##(/+&*+, 'r%2e)(r :e, IFRS US GAAP; ! e+&*&*e (-er%&*+, *+

"*''ere+& ,e(,r%-h*# %re% %$( -ree+& *2*$%r -r($e2 )he+ #(2-%r*+, &he*r '*+%+#*%$

&%&e2e+& The -r($e2 * e*+, (7er#(2e ! &he ,r()*+, /e (' IFRS %+" &he #(+7er,e+#e

-r(#e e&)ee+ $e%"*+, %##(/+&*+, ("*e &( %rr*7e %& % *+,$e e& (' ,$(%$ &%+"%r"


17/82

H*&(r*#%$ #(& * &he 2(& )*"e$! /e" %* (' 2e%/re2e+& (' %e& Ue (' h*&(r*#%$ #(&

-ree+& 7%r*(/ -r($e2 '(r &he /er (' '*+%+#*%$ &%&e2e+& % *& '%*$ &( %##(/+& '(r &he

#h%+,e *+ -r*#e $e7e$ (' %e& (7er % -er*(" (' &*2e Th* +(& (+$! re"/#e &he re$e7%+#e ('

%##(/+&*+, *+'(r2%&*(+ ! -ree+&*+, %e& %& %2(/+& &h%& 2%! e '%r $e &h%+ &he*r

re%$*%$e 7%$/e /& %$( '%*$ &( %##(/+& '(r &he (--(r&/+*&! #(& (' /&*$**+, &h(e %e&

6 Me-#r+i$it%

A##(/+&*+, (+$! &%e *+&( %##(/+& &r%+%#&*(+ &h%& %re #%-%$e (' e*+, 2e%/re" *+

2(+e&%r! &er2 There'(re '*+%+#*%$ &%&e2e+& "( +(& %##(/+& '(r &h(e re(/r#e %+"

&r%+%#&*(+ )h(e 7%$/e #%++(& e re%(+%$! %*,+e" /#h % &he #(2-e&e+#e ('

)(r'(r#e (r ,((")*$$

Li"ite& 5re&icti)e )$#e

F*+%+#*%$ &%&e2e+& -ree+& %+ %##(/+& (' &he -%& -er'(r2%+#e (' %+ e+&*&! The! (''er$*2*&e" *+*,h& *+&( &he '/&/re -r(-e#& (' %+ e+&er-r*e %+" &here'(re $%# -re"*#&*7e 7%$/e

)h*#h * ee+&*%$ 'r(2 &he -(*+& (' 7*e) (' *+7e&(r

8 Fr#& 2& err!r

F*+%+#*%$ &%&e2e+& %re /#e-&*$e &( 'r%/" %+" err(r )h*#h #%+ /+"er2*+e &he (7er%$$

#re"**$*&! %+" re$*%*$*&! (' *+'(r2%&*(+ #(+&%*+e" *+ &he2 De$*er%&e 2%+*-/$%&*(+ ('

'*+%+#*%$ &%&e2e+& &h%& * ,e%re" &()%r" %#h*e7*+, -re"e&er2*+e" re/$& :%$( +()+ %

)*+"() "re*+,; h% ee+ % /+'(r&/+%&e re%$*&! *+ &he re#e+& -%& % h% ee+ -(-/$%r*e"! 2%.(r %##(/+&*+, "*%&er /#h % &he E+r(+ S#%+"%$

C!-t +e2efit c!"5r!"i-e

Re$*%*$*&! (' %##(/+&*+, *+'(r2%&*(+ * re$%&*7e &( &he #(& (' *& -r("/#&*(+ A& &*2e &he

#(& (' -r("/#*+, re$*%$e *+'(r2%&*(+ (/&)e*,h &he e+e'*& e-e#&e" &( e ,%*+e" )h*#h

e-$%*+ )h! *+ (2e *+&%+#e /%$*&! (' %##(/+&*+, *+'(r2%&*(+ 2*,h& e #(2-r(2*e"

LITERATURE REVIEW

The '(re2(& -r(2*+e+#e (' &he #%-*&%$ "e#**(+ 2%*+, * &h%& &he #%-*&%$ * % $*2*&e"

re(/r#e re,%r"$e (' )he&her #%-*&%$ * e*+, r%*e" &hr(/,h "e& (r e/*&! &here'(re

e2-$(!2e+& (' &h* 7*&%$ re(/r#e h% &( e &*2e$! %+" %##(r"*+,$! &( &he -r($(+,e" #%-*&%$

/",e&*+, -r(.e#& % #(2-%+!? -r(-er*&! %+" ,r()&h "e-e+" (+ &he /##e (' /#h

-r(.e#& :er2%


18/82

F/r&her2(re /+$*e (&her /*+e "e#**(+ &h%& *+7($7e % *+,/$%r %-e#& (' % /*+e %

#%-*&%$ /",e&*+, "e#**(+ #(2-r*e &)( *2-(r&%+& "e#**(+ %& (+#e % '*+%+#*%$ "e#**(+

%+" %+ *+7e&2e+& "e#**(+ :E%+%!%e


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7%$/e (' &he #(2-%+! :E%+%!%e


20/82

(r,%+*%&*(+ #/$&/re 2%! h%7e h%r" &*2e "(*+, (2e&h*+, &h%& * (/& (' h*@her 7%$/e &h%&

)ere *+&r("/#e" &( her % % )(rer '(r &he #(2-%+! There'(re *& * ee+&*%$ '(r &he

(r,%+*%&*(+ &( e& #er&%*+ #/$&/r%$ (/+"%r*e % &( )h%& &!-e (' -r(.e#& &he! )*h &( -/r/e

C%h F$()

The *+,$e 2(& *2-(r&%+& &e- *+ #%-*&%$ /",e&*+, * %$( &he 2(& "*''*#/$& &( ,e& r*,h&'(re#%&*+, &he #%h '$() % -r(.e#& )*$$ -r("/#e C%-*&%$ /",e&*+, * *2-$! &he -r(#e ('"e&er2*+*+, )he&her &he *+#re%e" re7e+/e 'r(2 % -r(.e#& ./&*'*e &he *+7e&2e+& re/*re"/& &h%& '/&/re re7e+/e * (+$! !(/r e& e&*2%&e E7e+ /-9'r(+& #(& )h*#h %re 2(re*22e"*%&e %+" &here'(re e%*er &( '(re#%& %re &*$$ (+$! e&*2%&e %& &h* &%,e O7ere&*2%&ere7e+/e (r /+"ere&*2%&e #(& %+" % -r(.e#& &h%& $(( -r('*&%$e #(/$" e#(2e % 2(+e!9$(er U+"ere&*2%&e re7e+/e (r (7ere&*2%&e #(& %+" !(/ 2*,h& e+" /- re.e#&*+, % -r(.e#&&h%& )(/$" h%7e -r(7e" -r('*&%$e

T*2e H(r*(+F(re#%&*+, #%h '$() ,e& *+#re%*+,$! "*''*#/$& &he '%r&her *+&( &he '/&/re !(/ ,( Y(/ #%+

2%e -re"*#&*(+ %e" (+$! (+ )h%& !(/ +() r*,h& +() A !(/ e-%+" &he &*2e h(r*(+'(r % #%-*&%$ -r(.e#& &he $*e$*h((" r*e &h%& e&)ee+ &he &*2e !(/ ,e& &%r&e" %+" &he &*2e!(/ e-e#& &( e re%-*+, &he e+e'*& (2e "*r/-&*7e e7e+& )*$$ #h%+,e !(/r (-er%&*+,e+7*r(+2e+& U+'(reee+ #(2-e&*&*(+ $e,%$ %+" re,/$%&(r! #h%+,e (r &e#h+($(,*#%$*++(7%&*(+ #%+ %''e#& &he /$&*2%&e /##e (' !(/r -r(.e#& !e& &he! 2%! e *2-(*$e &(#(+*"er *+ !(/r #%-*&%$ /",e&*+, -r(#e A& &he %2e &*2e &he 2(& %2*&*(/ -r(.e#& 99&he (+e &h%& &r/$! #%+ &%e !(/r #(2-%+! &( &he +e& $e7e$ 99 2%! &%e !e%r &( "e7e$(- A* ('&e+ &he #%e *+ '*+%+#e ,e&&*+, &he re)%r" re/*re &%*+, &he r*

T*2e %$/e

O+e (' &he 2(& #(22(+ #%-*&%$ /",e&*+, 2e&h(" -%r&*#/$%r$! %2(+, 2%$$ /*+ee *&he -%!%# -er*(" 2e&h(" I& *2-$! re/*re &h%& % -r(.e#& '(re#%& #%h '$() re-%! *&*+7e&2e+& )*&h*+ % e& %2(/+& (' &*2e S%! !(/ re/*re -%!%# )*&h*+ '*7e !e%r I' %-r(.e#& h% 45000 *+ /-9'r(+& #(& %+" e&*2%&e #%h '$() (' 10000 % !e%r '(r '*7e!e%r &h* -r(.e#& 2ee& !(/r #r*&er*% The -r($e2 * &h%& &h* 2e&h(" "(e+& %##(/+& '(r &he&*2e 7%$/e (' 2(+e! 99 &he '%#& &h%& e/%$ /2 (' 2(+e! %& "*''ere+& -(*+& *+ &*2e h%7e"*''ere+& 7%$/e %e" (+ % +/2er (' '%#&(r I' !(/ h%" &( (rr() &he 2(+e! '(r &he -r(.e#&%& 4 -er#e+& %++/%$ *+&ere& '(r e%2-$e !(/ %#&/%$$! )(/$" $(e 2(+e! %+" *+'$%&*(+ )(/$"%"" $(e (+ &(- (' &h%& O&her #%-*&%$ /",e&*+, 2e&h(" #(+*"er &hee */e /& &he!&(( h%7e $*2*&%&*(+

