InCred Equities - Crompton Greaves Consumer Electricals

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	73,128	81,214	90,067	101,184
Operating EBITDA (Rsm)	7,137	8,927	10,533	11,736
Net Profit (Rsm)	4,418	5,790	7,050	7,949
Core EPS (Rs)	6.9	9.0	11.0	12.4
Core EPS Growth	(7.5%)	30.8%	21.8%	12.7%
FD Core P/E (x)	49.05	37.51	30.81	27.32
DPS (Rs)	3.0	4.0	5.0	6.0
Dividend Yield	0.88%	1.18%	1.48%	1.78%
EV/EBITDA (x)	30.50	24.14	20.24	17.80
P/FCFE (x)	79.43	124.32	40.06	30.79
Net Gearing	(10.2%)	(16.6%)	(20.8%)	(28.5%)
P/BV (x)	7.22	6.54	5.86	5.28
ROE	15.6%	18.3%	20.1%	20.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	73,128	81,214	90,067	101,184
Gross Profit	23,125	25,728	29,001	32,885
Operating EBITDA	7,137	8,927	10,533	11,736
Depreciation And Amortisation	(1,288)	(1,337)	(1,378)	(1,421)
Operating EBIT	5,849	7,590	9,155	10,315
Financial Income/(Expense)	(406)	34	166	211
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	288	150	158	165
Profit Before Tax (pre-EI)	5,731	7,774	9,478	10,691
Exceptional Items
Pre-tax Profit	5,731	7,774	9,478	10,691
Taxation	(1,313)	(1,903)	(2,311)	(2,604)
Exceptional Income - post-tax
Profit After Tax	4,418	5,871	7,167	8,087
Minority Interests		(81)	(117)	(138)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,418	5,790	7,050	7,949
Recurring Net Profit	4,418	5,790	7,050	7,949
Fully Diluted Recurring Net Profit	4,418	5,790	7,050	7,949

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	7,137	8,927	10,533	11,736
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,226	(1,132)	(2,182)	(492)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(351)	184	324	376
Net Interest (Paid)/Received	406	(34)	(166)	(211)
Tax Paid	(984)	(1,903)	(2,311)	(2,604)
Cashflow From Operations	8,434	6,041	6,197	8,805
Capex	(838)	(721)	(743)	(765)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,663)	(500)	(500)	(1,500)
Other Investing Cashflow	432	425	467	514
Cash Flow From Investing	(2,069)	(796)	(775)	(1,751)
Debt Raised/(repaid)	(3,640)	(3,500)
Proceeds From Issue Of Shares	893
Shares Repurchased
Dividends Paid	(1,912)	(2,572)	(3,216)	(3,859)
Preferred Dividends
Other Financing Cashflow	(754)	(390)	(301)	(303)
Cash Flow From Financing	(5,413)	(6,463)	(3,517)	(4,162)
Total Cash Generated	952	(1,218)	1,905	2,892
Free Cashflow To Equity	2,725	1,745	5,422	7,054
Free Cashflow To Firm	5,573	4,855	5,121	6,751

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	9,499	8,781	11,187	15,579
Total Debtors	7,209	7,565	8,390	9,425
Inventories	8,304	9,123	10,117	11,366
Total Other Current Assets	2,036	2,229	2,966	3,332
Total Current Assets	27,048	27,698	32,659	39,702
Fixed Assets	19,584	18,968	18,332	17,676
Total Investments
Intangible Assets	12,855	12,855	12,855	12,855
Total Other Non-Current Assets	1,330	1,354	1,416	1,482
Total Non-current Assets	33,769	33,177	32,603	32,012
Short-term Debt	3,000	1,247	1,247	1,247
Current Portion of Long-Term Debt
Total Creditors	13,145	13,350	13,572	15,247
Other Current Liabilities	4,174	4,228	4,442	4,990
Total Current Liabilities	20,318	18,825	19,260	21,484
Total Long-term Debt	2,990	1,243	1,243	1,243
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,920	2,920	2,920	2,920
Total Non-current Liabilities	5,910	4,163	4,163	4,163
Total Provisions	99	99	99	99
Total Liabilities	26,327	23,087	23,522	25,746
Shareholders Equity	29,996	33,214	37,049	41,139
Minority Interests	4,494	4,575	4,691	4,829
Total Equity	34,490	37,789	41,740	45,969

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	6.5%	11.1%	10.9%	12.3%
Operating EBITDA Growth	(7.4%)	25.1%	18.0%	11.4%
Operating EBITDA Margin	9.8%	11.0%	11.7%	11.6%
Net Cash Per Share (Rs)	5.49	9.83	13.59	20.45
BVPS (Rs)	46.97	51.88	57.87	64.26
Gross Interest Cover	7.39	19.45	30.40	34.02
Effective Tax Rate	22.9%	24.5%	24.4%	24.4%
Net Dividend Payout Ratio	33.4%	33.4%	34.3%	36.6%
Accounts Receivables Days	34.73	33.20	32.33	32.13
Inventory Days	57.46	57.32	57.50	57.40
Accounts Payables Days	85.76	87.14	80.46	77.01
ROIC (%)	16.2%	22.3%	26.5%	28.6%
ROCE (%)	15.4%	19.8%	22.7%	23.3%
Return On Average Assets	10.5%	12.7%	14.8%	15.3%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg