InCred Equities - Aurobindo Pharma

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	248,554	290,019	312,611	342,244
Operating EBITDA (Rsm)	37,582	58,430	67,074	75,409
Net Profit (Rsm)	19,275	31,716	37,102	44,525
Core EPS (Rs)	32.9	57.4	63.3	76.0
Core EPS Growth	(30.6%)	74.5%	10.3%	20.0%
FD Core P/E (x)	38.00	21.78	19.74	16.45
DPS (Rs)	7.5	6.0	7.0	8.0
Dividend Yield	0.60%	0.48%	0.56%	0.64%
EV/EBITDA (x)	19.02	12.48	10.57	9.06
P/FCFE (x)	15.78	20.29	39.56	10.75
Net Gearing	(5.2%)	(0.1%)	(6.1%)	(12.3%)
P/BV (x)	2.73	2.45	2.21	1.97
ROE	7.5%	11.9%	11.8%	12.6%
% 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	312,611	342,244
Gross Profit	135,621	163,990	185,301	201,912
Operating EBITDA	37,582	58,430	67,074	75,409
Depreciation And Amortisation	(12,446)	(15,217)	(16,500)	(17,500)
Operating EBIT	25,136	43,213	50,574	57,909
Financial Income/(Expense)	(1,405)	(2,897)	(4,000)	(3,500)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,510	5,574	6,500	7,500
Profit Before Tax (pre-EI)	26,242	45,890	53,074	61,909
Exceptional Items
Pre-tax Profit	26,242	45,890	53,074	61,909
Taxation	(6,849)	(12,110)	(15,922)	(17,335)
Exceptional Income - post-tax		(1,919)
Profit After Tax	19,393	31,861	37,152	44,575
Minority Interests	(118)	(146)	(50)	(50)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,275	31,716	37,102	44,525
Recurring Net Profit	19,275	33,634	37,102	44,525
Fully Diluted Recurring Net Profit	19,275	33,634	37,102	44,525

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	37,582	58,430	67,074	75,409
Cash Flow from Invt. & Assoc.
Change In Working Capital	(10,950)	(16,751)	(15,221)	(17,053)
(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)	(4,000)	(3,500)
Tax Paid	(17,921)	(18,472)	(21,385)	(12,704)
Cashflow From Operations	23,868	24,345	35,881	40,971
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)	(2,855)	20,881	25,971
Debt Raised/(repaid)	24,576	14,613	(38,245)	1,169
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)	2,500	4,000
Cash Flow From Financing	18,690	3,796	(39,261)	1,068
Total Cash Generated	16,661	941	(18,379)	27,039
Free Cashflow To Equity	46,415	36,103	18,517	68,111
Free Cashflow To Firm	23,244	24,387	60,763	70,442

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	62,476	63,417	45,037	72,076
Total Debtors	44,664	48,167	53,144	58,181
Inventories	85,112	98,082	112,540	123,208
Total Other Current Assets	23,204	32,389	31,261	34,224
Total Current Assets	215,457	242,056	241,982	287,690
Fixed Assets	124,918	142,849	141,349	138,849
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	204,659
Short-term Debt	42,426	41,803	41,803	41,803
Current Portion of Long-Term Debt
Total Creditors	38,713	44,542	46,263	46,486
Other Current Liabilities	33,799	35,647	37,010	38,402
Total Current Liabilities	114,938	121,991	125,076	126,691
Total Long-term Debt	6,190	21,349	(16,896)	(15,727)
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	(8,029)	(6,860)
Total Provisions
Total Liabilities	130,381	152,207	117,047	119,831
Shareholders Equity	268,399	298,428	331,964	372,337
Minority Interests	120	80	130	180
Total Equity	268,519	298,508	332,094	372,517

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	6.0%	16.7%	7.8%	9.5%
Operating EBITDA Growth	(14.3%)	55.5%	14.8%	12.4%
Operating EBITDA Margin	15.1%	20.1%	21.5%	22.0%
Net Cash Per Share (Rs)	23.66	0.45	34.36	78.51
BVPS (Rs)	458.07	509.32	566.55	635.45
Gross Interest Cover	17.89	14.92	12.64	16.55
Effective Tax Rate	26.1%	26.4%	30.0%	28.0%
Net Dividend Payout Ratio
Accounts Receivables Days	62.25	58.42	59.14	59.36
Inventory Days	259.61	265.28	301.93	306.59
Accounts Payables Days	106.24	120.56	130.17	120.62
ROIC (%)	7.2%	10.6%	11.9%	13.0%
ROCE (%)	8.5%	12.7%	14.1%	15.3%
Return On Average Assets	5.5%	8.5%	8.9%	10.0%

(91) 22 4161 1552 praful.bohra@incredresearch.com

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

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Market Data

Source: Bloomberg