D*#(/+& R%&eC%-*&%$ /",e&*+, 2e&h(" &h%& %&&e2-& &( %##(/+& '(r &he &*2e 7%$/e (' 2(+e! "( ( !'*,/r*+, !(/r #(& (' #%-*&%$ 99 &he %++/%$ r%&e *& )*$$ #(& !(/ &( '*+%+#e % -r(.e#& e*&her !(rr()*+, &he 2(+e! %+" -%!*+, *+&ere& (r /*+, !(/r ()+ 2(+e! %+" +(& e%r+*+, % re&/r+(+ *& (2e)here e$e F*,/r*+, &he -r(-er "*#(/+& r%&e % *& #%$$e" * !e& %+(&her#h%$$e+,e E7e+ *' !(/ -e, *& '%*r$! %##/r%&e$! &here %$)%! % #h%+#e &h%& *+&ere& r%&e )*$$r*e (r (2e&h*+, e$e )*$$ h%--e+ &( *+#re%e !(/r #(& (' #%-*&%$ "()+ &he r(%" re"/#*+,

20


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&he re%$ 7%$/e (' &h(e '/&/re #%h '$() I' !(/ ,e& &he "*#(/+& r%&e )r(+, &( &%r& )*&h !(/r!e9(r9+( "e#**(+ (+ -/r/*+, % -r(.e#& )*$$ e %e" (+ % '$%)e" %/2-&*(+

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CHAPTER8I

INTRODUCTION OF CAPITAL

BUDGETING OF MAKEMYTIP INDIA

LTD

INTRODUCTION OF CAPITAL BUDGETING OF MAKEMYTRIP INDIA

C%-*&%$ B/",e&*+, -r(.e#& %re #$%*'*e" % e*&her I+"e-e+"e+& Pr(.e#& (r M/&/%$$!

E#$/*7e Pr(.e#& A+ I+"e-e+"e+& Pr(.e#& * % -r(.e#& )h(e #%h '$() %re +(& %''e#&e" !

&he %##e-&@re.e#& "e#**(+ '(r (&her -r(.e#& Th/ %$$ I+"e-e+"e+& Pr(.e#& )h*#h 2ee& &he

C%-*&%$ B/",e&*+, #r*&*er*(+ h(/$" e %##e-&e"

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M/&/%$$! E#$/*7e Pr(.e#& %re % e& (' -r(.e#& 'r(2 )h*#h %& 2(& (+e )*$$ e %##e-&e"

F(r e%2-$e % e& (' -r(.e#& )h*#h %re &( %##(2-$*h &he %2e &% Th/ )he+ #h((*+,

e&)ee+ =M/&/%$$! E#$/*7e Pr(.e#&= 2(re &h%+ (+e -r(.e#& 2%! %&*'! &he C%-*&%$

B/",e&*+, #r*&er*(+ H()e7er (+$! (+e *e &he e& -r(.e#& #%+ e %##e-&e"

O' &hee &hree (+$! &he Ne& Pree+& %$/e %+" I+&er+%$ R%&e (' Re&/r+ "e#**(+ r/$e #(+*"er

%$$ (' &he -r(.e#& #%h '$() %+" &he T*2e %$/e (' M(+e! A )e h%$$ ee (+$! &he Ne&

Pree+& %$/e "e#**(+ r/$e )*$$ %$)%! $e%" &( &he #(rre#& "e#**(+ )he+ #h((*+, %2(+,

M/&/%$$! E#$/*7e Pr(.e#& Th* * e#%/e &he Ne& Pree+& %$/e %+" I+&er+%$ R%&e ('

Re&/r+ "e#**(+ r/$e "*''er )*&h re-e#& &( &he*r Re*+7e&2e+& R%&e A/2-&*(+ The Ne&

Pree+& %$/e "e#**(+ r/$e *2-$*#*&$! %/2e &h%& &he -r(.e#& #%h '$() #%+ e re*+7e&e"

%& &he '*r2 C(& (' C%-*&%$ )here% &he I+&er+%$ R%&e (' Re&/r+ "e#**(+ r/$e *2-$*#*&$!

%/2e &h%& &he #%h '$() #%+ e re*+7e&e" %& &he -r(.e#& IRR S*+#e e%#h -r(.e#& * $*e$!

&( h%7e % "*''ere+& IRR &he %/2-&*(+ /+"er$!*+, &he Ne& Pree+& %$/e "e#**(+ r/$e *

2(re re%(+%$e

E7er! "e#**(+ 2%"e *+ % /*+e h% '*+%+#*%$ *2-$*#%&*(+ %+" %+! "e#**(+ &h%& *+7($7e

&he /e (' 2(+e! * % #(r-(r%&e '*+%+#*%$ "e#**(+ De'*+e" r(%"$! e7er!&h*+, &h%& %

/*+e "(e '*& /+"er &he r/r*# (' #%-*&%$ /",e&*+, I& * *+ '%#& /+'(r&/+%&e &h%& )e e7e+

#%$$ &he /.e#& #%-*&%$ /",e&*+, e#%/e *& /,,e& &( 2%+! (er7er % '(#/ (+ h()

$%r,e #(r-(r%&*(+ 2%e '*+%+#*%$ "e#**(+ %+" ee2 &( e#$/"e 2%$$ %+" -r*7%&e /*+ee

'r(2 *& -/r7*e) A 2(re %--r(-r*%&e &*&$e '(r &h* "*#*-$*+e )(/$" e Business Finance

e#%/e &he %*# -r*+#*-$e re2%*+ &he %2e )he&her (+e $(( %& $%r,e -/$*#$! &r%"e"

'*r2 (r 2%$$ -r*7%&e$! r/+ /*+ee A$$ /*+ee h%7e &( *+7e& &he*r re(/r#e )*e$!

'*+" &he r*,h& *+" %+" 2* (' '*+%+#*+, &( '/+" &hee *+7e&2e+& %+" re&/r+ #%h &( &he

()+er *' &here %re +(& e+(/,h ,((" *+7e&2e+&

I+ &h* *+&r("/#&*(+ )e )*$$ $%! &he '(/+"%&*(+ '(r &h* "*#/*(+ ! $*&*+, &he &hree

'/+"%2e+&%$ -r*+#*-$e &h%& /+"er$*e #%-*&%$ /",e&*+,Q&he *+7e&2e+& '*+%+#*+, %+"

"*7*"e+" -r*+#*-$eQ%+" &he (.e#&*7e (' '*r2 7%$/e 2%*2*%&*(+ &h%& * %& &he he%r& ('

#(r-(r%&e '*+%+#*%$ &he(r!

Te Fir"6 Str#ct#r$ Set8U5

The '*r2 *+7e&2e+& %re ,e+er*#%$$! &er2e" --et- A$&h(/,h %e& %re ('&e+

#%&e,(r*e" ! %##(/+&%+& *+&( '*e" %e& )h*#h %re $(+,9$*7e" %+" #/rre+& %e& )h*#h

%re h(r&9&er2 )e -re'er % "*''ere+& #%&e,(r*%&*(+ The %e& &h%& &he '*r2 h% %$re%"!

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*+7e&e" *+ %re #%$$e" --et- i2 5$ce )here% &h(e %e& &h%& &he '*r2 * e-e#&e" &( *+7e&

*+ &he '/&/re %re #%$$e" 0r!4t --et- Th(/,h *& 2%! ee2 &r%+,e &h%& % '*r2 #%+ ,e& 7%$/e

'r(2 *+7e&2e+& *& h% +(& 2%"e !e& h*,h9,r()&h '*r2 ,e& &he /$ (' &he*r 7%$/e 'r(2

&hee !e&9&(9e92%"e *+7e&2e+& T( '*+%+#e &hee %e& &he '*r2 #%+ r%*e 2(+e! 'r(2 &)(

(/r#e I& #%+ r%*e '/+" 'r(2 *+7e&(r (r '*+%+#*%$ *+&*&/&*(+ ! -r(2**+, *+7e&(r %

'*e" #$%*2 :*+&ere& -%!2e+&; (+ &he #%h '$() ,e+er%&e" ! &he %e& )*&h % $*2*&e" (r

+( r($e *+ &he "%!9&(9"%! r/++*+, (' &he /*+e e #%&e,(r*e &h* &!-e (' '*+%+#*+, &(

e &e+t A$&er+%&*7e$! *& #%+ (''er % re*"/%$ #$%*2 (+ &he #%h '$() :*e *+7e&(r #%+ ,e&

)h%& * $e'& (7er %'&er &he *+&ere& -%!2e+& h%7e ee+ 2%"e; %+" % 2/#h ,re%&er r($e *+ &he

