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Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (b) Y Ltd. produces energy drinks in different flavours. Due to high demand of its
product, the rate of return on its earnings is 25%. Currently, the company
retains 60% of its earnings and distributes the rest. The current P/E ratio is 8
and earnings per share is ` 10.
According to Gordon's Model: | [
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0.027180539444088936,
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0.029495373368263245,
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-0... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (i) What will be retention ratio if the company wants to maintain its P/E
ratio to 12 in current year, given that the expected rate of return for an
investor is 20%?
(2 Marks)
(ii) What will be the expected price per share after one year if Y Ltd. achieves
above-mentioned targeted P/E ratio?
(1 Mark)
(iii) W... | [
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0.041798945516347885,
-0.01878088153898716,
0.... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (c) Following information relates to A Ltd. for the year ended 31st March, 2025:
Profit volume ratio
24%
Operating leverage
2.00
Financial leverage
1.50
Interest Expenses
` 12,000
Tax rate
30%
Number of Equity Shares
1,000
You are required to: | [
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0.03756985813379288,
-0.0003304312122054398,
-0.024022916331887245,
... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (i) Prepare Income Statement for the year ended 31st March, 2025.
(ii) Calculate EPS.
(iii) Calculate percentage change in earnings per share, if sales increase by
5%.
(2 + 1 + 2 = 5 Marks) | [
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0.03469376266002655,
0.011519423685967922,
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0.05243013799190521,
0.0018154033459722996,
0.04132934287190437,
0.017533505335450172,
0.004... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (a) Capital structure of B Ltd. for the year ended 31st March, 2025 are as follows:
Particulars
Amount (`)
Equity share capital @`10 each
14,00,000
10% Preference share capital @`1,000 each
10,00,000
Debenture @ `100 each
9,60,000
Bank Loan
6,40,000
•
Risk-free rate of return is 14%, Market rate of return... | [
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-0.0... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (i) Cost of Equity.
(ii) Cost of preference share using YTM method.
(iii) Post-tax cost of debenture using approximation method.
(iv) Interest rate of bank loan.
PV factors @ 10% and 14%
Year
2
4
PVIF0.10, t
0.909
0.826
0.751
0.683
PVIF0.14, t
0.877
0.769
0.675
0.592
(1 + 2 + 3 + 2 = 8 Marks) | [
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0.03422652184963226,
0.016895880922675133,
0.03941315785050392,
-0.01369... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (b) Following details are related to H Ltd.:
EPS
` 3.00
Return on investment
20%
Cost of equity
15%
As per Walter's Model, what would be the maximum and minimum price of
share?
(2 Marks) | [
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0.025989610701799393,
0.04120182618498802,
0.025947052985429764,
-0.00494... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (a) Following data are given for a capital project:
Annual interim cash inflows for first two years
` 1,00,000
Annual interim cash inflows for next two years
` 80,000
Useful life
4 Years
Salvage value at end of the project
` 50,000
Internal rate of return
12%
Cost of capital
10%
You are required to calcul... | [
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0.02839483506977558,
0.057890910655260086,
0.008241180330514908,
0.0014463664265349507,
-0... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (v) MIRR
Year
2
4
PVIF0.09, t
0.917
0.842
0.772
0.708
PVIF0.10, t
0.909
0.826
0.751
0.683
PVIF0.11, t
0.901
0.812
0.731
0.659
PVIF0.12, t
0.893
0.797
0.712
0.636
PVIF0.10, t
1.100
1.210
1.331
1.464
PVIF0.12, t
1.120
1.254
1.405
1.574
(1 + 1 + 1 + 1 + 2 = 6 Marks) | [
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0.026624316349625587,
0.026383621618151665,
-0... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (b) Z Ltd. is an unlevered company. It wants to repurchase its equity shares of
` 300 lakhs by issue of 12% debentures of same amount. Current market
value of Z Ltd. is ` 1,400 lakhs. Its cost of capital is 18%. The company will
©The Institute of Chartered Accountants of India
maintain same level of EBIT in future ... | [
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-0... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (i) Market Value of Z Ltd.
(ii) Overall cost of capital
(iii) Cost of equity
(4 Marks) | [
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0.03878147155046463,
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0.011009... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (a) What is agency cost and what are its types? How can a company minimize
agency cost and align the interest of manager and shareholder? (4 Marks) | [
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0.022242112085223198,
0.015897098928689957,
0.010750207118690014,
0.... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (c) What is hierarchy of financing under 'Pecking Order' theory, and why does it
exist?
