Two companies, S Ltd. and T Ltd., are identical except that S Ltd. uses debt financing through 9,00,000 debentures carrying a 10% interest rate, while T Ltd. does not use any debt. Both companies earn a 20% operating profit on total assets of Rs. 15 lakhs and are subject to a 35% tax rate and a 15% capitalization rate. The value of each company must be computed using the Net Income approach.