InCred Equities - Birla Corporation Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	96,562	91,106	99,495	109,658
Operating EBITDA (Rsm)	14,376	10,710	13,600	16,672
Net Profit (Rsm)	4,138	1,693	3,645	5,826
Core EPS (Rs)	53.7	22.0	47.3	75.7
Core EPS Growth	1,122.4%	(59.1%)	115.3%	59.8%
FD Core P/E (x)	20.36	49.77	23.11	14.46
DPS (Rs)	10.0	3.5	8.5	13.6
Dividend Yield	1.11%	0.39%	0.94%	1.51%
EV/EBITDA (x)	7.96	10.64	8.37	6.75
P/FCFE (x)	24.89	8.55	9.07	8.77
Net Gearing	45.3%	43.6%	41.8%	37.5%
P/BV (x)	1.26	1.24	1.19	1.12
ROE	6.5%	2.5%	5.2%	8.0%
% 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	91,106	99,495	109,658
Gross Profit	96,562	91,106	99,495	109,658
Operating EBITDA	14,376	10,710	13,600	16,672
Depreciation And Amortisation	(5,783)	(5,783)	(6,130)	(6,437)
Operating EBIT	8,593	4,927	7,470	10,235
Financial Income/(Expense)	(3,717)	(3,383)	(3,349)	(3,248)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	856	727	771	833
Profit Before Tax (pre-EI)	5,732	2,272	4,893	7,819
Exceptional Items
Pre-tax Profit	5,732	2,272	4,893	7,819
Taxation	(1,594)	(579)	(1,248)	(1,994)
Exceptional Income - post-tax
Profit After Tax	4,138	1,693	3,645	5,826
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,138	1,693	3,645	5,826
Recurring Net Profit	4,138	1,693	3,645	5,826
Fully Diluted Recurring Net Profit	4,138	1,693	3,645	5,826

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	14,376	10,710	13,600	16,672
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,185)	(285)	(242)	(317)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	856	727	771	833
Other Operating Cashflow	8,458	8,458	8,458	8,458
Net Interest (Paid)/Received	(3,717)	(3,383)	(3,349)	(3,248)
Tax Paid	(1,594)	(579)	(1,248)	(1,994)
Cashflow From Operations	16,195	15,649	17,991	20,403
Capex	(5,255)	(5,100)	(7,200)	(8,300)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,745)	(1,200)	(1,500)	(1,000)
Cash Flow From Investing	(7,001)	(6,300)	(8,700)	(9,300)
Debt Raised/(repaid)	(5,809)	500		(1,500)
Proceeds From Issue Of Shares			0	0
Shares Repurchased
Dividends Paid	(770)	(271)	(656)	(1,049)
Preferred Dividends
Other Financing Cashflow	(3,112)	(8,515)	(8,596)	(8,679)
Cash Flow From Financing	(9,691)	(8,286)	(9,252)	(11,227)
Total Cash Generated	(497)	1,063	39	(124)
Free Cashflow To Equity	3,385	9,849	9,291	9,603
Free Cashflow To Firm	12,911	12,732	12,640	14,352

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	7,439	8,502	8,541	8,418
Total Debtors	4,149	4,742	4,907	5,107
Inventories	9,646	10,234	10,631	11,416
Total Other Current Assets	8,582	7,926	8,955	10,089
Total Current Assets	29,816	31,405	33,034	35,030
Fixed Assets	97,893	97,109	97,979	99,543
Total Investments	7,035	8,035	9,035	9,535
Intangible Assets	4,805	5,005	5,505	6,005
Total Other Non-Current Assets	4,813	4,913	5,113	5,413
Total Non-current Assets	114,546	115,062	117,632	120,496
Short-term Debt	5,845	7,345	7,345	6,845
Current Portion of Long-Term Debt
Total Creditors	8,680	9,103	9,585	10,230
Other Current Liabilities	10,659	10,477	11,342	12,501
Total Current Liabilities	25,184	26,924	28,272	29,575
Total Long-term Debt	31,853	30,853	30,853	29,853
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	20,587	20,587	20,587	20,587
Total Non-current Liabilities	52,440	51,440	51,440	50,440
Total Provisions
Total Liabilities	77,624	78,364	79,712	80,015
Shareholders Equity	66,738	68,103	70,954	75,510
Minority Interests	0	0	0	0
Total Equity	66,738	68,103	70,954	75,511

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	11.2%	(5.7%)	9.2%	10.2%
Operating EBITDA Growth	86.2%	(25.5%)	27.0%	22.6%
Operating EBITDA Margin	14.9%	11.8%	13.7%	15.2%
Net Cash Per Share (Rs)	(392.94)	(385.62)	(385.11)	(367.24)
BVPS (Rs)	866.66	884.39	921.41	980.59
Gross Interest Cover	2.31	1.46	2.23	3.15
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	17.81	17.70	16.67
Inventory Days	38.29	39.82	38.27	36.69
Accounts Payables Days	39.70	40.37	39.71	38.89
ROIC (%)	7.8%	4.5%	6.7%	8.9%
ROCE (%)	8.3%	4.7%	6.9%	9.2%
Return On Average Assets	5.5%	3.5%	4.7%	5.9%

(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