(2 Marks)
©The Institute of Chartered Accountants of India
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
OR | [
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0.02027338184416294,
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-... |
Paper_6A_PYP_May_2025.pdf | FM | PYP | May_2025 | (c) "The total risk of any business is the combination of degree of operating and
financial risk". In the light of the above statement, you are required to
consider the first two columns of the given table and give your comments in
the 3rd column.
Your comments should depict the total risk profile by using the m... | [
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0.02477148175239563,
0.028328578919172287,
0.0... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | Part II
Question No. 1 is compulsory.
Attempt any two questions out of the remaining three questions.
In case, any candidate answers extra question(s)/ sub-question(s) over and
above the required number, then only the requisite number of questions first
answered in the answer book shall be valued and subsequent ex... | [
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0... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) Estimated monthly sales:
Month
` in Lakh
April-2024
May-2024
June-2024
July-2024
August-2024
September-2024
(ii) Gross Profit Ratio is 20%.
(iii) Cost of Goods sold is paid in next month.
(iv) Sales are in credit and credit period is allowed for 2 months. | [
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0.026885993778705597,
-0.024652039632201195,
-0.0142... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (v) Indirect Expenses are paid in the same month.
Monthly indirect expenses are as follows:
Month
` in Lakh
June-2024
1.0
July-2024
1.2
August-2024
1.0
September-2024
1.3
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
(vi) Dividend amounting September 2024, 3 Lakh will be paid in the month
of Sept... | [
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... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) Following is the Balance Sheet of EXIM Ltd. as on 31stMarch, 2024:
Liabilities
` Assets
`
Equity Share Capital of ` 100
each
20,00,000 Fixed Assets
50,00,000
Retained Earnings
4,00,000 Current Assets
30,00,000
12.5% Debenture
40,00,000
Current Liabilities
16,00,000
80,00,000
80,00,000
T... | [
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0.041538894176483154,
0.016231367364525795,
-0.0137700447812676... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) Earnings Per Share
(ii) Operating Leverage
(iii) Financial Leverage
(iv) Combined Leverage
(2 + 1 + 1 + 1 = 5 Marks) | [
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0.03474969416856766,
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0.06995818018913269,
0.00822251383215189,
-0.012536... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (c) Following information have been provided by LP Ltd.:
Profit before Tax
` 40 Lakh
Tax Rate
30%
Equity Share Capital (` 10)
` 40 Lakh
Return on Investment
18%
Cost of Equity
15%
Dividend Payout Ratio
50%
You are required: | [
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-0.... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) to determine the price of Equity Share of the company as per Walter's
Model;
(ii) to determine the Dividend Pay-out Ratio by applying Walter's Model
assuming the price of equity share of the company is ` 48.
(3+2=5 Marks) | [
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-0.... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) The following information pertain to CMC Limited:
Number of Equity Shares
20,00,000
Book Value of 10% Convertible Debentures
` 1,00,00,000
Book Value of 12% Bank Term Loan
` 25,00,000
Market Price of Equity Share
` 55
Market Value of 10% Convertible Debenture
` 108
Face Value of Equity Share
` 10
Fac... | [
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-0.... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) Cost of Equity Share Capital by applying Capital Asset Pricing Model
(CAPM) Approach
(ii) Cost of Convertible Debenture by using approximation method,
(iii) Cost of Bank Term Loan
(iv) Weighted Average Cost of Capital using Market Value weights
(1+2+1+3=7 Marks) | [
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-0.03585... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) The following information pertain to MSD Limited for the year ending
31st March, 2024:
Particulars
Number of days
Raw material storage period
61 days
Work-in -progress conversion period
20 days
Finished goods storge period
30 days
Debt collection period
45 days
Creditors payment period
60 days
T... | [
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... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) Operating cycle period
(ii) Number of operating cycles in a year
(iii) Amount of working capital required for the company
(1 + 1 + 1 = 3 Marks)
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) SRT Limited manufactures steel rods and is now considering to purchase a
new aluminium smelting and moulding plant. This plant will have the cost
of ` 20,00,000 to purchase and install the plant. It has a useful life of 5 years
with a residual value of ` 1,00,000. Production and sales from the new plant
are exp... | [
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... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (i) Calculate the Net Present Value and Profitability Index of the project.