(-er%&*(+ (' &he /*+e e #%$$ &h* e#it% N(&e &h%& &hee "e'*+*&*(+ %re ,e+er%$ e+(/,h

&( #(7er (&h -r*7%&e '*r2 )here "e& 2%! &%e &he '(r2 (' %+ $(%+ %+" e/*&! * &he

()+er ()+ 2(+e! % )e$$ % -/$*#$! &r%"e" #(2-%+*e )here &he '*r2 2%! */e (+"

:&( r%*e "e&; %+" #(22(+ &(# :&( r%*e e/*&!;

Th/ %& &h* &%,e )e #%+ $%! (/& &he '*+%+#*%$ %$%+#e hee& (' % '*r2 % '($$()

N(&e &he #(+&r%& e&)ee+ &h* %$%+#e hee& %+" % #(+7e+&*(+%$ %##(/+&*+, %$%+#e hee&

24


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A+ %##(/+&*+, %$%+#e hee& * -r*2%r*$! % $*&*+, (' %e& *+ -$%#e &h(/,h &here %re (2e

#*r#/2&%+#e )here ,r()&h %e& 2%! '*+" &he*r -$%#e *+ *& *+ %+ %#/**&*(+ )h%& ,e&

re#(r"e" % ,((")*$$ * % #(+,$(2er%&*(+ (' ,r()&h %e& *+ &he &%r,e& '*r2 !+er,*e %+"

(7er-%!2e+&

Fir-t Pri2ci5$e-

E7er! "*#*-$*+e h% '*r& -r*+#*-$e &h%& ,(7er+ %+" ,/*"e e7er!&h*+, &h%& ,e& "(+e

)*&h*+ *& A$$ (' #%-*&%$ /",e&*+, * /*$& (+ &hree -r*+#*-$e )h*#h )e )*$$ #%$$ r%&her/+*2%,*+%&*7e$! &he *+7e&2e+& -r*+#*-$e &he '*+%+#*+, -r*+#*-$e %+" &he "*7*"e+" -r*+#*-$e

The *+7e&2e+& -r*+#*-$e "e&er2*+e )here /*+ee *+7e& &he*r re(/r#e &he '*+%+#*+,

-r*+#*-$e ,(7er+ &he 2* (' '/+"*+, /e" &( '/+" &hee *+7e&2e+& %+" &he "*7*"e+"

-r*+#*-$e %+)er &he /e&*(+ (' h() 2/#h e%r+*+, h(/$" e re*+7e&e" %# *+&( &he

/*+e %+" h() 2/#h re&/r+e" &( &he ()+er (' &he /*+e Thee #(re #%-*&%$ /",e&*+,

-r*+#*-$e #%+ e &%&e" % '($$()

The Investment Principle I+7e& *+ %e& %+" -r(.e#& &h%&yield a return greater than

the minimum acceptable hurdle rate The h/r"$e r%&e h(/$" e higher for riskier projects

%+" h(/$" re'$e#& &hefinancing mix /e"Q()+er'/+" :e/*&!; (r (rr()e" 2(+e!

:"e&; Re&/r+ (+ -r(.e#& h(/$" e 2e%/re" %e" (+ cash flows ,e+er%&e" %+" &he

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timing(' &hee #%h '$() &he! h(/$" %$( #(+*"er (&hpositive and negative side

effects (' &hee -r(.e#&

The Financing Principle Ch((e %financing mix (debt and equity) &h%& 2%*2*e

&he 7%$/e (' &he *+7e&2e+& 2%"e %+" match the financing to nature of the assetse*+,

'*+%+#e"

The Dividend Principle I' &here %re +(& e+(/,h *+7e&2e+& &h%& e%r+ &he h/r"$e

r%&e return the cash &( &he ()+er (' &he /*+e I+ &he #%e (' % -/$*#$! &r%"e" '*r2

&heform of the returnQ"*7*"e+" (r &(# /!%#Q)*$$ "e-e+" (+ )h%& &(#h($"er

-re'er

he+ 2%*+, *+7e&2e+& '*+%+#*+, %+" "*7*"e+" "e#**(+ #%-*&%$ /",e&*+, *

*+,$e92*+"e" %(/& &he /$&*2%&e (.e#&*7e )h*#h * %/2e" &( e 2%*2**+, &he 7%$/e ('

&he /*+e Thee '*r& -r*+#*-$e -r(7*"e &he %* 'r(2 )h*#h )e )*$$ e&r%#& &he

+/2er(/ 2("e$ %+" &he(r*e &h%& #(2-r*e 2("er+ #%-*&%$ /",e&*+, /& &he! %re %$(

#(22(+e+e -r*+#*-$e I& * *+#re"*$e #(+#e*& (+ (/r -%r& &( %/2e &h%& /+&*$ #%-*&%$

/",e&*+, )% "e7e$(-e" % % #(here+& "*#*-$*+e &%r&*+, ./& % 'e) "e#%"e %,( -e(-$e )h(

r%+ /*+ee 2%"e "e#**(+ r%+"(2$! )*&h +( -r*+#*-$e &( ,(7er+ &he*r &h*+*+, G(("

/*+e-e(-$e &hr(/,h &he %,e h%7e %$)%! re#(,+*e" &he *2-(r&%+#e (' &hee '*r&

-r*+#*-$e %+" %"here" &( &he2 %$e*& *+ *+&/*&*7e )%! I+ '%#& (+e (' &he *r(+*e (' re#e+&

&*2e * &h%& 2%+! 2%+%,er %& $%r,e %+" -re/2%$! (-h*&*#%&e" '*r2 )*&h %##e &( &he

$%&e& #%-*&%$ /",e&*+, &e#h+($(,! h%7e $(& *,h& (' &hee %*# -r*+#*-$e

Te O+,ecti)e !f te Fir"

N( "*#*-$*+e #%+ "e7e$(- #(he*7e$! (7er &*2e )*&h(/& % /+*'!*+, (.e#&*7e The,r()&h (' #(r-(r%&e '*+%+#*%$ &he(r! #%+ e &r%#e" &( *& #h(*#e (' % *+,$e (.e#&*7e %+" &he

"e7e$(-2e+& (' 2("e$ /*$& %r(/+" &h* (.e#&*7e The (.e#&*7e *+ #(+7e+&*(+%$ #(r-(r%&e

'*+%+#*%$ &he(r! )he+ 2%*+, "e#**(+ * &( 2%*2*e &he 7%$/e (' &he /*+e (r '*r2

C(+e/e+&$! %+! "e#**(+ :*+7e&2e+& '*+%+#*%$ (r "*7*"e+"; &h%& *+#re%e &he 7%$/e (' %

26


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/*+e * #(+*"ere" % ,((" (+e )here% (+e &h%& re"/#e '*r2 7%$/e * #(+*"ere" % -((r

(+e A$&h(/,h &he #h(*#e (' % *+,/$%r (.e#&*7e h% -r(7*"e" #%-*&%$ /",e&*+, )*&h %

/+*'!*+, &he2e %+" *+&er+%$ #(+*&e+#! *& #(2e %& % #(& T( &he "e,ree &h%& (+e /! *+&(

&h* (.e#&*7e 2/#h (' )h%& #(r-(r%&e '*+%+#*%$ &he(r! /,,e& 2%e e+e T( &he "e,ree

&h%& &h* (.e#&*7e * '$%)e" h()e7er *& #%+ e %r,/e" &h%& &he &he(r! /*$& (+ *& * '$%)e" %

)e$$ M%+! (' &he "*%,ree2e+& e&)ee+ #(r-(r%&e '*+%+#*%$ &he(r*& %+" (&her :%#%"e2*#

% )e$$ % -r%#&*&*(+er; #%+ e &r%#e" &( '/+"%2e+&%$$! "*''ere+& 7*e) %(/& &he #(rre#&

(.e#&*7e '(r % /*+e F(r *+&%+#e &here %re (2e #r*&*# (' #%-*&%$ /",e&*+, )h( %r,/e

&h%& '*r2 h(/$" h%7e 2/$&*-$e (.e#&*7e )here % 7%r*e&! (' *+&ere& :&(#h($"er $%(r

#/&(2er; %re 2e& %+" &here %re (&her )h( )(/$" h%7e '*r2 '(#/ (+ )h%& &he! 7*e) %

*2-$er %+" 2(re "*re#& (.e#&*7e /#h % 2%re& h%re (r -r('*&%*$*&!

