InCred Equities - Birla Corporation Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	96,562	91,419	100,214	110,661
Operating EBITDA (Rsm)	14,376	10,753	14,098	17,215
Net Profit (Rsm)	4,138	1,615	3,871	6,084
Core EPS (Rs)	53.7	21.0	50.3	79.0
Core EPS Growth	1,122.4%	(61.0%)	139.7%	57.2%
FD Core P/E (x)	20.75	53.17	22.18	14.11
DPS (Rs)	10.0	3.4	9.0	14.2
Dividend Yield	1.09%	0.36%	0.98%	1.54%
EV/EBITDA (x)	8.08	10.89	8.33	6.77
P/FCFE (x)	25.37	11.02	10.19	9.88
Net Gearing	45.3%	45.9%	44.5%	40.5%
P/BV (x)	1.29	1.26	1.21	1.13
ROE	6.5%	2.4%	5.6%	8.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	96,562	91,419	100,214	110,661
Gross Profit	96,562	91,419	100,214	110,661
Operating EBITDA	14,376	10,753	14,098	17,215
Depreciation And Amortisation	(5,783)	(5,899)	(6,312)	(6,627)
Operating EBIT	8,593	4,855	7,786	10,587
Financial Income/(Expense)	(3,717)	(3,457)	(3,422)	(3,320)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	856	770	832	898
Profit Before Tax (pre-EI)	5,732	2,168	5,195	8,166
Exceptional Items
Pre-tax Profit	5,732	2,168	5,195	8,166
Taxation	(1,594)	(553)	(1,325)	(2,082)
Exceptional Income - post-tax
Profit After Tax	4,138	1,615	3,871	6,084
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,138	1,615	3,871	6,084
Recurring Net Profit	4,138	1,615	3,871	6,084
Fully Diluted Recurring Net Profit	4,138	1,615	3,871	6,084

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	14,376	10,753	14,098	17,215
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,185)	421	(411)	(676)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	856	770	832	898
Other Operating Cashflow	8,458	8,458	8,458	8,458
Net Interest (Paid)/Received	(3,717)	(3,457)	(3,422)	(3,320)
Tax Paid	(1,594)	(553)	(1,325)	(2,082)
Cashflow From Operations	16,195	16,393	18,230	20,493
Capex	(5,255)	(7,600)	(8,300)	(9,300)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,745)	(1,500)	(1,500)	(1,000)
Cash Flow From Investing	(7,001)	(9,100)	(9,800)	(10,300)
Debt Raised/(repaid)	(5,809)	500		(1,500)
Proceeds From Issue Of Shares		0	0
Shares Repurchased
Dividends Paid	(770)	(258)	(697)	(1,095)
Preferred Dividends
Other Financing Cashflow	(3,112)	(8,013)	(8,105)	(8,188)
Cash Flow From Financing	(9,691)	(7,771)	(8,801)	(10,783)
Total Cash Generated	(497)	(477)	(372)	(591)
Free Cashflow To Equity	3,385	7,794	8,430	8,693
Free Cashflow To Firm	12,911	10,750	11,852	13,512

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	7,439	6,961	6,590	5,999
Total Debtors	4,149	4,258	4,668	5,154
Inventories	9,646	9,518	10,159	11,218
Total Other Current Assets	8,582	8,045	9,019	10,181
Total Current Assets	29,816	28,782	30,435	32,552
Fixed Assets	97,893	98,994	100,682	103,055
Total Investments	7,035	8,035	9,035	9,535
Intangible Assets	4,805	5,305	5,805	6,305
Total Other Non-Current Assets	4,813	5,413	5,713	6,013
Total Non-current Assets	114,546	117,747	121,235	124,908
Short-term Debt	5,845	7,345	7,345	6,845
Current Portion of Long-Term Debt
Total Creditors	8,680	8,782	9,394	10,233
Other Current Liabilities	10,659	10,422	11,424	12,615
Total Current Liabilities	25,184	26,548	28,163	29,693
Total Long-term Debt	31,853	30,853	30,853	29,853
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	20,587	21,087	21,587	22,087
Total Non-current Liabilities	52,440	51,940	52,440	51,940
Total Provisions
Total Liabilities	77,624	78,488	80,602	81,633
Shareholders Equity	66,738	68,040	71,068	75,826
Minority Interests	0	0	0	0
Total Equity	66,738	68,040	71,068	75,827

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	11.2%	(5.3%)	9.6%	10.4%
Operating EBITDA Growth	86.2%	(25.2%)	31.1%	22.1%
Operating EBITDA Margin	14.9%	11.8%	14.1%	15.6%
Net Cash Per Share (Rs)	(392.94)	(405.63)	(410.46)	(398.65)
BVPS (Rs)	866.66	883.58	922.89	984.69
Gross Interest Cover	2.31	1.40	2.28	3.19
Effective Tax Rate	27.8%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	22.5%	19.4%	21.8%	21.8%
Accounts Receivables Days	13.95	16.78	16.25	16.20
Inventory Days	38.29	38.26	35.83	35.25
Accounts Payables Days	39.70	39.51	38.52	38.33
ROIC (%)	7.8%	4.3%	6.8%	8.9%
ROCE (%)	8.3%	4.6%	7.2%	9.5%
Return On Average Assets	5.5%	3.5%	4.9%	6.1%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg