InCred Equities - Divi's Laboratories

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	78,450	93,600	108,839	122,891
Operating EBITDA (Rsm)	22,030	29,670	37,186	44,203
Net Profit (Rsm)	16,000	21,910	27,275	31,862
Core EPS (Rs)	60.3	82.5	102.7	120.0
Core EPS Growth	(12.2%)	36.9%	24.5%	16.8%
FD Core P/E (x)	108.58	79.30	63.70	54.53
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	77.02	57.28	45.67	38.16
P/FCFE (x)	114.38	93.01	62.75	38.69
Net Gearing	(29.3%)	(24.8%)	(22.7%)	(26.0%)
P/BV (x)	12.80	11.61	10.28	9.01
ROE	12.1%	15.4%	17.1%	17.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	78,450	93,600	108,839	122,891
Gross Profit	47,160	56,350	66,392	76,193
Operating EBITDA	22,030	29,670	37,186	44,203
Depreciation And Amortisation	(3,780)	(4,020)	(4,500)	(4,900)
Operating EBIT	18,250	25,650	32,686	39,303
Financial Income/(Expense)	(30)	(20)	(20)	(20)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,410	3,530	3,700	3,200
Profit Before Tax (pre-EI)	21,630	29,160	36,366	42,483
Exceptional Items
Pre-tax Profit	21,630	29,160	36,366	42,483
Taxation	(5,630)	(7,250)	(9,092)	(10,621)
Exceptional Income - post-tax
Profit After Tax	16,000	21,910	27,275	31,862
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,000	21,910	27,275	31,862
Recurring Net Profit	16,000	21,910	27,275	31,862
Fully Diluted Recurring Net Profit	16,000	21,910	27,275	31,862

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	22,030	29,670	37,186	44,203
Cash Flow from Invt. & Assoc.
Change In Working Capital	(6,070)	(5,540)	(6,002)	(5,131)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(3,350)	(7,600)	(9,092)	(10,621)
Net Interest (Paid)/Received	(30)	(20)	(20)	(20)
Tax Paid	(6,730)	(11,110)	(12,772)	(13,801)
Cashflow From Operations	12,610	16,530	22,093	28,451
Capex	(10,030)	(14,380)	(16,500)	(12,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	2,580	2,150	5,593	16,451
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,960)	(7,964)	(7,964)	(7,964)
Preferred Dividends
Other Financing Cashflow	3,049	(30)	3,694	3,185
Cash Flow From Financing	(4,911)	(7,994)	(4,270)	(4,779)
Total Cash Generated	(2,331)	(5,844)	1,322	11,672
Free Cashflow To Equity	15,190	18,680	27,685	44,902
Free Cashflow To Firm	15,220	18,700	27,705	44,922

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	39,800	37,150	38,472	50,144
Total Debtors	21,560	27,310	30,475	33,181
Inventories	31,840	32,360	34,828	36,867
Total Other Current Assets	3,550	3,990	4,354	4,916
Total Current Assets	96,750	100,810	108,129	125,108
Fixed Assets	55,130	64,600	76,600	83,700
Total Investments	820	650	650	650
Intangible Assets	40	40	40	40
Total Other Non-Current Assets	1,960	3,220	3,220	3,220
Total Non-current Assets	57,950	68,510	80,510	87,610
Short-term Debt		20	20	20
Current Portion of Long-Term Debt
Total Creditors	8,240	9,100	9,277	9,568
Other Current Liabilities	4,540	5,400	5,218	5,103
Total Current Liabilities	12,780	14,520	14,515	14,690
Total Long-term Debt			14	19
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,210	5,110	5,110	5,110
Total Non-current Liabilities	6,210	5,110	5,124	5,129
Total Provisions
Total Liabilities	18,990	19,630	19,639	19,819
Shareholders Equity	135,710	149,690	169,001	192,899
Minority Interests
Total Equity	135,710	149,690	169,001	192,899

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	1.0%	19.3%	16.3%	12.9%
Operating EBITDA Growth	(6.9%)	34.7%	25.3%	18.9%
Operating EBITDA Margin	28.1%	31.7%	34.2%	36.0%
Net Cash Per Share (Rs)	149.92	139.87	144.80	188.74
BVPS (Rs)	511.21	563.87	636.61	726.64
Gross Interest Cover	608.33	1,282.50	1,634.31	1,965.17
Effective Tax Rate	26.0%	24.9%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	91.86	95.29	96.89	94.53
Inventory Days	360.71	314.54	288.87	280.19
Accounts Payables Days	92.53	84.95	79.01	73.64
ROIC (%)	13.5%	16.4%	18.1%	20.0%
ROCE (%)	13.9%	18.0%	20.5%	21.7%
Return On Average Assets	10.7%	13.5%	15.2%	15.9%

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

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Market Data

Source: Bloomberg