G*7e+ &he *,+*'*#%+#e (' &h* (.e#&*7e '(r (&h &he "e7e$(-2e+& %+" &he

%--$*#%*$*&! (' #(r-(r%&e '*+%+#*%$ &he(r! *& * *2-(r&%+& &h%& )e e%2*+e *& 2/#h 2(re

#%re'/$$! %+" %""re (2e (' &he 7er! re%$ #(+#er+ %+" #r*&*#*2 *& h% ,%r+ere" I&

%/2e &h%& )h%& &(#h($"er "( *+ &he*r ()+ e$'9*+&ere& * %$( *+ &he e& *+&ere& (' &he

'*r2 *& * (2e&*2e "e-e+"e+& (+ &he e*&e+#e (' e''*#*e+& 2%re& %+" *& * ('&e+ $*+" &(

&he (#*%$ #(& %(#*%&e" )*&h 7%$/e 2%*2*%&*(+

A+ e''*#*e+& %$$(#%&*(+ (' #%-*&%$ * &he 2(& *2-(r&%+& '*+%+#e '/+#&*(+ *+ 2("er+ &*2e I&

*+7($7e "e#**(+ &( #(22*& '*r2? '/+" &( $(+,9&er2 %e& S/#h "e#**(+ %re &e+" &(

"e&er2*+e &he 7%$/e (' #(2-%+!@'*r2 ! *+'$/e+#*+, *& ,r()&h -r('*&%*$*&! r*

I+7e&2e+& "e#**(+ %re ,e+er%$$! +()+ % #%-*&%$ /",e&*+, (r #%-*&%$ e-e+"*&/re

"e#**(+ I& * #$e7er "e#**(+ &( *+7e& #/rre+& *+ $(+, &er2 %e& e-e#&*+, $(+,9&er2e+e'*& '*r2? *+7e&2e+& "e#**(+ )(/$" ,e+er%$$! *+#$/"e e-%+*(+ %#/**&*(+

2("er+*%&*(+ %+" re-$%#e2e+& (' $(+,9&er2 %e&

S/#h "e#**(+ #%+ e *+7e&2e+& "e#**(+ '*+%+#*+, "e#**(+ (r (-er%&*+,

"e#**(+ I+7e&2e+& "e#**(+ "e%$ )*&h *+7e&2e+& (' (r,%+*%&*(+? re(/r#e *+ L(+, &er+

27


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:'*e"; Ae& %+" @ (r Sh(r& &er2 :C/rre+&; Ae& De#**(+ -er&%*+*+, &( *+7e&2e+& *+

Sh(r& &er2 Ae& '%$$ /+"er (r*+, C%-*&%$ M%+%,e2e+& De#**(+ -er&%*+*+, &(

*+7e&2e+& *+ L(+, &er2 Ae& %re #$%*'*e" % C%-*&%$ B/",e&*+, "e#**(+

C%-*&%$ /",e&*+, "e#**(+ %re re$%&e" &( %$$(#%&*(+ (' *+7e&*$e '/+" &( "*''ere+& $(+,9&er2%e& The! h%7e $(+,9&er2 *2-$*#%&*(+ %+" %''e#& &he '/&/re ,r()&h %+" -r('*&%*$*&! (' &he

'*r2

I+ e7%$/%&*+, /#h *+7e&2e+& -r(-(%$ *& * *2-(r&%+& &( #%re'/$$! #(+*"er &he e-e#&e"

e+e'*& (' *+7e&2e+& %,%*+& &he e-e+e %(#*%&e" )*&h *&Or,%+*%&*(+ %re 're/e+&$!

'%#e" )*&h C%-*&%$ B/",e&*+, "e#**(+ A+! "e#**(+ &h%& re/*re &he /e (' re(/r#e * %

#%-*&%$ /",e&*+, "e#**(+ C%-*&%$ /",e&*+, * 2(re (r $e % #(+&*+/(/ -r(#e *+ %+!

,r()*+, #(+#er+

F!r E("5$e6 P/r#h%e (' L%+" * %+ e%2-$e (' C%-*&%$ B/",e&*+, "e#**(+ S*2*$%r$!

re-$%#e2e+& (' (/&"%&e" e/*-2e+& )*&h 2("er+ 2%#h*+e -/r#h%e (' % r%+" (r /*+e

#(2-/&er*%&*(+ %+" +e&)(r*+, &he (r,%+*%&*(+ *+7e&2e+& *+ ree%r#h %+" "e7e$(-2e+&

(' % -r("/#& $%/+#h (' % 2%.(r -r(2(&*(+%$ #%2-%*,+ e %re %$$ e%2-$e (' C%-*&%$

B/",e&*+, "e#**(+

H()e7er *+ %$$ #%e &he "e#**(+ h%7e % $(+,9&er2 *2-%#& (+ &he -er'(r2%+#e (' &he(r,%+*%&*(+ E7e+ % *+,$e )r(+, "e#**(+ 2%! *+ "%+,er &he e*&e+#e (' &he '*r2 % %

-r('*&%$e e+&*&!

IMPORTANCE OF CAPITAL BUDGETING6

There %re e7er%$ '%#&(r &h%& 2%e #%-*&%$ /",e&*+, "e#**(+ %2(+, &he #r*&*#%$ "e#**(+

&( e &%e+ ! &he 2%+%,e2e+& The *2-(r&%+#e (' #%-*&%$ /",e&*+, #%+ e /+"er&((" 'r(2

&he '($$()*+, %-e#& (' #%-*&%$ /",e&*+, "e#**(+

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1 L!20 Ter" I"5$icti!2-6 C%-*&%$ B/",e&*+, "e#**(+ h%7e $(+, &er2 e''e#& (+ &he

r* %+" re&/r+ #(2-(*&*(+ (' &he '*r2 Thee "e#**(+ %''e#& &he '/&/re -(*&*(+ ('

&he '*r2 &( % #(+*"er%$e e&e+& The '*+%+#e 2%+,er * %$( #(22*&&*+, &( &he '/&/re

+ee" '(r '/+" (' &h%& -r(.e#&.

*. S#+-t2ti$ C!""it"e2t-6 The #%-*&%$ /",e&*+, "e#**(+ ,e+er%$$! *+7($7e $%r,e

#(22*&2e+& (' '/+" A % re/$& /&%+&*%$ -(r&*(+ (' #%-*&%$ '/+" * $(#e"

/. Irre)er-i+$e Deci-i!2-6 M(& (' &he #%-*&%$ /",e&*+, "e#**(+ %re *rre7er*$e

"e#**(+ O+#e &%e+ &he '*r2 2%! +(& e *+ % -(*&*(+ &( re7er& %# /+$e *& *

re%"! &( %(r he%7! $(e )h*#h 2%! re/$& "/e &( %%+"(+*+, % -r(.e#& 2*")%!

1. After te C5cit% 2& Stre20t t! C!"5ete6 C%-*&%$ /",e&*+, "e#**(+ %''e#&&he #%-%#*&! %+" &re+,&h (' % '*r2 &( '%#e #(2-e&*&*(+ A '*r2 2%! $((e

#(2-e&*&*7e+e *' &he "e#**(+ &( 2("er+*e * "e$%!e"

PROBLEMS 9 DIFFICULTIES IN CAPITAL BUDGETING6

F#t#re #2certi2t%6 C%-*&%$ B/",e&*+, "e#**(+ *+7($7e $(+,9&er2 #(22*&2e+& There *

$(& (' /+#er&%*+&! *+ &he $(+, &er2 The /+#er&%*+&! 2%! e )*&h re'ere+#e &( #(& (' &he

-r(.e#& '/&/re e-e#&e" re&/r+ '/&/re #(2-e&*&*(+ $e,%$ -r(7**(+ -($*&*#%$ *&/%&*(+ e

Ti"e E$e"e2t6 The *2-$*#%&*(+ (' % C%-*&%$ B/",e&*+, "e#**(+ %re #%&&ere" (7er % $(+,

-er*(" The #(& %+" e+e'*& (' % "e#**(+ 2%! (##/r %& "*''ere+& -(*+& (' &*2e The #(&

(' % -r(.e#& * *+#/rre" *22e"*%&e$! H()e7er &he *+7e&2e+& * re#(7ere" (7er % +/2er ('

!e%r The '/&/re e+e'*& h%7e &( e %"./&e" &( 2%e &he2 #(2-%r%$e )*&h &he #(&

L(+,er &he &*2e -er*(" *+7($7e" ,re%&er )(/$" e &he /+#er&%*+&!

Diffic#$t% i2 #2tificti!2 !f I"5ct6 The '*+%+#e 2%+,er 2%! '%#e "*''*#/$&*e *+

2e%/r*+, &he #(& %+" e+e'*& (' -r(.e#& *+ /%+&*&%&*7e &er2

E("5$e6 The +e) -r("/#& -r(-(e" &( e $%/+#he" ! % '*r2 2%! re/$& *+ *+#re%e (r

"e#re%e *+ %$e (' (&her -r("/#& %$re%"! e*+, ($" ! &he %2e '*r2 I& * 7er! "*''*#/$& &(

%#er&%*+ &he e&e+& (' *2-%#& % &he %$e (' (&her -r("/#& 2%! %$( e *+'$/e+#e" ! '%#&(r

(&her &h%+ &he $%/+#h (' &he +e) -r("/#&

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ASSUMPTIONS IN CAPITAL BUDGETING6

The C%-*&%$ B/",e&*+, "e#**(+ -r(#e * % 2/$&*9'%#e&e" %+" %+%$!&*#%$ -r(#e A +/2er

(' %/2-&*(+ %re re/*re" &( e 2%"e

'. Certi2t% 4it re-5ect t! c!-t 9 Be2efit-6 I& * 7er! "*''*#/$& &( e&*2%&e &he #(& %+"

e+e'*& (' % -r(-(%$ e!(+"


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IMPORTANT OF INVESTMENT DECISIONS6

The! *+'$/e+#e &he '*r2? ,r()&h *+ $(+, r/+

The! e''e#& &he r* (' &he '*r2

The! *+7($7e #(22*&2e+& (' $%r,e %2(/+& (' '/+"

The! %re *rre7er*$e (r re7er*$e %& /&%+&*%$ $(

The! %re %2(+, &he 2(& "*''*#/$& "e#**(+ &( 2%e

TYPE OF INVESTMENT DECISIONS6

E-%+*(+ (' e*&*+, /*+e

E-%+*(+ (' +e) /*+e

Re-$%#e2e+& M("er+*%&*(+

INVESTMENT EVALUATION CRITERIA6

E&*2%&*(+ (' #%h '$()

E&*2%&*(+ (' &he re/*re" r%&e (' re&/r+

A--$*#%&*(+ (' % "e#**(+ r/$e '(r 2%*+, &he #h(*#e

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CHAPTER8II

COMPANY PROFILE OF

MAKE MY TRIP INDIA

MAKE MY TRIP INDIA PROFILE

32


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M7eM%Tri5 I2c.* %+ I+"*%+ (+$*+e &r%7e$ #(2-%+! '(/+"e" ! Dee- %$r% *+


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E%& A*%+ re,*(+ *+ &he !e%r


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#%&e,(r*e $*e ($7( A*r C(+"*&*(+e" N(+ A*r C(+"*&*(+e" De$/e Se2*9De$/e %+"

S$ee-er 7eh*#$e

C+ Ser)ice9 M%eM!Tr*- *+&r("/#e" #%r h*re er7*#e (+ *& I+"*%+ )e*&e *+ M%!


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M!+i$e S!$#ti!2-9 I+


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R!#te P$22er9 M%e2!&r*- r(/&e -$%++er e#&*(+ -r(7*"e %$$ %*# re/*re"

*+'(r2%&*(+ (+ 2(re &h%+ 1 M*$$*(+ r(/&e *+ I+"*%

37


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38


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N/r&/re" 'r(2 &he ee" (' % *+,$e ,re%& *"e% 9 &( e2-()er &he &r%7e$$er 9 M%eM!Tr*- )e+&(+ &( -*(+eer &he e+&*re (+$*+e &r%7e$ *+"/&r! *+ I+"*% M%eM!Tr*- h% re7($/&*(+*e" &he&r%7e$ *+"/&r! (7er &he !e%r Th* * &he &(r! (' M%eM!Tr*- I+"*%? O+$*+e Tr%7e$Le%"er

M%eM!Tr*-#(2 I+"*%? $e%"*+, (+$*+e &r%7e$ #(2-%+! )% '(/+"e" *+ &he !e%r


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M7eM%Tri5- Pr!ct-6

I+&er+%&*(+%$ %+" D(2e&*# A*r T*#e& H($*"%! P%#%,e %+" H(&e$

D(2e&*# B/ %+" R%*$ T*#e&

Pr*7%&e C%r %+" T%* Re+&%$

B


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Sect!r A*r T*#e&*+, %+" P%#%,e

T0$i2e S$!02 D*$ T(h R(%2*+, H%*

USP Che%-e& A*r &*#e& %+" Be& H(&e$ A##(22("%&*(+

Pr!ct P!rtf!$i!

Br2&-

1 A*r T*#e&


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O55!rt#2it%

1A"7er*e2e+& *+ &e$e7**(+ e


43/82

CHAPTER8III

COMPARATIVE ANALYSIS OF

MAKEMYTRIP INDIA WITH THE

INDIAN TRAVEL MARKET

COMPARATIVE ANALYSIS WITH THE INDIAN TRAVEL MARKET

List of India's leading and popular Trael !o"panies

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C!( 9 Ki20-

C!( 9 Ki20-* &he $(+,e& e&%$*he" &r%7e$ #(2-%+! *+ &he )(r$" I& "*&*+,/*he" h*&(r!e,%+ *+ 158 )he+ *& )% %--(*+&e" % ,e+er%$ %,e+& &( &he re,*2e+& (' F((& G/%r" *+ I+"*%/+"er &he #(22%+" (' L(r" L*,(+*er

B! 188 C )ere %,e+& '(r 2(& Br*&*h re,*2e+& -(&e" (7ere% *+#$/"*+, &he R(!%$C%7%$r! Ar&*$$er! %+" I+'%+&r! % )e$$ % &he R(!%$ %,(+ Tr%*+ %+" &he H(/eh($" Br*,%"eThe R(!%$ N%7! )% +e& %+" *+ 11


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e #(2e &(,e&her e%#h "%! &( '/$'*$$ % -r(2*e (' (''er*+, &he *+,$e 2(&

#(2-rehe+*7e &r%7e$ e-er*e+#e &( /er &hr(/,h %)%r" )*++*+, M(*$e %+" De&(-($/&*(+ *&h *+&/*&*7e -r("/#& &h%& h%7e &he $%r,e& e$e#&*(+ (' '$*,h& h(&e$ %+" &r%*+)e ee- #/&(2er %& &he #e+&re (' e7er!&h*+, )e "( S-re%" %#r( &hree '/$$!9'/+#&*(+%$(''*#e *+ I+"*% %+" (+e *+ &he M*""$e E%& (/r $e%"erh*- &e%2 h% (("$e (' ,$(%$e-er*e+#e *+ &r%7e$ %+" eC(22er#e *&h %+ e#$e#&*# 2* (' e-er&*e (/r Ee#/&*7e &e%2* % -(($ (' &he e& &he *+"/&r! #%+ (''er

E&%$*he" *+ !e%r


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Th(2% C(( S(+ &%r&e" *& I+"*%+ (-er%&*(+ *+ M/2%* *+ 1881 % % r%+#h I&

)% /e/e+&$! #(+7er&e" *+&( % -/$*# $*2*&e" #(2-%+! /+"er &he +%2e (' Th(2% C((:I+"*%; L*2*&e" *+ 1 I+


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B/e

R%*$

H(&e$

H($*"%!

G! I+i+!

G!i+i+!* % B


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SOTC * /(+* I+"*%? 2%*+ (/&(/+" &r%7e$ r%+" SOTC * % &(/r (-er%&(r%e" *+ I+"*%

I& )% %#/*re" ! S)*&er$%+"9%e" /(+* Tr%7e$*+ 16 SOTC * +()+ '(r "*''ere+&

*+" (' &r%7e$ e,2e+& *+#$/"*+, I+"*7*"/%$ Tr%7e$ E#(r&e" T(/r %+" D(2e&*#

H($*"%! %+" % ('


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CHAPTER8IV

DATA ANALYSIS AND

INTERPRETATION

DATA INTERPRETATION

49


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SHARE HOLDING PATTERN

Fiscal Year Ended March 31

2013 2014 2015

(in thousands, except per share

data

and number of shares

!onsolidated "tatement of

!omprehensi#e $ncome (%oss &ata'

+eenue,

(ir ti#-eting 14091.4 19225.1 32119.5

/otels and pa#-ages 24189.4 48622.8 50287.9

%ter reenue 50.1 703.8 1152.8

Total reenue 38330.9 68551.7 83560.2

&eri#e #ost,

ro#ure"ent #ost of otels and pa#-agesseri#es

21823.8

43069.2

42292.2

ur#ase of air ti#-et #oupons 491.8 985.5

ersonnel epenses 8459.2 9679.8

16562.

0

%ter operating epenses23229.0

24369.9

28160.5

epre#iation and a"ortiation 1107.5 1558.7 1569.7

50


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+esults fro" operating a#tiities16288.7

10617.6 6009.8

et nan#e in#o"e #osts 2611.2 3244.1 188.8

Loss $efore ta18899.8 7373.5 6198.6

In#o"e ta $enet epense 4.5 25.3 8.4

Loss for te :ear 18895.4 7348.2 6207.0

BALANCE SHEET AS PER /' MAR *'3

Period Ending 31-Mar-2015 31-Mar-2014 31-

Assets

Current Assets

51


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Cash And Cash Equivalents 49,857 38,011

Short Ter !nvestents " "

#et $e%eiva&les '9,039 30,557

!nventor( 1,997 516

)ther Current Assets 13',974 64,'53

Total Current Assets 213,867 133,337

*on+ Ter !nvestents 8,535 6,079

ro-ert( lant and Equi-ent 8,900 8,533

ood/ill " "

!ntan+i&le Assets 36,000 39,'41

A%%uulated Aortiation " "

)ther Assets 13,103 8',647 e2erred *on+ Ter Asset Char+es " "

Total Assets 280,405 269,837

ia!ilities

Current *ia&ilities

A%%ounts a(a&le 103,655 86,'14

ShortCurrent *on+ Ter e&t 137 115

)ther Current *ia&ilities 1',69' 9,744

Total Current ia!ilities 116,484 96,073

*on+ Ter e&t 36' '03

)ther *ia&ilities ',33' 8,631

e2erred *on+ Ter *ia&ilit( Char+es 3,373 ',630

inorit( !nterest 596 714

#e+ative ood/ill " "

Total ia!ilities 123,147 108,251

"to#$%olders& E'uit(

is% Sto%s )-tions arrants " "

$edeea&le re2erred Sto% " "

re2erred Sto% " "

