InCred Equities - Aurobindo Pharma

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	248,554	290,019	313,241	342,987
Operating EBITDA (Rsm)	37,582	58,430	67,443	75,844
Net Profit (Rsm)	19,275	31,716	36,380	43,758
Core EPS (Rs)	32.9	57.4	62.1	74.7
Core EPS Growth	(30.6%)	74.5%	8.2%	20.3%
FD Core P/E (x)	35.20	20.17	18.65	15.50
DPS (Rs)	7.5	6.0	7.0	8.0
Dividend Yield	0.65%	0.52%	0.60%	0.69%
EV/EBITDA (x)	17.58	11.55	9.73	8.32
P/FCFE (x)	14.62	17.17	33.52	9.89
Net Gearing	(5.2%)	(0.1%)	(5.8%)	(12.0%)
P/BV (x)	2.53	2.27	2.05	1.83
ROE	7.5%	11.9%	11.6%	12.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	248,554	290,019	313,241	342,987
Gross Profit	135,621	163,990	185,670	202,347
Operating EBITDA	37,582	58,430	67,443	75,844
Depreciation And Amortisation	(12,446)	(15,217)	(16,500)	(18,000)
Operating EBIT	25,136	43,213	50,943	57,844
Financial Income/(Expense)	(1,405)	(2,897)	(4,500)	(3,500)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,510	5,574	5,600	6,500
Profit Before Tax (pre-EI)	26,242	45,890	52,043	60,844
Exceptional Items
Pre-tax Profit	26,242	45,890	52,043	60,844
Taxation	(6,849)	(12,110)	(15,613)	(17,036)
Exceptional Income - post-tax		(1,919)
Profit After Tax	19,393	31,861	36,430	43,808
Minority Interests	(118)	(146)	(50)	(50)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,275	31,716	36,380	43,758
Recurring Net Profit	19,275	33,634	36,380	43,758
Fully Diluted Recurring Net Profit	19,275	33,634	36,380	43,758

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	37,582	58,430	67,443	75,844
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,950)	(16,751)	(15,501)	(17,113)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	16,561	4,035	9,413	(1,181)
Net Interest (Paid)/Received	(1,405)	(2,897)	(4,500)	(3,500)
Tax Paid	(17,921)	(16,763)	(20,086)	(12,815)
Cashflow From Operations	23,868	26,054	36,769	41,235
Capex	(23,927)	(27,201)	(15,000)	(15,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,970)
Other Investing Cashflow
Cash Flow From Investing	(2,029)	(1,146)	21,769	26,235
Debt Raised/(repaid)	24,576	14,613	(38,299)	1,119
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,395)	(2,636)	(3,516)	(4,102)
Preferred Dividends
Other Financing Cashflow	(1,491)	(8,180)	1,100	3,000
Cash Flow From Financing	18,690	3,796	(40,715)	18
Total Cash Generated	16,661	2,650	(18,946)	26,253
Free Cashflow To Equity	46,415	39,521	20,238	68,589
Free Cashflow To Firm	23,244	27,805	63,038	70,970

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	62,476	63,417	43,982	70,644
Total Debtors	44,664	48,167	53,251	58,308
Inventories	85,112	98,082	112,767	123,475
Total Other Current Assets	23,204	32,389	31,324	34,299
Total Current Assets	215,457	242,056	241,324	286,726
Fixed Assets	124,918	142,849	141,349	138,349
Total Investments	3,917	3,217	3,217	3,217
Intangible Assets	39,219	40,766	40,766	40,766
Total Other Non-Current Assets	15,389	21,827	21,827	21,827
Total Non-current Assets	183,443	208,659	207,159	204,159
Short-term Debt	42,426	41,803	41,803	41,803
Current Portion of Long-Term Debt
Total Creditors	38,713	44,542	46,328	46,557
Other Current Liabilities	33,799	35,647	37,062	38,460
Total Current Liabilities	114,938	121,991	125,194	126,821
Total Long-term Debt	6,190	21,349	(16,950)	(15,831)
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	9,254	8,867	8,867	8,867
Total Non-current Liabilities	15,444	30,216	(8,083)	(6,964)
Total Provisions
Total Liabilities	130,381	152,207	117,110	119,856
Shareholders Equity	268,399	298,428	331,242	370,849
Minority Interests	120	80	130	180
Total Equity	268,519	298,508	331,372	371,029

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	6.0%	16.7%	8.0%	9.5%
Operating EBITDA Growth	(14.3%)	55.5%	15.4%	12.5%
Operating EBITDA Margin	15.1%	20.1%	21.5%	22.1%
Net Cash Per Share (Rs)	23.66	0.45	32.65	76.24
BVPS (Rs)	458.07	509.32	565.32	632.91
Gross Interest Cover	17.89	14.92	11.32	16.53
Effective Tax Rate	26.1%	26.4%	30.0%	28.0%
Net Dividend Payout Ratio
Accounts Receivables Days	62.25	58.42	59.09	59.36
Inventory Days	259.61	265.28	301.63	306.56
Accounts Payables Days	106.24	120.56	130.00	120.53
ROIC (%)	7.2%	10.6%	12.0%	13.0%
ROCE (%)	8.5%	12.7%	14.2%	15.4%
Return On Average Assets	5.5%	8.5%	8.9%	9.9%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg