InCred Equities - Torrent Pharmaceuticals Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	96,200	107,280	115,969	131,515
Operating EBITDA (Rsm)	28,420	33,680	37,609	44,064
Net Profit (Rsm)	12,450	16,560	19,312	25,848
Core EPS (Rs)	36.8	47.1	57.1	76.4
Core EPS Growth	14.8%	28.0%	21.2%	33.8%
FD Core P/E (x)	87.18	68.09	56.20	41.99
DPS (Rs)	22.0	30.0	30.0	30.0
Dividend Yield	0.69%	0.94%	0.94%	0.94%
EV/EBITDA (x)	39.79	33.10	29.65	24.94
P/FCFE (x)	46.76	17.41	41.29	18.67
Net Gearing	73.7%	43.1%	38.8%	14.8%
P/BV (x)	17.51	15.83	13.97	11.62
ROE	20.5%	24.4%	26.4%	30.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	96,200	107,280	115,969	131,515
Gross Profit	68,850	80,420	88,127	100,707
Operating EBITDA	28,420	33,680	37,609	44,064
Depreciation And Amortisation	(7,070)	(8,080)	(7,950)	(8,500)
Operating EBIT	21,350	25,600	29,659	35,564
Financial Income/(Expense)	(3,330)	(3,540)	(2,670)	(2,100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	450	580	600	1,000
Profit Before Tax (pre-EI)	18,470	22,640	27,589	34,464
Exceptional Items		880
Pre-tax Profit	18,470	23,520	27,589	34,464
Taxation	(6,020)	(6,960)	(8,277)	(8,616)
Exceptional Income - post-tax
Profit After Tax	12,450	16,560	19,312	25,848
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,450	16,560	19,312	25,848
Recurring Net Profit	12,450	15,940	19,312	25,848
Fully Diluted Recurring Net Profit	12,450	15,940	19,312	25,848

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	28,420	33,680	37,609	44,064
Cash Flow from Invt. & Assoc.
Change In Working Capital	(182)	4,180	(14,689)	(4,882)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(4,557)	(5,200)	(8,277)	(8,616)
Net Interest (Paid)/Received	(3,330)	(3,540)	(2,670)	(2,100)
Tax Paid	(1,674)	(3,120)	(6,207)	(7,516)
Cashflow From Operations	23,681	32,660	14,643	30,565
Capex	(4,152)	(2,990)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(20,000)
Other Investing Cashflow
Cash Flow From Investing	(471)	29,670	11,643	27,565
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,630)	(10,150)	(10,153)	(10,153)
Preferred Dividends
Other Financing Cashflow	10,471	(16,990)	(10,362)	(4,164)
Cash Flow From Financing	1,841	(27,140)	(20,516)	(14,317)
Total Cash Generated	1,370	2,530	(8,872)	13,248
Free Cashflow To Equity	23,210	62,330	26,287	58,131
Free Cashflow To Firm	26,540	65,870	28,957	60,231

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	7,270	9,800	928	14,176
Total Debtors	19,440	18,440	23,194	26,303
Inventories	22,300	22,790	28,992	32,879
Total Other Current Assets	4,280	5,080	5,798	6,576
Total Current Assets	53,290	56,110	58,912	79,934
Fixed Assets	34,600	35,780	30,830	25,330
Total Investments	430	320	320	320
Intangible Assets	54,270	49,210	49,210	49,210
Total Other Non-Current Assets	7,530	9,190	9,190	9,190
Total Non-current Assets	96,830	94,500	89,550	84,050
Short-term Debt	28,010	23,340	23,340	23,340
Current Portion of Long-Term Debt
Total Creditors	16,790	20,890	17,758	19,598
Other Current Liabilities	9,670	10,030	10,147	11,199
Total Current Liabilities	54,470	54,260	51,246	54,136
Total Long-term Debt	24,960	16,040	7,748	4,684
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	8,710	11,750	11,750	11,750
Total Non-current Liabilities	33,670	27,790	19,498	16,434
Total Provisions
Total Liabilities	88,140	82,050	70,743	70,570
Shareholders Equity	61,980	68,560	77,719	93,413
Minority Interests
Total Equity	61,980	68,560	77,719	93,413

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	13.1%	11.5%	8.1%	13.4%
Operating EBITDA Growth	16.9%	18.5%	11.7%	17.2%
Operating EBITDA Margin	29.5%	31.4%	32.4%	33.5%
Net Cash Per Share (Rs)	(135.03)	(87.40)	(89.11)	(40.92)
BVPS (Rs)	183.13	202.57	229.63	276.01
Gross Interest Cover	6.41	7.23	11.11	16.94
Effective Tax Rate	32.6%	29.6%	30.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	67.86	64.44	65.52	68.69
Inventory Days	313.09	306.36	339.43	366.51
Accounts Payables Days	223.74	256.02	253.34	221.29
ROIC (%)	13.8%	17.5%	18.6%	22.4%
ROCE (%)	19.8%	23.0%	27.4%	30.9%
Return On Average Assets	10.6%	12.2%	14.3%	17.6%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg