InCred Equities - Divi's Laboratories

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	77,675	78,450	91,940	106,917
Operating EBITDA (Rsm)	23,669	22,030	28,733	36,837
Net Profit (Rsm)	18,225	16,000	21,077	27,080
Core EPS (Rs)	68.7	60.3	79.4	102.0
Core EPS Growth	(38.4%)	(12.2%)	31.7%	28.5%
FD Core P/E (x)	82.53	94.01	71.36	55.54
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	61.74	66.43	50.89	39.41
P/FCFE (x)	33.83	99.02	57.00	47.42
Net Gearing	(33.0%)	(29.3%)	(27.7%)	(30.3%)
P/BV (x)	11.78	11.08	10.11	8.82
ROE	14.9%	12.1%	14.8%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	77,675	78,450	91,940	106,917
Gross Profit	47,138	47,160	55,164	65,647
Operating EBITDA	23,669	22,030	28,733	36,837
Depreciation And Amortisation	(3,432)	(3,780)	(4,300)	(4,700)
Operating EBIT	20,237	18,250	24,433	32,137
Financial Income/(Expense)	(7)	(30)	(30)	(30)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,447	3,410	3,700	4,000
Profit Before Tax (pre-EI)	23,677	21,630	28,103	36,107
Exceptional Items
Pre-tax Profit	23,677	21,630	28,103	36,107
Taxation	(5,453)	(5,630)	(7,026)	(9,027)
Exceptional Income - post-tax
Profit After Tax	18,225	16,000	21,077	27,080
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,225	16,000	21,077	27,080
Recurring Net Profit	18,225	16,000	21,077	27,080
Fully Diluted Recurring Net Profit	18,225	16,000	21,077	27,080

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	23,669	22,030	28,733	36,837
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,188	(6,070)	(1,013)	(7,950)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(3,260)	(3,350)	(7,026)	(9,027)
Net Interest (Paid)/Received	(7)	(30)	(30)	(30)
Tax Paid	(6,709)	(6,730)	(10,696)	(12,997)
Cashflow From Operations	24,597	12,610	20,695	19,861
Capex	(4,730)	(10,030)	(15,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	19,867	2,580	5,695	11,861
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,964)	(7,960)	(7,964)	(5,309)
Preferred Dividends
Other Financing Cashflow	2,039	3,049	3,819	3,992
Cash Flow From Financing	(5,925)	(4,911)	(4,145)	(1,318)
Total Cash Generated	13,942	(2,331)	1,549	10,543
Free Cashflow To Equity	44,465	15,190	26,389	31,722
Free Cashflow To Firm	44,471	15,220	26,419	31,752

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	42,131	39,800	41,349	51,893
Total Debtors	17,925	21,560	22,066	25,660
Inventories	30,004	31,840	31,259	36,352
Total Other Current Assets	3,057	3,550	3,678	4,277
Total Current Assets	93,117	96,750	98,352	118,181
Fixed Assets	49,292	55,130	65,830	69,130
Total Investments	771	820	820	820
Intangible Assets	53	40	40	40
Total Other Non-Current Assets	1,155	1,960	1,960	1,960
Total Non-current Assets	51,270	57,950	68,650	71,950
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	7,625	8,240	8,223	9,152
Other Current Liabilities	3,386	4,540	3,597	4,004
Total Current Liabilities	11,011	12,780	11,820	13,156
Total Long-term Debt			149	171
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,706	6,210	6,210	6,210
Total Non-current Liabilities	5,706	6,210	6,359	6,381
Total Provisions
Total Liabilities	16,717	18,990	18,179	19,537
Shareholders Equity	127,671	135,710	148,823	170,594
Minority Interests
Total Equity	127,671	135,710	148,823	170,594

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(13.3%)	1.0%	17.2%	16.3%
Operating EBITDA Growth	(39.0%)	(6.9%)	30.4%	28.2%
Operating EBITDA Margin	30.5%	28.1%	31.3%	34.5%
Net Cash Per Share (Rs)	158.70	149.92	155.20	194.83
BVPS (Rs)	480.93	511.21	560.61	642.62
Gross Interest Cover	3,020.51	608.33	814.43	1,071.24
Effective Tax Rate	23.0%	26.0%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	99.07	91.86	86.60	81.46
Inventory Days	348.36	360.71	313.13	298.98
Accounts Payables Days	93.12	92.53	81.70	76.83
ROIC (%)	16.7%	13.5%	16.2%	19.3%
ROCE (%)	16.5%	13.9%	17.2%	20.1%
Return On Average Assets	13.1%	10.7%	13.1%	15.2%

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

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Market Data

Source: Bloomberg