52


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Coon Sto% '1 '1

$etained Earnin+s 100,181 81,805

Treasur( Sto% " "

Ca-ital Sur-lus '4',66' '38,4'3

)ther Sto%holder Equit( 14,756 4,947

Total "to#$%older E'uit( 157,258 161,586

)et Tangi!le Assets 121,258 122,345

53


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PROFIT AND LOSS STATEMENT

Period Ending Mar 31, 2015 Mar 31, 2014 Mar 31, 2013

Total *e+enue 299,662 255,375 228,822

Cost o2 $evenue 160,713 148,979 140,657

ross Proit 138,949 106,396 88,165

)-eratin+ E-enses

$esear%h evelo-ent " " "

Sellin+ eneral and Adinistrative 145,534 116,0'5 10',474

#on $e%urrin+ " " "

)thers 7,955 5,69' 3,753

Total )-eratin+ E-enses " " "

./erating n#oe or oss 14,540 15,321 18,062

!n%oe 2ro Continuin+ )-erations

Total )ther !n%oeE-enses #et 3,168 ',44' 4,198

Earnin+s :e2ore !nterest And Taes 11,511 13,050 14,050

!nterest E-ense 6,71' 7,776 4,940

!n%oe :e2ore Ta 18,''3 '0,8'6 18,990

!n%oe Ta E-ense 135 79 8,599

inorit( !nterest " " "

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#et !n%oe ;ro Continuin+ )-s 18,497 '1,076 '7,775

#on"re%urrin+ Events

is%ontinued )-erations " " "

Etraordinar( !tes " " "

E22e%t )2 A%%ountin+ Chan+es " " "

)ther !tes " " "

)et n#oe 18,358 20,905 27,589

re2erred Sto% And )ther Ad


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!apital =penditures ;6.97 ;5.57 ;6.98 ;9.01

%ter Inesting !as >lo*Ite"s Total

12.39;

58.88;

10.96;

37.22

!ash From Financin*cti#ities

;2.72 72.46 ;1.39 35.23

>inan#ing !as >lo* Ite"s ;2.65 ;4.27 ;1.28 ;2.53

Total !as iidends aid ; ; ; ;

Issuan#e +etire"ent of&to#- et

;0.27 76.79 ;0.11 37.99

Issuan#e +etire"ent ofe$t et

0.2 ;0.07 ;0.01 ;0.22

>oreign =#ange =?e#ts ;1.68 ;1.67 ;2.42 ;3.96

et !han*e in !ash 11.85 2.38 ;8.16 ;4.08= !n illions o2 >S e%e-t 2or -er share ites

ACCOUNTING ASSUMPTIONS6

The %##(/+& h%7e ee+ -re-%re" /+"er &he h*&(r*# #(& #(+7e+&*(+ (+ &he %* (' %

,(*+, #(+#er+ #(+#e-& )*&h re7e+/e re#(,+*e" %+" e-e+e %##(/+&e" '(r (+ &he*r%##r/%$ )*&h "/e -r(7**(+@%"./&2e+& '(r ($*,%&*(+ &h%& h%7e ee+ #r!&%$$*e" /& +(&!e& *+#/rre"A##(/+&*+, -($*#*e +(& -e#*'*#%$$! re'erre" &( here*+ e$() %re #(+*&e+& %+" *+#(+(+%+#e )*&h ,e+er%$$! %##e-&e" %##(/+&*+, -r*+#*-$e -re7%$e+& *+ I+"*%*. BASIS OF PRESENTATION6

The &r/#&/re (' &he %##(/+& h%7e ee+ "r%)+ *+ %##(r"%+#e )*&h &he Re7*e" S#he"/$eI &( &he C(2-%+*e A#& 156/. FI


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3. INVESTMENTS6

A$$ *+7e&2e+& %re &%&e" %& #(& *e #(& (' %#/**&*(+ * *+#$/*7e (' e-e+"*&/re *+#*"e+&%$&( %#/**&*(+Pr(7**(+ '(r "*2*+/&*(+ *+ &he*r 2%re& 7%$/e (' #/rre+& *+7e&2e+& * re#(,+*e" %+"#h%r,e" &( Pr('*& %+" L( A##(/+&

=. INVENTORIES6I+7e+&(r*e %re 7%$/e" % /+"er%; R%)92%&er*%$ -%#*+, 2%&er*%$ &(re %+" -%reA& #(& :"e&er2*+e" (+ % )e*,h&e" %7er%,e %*; )h*#h *+#$/"e 're*,h& "/&! %+"*+/r%+#e (r +e& re%$*%$e 7%$/e )h*#he7er * $()er; (r9*+9-r(#eA& #(& -$/ %$$(#%&*(+ %+" %--(r&*(+2e+& (' re$e7%+& '%#&(r! (7erhe%" %--$*#%$e&*$$ &he &%,e (' #(2-$e&*(+#; F*+*he" ,(("1 A& '%#&(r! %$/e" %& $()er (' #(& (r 2%re& 7%$/e C(& #(2-/&e" (+ &he %*(' 2%&er*%$ "*re#& $%(/r %+" %$$(#%&*(+ %+" %--(r&*(+2e+& (' re$e7%+& '%#&(r!

(7erhe%" *+#/rre" %+" e*e "/&! -%!%$e (+ /#h ,(("


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&%+"%r" */e" ! &he ICAI'*. E


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O)er)ie4 !f te I2&i2 O2$i2e Tr)e$ I2-tr%

Gr!4t !f te I2&i2 O2$i2e Tr)e$ I2-tr%

59


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A##(r"*+, &( Ph(C/r*,h& &he I+"*%+ (+$*+e &r%7e$ 2%re& ,re) 11 &( re%#h

34 *$$*(+ *+


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S(/r#e Ner*e C(2-e&*&*7e I+&e$$*,e+#e (+ $e%"*+, OTA -$%!er *+ I+"*%

%ncreasing "redit "ard &enetration and 'ecure &ayment echanism$ I+"*%+ &r%7e$er

%re %$e &( -%! (+$*+e '(r &r%7e$ er7*#e %+" -r("/#& /*+, % 7%r*e&! (' -%!2e+& 2e&h("

*+#$/"*+, #re"*& #%r" "e*& #%r" #%h #%r" %+" I+&er+e& %+*+, A##(r"*+, &(

E/r(2(+*&(r &he +/2er (' #re"*& #%r" *+ I+"*% )% (7er


62/82

S(/r#e E/r(2(+*&(r C(+/2er F*+%+#e *+ I+"*%

e e$*e7e &h%& )*&h *+#re%*+, (-h*&*#%&*(+ (' &he %+*+, *+'r%&r/#&/re *+ I+"*% %+"

&he -r(7**(+ (' 2(re e#/re (+$*+e -%!2e+& *+&er'%#e I+&er+e& /er *+ I+"*% %re

(7er#(2*+, &he*r %--rehe+*(+ %(/& e#/r*&! *+ (+$*+e &r%+%#&*(+ %+" &here! %""*+, &(

&he (+$*+e #(+/2er %e

C!"5etiti!2 i2 te I2&i2 O2$i2e Tr)e$ A0e2c% I2-tr%

Ph(C/r*,h& e&*2%&e &h%& &he &(&%$ /*+e9&(9#/&(2er (+$*+e &r%7e$ %,e+#!2%re& :*e /*+ee er7*+, e+" #(+/2er )*&h &r%7e$ -r("/#& %+"@(r er7*#e &hr(/,h%+ (+$*+e #h%++e$; *+ I+"*% * 7%$/e" %& 1 *$$*(+ %+" * "(2*+%&e" ! '(/r -$%!er QM%eM!Tr*- Y%&r% C$e%r&r*- %+" Tr%7e$,/r/ :)h*#h )% %#/*re" ! Tr%7e$(#*&! *+ A/,/&


63/82

S(/r#e The Ph(C/r*,h& I+"*%+ O+$*+e Re-(r&

Tr)e$ Pr!ct- S!$& +% O2$i2e Tr)e$ A0e2t-

O+$*+e &r%7e$ %,e+#*e *+ I+"*% -r*2%r*$! '%#*$*&%&e &r%7e$ %rr%+,e2e+& ! e$$*+, (r%rr%+,*+, '(r %*r &*#e& h(&e$ %+" -%#%,e reer7%&*(+ r%*$ &*#e& / &*#e& %+" #%r h*reA##(r"*+, &( Ner*e (+$*+e &r%7e$ %,e+#*e %re &he 2(& /e" (+$*+e 2e&h(" '(r &he((*+, (' %*r &*#e& h(&e$ %+" -%#%,e %+" &r%*+ &*#e& The '($$()*+, #h%r& h() &heer7*#e %+" -r("/#& (''ere" ! &he &(- '(/r (+$*+e &r%7e$ %,e+& *+ I+"*%

S(/r#e Ner*e C(2-e&*&*7e I+&e$$*,e+#e (+ $e%"*+, OTA -$%!er *+ I+"*%

A##(r"*+, &( Ph(C/r*,h& %*r &*#e& ((*+, #(+&r*/&e" &( %--r(*2%&e$! 0 ('&he (+$*+e &r%7e$ 2%re& *+ I+"*% *+