(ii) Advise SRT Limited whether the plant should be purchased.
The PV factors at 18% are:
Year
2
4
PV factor
0.847
0.718
0.609
0.516
(5 + 1 = 6 Marks)
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) The equity share capital of Sky Pack Ltd. as on 31st March, 2024 was
` 2,00,000. The relevant ratios of the company are as follows:
Current debt to Total debt
0.35
Total debt to Owner's equity
0.65
Fixed assets to Owner's equity
0.55
Total assets turnover
2.5 times
Inventory turnover
... | [
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0.07157233357429504,
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0.031363483518362045,
0.02454291097819805,
0.006... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) ABC group of companies has five projects at different geographical
locations. Each project is managed by a dedicated project manager. A Chief
Executive Officer (CEO) is supported by a team of subject matter experts
(SMEs) in each function at corporate level of the company. As an accepted
practice, the authority... | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) Ecro Ltd. is an e-commerce company that specializes in selling eco-friendly
products. Although the company has been doing well, it still continues
actively to strengthen its brand identity, launch creative and impactful
marketing campaigns, and introduce new and innovative eco-friendly
products.
However, the... | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (c) Organic Beverages has been manufacturing various soft drinks for over a
decade. It has developed a sugar free beverage to cater to the needs of
specific customers by spending heavily on research and development for
this product. In addition, a lot of money was spent on marketing (branded
as 'Say no to Sugar') ... | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) "International development is expensive and challenging". In the context of
the statement, explain the internationalization of business and the steps
involved in such strategic planning.
(5 Marks) | [
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... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) "Managing stakeholders is critical to the success of a project". Explain how
Mendelow's Matrix helps in managing stakeholders and categorizing the
stakeholders into groups.
(5 Marks) | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) Outline the main levels of management generally found in an organization.
Also explain the types of networks of relationship between these levels and
amongst the same levels of a business.
(3 + 2 = 5 Marks) | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) What do you mean by strategic performance measures? State the reasons
for the importance of strategic performance measures for an organization.
(1 + 4 = 5 Marks) | [
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Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (a) As per one of the five forces of competition, Michael Porter stated that the
more intensive is the rivalry, the less attractive is the industry. In view of
this, explain the conditions in which rivalry among competitors tends to be
cut throat and industry profitability is low.
(5 Marks) | [
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... |
Paper_6_PYP_Jan_2025.pdf | FM | PYP | Jan_2025 | (b) Explain the 'product market growth matrix' as propagated by Igor Ansoff as
a device for identifying growth opportunities for the future.
(5 Marks)
OR | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | Question No. 1 is compulsory.
Attempt any two questions out of the remaining three questions.
In case, any candidate answers extra question(s)/ sub-question(s) over and
above the required number, then only the requisite number of questions first
answered in the answer book shall be valued and subsequent extra
ques... | [
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0.00... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) From the books of AIL Limited following information is taken for the year
2024-25:
Gross profit margin (25% of Sales)
` 30,00,000
Inventory holding period
28 Days
Opening Inventory
` 8,00,000
Current Ratio
1.20
Quick Ratio
0.80
Selling & Distribution Exp... | [
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... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) X Ltd. has average debtors of ` 90,00,000. The company's average collection
period is 60 days. At present, it incurs credit administration expenses of
` 4,00,000 per year and bad-debt losses amounting to 1% of credit sales.
S
A factoring company has proposed to purchase these receivables by charging
a... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (i) Calculate the effective cost of factoring.
(ii) As a financial consultant, advise whether X Ltd. should accept the
factoring proposal.
(5 Marks) | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (c) PQR Ltd. is a leading company operating in the coal sector, engaged in the
extraction, processing, and distribution of coal for industrial and energy
purposes.
The following information is provided by the management of PQR Ltd.
Particulars
Issued Share Capital
` 24,00,000
Dividend Paid
10 per Share
Grow... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Number of issued shares, if market price per share (MPS) is equal
to face value per share.
(ii) Using Modigliani and Miller (MM) Hypothesis: | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) The market price of the share at the end of year if dividend is paid.
Use the current market price calculated in Gordon model as Po. | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) What will be the amount of earnings required for the company so
that the MM hypothesis holds true, if the company has made new
investments of ` 5,00,000 during the period and issued 1,000 new
equity shares?
