InCred Equities - SKF India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	44,877	51,469	58,195	66,411
Operating EBITDA (Rsm)	7,176	8,541	9,856	11,294
Net Profit (Rsm)	5,518	6,685	7,747	8,833
Core EPS (Rs)	111.6	135.2	156.7	178.7
Core EPS Growth	5.1%	21.1%	15.9%	14.0%
FD Core P/E (x)	41.77	34.48	29.75	26.09
DPS (Rs)	130.0	50.0	60.0	70.0
Dividend Yield	2.79%	1.07%	1.29%	1.50%
EV/EBITDA (x)	30.43	25.31	21.71	18.68
P/FCFE (x)	39.07	52.34	44.13	35.68
Net Gearing	(45.1%)	(46.0%)	(46.2%)	(47.5%)
P/BV (x)	8.59	7.43	6.43	5.60
ROE	20.6%	21.5%	21.6%	21.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	45,701	51,469	58,195	66,411
Gross Profit	17,918	20,176	22,929	26,365
Operating EBITDA	7,176	8,541	9,856	11,294
Depreciation And Amortisation	(746)	(847)	(968)	(1,123)
Operating EBIT	6,430	7,694	8,888	10,171
Financial Income/(Expense)	(12)	(12)	(12)	(12)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	940	1,303	1,536	1,713
Profit Before Tax (pre-EI)	7,358	8,985	10,412	11,873
Exceptional Items
Pre-tax Profit	7,358	8,985	10,412	11,873
Taxation	(1,840)	(2,300)	(2,666)	(3,039)
Exceptional Income - post-tax
Profit After Tax	5,518	6,685	7,747	8,833
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,518	6,685	7,747	8,833
Recurring Net Profit	5,518	6,685	7,747	8,833
Fully Diluted Recurring Net Profit	5,518	6,685	7,747	8,833

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	7,176	8,541	9,856	11,294
Cash Flow from Invt. & Assoc.	182	443	557	578
Change In Working Capital	1,059	(1,599)	(1,779)	(1,485)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	746	847	968	1,123
Other Operating Cashflow	(940)	(1,303)	(1,536)	(1,713)
Net Interest (Paid)/Received	(12)	(12)	(12)	(12)
Tax Paid	(1,840)	(2,300)	(2,666)	(3,039)
Cashflow From Operations	6,371	4,618	5,386	6,746
Capex	(1,384)	(1,400)	(1,700)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	940	1,303	1,536	1,713
Cash Flow From Investing	(444)	(97)	(164)	(287)
Debt Raised/(repaid)	(27)	(118)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(6,427)	(2,472)	(2,966)	(3,461)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(6,454)	(2,590)	(2,966)	(3,461)
Total Cash Generated	(527)	1,931	2,256	2,999
Free Cashflow To Equity	5,900	4,403	5,223	6,459
Free Cashflow To Firm	5,939	4,533	5,235	6,471

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,221	14,276	16,544	19,555
Total Debtors	7,513	8,884	10,363	11,827
Inventories	6,839	7,702	8,708	9,938
Total Other Current Assets	3,930	4,227	4,573	4,997
Total Current Assets	30,503	35,088	40,189	46,316
Fixed Assets	5,611	6,163	6,896	7,773
Total Investments	90	90	90	90
Intangible Assets
Total Other Non-Current Assets	311
Total Non-current Assets	6,012	6,253	6,986	7,863
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	7,131	7,756	8,450	9,643
Other Current Liabilities	2,438	2,745	3,104	3,542
Total Current Liabilities	9,569	10,501	11,554	13,185
Total Long-term Debt	118
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	118
Total Provisions
Total Liabilities	9,687	10,501	11,554	13,185
Shareholders Equity	26,828	31,041	35,821	41,194
Minority Interests
Total Equity	26,828	31,041	35,821	41,194

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	6.0%	14.7%	13.1%	14.1%
Operating EBITDA Growth	(4.2%)	19.0%	15.4%	14.6%
Operating EBITDA Margin	16.0%	16.6%	16.9%	17.0%
Net Cash Per Share (Rs)	244.81	288.75	334.63	395.53
BVPS (Rs)	542.65	627.85	724.54	833.21
Gross Interest Cover	531.40	635.86	734.55	840.62
Effective Tax Rate	25.0%	25.6%	25.6%	25.6%
Net Dividend Payout Ratio	116.5%	37.0%	38.3%	39.2%
Accounts Receivables Days	57.10	58.14	60.36	60.98
Inventory Days	89.99	84.80	84.92	84.98
Accounts Payables Days	(86.78)	(86.82)	(83.86)	(82.46)
ROIC (%)	43.9%	46.7%	46.8%	47.6%
ROCE (%)	23.9%	24.8%	24.8%	24.7%
Return On Average Assets	15.1%	16.2%	16.4%	16.3%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg