InCred Equities - Apex Frozen Foods Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	10,270	9,378	11,347	12,868
Operating EBITDA (Rsm)	408	802	1,323	1,480
Net Profit (Rsm)	422	419	840	946
Core EPS (Rs)	13.5	13.4	26.9	30.3
Core EPS Growth	2.6%	(0.7%)	100.7%	12.6%
FD Core P/E (x)	16.02	16.13	8.04	7.14
DPS (Rs)	1.3	1.3	2.7	3.0
Dividend Yield	0.62%	0.62%	1.24%	1.40%
EV/EBITDA (x)	18.51	8.46	4.79	3.82
P/FCFE (x)	13.73	16.21	11.17	7.84
Net Gearing	15.5%	0.6%	(6.6%)	(15.5%)
P/BV (x)	1.32	1.23	1.08	0.95
ROE	8.5%	7.9%	14.3%	14.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	10,270	9,378	11,347	12,868
Gross Profit	2,840	2,659	3,404	3,860
Operating EBITDA	408	802	1,323	1,480
Depreciation And Amortisation	(211)	(195)	(223)	(252)
Operating EBIT	196	606	1,100	1,228
Financial Income/(Expense)	369	(39)	35	50
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	566	567	1,135	1,279
Exceptional Items
Pre-tax Profit	566	567	1,135	1,279
Taxation	(144)	(149)	(295)	(332)
Exceptional Income - post-tax
Profit After Tax	422	419	840	946
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	422	419	840	946
Recurring Net Profit	422	419	840	946
Fully Diluted Recurring Net Profit	422	419	840	946

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	408	802	1,323	1,480
Cash Flow from Invt. & Assoc.
Change In Working Capital	914	243	(537)	(415)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	538	70	113	129
Tax Paid	(144)	(149)	(295)	(332)
Cashflow From Operations	1,715	966	605	861
Capex	(724)	(50)	0	0
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(724)	(50)	0	0
Debt Raised/(repaid)	(500)	(500)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(42)	(42)	(84)	(95)
Preferred Dividends
Other Financing Cashflow	(169)	(109)	(78)	(78)
Cash Flow From Financing	(711)	(651)	(162)	(173)
Total Cash Generated	281	265	442	689
Free Cashflow To Equity	492	416	605	861
Free Cashflow To Firm	992	916	605	861

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	355	621	1,063	1,752
Total Debtors	1,407	1,285	1,554	1,763
Inventories	1,125	1,028	1,244	1,410
Total Other Current Assets	786	718	869	985
Total Current Assets	3,674	3,651	4,730	5,910
Fixed Assets	3,118	2,972	2,749	2,498
Total Investments
Intangible Assets
Total Other Non-Current Assets	13	13	13	13
Total Non-current Assets	3,131	2,986	2,763	2,511
Short-term Debt	861	361	361	361
Current Portion of Long-Term Debt
Total Creditors	366	334	404	458
Other Current Liabilities
Total Current Liabilities	1,227	695	765	819
Total Long-term Debt	291	291	291	291
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	291	291	291	291
Total Provisions	154	140	170	192
Total Liabilities	1,671	1,126	1,226	1,303
Shareholders Equity	5,134	5,510	6,266	7,118
Minority Interests
Total Equity	5,134	5,510	6,266	7,118

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	12.3%	(8.7%)	21.0%	13.4%
Operating EBITDA Growth	(48.6%)	96.7%	65.0%	11.9%
Operating EBITDA Margin	4.0%	8.6%	11.7%	11.5%
Net Cash Per Share (Rs)	(25.49)	(1.00)	13.16	35.19
BVPS (Rs)	164.28	176.33	200.52	227.77
Gross Interest Cover	1.17	5.55	14.06	15.70
Effective Tax Rate	25.5%	26.2%	26.0%	26.0%
Net Dividend Payout Ratio	7.4%	7.4%	7.4%	7.4%
Accounts Receivables Days	49.39	52.38	45.66	47.04
Inventory Days	77.47	58.49	52.18	53.76
Accounts Payables Days	15.14	19.01	16.96	17.47
ROIC (%)	3.0%	10.0%	19.4%	20.4%
ROCE (%)	3.1%	9.7%	16.8%	16.7%
Return On Average Assets	2.9%	9.0%	15.6%	15.4%

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

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Market Data

Source: Bloomberg