(5 Marks)
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
S | [
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0... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) RK Limited provided following data for the year ended on 31-03-2025:
Sales
` 50,00,000
EPS
` 2.50
Tax Rate
` 40%
Fixed cost excluding interest
` 10,80,000
The Capital structure is as under:
Equity Share capital of ` 10/- each
` 18,00,000
10% Preference share of ` 100... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (i) Calculate Earnings before Interest and Tax (EBIT).
(ii) Calculate Combined Leverage.
(iii) Advise, the level of sales where Earning before Tax (EBT) will be zero.
(5 Marks)
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
S | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Algo Steel Ltd. is a well-established company in the steel manufacturing
sector, successfully operating for the past 20 years. The existing capital
structure comprises of 80% equity and 20% debt. Company's Cost of Equity
(K) is 13.5%, reflecting the return expected by shareholders. Its debt
component comprises... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (i) Calculate Average Rate of Return (ARR) based on Average Investment.
(ii) Calculate Net Present Value (NPV) by using Weighted Average Cost of
Capital (WACC).
(5 Marks) | [
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... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) The Balance Sheet extract of ST Ltd. as on March 31 (current year) is as
follows:
Liabilities
Amount
(` in lakh)
Assets
Amount
(` in lakh)
Share capital
260 Fixed Assets
Reserves
168 Inventories
Long-term loans
420 Receivables
Short-term loans
220 Cash & bank
Payables
Provisions
1,308
1,308... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (i) Estimate the amount of external funds required (EFR) for the next
financial year.
(ii) Determine the sources and composition of funds to meet the
requirement, given the following parameters:
(1) The current ratio must be maintained at 1.40.
(2) The ratio of fixed assets to long-term loans should be 1.50.
... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) Discuss briefly the key features of seed capital assistance as a source of
finance.
(4 Marks) | [
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-... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Why the Virtual banking service is popular among the customers?
Discuss the advantages of Virtual Banking.
(4 Marks)
S | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (c) Define financial distress. Briefly explain the consequences of a prolonged
financial distress.
(2 Marks)
OR | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (c) BEE Ltd. has a current ratio of 2:1, showing enough short-term liquidity in
the company. You are required to comment whether the current ratio will
improve, decline, or remain unchanged.
(2 Marks)
Sr.
No
Transaction
Impact | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (i)
A debtor owing ` 60,000 becomes insolvent and
only 75% is recovered in cash in full and final
settlement.
(ii)
Issued equity shares for ` 2,00,000, proceeds kept
in current account with bank.
(iii)
` 25,000 collected from customers in cash.
(iv)
Goods costing 8,000 sold for ` 12,500 on credit. | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) Full Health Limited is a beverage company engaged in the production and
distribution of energy drink. It plans to launch a new line of beverages
targeted at health-conscious consumers. The Indian energy drink market,
however, is already saturated with strong competitors, including several
well-established nati... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Next Tech Solutions, an IT services firm, is suffering from declining client
retention, rising operational costs, and outdated service offerings. Employee
morale is low, and the firm's reputation for innovation has faded. Due to
uncompetitive product and services, continuous losses, negative cash flow
from bus... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (c) Mr. Rohit Khanna runs a chain of organic grocery stores under the brand
name "Green Basket" in northern India. Over the past two years, he has
faced intense competition from large retail chains and online delivery
platforms offering organic products at discounted prices. Despite loyal
customers, his profit mar... | [
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... |
Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) In a business strategy, consider a firm pursuing cost leadership to become
the lowest-cost producer in its industry. For this approach to be effective,
what key conditions must be present? However, cost leadership is not
without its pitfalls - discuss the potential disadvantages that could
undermine its effecti... | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) An organization should select the right strategic performance measures
that are aligned with its goals and objectives and provide relevant and
actionable information. Explain all the factors and importance of these
factors that needs to be considered.
(5 Marks) | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Innovation is widely regarded as a catalyst for business growth, enabling
firms to upgrade existing products and processes, enhance customer
satisfaction, and improve profitability. In light of this statement explain
what an innovation offers to the organisation and any risk involved in
doing so.
(5 Marks) | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (a) Porter's five forces model hold that the state of competition in an industry
is a composite of active competitive pressure in the market. Identify the
areas of market in which competitive pressure operates.
