InCred Equities - Laxmi Organic Industries Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	27,966	30,763	33,839	37,223
Operating EBITDA (Rsm)	2,445	2,469	3,190	4,015
Net Profit (Rsm)	1,246	1,029	1,349	1,659
Core EPS (Rs)	4.7	3.9	5.1	6.3
Core EPS Growth	(51.4%)	(17.5%)	31.2%	23.0%
FD Core P/E (x)	53.29	64.56	49.22	40.02
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	28.15	28.89	23.00	18.39
P/FCFE (x)	(107.38)	113.90	43.91	252.46
Net Gearing	17.4%	32.7%	42.4%	41.1%
P/BV (x)	4.70	4.38	4.03	3.66
ROE	9.2%	7.0%	8.5%	9.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	27,966	30,763	33,839	37,223
Gross Profit	9,414	9,844	10,998	12,284
Operating EBITDA	2,445	2,469	3,190	4,015
Depreciation And Amortisation	(724)	(797)	(869)	(1,160)
Operating EBIT	1,721	1,672	2,321	2,855
Financial Income/(Expense)	(113)	(418)	(638)	(758)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	121	121	121	121
Profit Before Tax (pre-EI)	1,729	1,375	1,804	2,218
Exceptional Items
Pre-tax Profit	1,729	1,375	1,804	2,218
Taxation	(483)	(347)	(454)	(559)
Exceptional Income - post-tax
Profit After Tax	1,246	1,029	1,349	1,659
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,246	1,029	1,349	1,659
Recurring Net Profit	1,246	1,029	1,349	1,659
Fully Diluted Recurring Net Profit	1,246	1,029	1,349	1,659

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	2,445	2,469	3,190	4,015
Cash Flow from Invt. & Assoc.
Change In Working Capital	(133)	(910)	(1,094)	(1,314)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	66
Other Operating Cashflow	226	538	758	878
Net Interest (Paid)/Received	(113)	(418)	(638)	(758)
Tax Paid	(501)	(347)	(454)	(559)
Cashflow From Operations	1,991	1,333	1,762	2,263
Capex	(4,759)	(3,250)	(3,250)	(2,000)
Disposals Of FAs/subsidiaries	1
Acq. Of Subsidiaries/investments
Other Investing Cashflow	916
Cash Flow From Investing	(3,841)	(3,250)	(3,250)	(2,000)
Debt Raised/(repaid)	1,232	2,500	3,000
Proceeds From Issue Of Shares	2
Shares Repurchased
Dividends Paid	(24)
Preferred Dividends
Other Financing Cashflow	1,114
Cash Flow From Financing	2,325	2,500	3,000
Total Cash Generated	474	583	1,512	263
Free Cashflow To Equity	(618)	583	1,512	263
Free Cashflow To Firm	(1,738)	(1,499)	(850)	1,021

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	1,509	1,515	2,473	2,010
Total Debtors	5,702	6,461	7,320	8,294
Inventories	2,942	3,560	4,308	5,212
Total Other Current Assets	2,014	2,014	2,014	2,014
Total Current Assets	12,167	13,550	16,115	17,530
Fixed Assets	11,527	13,980	16,361	17,201
Total Investments	28	28	28	28
Intangible Assets	85	114	114	114
Total Other Non-Current Assets	315	327	327	327
Total Non-current Assets	11,955	14,449	16,830	17,670
Short-term Debt	2,666	5,166	8,166	8,166
Current Portion of Long-Term Debt
Total Creditors	4,663	5,130	5,643	6,207
Other Current Liabilities	972	972	972	972
Total Current Liabilities	8,301	11,268	14,780	15,345
Total Long-term Debt	1,303	1,303	1,303	1,303
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	81	81	81	81
Total Non-current Liabilities	1,385	1,385	1,385	1,385
Total Provisions	312	197	281	312
Total Liabilities	9,998	12,849	16,446	17,042
Shareholders Equity	14,118	15,146	16,495	18,154
Minority Interests	6	4	4	4
Total Equity	14,124	15,150	16,499	18,158

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(9.3%)	10.0%	10.0%	10.0%
Operating EBITDA Growth	(33.5%)	1.0%	29.2%	25.9%
Operating EBITDA Margin	8.7%	8.0%	9.4%	10.8%
Net Cash Per Share (Rs)	(9.33)	(18.79)	(26.53)	(28.29)
BVPS (Rs)	53.54	57.44	62.55	68.85
Gross Interest Cover	15.29	4.00	3.64	3.77
Effective Tax Rate	27.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	80.83	72.16	74.32	76.55
Inventory Days	65.70	56.73	62.86	69.66
Accounts Payables Days	115.88	85.44	86.07	86.71
ROIC (%)	9.7%	7.4%	8.5%	9.0%
ROCE (%)	10.4%	8.3%	9.7%	10.6%
Return On Average Assets	5.7%	5.1%	6.0%	6.5%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg