Cholamandalam: Forecasting Revenue and Expenses for a Vehicle Finance Division
Co-built a three-statement financial model, owning the revenue and expense forecasting that fed into a DCF valuation.
Vaibhavkirithik C R
Tax Associate at Grant Thornton INDUS
From their time as
Business Operations Intern
Cholamandalam Investment and Finance Company Limited • 2023 - 2023
Overview
Vaibhavkirithik joined Cholamandalam Investment and Finance Company as a Business Operations Intern in the vehicle disbursement division, an NBFC focused on vehicle financing for retail clients.
The Story
Vaibhavkirithik joined Cholamandalam Investment and Finance Company as a Business Operations Intern in the vehicle disbursement division, an NBFC focused on vehicle financing for retail clients.
His senior asked him to build a three-statement financial model for the division: an income statement, balance sheet, and cash flow statement, with projections running four to five years forward. The brief included specific EBITDA margin assumptions and growth rate parameters to work within.
Vaibhavkirithik owned the forecasting piece. He built out the revenue and expense projections using the historical financials provided, applied the given margin assumptions, and constructed the income statement forecast. He then extended the model to the balance sheet and cash flow statement, projecting operating and financial expenses across the forecast horizon.
His senior used the forecasting output as the foundation for a DCF valuation model, running discounted cash flow analysis to estimate the division's enterprise value. Vaibhavkirithik was not involved in the valuation layer, but his forecasting work was the direct input that made it possible.
The engagement gave him his first structured exposure to building a multi-year financial model in a professional setting, working within defined assumptions and delivering a forecast that fed directly into a senior analyst's valuation work.