InCred Equities - Torrent Pharmaceuticals Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	107,280	115,160	126,828	141,000
Operating EBITDA (Rsm)	33,680	37,210	41,599	47,216
Net Profit (Rsm)	16,560	19,110	23,661	27,724
Core EPS (Rs)	47.1	57.0	69.9	81.9
Core EPS Growth	28.0%	21.0%	22.7%	17.2%
FD Core P/E (x)	75.72	62.60	51.01	43.53
DPS (Rs)	30.0	30.0	30.0	20.0
Dividend Yield	0.84%	0.84%	0.84%	0.56%
EV/EBITDA (x)	36.70	33.05	29.20	25.31
P/FCFE (x)	19.36	26.37	21.03	18.13
Net Gearing	43.1%	30.8%	9.2%	(10.9%)
P/BV (x)	17.60	15.90	13.50	11.28
ROE	24.4%	26.7%	28.6%	28.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	107,280	115,160	126,828	141,000
Gross Profit	80,420	87,400	96,643	107,865
Operating EBITDA	33,680	37,210	41,599	47,216
Depreciation And Amortisation	(8,080)	(7,950)	(8,100)	(8,550)
Operating EBIT	25,600	29,260	33,499	38,666
Financial Income/(Expense)	(3,540)	(2,520)	(2,200)	(2,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	580	230	250	300
Profit Before Tax (pre-EI)	22,640	26,970	31,549	36,966
Exceptional Items	880	(240)
Pre-tax Profit	23,520	26,730	31,549	36,966
Taxation	(6,960)	(7,620)	(7,887)	(9,241)
Exceptional Income - post-tax
Profit After Tax	16,560	19,110	23,661	27,724
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,560	19,110	23,661	27,724
Recurring Net Profit	15,940	19,282	23,661	27,724
Fully Diluted Recurring Net Profit	15,940	19,282	23,661	27,724

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	33,680	37,210	41,599	47,216
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,180	(4,810)	(3,510)	(3,189)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(5,200)	(6,550)	(7,887)	(9,241)
Net Interest (Paid)/Received	(3,540)	(2,520)	(2,200)	(2,000)
Tax Paid	(3,120)	(4,020)	(5,937)	(7,541)
Cashflow From Operations	32,660	25,850	30,202	34,785
Capex	(2,990)	(5,930)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	29,670	19,920	27,202	31,785
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,150)	(10,830)	(10,153)	(10,153)
Preferred Dividends
Other Financing Cashflow	(16,990)	(11,980)	(14,326)	(12,094)
Cash Flow From Financing	(27,140)	(22,810)	(24,480)	(22,248)
Total Cash Generated	2,530	(2,890)	2,722	9,538
Free Cashflow To Equity	62,330	45,770	57,404	66,571
Free Cashflow To Firm	65,870	48,290	59,604	68,571

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	9,800	6,910	9,632	19,170
Total Debtors	18,440	18,670	20,927	22,560
Inventories	22,790	25,410	26,634	28,200
Total Other Current Assets	5,080	5,240	6,341	5,640
Total Current Assets	56,110	56,230	63,534	75,570
Fixed Assets	35,780	38,220	33,120	27,570
Total Investments	320	440	440	440
Intangible Assets	49,210	46,020	46,020	46,020
Total Other Non-Current Assets	9,190	8,990	8,990	8,990
Total Non-current Assets	94,500	93,670	88,570	83,020
Short-term Debt	23,340	18,340	17,000	7,500
Current Portion of Long-Term Debt
Total Creditors	20,890	18,200	19,029	17,884
Other Current Liabilities	10,030	10,630	10,874	11,327
Total Current Liabilities	54,260	47,170	46,902	36,711
Total Long-term Debt	16,040	11,920	884	(11)
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,750	14,900	14,900	14,900
Total Non-current Liabilities	27,790	26,820	15,784	14,889
Total Provisions
Total Liabilities	82,050	73,990	62,686	51,601
Shareholders Equity	68,560	75,910	89,418	106,989
Minority Interests
Total Equity	68,560	75,910	89,418	106,989

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	11.5%	7.3%	10.1%	11.2%
Operating EBITDA Growth	18.5%	10.5%	11.8%	13.5%
Operating EBITDA Margin	31.4%	32.3%	32.8%	33.5%
Net Cash Per Share (Rs)	(87.40)	(68.99)	(24.38)	34.51
BVPS (Rs)	202.57	224.29	264.20	316.12
Gross Interest Cover	7.23	11.61	15.23	19.33
Effective Tax Rate	29.6%	28.5%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	64.44	58.81	56.98	56.29
Inventory Days	306.36	316.88	314.66	302.01
Accounts Payables Days	256.02	256.99	225.09	203.31
ROIC (%)	17.5%	19.2%	22.3%	26.3%
ROCE (%)	23.0%	27.3%	31.4%	34.9%
Return On Average Assets	12.2%	14.1%	16.8%	18.8%

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

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Market Data

Source: Bloomberg