InCred Equities - Laxmi Organic Industries Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	28,650	30,000	33,000	36,300
Operating EBITDA (Rsm)	2,557	2,900	3,600	4,044
Net Profit (Rsm)	1,205	1,192	1,332	1,412
Core EPS (Rs)	4.6	4.5	5.1	5.4
Core EPS Growth	(3.3%)	(1.1%)	11.8%	6.0%
FD Core P/E (x)	39.71	40.16	35.93	33.89
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	17.52	15.80	13.21	12.13
P/FCFE (x)	(25.30)	11.26	(37.08)	(45.63)
Net Gearing	(16.9%)	(10.6%)	(1.4%)	5.5%
P/BV (x)	2.66	2.50	2.34	2.18
ROE	7.5%	6.4%	6.7%	6.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	28,650	30,000	33,000	36,300
Gross Profit	9,403	10,500	11,880	13,068
Operating EBITDA	2,557	2,900	3,600	4,044
Depreciation And Amortisation	(1,066)	(1,319)	(1,656)	(1,993)
Operating EBIT	1,491	1,581	1,944	2,051
Financial Income/(Expense)	(65)	(270)	(445)	(445)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	282	282	282	282
Profit Before Tax (pre-EI)	1,708	1,593	1,781	1,888
Exceptional Items
Pre-tax Profit	1,708	1,593	1,781	1,888
Taxation	(503)	(402)	(449)	(476)
Exceptional Income - post-tax
Profit After Tax	1,205	1,192	1,332	1,412
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,205	1,192	1,332	1,412
Recurring Net Profit	1,205	1,192	1,332	1,412
Fully Diluted Recurring Net Profit	1,205	1,192	1,332	1,412

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	2,557	2,900	3,600	4,044
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,086	(529)	(724)	(900)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	67
Other Operating Cashflow	342	552	727	727
Net Interest (Paid)/Received	(65)	(270)	(445)	(445)
Tax Paid	(371)	(402)	(449)	(476)
Cashflow From Operations	5,616	2,251	2,709	2,951
Capex	(2,477)	(3,000)	(4,000)	(4,000)
Disposals Of FAs/subsidiaries	2
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,421)
Cash Flow From Investing	(4,895)	(3,000)	(4,000)	(4,000)
Debt Raised/(repaid)	(2,612)	5,000
Proceeds From Issue Of Shares	(2)
Shares Repurchased
Dividends Paid	(133)
Preferred Dividends
Other Financing Cashflow	2,328	(270)	(445)	(445)
Cash Flow From Financing	(419)	4,730	(445)	(445)
Total Cash Generated	301	3,981	(1,736)	(1,494)
Free Cashflow To Equity	(1,892)	4,251	(1,291)	(1,049)
Free Cashflow To Firm	786	(479)	(846)	(604)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	4,402	8,383	6,647	5,153
Total Debtors	5,834	6,293	7,129	8,078
Inventories	2,833	3,264	3,949	4,778
Total Other Current Assets	1,703	1,703	1,703	1,703
Total Current Assets	14,772	19,642	19,429	19,712
Fixed Assets	13,150	14,831	17,175	19,182
Total Investments	28	28	28	28
Intangible Assets	66	66	66	66
Total Other Non-Current Assets	256	256	256	256
Total Non-current Assets	13,500	15,181	17,525	19,532
Short-term Debt	385	385	385	385
Current Portion of Long-Term Debt
Total Creditors	7,621	7,980	8,778	9,656
Other Current Liabilities	905	905	905	905
Total Current Liabilities	8,911	9,270	10,068	10,946
Total Long-term Debt	972	5,972	5,972	5,972
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	64	64	64	64
Total Non-current Liabilities	1,036	6,036	6,036	6,036
Total Provisions	345	345	345	345
Total Liabilities	10,292	15,651	16,449	17,327
Shareholders Equity	17,976	19,168	20,501	21,913
Minority Interests	4	4	4	4
Total Equity	17,980	19,172	20,504	21,917

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	2.4%	4.7%	10.0%	10.0%
Operating EBITDA Growth	4.6%	13.4%	24.1%	12.3%
Operating EBITDA Margin	8.9%	9.7%	10.9%	11.1%
Net Cash Per Share (Rs)	11.54	7.68	1.10	(4.57)
BVPS (Rs)	68.17	72.69	77.74	83.10
Gross Interest Cover	22.77	5.86	4.37	4.61
Effective Tax Rate	29.4%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	73.49	73.77	74.23	76.45
Inventory Days	54.76	57.06	62.32	68.56
Accounts Payables Days	116.48	146.01	144.81	144.81
ROIC (%)	6.2%	7.7%	8.3%	7.4%
ROCE (%)	7.9%	7.0%	7.3%	7.4%
Return On Average Assets	4.8%	4.4%	4.6%	4.6%

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

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

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Market Data

Source: Bloomberg