(5 Marks) | [
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Paper_6_PYP_Jan_2026.pdf | FM | PYP | Jan_2026 | (b) Objectives with a strategic focus is aimed at achieving outcomes that
enhance an organization's overall business position and competitive
strength. In view of the above statement, enumerate the characteristics of
ideal objectives that are meaningful and effectively serve their intended
purpose.
(5 Marks)
OR | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | Question No. 1 is compulsory.
Attempt any two questions out of the remaining three questions.
In case, any candidate answers extra question(s)/ sub-question(s) over and
above the required number, then only the requisite number of questions first
answered in the answer book shall be valued and subsequent extra
ques... | [
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0.0004... |
Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) Theme Ltd provides you the following information:
12.5 % Debt
` 45,00,000
Debt to Equity ratio
1.5 : 1
Return on Shareholder's fund
54%
Operating Ratio
85%
Ratio of operating expenses to Cost of Goods sold
2 : 6
Tax rate
25%
Fixed Assets ... | [
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-0.023758606985211372,
... |
Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Alpha Limited has provided following information:
Equity Share Capital
25,000 Shares @ ` 100 per Share
15% Debentures
10,000 Debentures@ ` 750/- per Debenture
Sales
50 Lakhs units@ ` 20 per unit
Variable Cost
` 12.50 per unit
Fixed Costs
` 175.00 Lakhs
Due to recent policy changes and entry of foreign ... | [
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... |
Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (c) Following is the sales information in respect of Bright Ltd:
Annual Sales (90 % on credit)
` 7,50,00,000
Credit period
45 days
Average Collection period
70 days
Bad debts
0.75%
Credit administration cost (out of which 2/5th is avoidable) ` 18,60,000
A factor fir... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) The capital structure of Shine Ltd. as on 31.03.2024 is as under:
Particulars
Amount (`)
Equity share capital off 10 each
45,00,000
15% Preference share capital of f 100 each
36,00,000
Retained earnings
32,00,000
13% Convertible Debenture off 100 each
67,00,000
11 % Term Loan
20,00,000
Total
2,00,00,... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Following data is available in respect of Levered and Unlevered companies
having same business risk:
Capital employed = ` 2,00,000, EBIT = ` 25,000 and Ke = 12.5%
Sources
Levered Company (f)
Unlevered Company (`)
Debt (@8%)
Equity
75,000
1,25,000
Nil
2,00,000
An investor is holding 12% shares in le... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) HCP Ltd. is a leading manufacturer of railway parts for passenger coaches
and freight wagons. Due to high wastage of material and quality issues in
production, the General Manager of the company is considering the
replacement of machine A with a new CNC machine B. Machine A has a book
value of ` 4,80,000 and re... | [
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... |
Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (i) Calculate the Net Present Value and Profitability Index and advise the
company for replacement decision.
(ii) Also calculate the discounted pay-back period.
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Vista Limited's retained earnings per share for the year ending 31.03.2023
being 40% is ` 3.60 per share. Company is foreseeing a growth rate of 10%
per annum in the next two years. After that the growth rate is expected to
stabilize at 8% per annum. Company will maintain its existing pay-out ratio.
If the inv... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (i) Maximising Market Price Per Share (MPS) as the financial objective
which maximises the wealth of shareholders.
(ii) A combination of lower risk and higher return is known as risk return
trade off and at this level of risk-return, profit is maximum.
(iii) Financial distress is a position when accounting profi... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) ABC Ltd. is approaching the banks for financing its business activity. You are
required to describe any four forms of bank credit for the consideration of
the company. | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) BOYA Ltd. is a venture in the market present for a decade. Till, 2023, it was
working on the values and vision of its founder while operating in limited
area of operations.
Growth opportunities exist for BOYA Ltd. Considering the changing
environment, company is interested to leverage new skills in marketing,... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Elvis Global is a famous OTT platform facing fierce competition from its
competitors amid changing consumer preferences. This has made it difficult
to retain customers as the existing television channels are also launching
their own platforms. The company has appointed Raghav to lead the
company forward as the... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (c) Yash is planning to launch his new tech start-up. He is exploring different
locations across the country to establish his company in the right business
environment. One option is the city of Bengaluru, the silicon valley of India,
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
with an engaging network of en... | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) ‘Innovation leads to unnecessary expenses that do not give as many
returns.’ Do you agree with the statement? Give reasons in support of your
answer.
