InCred Equities - Astec Lifesciences Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	4,582	4,353	5,223	5,746
Operating EBITDA (Rsm)	(59)	(617)	527	658
Net Profit (Rsm)	(469)	(1,075)	434	489
Core EPS (Rs)	(23.9)	(54.8)	22.1	24.9
Core EPS Growth	(283.2%)	129.2%	(140.4%)	12.6%
FD Core P/E (x)	(30.05)	(13.11)	32.49	28.85
DPS (Rs)	(1.5)	(3.4)	1.4	1.5
Dividend Yield	(0.21%)	(0.47%)	0.19%	0.21%
EV/EBITDA (x)	(318.71)	(35.96)	41.35	32.16
P/FCFE (x)	9.04	(4.62)	20.20	13.82
Net Gearing	133.0%	307.1%	254.7%	203.8%
P/BV (x)	3.82	5.25	4.56	3.97
ROE	(11.9%)	(33.7%)	15.0%	14.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	4,582	4,353	5,223	5,746
Gross Profit	1,389	871	2,089	2,298
Operating EBITDA	(59)	(617)	527	658
Depreciation And Amortisation	(363)	(535)	(688)	(695)
Operating EBIT	(422)	(1,152)	(160)	(37)
Financial Income/(Expense)	(252)	(350)	(300)	(350)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	56	65	1,040	1,040
Profit Before Tax (pre-EI)	(617)	(1,437)	580	653
Exceptional Items
Pre-tax Profit	(617)	(1,437)	580	653
Taxation	149	362	(146)	(165)
Exceptional Income - post-tax
Profit After Tax	(469)	(1,075)	434	489
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(469)	(1,075)	434	489
Recurring Net Profit	(469)	(1,075)	434	489
Fully Diluted Recurring Net Profit	(469)	(1,075)	434	489

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	(59)	(617)	527	658
Cash Flow from Invt. & Assoc.
Change In Working Capital	70	138	(524)	(314)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(42)	0	0	0
Other Operating Cashflow	1,576	415	1,340	1,390
Net Interest (Paid)/Received	(252)	(350)	(300)	(350)
Tax Paid	149	362	(146)	(165)
Cashflow From Operations	1,441	(52)	898	1,220
Capex	(1,243)	(3,000)	(200)	(200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(166)
Other Investing Cashflow
Cash Flow From Investing	(1,409)	(3,000)	(200)	(200)
Debt Raised/(repaid)	1,527
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	29	66	(27)	(30)
Preferred Dividends
Other Financing Cashflow	(252)	(350)	(300)	(350)
Cash Flow From Financing	1,304	(284)	(327)	(380)
Total Cash Generated	1,336	(3,336)	371	639
Free Cashflow To Equity	1,559	(3,052)	698	1,020
Free Cashflow To Firm	284	(2,702)	998	1,370

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	24	(3,311)	(2,940)	(2,301)
Total Debtors	1,690	1,606	1,927	2,119
Inventories	1,958	1,861	2,233	2,456
Total Other Current Assets	312	312	312	312
Total Current Assets	3,985	467	1,531	2,586
Fixed Assets	5,019	7,484	6,997	6,502
Total Investments	166	166	166	166
Intangible Assets
Total Other Non-Current Assets	579	579	579	579
Total Non-current Assets	5,764	8,229	7,742	7,247
Short-term Debt	2,949	2,949	2,949	2,949
Current Portion of Long-Term Debt
Total Creditors	893	848	1,018	1,120
Other Current Liabilities	130	130	130	130
Total Current Liabilities	3,972	3,927	4,097	4,198
Total Long-term Debt	1,990	1,990	1,990	1,990
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	21	21	21	21
Total Non-current Liabilities	2,011	2,011	2,011	2,011
Total Provisions	72	72	72	72
Total Liabilities	6,054	6,009	6,179	6,281
Shareholders Equity	3,693	2,684	3,091	3,550
Minority Interests	2	2	2	2
Total Equity	3,695	2,687	3,094	3,552

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(27.1%)	(5.0%)	20.0%	10.0%
Operating EBITDA Growth	(107.8%)	943.4%	(185.5%)	24.8%
Operating EBITDA Margin	(1.3%)	(14.2%)	10.1%	11.5%
Net Cash Per Share (Rs)	(250.63)	(420.73)	(401.82)	(369.21)
BVPS (Rs)	188.32	136.90	157.66	181.03
Gross Interest Cover	(1.67)	(3.29)	(0.53)	(0.11)
Effective Tax Rate			25.2%	25.2%
Net Dividend Payout Ratio	6.2%	6.2%	6.2%	6.2%
Accounts Receivables Days	129.02	138.18	123.41	128.51
Inventory Days	280.48	200.15	238.36	248.21
Accounts Payables Days	152.31	91.24	108.66	113.15
ROIC (%)	(4.1%)	(10.1%)	(1.1%)	(0.3%)
ROCE (%)	(5.1%)	(14.1%)	(2.0%)	(0.4%)
Return On Average Assets	(2.8%)	(8.8%)	7.3%	7.9%

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

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

More Reports

Market Data

Source: Bloomberg