InCred Equities - India Pesticides Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	8,849	8,741	9,399	10,113
Operating EBITDA (Rsm)	1,969	1,387	1,536	1,700
Net Profit (Rsm)	1,432	982	1,086	1,202
Core EPS (Rs)	12.4	8.5	9.4	10.4
Core EPS Growth	(10.6%)	(31.4%)	10.6%	10.6%
FD Core P/E (x)	11.15	16.25	14.70	13.29
DPS (Rs)	1.5	1.1	1.2	1.3
Dividend Yield	1.35%	0.92%	1.02%	1.13%
EV/EBITDA (x)	7.82	10.39	8.88	7.52
P/FCFE (x)	154.26	22.64	52.47	35.78
Net Gearing	(7.4%)	(18.3%)	(24.3%)	(29.6%)
P/BV (x)	2.07	1.88	1.66	1.48
ROE	20.3%	12.1%	12.0%	11.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	8,849	8,741	9,399	10,113
Gross Profit	4,000	3,496	3,760	4,045
Operating EBITDA	1,969	1,387	1,536	1,700
Depreciation And Amortisation	(114)	(146)	(156)	(166)
Operating EBIT	1,856	1,241	1,380	1,534
Financial Income/(Expense)	(72)	(34)	(34)	(34)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	132	107	107	107
Profit Before Tax (pre-EI)	1,916	1,313	1,452	1,607
Exceptional Items
Pre-tax Profit	1,916	1,313	1,452	1,607
Taxation	(484)	(331)	(366)	(405)
Exceptional Income - post-tax
Profit After Tax	1,432	982	1,086	1,202
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,432	982	1,086	1,202
Recurring Net Profit	1,432	982	1,086	1,202
Fully Diluted Recurring Net Profit	1,432	982	1,086	1,202

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	1,969	1,387	1,536	1,700
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,125)	282	(268)	(290)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(39)
Other Operating Cashflow	192	107	107	107
Net Interest (Paid)/Received	(72)	(34)	(34)	(34)
Tax Paid	(472)	(536)	(536)	(536)
Cashflow From Operations	454	1,205	804	946
Capex	(760)	(500)	(500)	(500)
Disposals Of FAs/subsidiaries	2	0	0	0
Acq. Of Subsidiaries/investments
Other Investing Cashflow	516
Cash Flow From Investing	(243)	(500)	(500)	(500)
Debt Raised/(repaid)	(108)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(86)	(147)	(163)	(180)
Preferred Dividends
Other Financing Cashflow	(54)
Cash Flow From Financing	(248)	(147)	(163)	(180)
Total Cash Generated	(37)	558	141	266
Free Cashflow To Equity	104	705	304	446
Free Cashflow To Firm	283	739	339	481

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	611	1,742	2,512	3,368
Total Debtors	2,621	3,026	3,254	3,501
Inventories	2,250	1,705	1,833	1,972
Total Other Current Assets	366	366	366	366
Total Current Assets	5,847	6,839	7,966	9,208
Fixed Assets	2,756	2,810	2,854	2,889
Total Investments	121	121	121	121
Intangible Assets
Total Other Non-Current Assets	485	485	485	485
Total Non-current Assets	3,361	3,416	3,460	3,494
Short-term Debt	19	108	108	108
Current Portion of Long-Term Debt
Total Creditors	1,031	1,174	1,263	1,358
Other Current Liabilities	211	211	211	211
Total Current Liabilities	1,261	1,493	1,581	1,677
Total Long-term Debt	17	74	74	74
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	81	81	81	81
Total Non-current Liabilities	98	156	156	156
Total Provisions	118	95	95	95
Total Liabilities	1,477	1,744	1,833	1,928
Shareholders Equity	7,731	8,511	9,593	10,774
Minority Interests
Total Equity	7,731	8,511	9,593	10,774

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	23.6%	(1.2%)	7.5%	7.6%
Operating EBITDA Growth	(7.9%)	(29.6%)	10.7%	10.7%
Operating EBITDA Margin	22.3%	15.9%	16.3%	16.8%
Net Cash Per Share (Rs)	4.99	13.54	20.23	27.66
BVPS (Rs)	67.13	73.90	83.30	93.55
Gross Interest Cover	25.94	36.14	40.19	44.69
Effective Tax Rate	25.3%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	15.0%	15.0%	15.0%	15.0%
Accounts Receivables Days	105.18	117.90	121.94	121.91
Inventory Days	137.22	137.61	114.50	114.47
Accounts Payables Days	75.02	76.75	78.85	78.83
ROIC (%)	25.4%	12.8%	14.7%	15.7%
ROCE (%)	25.6%	14.9%	14.8%	14.7%
Return On Average Assets	17.3%	10.4%	10.3%	10.2%

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

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

Market Data

Source: Bloomberg