(1 + 4 = 5 Marks) | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Explain how organizations can effectively manage strategic uncertainties in
a rapidly changing business environment.
(5 Marks) | [
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... |
Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) What are the key characteristics of business products that contribute to the
overall competitiveness and dynamics of the market?
(5 Marks) | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) ‘A company's mission statement is typically focused on its present business
scope.' Explain the significance of a mission statement.
(5 Marks) | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (a) What are channels? Why is channel analysis important? Explain the
different types of channels?
(1 + 1 + 3 = 5 Marks) | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Explain the concept of vertically integrated diversification. How is forward
integration different from backward integration?
(5 Marks)
OR | [
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Paper_6_PYP_May_2024.pdf | FM | PYP | May_2024 | (b) Recommend a tool to analyze the competitive position of various rival
companies in the market and outline the step by step procedure for using
the identified tool.
(5 Marks) | [
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Paper_6_PYP_September_2024.pdf | FM | PYP | September_2024 | PART - I
Case Scenario 1
RS Limited is manufacturing selling soft drinks in India. The production process
involves one important process which increases the shelf life of the soft drinks.
Presently, the machine used for this purpose is an old one, in which wastage due
to breakage of glass bottles is considerably h... | [
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-... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | Question No. 1 is compulsory.
Attempt any two questions out of the remaining three questions.
In case, any candidate answers extra question(s)/ sub-question(s) over and
above the required number, then only the requisite number of questions first
answered in the answer book shall be valued and subsequent extra
ques... | [
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Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (a) The capital structure of RSA Limited is as under:
(`)
Equity Shares (` 10 per share)
1,00,00,000
8% Irredeemable Preference Shares (`100 per share)
5,00,00,000
Additional Information: | [
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Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (i) Equity shares are quoted at ` 60 each and a new issue priced at ` 60 will
be fully subscribed; flotation cost will be ` 4 per share.
(ii) Issue price of the 8% Irredeemable preference shares was ` 45.
(iii) Current market price of the 8% irredeemable preference shares is ` 55.
RSA Limited has been paying d... | [
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0.0112577760592103,
0.008... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (i) The cost of equity using Gordon's model
(ii) The cost of the irredeemable preference share
(iii) The weighted average cost of capital using market value weights.
(2 + 1 + 2 = 5 Marks) | [
0.008537007495760918,
0.05345854163169861,
0.007515448611229658,
0.026235079392790794,
-0.012903757393360138,
0.0013570659793913364,
0.02786710485816002,
-0.015234789811074734,
0.0022277303505688906,
0.04593241959810257,
0.057513680309057236,
0.04127507656812668,
0.014241863042116165,
-0.0... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (b) Diwan Limited has outlined its financial projections for the fiscal year
2025-26. The company plans to utilize total assets amounting to
FINANCIAL MANAGEMENT AND
STRATEGIC MANAGEMENT
S
` 50,00,000, with 35% of assets financed through debt at interest rate of
10.50% per annum. Projected sales reve... | [
-0.0045418646186590195,
0.025739403441548347,
-0.03622965142130852,
-0.0244334414601326,
-0.017431242391467094,
0.008187931962311268,
0.029456349089741707,
0.007908117957413197,
-0.005743423011153936,
0.04436267912387848,
0.05275415629148483,
0.012971749529242516,
-0.006486400030553341,
0.... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (i) Profit After Tax (PAT)
(ii) Net profit margin (After tax)
(iii) Return on Assets (After tax)
(iv) Asset turnover ratio | [
-0.0033576274290680885,
0.023475991562008858,
-0.029514512047171593,
-0.010682575404644012,
-0.047602783888578415,
-0.04280385747551918,
0.013709602877497673,
0.010707538574934006,
0.014683196321129799,
0.022611357271671295,
-0.012331169098615646,
0.04112263023853302,
-0.02430228516459465,
... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (c) Global Beverage Corporation is considering replacing one of its bottling
machines with a newer and more efficient model. The existing machine was
purchased five years ago for ` 16,00,000 and has a total useful life of ten
years. Currently, the company can sell this machine for ` 9,60,000. The new
machine costs... | [
0.0009301493410021067,
0.04244954511523247,
0.01320404652506113,
0.03168431296944618,
-0.02018730528652668,
-0.037951983511447906,
0.015964433550834656,
0.00287389918230474,
-0.008050539530813694,
0.037742648273706436,
0.04478744789958,
0.009172306396067142,
-0.014627618715167046,
-0.01422... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (a) M/s KRY Limited is a mid-sized company engaged in manufacturing and
sales of Industrial equipment. The capital structure of the company is as
under:
Equity Share Capital (12,500 Shares of `100 each)
`12,50,000
6% Debentures
` 50,00,000
8% Bank of Loan
XXXXX
Other information are as under:
Total Sales ... | [
0.029436729848384857,
0.037256184965372086,
0.026353783905506134,
-0.025707708671689034,
-0.01826293207705021,
-0.013710938394069672,
0.026355987414717674,
-0.014591679908335209,
-0.03109162673354149,
0.04526800289750099,
0.024177949875593185,
0.013966958969831467,
-0.03425540402531624,
-0... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (i) Earnings Before Interest and Tax
(ii) Fixed Cost excluding interest
(iii) Amount of Bank Loan and Bank Interest
(iv) Earning Per Share | [
-0.008831463754177094,
0.02209826186299324,
-0.004520307295024395,
-0.035918138921260834,
-0.01697922684252262,
-0.03105328045785427,
0.003943671938031912,
-0.0020149974152445793,
-0.009034131653606892,
0.026003647595643997,
0.024147924035787582,
0.03876551240682602,
0.048958856612443924,
... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (v) Market Price Per Share
(1 + 1 + 2 + 2 + 1 = 7 Marks) | [
-0.006712212227284908,
0.052460238337516785,
0.017146525904536247,
0.00778325367718935,
-0.003600642317906022,
-0.025311604142189026,
0.032681506127119064,
0.005673347972333431,
0.010296998545527458,
0.03843584284186363,
0.033120229840278625,
0.06693971902132034,
0.005127027165144682,
0.01... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (b) Saraswati Ltd. has started its business a year back with a paid-up equity
capital of ` 50,00,000. The other details are as under:
S
Earnings of company
` 5,00,000
Cost of Capital
` 159.09
Market price per share using Gordon’s Model
8%
Internal rate of return on investment
12%
Number of shares
5... | [
-0.008199814707040787,
0.040716882795095444,
-0.037177398800849915,
-0.03358958289027214,
-0.0026991076301783323,
0.0032495781779289246,
0.016967086121439934,
-0.01287615392357111,
-0.001336455112323165,
0.04144010692834854,
0.05530157312750816,
0.037329889833927155,
0.016115708276629448,
... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (i) Calculate the Dividend paid per share using Gordon's Model.
(ii) What will be Optimum dividend pay-out ratio according to Gordon's
Model when r = Ke?
(2 + 1 = 3 Marks) | [
0.03811882063746452,
0.020735448226332664,
0.003216385142877698,
0.0091385617852211,
0.00906809326261282,
-0.01963176764547825,
0.04586758837103844,
0.008914400823414326,
-0.011600606143474579,
0.050089992582798004,
0.011203782632946968,
0.04605274274945259,
0.015559451654553413,
0.0007692... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (a) AVS Limited is planning to diversify its cotton manufacturing business. The
Chief Financial Officer (CFO) intends to raise fund of ` 22,00,000 for this
project. The current estimates of Earnings Before Interest and Taxes (EBIT)
from the new project are ` 5,00,000 per annum. The company's share is
currently sell... | [
0.007720682770013809,
0.03141673281788826,
-0.029956035315990448,
-0.0024703030940145254,
-0.0304765235632658,
-0.03647001087665558,
0.015422596596181393,
0.003024960169568658,
0.017099538818001747,
0.026472901925444603,
0.031551118940114975,
0.02126970700919628,
0.04142193868756294,
-0.00... |
Paper_6_PYP_September_2025.pdf | FM | PYP | September_2025 | (b) A company issues 20,000, 18% Debentures of `100 each. The debentures are
redeemable after a period of 8 years. The cost of debentures using
approximation method is 14.58%. The corporate tax rate is 30%. You are
required to calculate: | [
-0.012109327130019665,
0.03922174870967865,
0.0046779802069067955,
0.00018647777324076742,
-0.0036034462973475456,
-0.0022993949241936207,
0.02124706283211708,
-0.031893290579319,
0.018702669069170952,
0.05314258486032486,
0.046004947274923325,
0.011460862122476101,
0.030358610674738884,
0... |
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