InCred Equities - Prism Johnson Ltd

	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Revenue (Rsm)	55,871	63,063	69,431	78,836
Operating EBITDA (Rsm)	6,218	5,232	5,853	8,585
Net Profit (Rsm)	1,712	738	1,255	2,878
Core EPS (Rs)	3.5	1.5	2.5	5.7
Core EPS Growth	2,076.1%	(55.9%)	62.3%	129.4%
FD Core P/E (x)	53.63	124.45	73.19	31.90
DPS (Rs)			0.6	1.0
Dividend Yield			0.40%	0.66%
EV/EBITDA (x)	16.87	20.27	17.71	11.94
P/FCFE (x)	18.34	132.63	55.09	116.18
Net Gearing	67.1%	72.0%	54.0%	41.5%
P/BV (x)	7.40	6.94	6.50	5.60
ROE	15.1%	6.0%	9.2%	18.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Total Net Revenues	55,871	63,063	69,431	78,836
Gross Profit	55,871	63,063	69,431	78,836
Operating EBITDA	6,218	5,232	5,853	8,585
Depreciation And Amortisation	(2,925)	(3,097)	(3,375)	(3,780)
Operating EBIT	3,293	2,135	2,478	4,805
Financial Income/(Expense)	(2,104)	(1,851)	(1,740)	(1,688)
Pretax Income/(Loss) from Assoc.	43	69
Non-Operating Income/(Expense)	382	397	405	413
Profit Before Tax (pre-EI)	1,613	749	1,142	3,530
Exceptional Items	(48)	(90)
Pre-tax Profit	1,565	660	1,142	3,530
Taxation	(162)	(400)	(365)	(1,130)
Exceptional Income - post-tax
Profit After Tax	1,403	260	777	2,400
Minority Interests	309	478	478	478
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,712	738	1,255	2,878
Recurring Net Profit	1,755	773	1,255	2,878
Fully Diluted Recurring Net Profit	1,755	773	1,255	2,878

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
EBITDA	6,218	5,232	5,853	8,585
Cash Flow from Invt. & Assoc.
Change In Working Capital	7,176	491	(700)	(1,287)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	382	397	405	413
Other Operating Cashflow	1,270	1,097	1,097	1,097
Net Interest (Paid)/Received	(2,104)	(1,851)	(1,740)	(1,688)
Tax Paid	(131)	130	(365)	(1,130)
Cashflow From Operations	12,811	5,496	4,549	5,990
Capex	(1,869)	(3,517)	(3,450)	(3,600)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(781)	387	2,268	0
Cash Flow From Investing	(2,650)	(3,129)	(1,182)	(3,600)
Debt Raised/(repaid)	(5,153)	(1,675)	(1,700)	(1,600)
Proceeds From Issue Of Shares			956	956
Shares Repurchased
Dividends Paid			302	503
Preferred Dividends
Other Financing Cashflow	(2,909)	(1,741)	(302)	(503)
Cash Flow From Financing	(8,061)	(3,415)	(744)	(644)
Total Cash Generated	2,100	(1,049)	2,623	1,747
Free Cashflow To Equity	5,009	692	1,667	790
Free Cashflow To Firm	12,265	4,218	5,107	4,079

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Total Cash And Equivalents	7,050	4,113	4,795	4,358
Total Debtors	6,309	6,238	6,943	8,208
Inventories	5,805	8,049	7,228	8,424
Total Other Current Assets	2,691	3,996	3,819	4,415
Total Current Assets	21,855	22,395	22,786	25,404
Fixed Assets	29,238	29,475	30,400	30,620
Total Investments	4,973	7,168	7,168	7,168
Intangible Assets	1,552	2,268
Total Other Non-Current Assets	4,105	3,263	2,413	2,013
Total Non-current Assets	39,867	42,175	39,981	39,801
Short-term Debt	2,976	3,829	3,629	3,829
Current Portion of Long-Term Debt
Total Creditors	9,458	11,379	8,273	8,807
Other Current Liabilities	11,824	12,814	14,928	16,161
Total Current Liabilities	24,258	28,022	26,829	28,798
Total Long-term Debt	14,298	11,770	10,270	8,470
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	7,927	8,823	8,823	8,823
Total Non-current Liabilities	22,225	20,593	19,093	17,293
Total Provisions
Total Liabilities	46,483	48,615	45,922	46,091
Shareholders Equity	12,415	13,230	14,119	16,389
Minority Interests	2,824	2,725	2,725	2,725
Total Equity	15,239	15,955	16,845	19,114

	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Revenue Growth	(6.2%)	12.9%	10.1%	13.5%
Operating EBITDA Growth	15.4%	(15.9%)	11.9%	46.7%
Operating EBITDA Margin	11.1%	8.3%	8.4%	10.9%
Net Cash Per Share (Rs)	(20.31)	(22.82)	(18.09)	(15.78)
BVPS (Rs)	24.67	26.28	28.05	32.56
Gross Interest Cover	1.57	1.15	1.42	2.85
Effective Tax Rate	10.3%	60.6%	32.0%	32.0%
Net Dividend Payout Ratio			29.1%	21.2%
Accounts Receivables Days	43.95	36.31	34.65	35.07
Inventory Days	43.19	40.09	40.16	36.23
Accounts Payables Days	63.09	65.76	56.41	44.37
ROIC (%)	11.6%	7.3%	9.0%	16.7%
ROCE (%)	9.7%	6.7%	8.0%	15.5%
Return On Average Assets	5.8%	3.5%	4.0%	6.4%

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

(91) 2241611558 saurabh.singh@incredresearch.com

Market Data

Source: Bloomberg