InCred Equities - Kaveri Seed Co Ltd

	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Revenue (Rsm)	10,363	9,700	11,032	12,938
Operating EBITDA (Rsm)	2,980	2,025	2,680	3,215
Net Profit (Rsm)	3,119	2,131	2,655	3,108
Core EPS (Rs)	51.7	35.9	45.5	53.3
Core EPS Growth	22.4%	(30.5%)	26.7%	17.0%
FD Core P/E (x)	16.18	23.29	18.37	15.70
DPS (Rs)	3.9	2.7	3.4	4.0
Dividend Yield	0.46%	0.33%	0.40%	0.48%
EV/EBITDA (x)	14.89	21.87	15.04	11.89
P/FCFE (x)	169.24	28.17	27.53	(80.64)
Net Gearing	(1.0%)	(1.5%)	(8.9%)	(2.4%)
P/BV (x)	4.06	3.81	3.22	2.72
ROE	28.3%	16.9%	19.0%	18.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Total Net Revenues	10,363	9,700	11,032	12,938
Gross Profit	4,957	4,362	5,168	6,061
Operating EBITDA	2,980	2,025	2,680	3,215
Depreciation And Amortisation	(222)	(209)	(221)	(173)
Operating EBIT	2,758	1,816	2,459	3,041
Financial Income/(Expense)	(5)	(1)	(1)	(1)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	457	413	304	229
Profit Before Tax (pre-EI)	3,210	2,228	2,762	3,270
Exceptional Items
Pre-tax Profit	3,210	2,228	2,762	3,270
Taxation	(98)	(100)	(119)	(163)
Exceptional Income - post-tax
Profit After Tax	3,112	2,128	2,643	3,106
Minority Interests	7	3	13	2
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,119	2,131	2,655	3,108
Recurring Net Profit	3,119	2,131	2,655	3,108
Fully Diluted Recurring Net Profit	3,119	2,131	2,655	3,108

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
EBITDA	2,980	2,025	2,680	3,215
Cash Flow from Invt. & Assoc.
Change In Working Capital	(542)	(933)	(1,001)	687
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	261	253	304	229
Other Operating Cashflow	(69)	(152)	1,711	(1,601)
Net Interest (Paid)/Received	(5)	(1)	(1)	(1)
Tax Paid	(106)	(87)	(119)	(163)
Cashflow From Operations	2,519	1,105	3,574	2,366
Capex	(391)	652	(100)	(200)
Disposals Of FAs/subsidiaries	2	2
Acq. Of Subsidiaries/investments	(1,780)	3	(2,000)	(3,000)
Other Investing Cashflow	(4)	4	304	229
Cash Flow From Investing	(2,173)	661	(1,797)	(2,971)
Debt Raised/(repaid)	(47)	(5)	(5)
Proceeds From Issue Of Shares		(1,463)
Shares Repurchased
Dividends Paid	238	230	197	233
Preferred Dividends
Other Financing Cashflow	(481)	(460)	(483)	(548)
Cash Flow From Financing	(291)	(1,698)	(291)	(315)
Total Cash Generated	55	69	1,487	(920)
Free Cashflow To Equity	298	1,762	1,772	(605)
Free Cashflow To Firm	350	1,768	1,778	(604)

(Rs mn)	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Total Cash And Equivalents	141	198	1,352	429
Total Debtors	1,057	1,107	1,360	1,595
Inventories	7,195	7,606	4,498	5,276
Total Other Current Assets	293	1,425	1,621	1,901
Total Current Assets	8,686	10,337	8,832	9,201
Fixed Assets	2,765	2,849	2,828	2,854
Total Investments	5,990	5,166	7,166	10,166
Intangible Assets
Total Other Non-Current Assets	2,178	439	121	142
Total Non-current Assets	10,933	8,454	10,115	13,162
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	6,881	5,493	3,615	4,239
Other Current Liabilities
Total Current Liabilities	6,881	5,493	3,615	4,239
Total Long-term Debt	11	6	1	1
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities		308
Total Non-current Liabilities	11	313	1	1
Total Provisions	274	151	152	154
Total Liabilities	7,165	5,957	3,767	4,394
Shareholders Equity	12,444	12,821	15,154	17,942
Minority Interests	10	13	26	27
Total Equity	12,454	12,834	15,179	17,969

	Mar-21A	Mar-22A	Mar-23F	Mar-24F
Revenue Growth	11.4%	(6.4%)	13.7%	17.3%
Operating EBITDA Growth	17.7%	(32.0%)	32.3%	19.9%
Operating EBITDA Margin	28.8%	20.9%	24.3%	24.8%
Net Cash Per Share (Rs)	2.16	3.30	23.17	7.34
BVPS (Rs)	206.27	219.83	259.83	307.64
Gross Interest Cover	546.08	1,424.33	2,797.88	4,357.38
Effective Tax Rate	3.1%	4.5%	4.3%	5.0%
Net Dividend Payout Ratio	7.5%	7.5%	7.4%	7.5%
Accounts Receivables Days	39.39	40.71	40.81	41.68
Inventory Days	488.74	506.03	376.73	259.37
Accounts Payables Days	431.00	423.02	283.46	208.42
ROIC (%)	44.8%	26.3%	29.7%	42.4%
ROCE (%)	24.6%	14.2%	17.4%	18.2%
Return On Average Assets	17.6%	11.1%	14.0%	15.0%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com

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Market Data

Source: Bloomberg