InCred Equities

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	904,876	897,603	908,281	948,589
Operating EBITDA (Rsm)	168,936	169,830	179,609	196,358
Net Profit (Rsm)	113,500	110,452	119,793	131,640
Core EPS (Rs)	20.7	20.4	22.7	25.1
Core EPS Growth	(3.8%)	(1.3%)	11.0%	10.9%
FD Core P/E (x)	27.15	27.51	24.78	22.35
DPS (Rs)	1.0	1.0	18.3	20.1
Dividend Yield	0.18%	0.17%	3.26%	3.58%
EV/EBITDA (x)	16.85	16.41	14.90	13.26
P/FCFE (x)	28.24	18.86	24.16	21.73
Net Gearing	(30.2%)	(33.8%)	(38.1%)	(42.6%)
P/BV (x)	3.97	4.02	3.82	3.70
ROE	15.9%	14.5%	15.8%	16.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	904,876	897,603	908,281	948,589
Gross Profit	293,232	300,177	302,003	321,572
Operating EBITDA	168,936	169,830	179,609	196,358
Depreciation And Amortisation	(33,802)	(34,071)	(33,835)	(35,098)
Operating EBIT	135,134	135,759	145,774	161,260
Financial Income/(Expense)	6,815	6,929	8,476	9,821
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	5,765	4,755	5,677	5,597
Profit Before Tax (pre-EI)	147,714	147,443	159,927	176,678
Exceptional Items
Pre-tax Profit	147,714	147,443	159,927	176,678
Taxation	(33,992)	(36,089)	(38,383)	(43,286)
Exceptional Income - post-tax
Profit After Tax	113,722	111,354	121,545	133,392
Minority Interests	(222)	(902)	(1,752)	(1,752)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	113,500	110,452	119,793	131,640
Recurring Net Profit	113,500	110,452	119,793	131,640
Fully Diluted Recurring Net Profit	113,500	110,452	119,793	131,640

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	168,936	169,830	179,609	196,358
Cash Flow from Invt. & Assoc.
Change In Working Capital	(14,556)	18,051	(6,102)	(5,426)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(222)	(902)	(1,752)	(1,752)
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(30,218)	(15,360)	(38,383)	(43,286)
Cashflow From Operations	123,940	171,619	133,373	145,894
Capex	(14,834)	(10,510)	(10,510)	(10,510)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(69,231)	22,190	27,385	29,311
Cash Flow From Investing	(84,065)	11,680	16,875	18,801
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased		(145,173)
Dividends Paid	(32,814)	(5,218)	(95,834)	(105,312)
Preferred Dividends
Other Financing Cashflow	(28,067)	(32,176)	(13,232)	(13,894)
Cash Flow From Financing	(60,881)	(182,567)	(109,066)	(119,206)
Total Cash Generated	(21,006)	732	41,182	45,490
Free Cashflow To Equity	109,106	161,109	122,863	135,384
Free Cashflow To Firm	39,875	183,299	150,248	164,695

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	401,112	408,124	449,306	494,795
Total Debtors	186,865	173,822	181,656	189,718
Inventories	1,188	907	907	907
Total Other Current Assets	71,931	67,809	67,809	67,809
Total Current Assets	661,096	650,662	699,678	753,229
Fixed Assets	107,209	99,317	75,992	51,404
Total Investments	28,722	32,293	32,293	32,293
Intangible Assets	346,530	344,197	344,197	344,197
Total Other Non-Current Assets	27,780	21,437	21,437	21,437
Total Non-current Assets	510,241	497,244	473,919	449,331
Short-term Debt	88,821	79,166	79,166	79,166
Current Portion of Long-Term Debt
Total Creditors	59,723	57,655	59,387	62,023
Other Current Liabilities	119,209	115,637	115,637	115,637
Total Current Liabilities	267,753	252,458	254,190	256,826
Total Long-term Debt	61,272	62,300	62,300	62,300
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	65,044	86,478	86,478	86,478
Total Non-current Liabilities	126,316	148,778	148,778	148,778
Total Provisions
Total Liabilities	394,069	401,236	402,968	405,604
Shareholders Equity	776,679	745,330	769,289	795,617
Minority Interests	589	1,340	1,340	1,340
Total Equity	777,268	746,670	770,629	796,957

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	14.4%	(0.8%)	1.2%	4.4%
Operating EBITDA Growth	2.6%	0.5%	5.8%	9.3%
Operating EBITDA Margin	18.7%	18.9%	19.8%	20.7%
Net Cash Per Share (Rs)	42.85	47.43	56.14	64.82
BVPS (Rs)	141.59	139.89	146.95	151.98
Gross Interest Cover	13.41	10.82	11.02	11.61
Effective Tax Rate	23.0%	24.5%	24.0%	24.5%
Net Dividend Payout Ratio	4.8%	4.7%	80.0%	80.0%
Accounts Receivables Days	73.19	73.33	71.43	71.45
Inventory Days	0.75	0.64	0.55	0.53
Accounts Payables Days	36.47	35.86	35.23	35.34
ROIC (%)	21.4%	18.2%	20.7%	23.6%
ROCE (%)	11.8%	11.1%	12.1%	13.0%
Return On Average Assets	9.7%	9.2%	9.9%	10.6%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 02241611554 smit.gosrani@incredresearch.com

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Market Data

Source: Bloomberg