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Travel Stores

e h%7e 1 &r%7e$ &(re *+ 2%.(r #*&*e *+#$/"*+, 2e&r(-($*&%+ %re% %#r( I+"*% )h*#h-r*2%r*$! e$$ -%#%,e O/r 2%*+ (''*#e *+ G/r,%(+ %$( er7e #/&(2er ee*+, &(-/r#h%e (/&(/+" -%#%,e 'r(2 I+"*% e e$*e7e &h%& &hee &r%7e$ &(re %+" (''*#e %re

*2-(r&%+& '(r (/r (7er%$$ ,r()&h % &he! re-ree+& % "*re#& *+&er'%#e e&)ee+ (/r #/&(2er%+" / A& (/r &r%7e$ &(re #/&(2er #%+ #(+/$& )*&h (/r %$e re-ree+&%&*7e re#e*7e#(2-rehe+*7e re%$ &*2e '$*,h& h(&e$ %+" -%#%,e *+'(r2%&*(+ % )e$$ % *+'(r2%&*(+ '(r(&her er7*#e %+" -r("/#& %+" 2%e &r%7e$ ((*+, )*&h(/& -r*(r %--(*+&2e+& O/r &r%7e$&(re %re %$( e/*--e" )*&h (/r ERP %--$*#%&*(+ %+" $*+e" &( (/r CRM !&e2

Travel Agents Network

e h%7e % &r%7e$ %,e+&? +e&)(r *+ I+"*% )h*#h )e &%r&e" *+


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-r("/#& ($" F/r&her2(re (/r &r%7e$ %,e+&? +e&)(r %$$() / &( e-%+" (/r '((&-r*+& *+I+"*% %+" "*&r*/&*(+ +e&)(r *+ % #(&9e''e#&*7e 2%++er

Mobile

I+


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CHAPTER8V

FINDINGS LEARNINGS AND

CONCLUSIONS

FINDINGS AND ANALYSIS

66


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I+ % &/"! (' &he #%-*&%$ /",e&*+, -r%#&*#e (' '(/r&ee+ 2e"*/2 &( $%r,e *e

#(2-%+*e *+ I+"*% *& )% '(/+" &h%& %$2(& %$$ #(2-%+*e /e" ! %#

*&h -%! %# %+"@(r (&her &e#h+*/e %(/&


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PROCESS

CAPITAL BUDGETING PROCESS6

A&$e%& '*7e -h%e (' #%-*&%$ e-e+"*&/re -$%++*+, #(+&r($ #%+ e *"e+&*'*e"

I"e+&*'*#%&*(+ : (r Or,%+*%&*(+ ; (' *+7e&2e+& (--(r&/+*&*e

De7e$(-2e+& (' '(re#%& (' e+e'*& %+" #(&

E7%$/%&*(+ (' &he +e& e+e'*&

A/&h(r*%&*(+ '(r -r(,re*+, %+" -e+"*+, #%-*&%$ e-e+"*&/re

C(+&r($ (' #%-*&%$ -r(.e#&

C#-t!"er Ser)ice

O/r #/&(2er '(#/e" %--r(%#h * #e+&ere" (+ e+/r*+, % '%7(r%$e /er e-er*e+#e (+(/r )e*&e % )e$$ % e#e$$e+& #/&(2er er7*#e O/r )e*&e %re "e*,+e" &( -r(7*"e %/er9'r*e+"$! e-er*e+#e %+" *+&e,r%&e 7%$/%$e &r%7e$ *+'(r2%&*(+ /#h % *+'(r2%&*(+ (+ &he(+9&*2e -er'(r2%+#e (' %*r$*+e /er9,e+er%&e" &r%7e$ re7*e) %+" "e&*+%&*(+ ,/*"e &( he$-#/&(2er ree%r#h %+" 2%e &r%7e$ "e#**(+ e %$( 2(+*&(r 'ee"%# 'r(2 (/r #/&(2er/*+, (/r CRM !&e2 %+" re7*e) %+" /-,r%"e &he 'e%&/re (' (/r )e*&e 'r(2 &*2e &(&*2e

The e! #h%++e$ &hr(/,h )h*#h )e *2-$e2e+& (/r #/&(2er /--(r& %+" #(22/+*#%&e)*&h (/r #/&(2er %re % '($$()

eb!based 'upport$ e (''er &)( )e9%e" #/&(2er /--(r& er7*#e O/r e$'er7*#e )e9/--(r& #%$$e" Tr*-A*& )h*#h * %7%*$%$e (+ (/r I+"*%+ )e*&e e+%$e(/r #/&(2er &( #he# &he &%&/ (' &he*r "(2e&*# '$*,h& (r &r%*+ ((*+, #%+#e$ &*#e& %+"&r%# &he -r(,re (' &he*r re'/+" %2(+, (&her &h*+, C/&(2er )h( re/*re %*&%+#e (rh%7e *+/*r*e %(/& #er&%*+ -r("/#& %$( h%7e %+ (-&*(+ &( #(+&%#& (/r %$e re-ree+&%&*7e7*% (/r )e*&e %+" )e h%7e "e"*#%&e" -er(++e$ %7%*$%$e


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*ravel 'tores$ C/&(2er 2%! %$( 7**& (/r 1 &r%7e$ &(re *+ 7%r*(/ #*&*e *+ I+"*%%+" (&%*+ %*&%+#e 'r(2 (/r %$e %+" #/&(2er er7*#e re-ree+&%&*7e

obile 'ervice$ O/r 2(*$e er7*#e -$%&'(r2 e+%$e #/&(2er &( re#e*7e e9&*#e&*&*+er%r*e ((*+, +/2er (r #(+'*r2%&*(+ '(r &he*r '$*,h& h(&e$ r%*$ (r / reer7%&*(+

7*% SMS C/&(2er #%+ %$( re#e*7e '$*,h& #%+#e$$%&*(+ %$er& %+" /-"%&e (' )%*&$*& &%&/'(r '$*,h& 7*% SMS

+!mail$ C/&(2er 2%! %$( e92%*$ %+! *+/*r*e (r #(2-$%*+& )h*#h )e e+"e%7(r &(%""re e-e"*&*(/$!

Thr(/,h (/r CRM !&e2 )e %re %$e &( 2%*+&%*+ % #/&(2er "%&%%e #(+&%*+*+,*+'(r2%&*(+ (+ &he &r%+%#&*(+ h*&(r! %+" -re'ere+#e (' e%#h #/&(2er )h( h% ((e" %&r%7e$ -r("/#& &hr(/,h / e "(#/2e+& %$$ %$e %+" #/&(2er er7*#e -r(#ee %& (/r#(2-%+! /*+, /*+e -r(#e 2%+%,e2e+& !&e2 (r BPMS 2e&h("($(,! )here &he

e+&*re 7%$/e #h%*+ &%r&*+, 'r(2 &he #/&(2er? re/*re2e+& /+&*$ &he "e$*7er! (' &he re$e7%+&er7*#e (r -r("/#& (r re'/+" *' %--$*#%$e * "(#/2e+&e" e %$( 2(+*&(r (/r #/&(2er&r%+%#&*(+ %+" h%7e % "e"*#%&e" *+9h(/e e#%$%&*(+ er7*#e )h*#h (-er%&e


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CHAPTER8VI

ANNE


71/82

CONCLUSION

C%-*&%$ /",e&*+, "e#**(+ %re &he "e#**(+ &h%& 2%$$9/*+e ()+er 2%e %(/& &he

$(+,9&er2 %$$(#%&*(+ (' re(/r#e E''e#&*7e 2%+%,er 2%e #%-*&%$ /",e&*+, "e#**(+

)h*$e /*+, "%&%9"r*7e+ %+%$!e +()*+, (2e (' &he 2(& #(22(+ #%-*&%$ /",e&*+,

"e#**(+ &e#h+*/e #%+ he$- !(/ /e &hee 2e&h(" &( 2%e $(+,9&er2 #h(*#e &h%& %re e&

'(r !(/r /*+e

Net Pre-e2t V$#e

T( 2(& /*+e ()+er % "($$%r &("%! * )(r&h 2(re &h%+ % "($$%r 10 !e%r *+ &he '/&/re

Th* *"e% #%$$e" &he &*2e 7%$/e (' 2(+e! * -*7(&%$ *+ &he +e& -ree+& 7%$/e 2e&h(" ('

#%-*&%$ /",e&*+, A #%h '$() -ree+& 7%$/e * &he 7%$/e &h%& % #%h '$() )(/$" h%7e &("%!

*+ #(+&r%& )*&h (2e &*2e *+ &he '/&/re T( e7%$/%&e %+ *+7e&2e+& %e" /-(+ +e& -ree+&

7%$/e &he 2%+%,er )*$$ #%$#/$%&e &he +e& -ree+& 7%$/e (' %+ *+7e&2e+& ! /&r%#&*+, &he

-ree+& 7%$/e (' &he *+7e&2e+& #%h *+'$() %+" #%h (/&'$() I' &he re/$& * -(*&*7e &he

*+7e&2e+& 2%! e %##e-&%$e H()e7er *' &he re/$& * +e,%&*7e &he+ (+#e &he &*2e 7%$/e ('

2(+e! * #(+*"ere" &he #(2-%+! * e&&er ('' ! +(& *+7e&*+, *+ &he -r(.e#& I+ %""*&*(+

2%+! #(2-%+*e #(2-%re &h* 7%$/e &( % re/*re" r%&e (' re&/r+ F(r e%2-$e *' % #(2-%+!

#(/$" e%r+ 10 -er#e+& *+&ere& *+ %+ *+7e&2e+& %##(/+& &he+ %+! -r(.e#& &h%& re&/r+ $e

&h%+ 10 -er#e+& )(/$" e $e -r('*&%$e &h%+ &he *+7e&2e+& %##(/+& %+" h(/$" e re.e#&e"

e7e+ &h(/,h &he +e& -ree+& 7%$/e * -(*&*7e

T!t$ C!-t A55r!c

he+ #(2-%r*+, 2/$&*-$e #%-*&%$ /",e&*+, -r(.e#& 2%$$9/*+e ()+er 2%! )%+& &(

#(+*"er &he &(&%$ #(& %--r(%#h T( /e &h* 2e&h(" 2%$$9/*+e ()+er #re%&e % #he"/$e

(' %$$ (' &he #(& %+" #%h *+'$() '(r e%#h "e#**(+ %$&er+%&*7e The+ e%#h #(& (r *+'$() *

%"./&e" (+ % &*2e 7%$/e (' 2(+e! %* &( % -ree+& 7%$/e O+#e %$$ (' &he -ree+& 7%$/e9

%"./&e" #(& %re %,,re,%&e" '(r e%#h "e#**(+ %$&er+%&*7e &he %$&er+%&*7e )*&h &he ,re%&e&

+e& -ree+& 7%$/e * &he 2(& -r('*&%$e A % "r%)%# e#%/e &he &(&%$ #(& %--r(%#hre/*re 2%$$9/*+e ()+er &( *"e+&*'! e7er! #(& *+7($7e" *+ e%#h "e#**(+ %$&er+%&*7e

&he &(&%$ #(& 2e&h(" #%+ e #(2-$*#%&e" %+" #/2er(2e

I2cre"e2t$ C!-t A55r!c

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A *2-$er 7%r*%&*(+ (' &he &(&%$ #(& %--r(%#h * &he *+#re2e+&%$ #(& %--r(%#h Th* 2e&h("

/e &he %2e -r(#e"/re % &he &(&%$ #(& %--r(%#h H()e7er *+&e%" (' e%2*+*+, %$$ #(&

(+$! &he #(& &h%& "*''er e&)ee+ &he %$&er+%&*7e %re /e" Thee %re +()+ % re$e7%+&

#(& S2%$$9/*+e ()+er 2%! )*h &( #(+*"er &h* %--r(%#h % *& #%+ e #(+*"er%$!

$e #/2er(2e h()e7er *' 2(re &h%+ &)( "e#**(+ %$&er+%&*7e %re e*+, e%2*+e" &he

&(&%$ #(& 2e&h(" 2/& e /e"

P%+c7 Met!&

The -%!%# 2e&h(" he$- % 2%+%,er "e&er2*+e h() $(+, *& )*$$ &%e '(r %+ *+7e&2e+& &(

2%e e+(/,h #%h &( =-%! %#= &he #(2-%+! '(r &he #%h (/&'$() T( e7%$/%&e % /",e&*+,

"e#**(+ /+"er &he -%!%# 2e&h(" &he 2%+%,er '*r& #(2-/&e &he -%!%# -er*(" T(

#%$#/$%&e &he -%!%# -er*(" &he 2%+%,er "*7*"e &he *+7e&2e+& #(& ! &he %2(/+& ('#%h &h%& &he *+7e&2e+& * e-e#&e" &( ,e+er%&e (+ %+ %++/%$ %* F(r e%2-$e *' %+

*+7e&2e+& re/*re" 10000 %+" *& )% e-e#&e" &( -r("/#e 5000 (' #%h *+'$() % !e%r &he

-%!%# -er*(" )(/$" e &)( !e%r he+ #h((*+, e&)ee+ #%-*&%$ /",e&*+, %$&er+%&*7e

2%+%,er h(/$" #h((e &he %$&er+%&*7e )*&h &he h(r&e& -%!%# -er*(" O+e 2%.(r

"r%)%# (' &h* 2e&h(" * &h%& *& '%*$ &( %##(/+& '(r &he &*2e 7%$/e (' 2(+e! I+ &h*

2e&h(" #%h '$() +() %re e7%$/%&e" )*&h &he %2e 7%$/e % #%h '$() *+ &he '/&/re

R%eh * I+"*% &(- 2%re& ,/r/ M/$&*9B%,,er P*# /*+, h* r/$e

ANNE


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Per*(" E+"*+, /'8Mr8*'3 /'8Mr8*'1 /'8Mr8*'/

A--et-

C/rre+& Ae&

C%h A+" C%h E/*7%$e+& 485 38011 368

Sh(r& Ter2 I+7e&2e+& 9 9 9

Ne& Re#e*7%$e '@1:=*

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C/rre+& L*%*$*&*e

A##(/+& P%!%$e 103655 86 '?:*3' @/:/*

St!c7!$&er- E#it%M*# S&(# O-&*(+ %rr%+& 9 9 9

Re"ee2%$e Pre'erre" S&(# 9 9 9

Pre'erre" S&(# 9 9 9

C(22(+ S&(#


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C%-*&%$ S/r-$/


75/82

CASE STUDY

CASE STUDY

P )% % #h%r&ere" %##(/+&%+& ! -r('e*(+ %+" /e" &( 2%+%,e % '%2*$! /*+e NH

Se#/r*&*e &%r&e" ! h* '%&her +()+ '(r 2%*+&%*+*+, % $() -r('*$e P (+$! "/*(/

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#$%*2 &( '%2e )% *+ 1


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SOLUTION OF CASE STUDY

SOLUTION OF CASE STUDY

SEBI h(/$" $%/+#h *+7e&*,%&*(+ (' &he #%2

SEBI h(/$" *22e"*%&e$! /-e+" %$$ &he 2e2er "*re#&(r (' BSE ,(7er+*+, (%r"

SEBI h(/$" %$( %+ &r%"*+, %$$ &(# e#h%+,e -re*"e+& 7*#e -re*"e+& %+" &re%/rer

SEBI h(/$" %+" %$$ +%e" h(r& %$e

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RBI h(/$" &%r& *+-e#&*+, %##(/+& %+" / %##(/+& &)*#e % !e%r *+ -*&e (' (+#e *+ &)(

!e%r

SEBI h(/$" %$$() %+ '(r #($$%&er%$*e" $e+"*+, (+$! &hr(/,h NSE %+" BSE

A+ %""*&*(+ 10 "e-(*& 2%r,*+ h(/$" e *2-(e" (+ (/&&%+"*+, +e& %$e *+ &he &(#2%re&

The $*2*& (' %--$*#%&*(+ (' $*2*&e" 7($%&*$*&! 2%r,*+ h(/$" e $()ere" 'r(2 80 &( 60

T( re7*7e &he 2%re& SEBI h(/$" *2-(e" re&r*#&*(+ (+ h(r& %$e (r"ere"

78


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ARTICLE ON CAPITAL BUDGETING

ARTICLE ON CAPITAL BUDGETING

CONSUMER BORROWINGS HITS ANOTHER RECORD IN JUNE

BY PAUL WISEMAN

US #(+/2er (rr()*+, h*& %+(&her re#(r" *+ J/+e ,((" +e) '(r &he A2er*#%+ e#(+(2!

A2er*#%+ -*$e" (+ %+(&her


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I+ J/+e (rr()*+, *+ &he #%&e,(r! &h%& *+#$/"e %/&( %+" &/"e+& $(%+ r(e ! 15< *$$*(+

B(rr()*+, *+ &he #%&e,(r! &h%& *+#$/"e #re"*& #%r" r(e ! 55 *$$*(+

The Fe" 2(+&h$! re-(r& (+ #re"*& "(e+& #(7er h(2e 2(r&,%,e (r (&her $(%+ e#/re" ! re%$

e&%&e /#h % h(2e e/*&! $(%+

E#(+(2*& e-e#& #(+/2er &( (rr() %+" -e+" 2(re &he re& (' &he !e%r Th%& )(/$" ((&

,r()&h *+ % #(/+&r! )here #(+/2er -e+"*+, %##(/+& '(r +e%r$! 0 -er#e+& (' e#(+(2*#

%#&*7*&!

The A2er*#%+ e#(+(2! ,re) %& %++/%$ r%&e (' 06 -er#e+& 'r(2 J%+/%r! &( M%r#h %+"


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BIBLIOGRAPHY

BIBLIOGRAPHY

BOOKS :

1. >I(!I(L @(+A=T ( &=+BI!= CD Eorden

2. >I(!I(L @((E=@=T 1F2 CD I @ (=D

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=)& (=+&

1. CG&I=&& II(

2. CG&I=&& &T((+

@(E(HI=&

1. =!%%@I! TI@=&

2. CG&I=&& )%+L

3. T+(B=L )%+L

)=C&IT=&

1. ))).)IAI=I(.!%@

2. ))).@(A=@DT+I.!%@
http://www.moneycontrol.com/

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