InCred Equities - Gland Pharma Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	36,246	56,648	57,232	63,453
Operating EBITDA (Rsm)	10,248	13,331	12,915	15,367
Net Profit (Rsm)	7,811	7,725	7,490	9,904
Core EPS (Rs)	50.0	46.9	45.5	60.1
Core EPS Growth	(32.1%)	(6.1%)	(3.0%)	32.2%
FD Core P/E (x)	30.73	32.73	33.76	25.53
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	21.00	17.83	17.97	14.66
P/FCFE (x)	49.85	43.39	21.50	19.64
Net Gearing	(47.3%)	(17.4%)	(21.9%)	(26.3%)
P/BV (x)	3.18	2.90	2.67	2.42
ROE	10.9%	9.3%	8.2%	9.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	36,246	56,648	57,232	63,453
Gross Profit	19,392	34,917	35,484	40,293
Operating EBITDA	10,248	13,331	12,915	15,367
Depreciation And Amortisation	(1,467)	(3,446)	(3,800)	(4,200)
Operating EBIT	8,780	9,886	9,115	11,167
Financial Income/(Expense)	(74)	(262)	(400)	(200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,405	1,702	2,300	2,600
Profit Before Tax (pre-EI)	11,111	11,326	11,015	13,567
Exceptional Items	(565)
Pre-tax Profit	10,546	11,326	11,015	13,567
Taxation	(2,735)	(3,601)	(3,525)	(3,663)
Exceptional Income - post-tax
Profit After Tax	7,811	7,725	7,490	9,904
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,811	7,725	7,490	9,904
Recurring Net Profit	8,229	7,725	7,490	9,904
Fully Diluted Recurring Net Profit	8,229	7,725	7,490	9,904

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	10,248	13,331	12,915	15,367
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,179)	(532)	(1,261)	(3,266)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,429)	(2,832)	(3,525)	(3,663)
Net Interest (Paid)/Received	(74)	(262)	(400)	(200)
Tax Paid	(4,194)	(4,272)	(5,425)	(6,063)
Cashflow From Operations	3,640	9,968	8,129	8,438
Capex	(2,208)	(3,892)	(4,500)	(4,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments		(10,218)
Other Investing Cashflow
Cash Flow From Investing	1,432	(4,141)	3,629	4,438
Debt Raised/(repaid)
Proceeds From Issue Of Shares	214	5
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	3,573	(15,176)	1,900	2,400
Cash Flow From Financing	3,787	(15,171)	1,900	2,400
Total Cash Generated	5,219	(19,312)	5,529	6,838
Free Cashflow To Equity	5,071	5,827	11,758	12,876
Free Cashflow To Firm	5,146	6,089	12,158	13,076

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	37,707	18,394	23,923	30,761
Total Debtors	8,714	15,587	11,446	12,691
Inventories	19,453	16,552	20,603	22,843
Total Other Current Assets	3,133	5,918	4,579	5,076
Total Current Assets	69,007	56,452	60,551	71,371
Fixed Assets	17,362	38,302	39,002	38,802
Total Investments
Intangible Assets	117	3,545	3,545	3,545
Total Other Non-Current Assets	1,290	8,315	8,315	8,315
Total Non-current Assets	18,769	50,161	50,861	50,661
Short-term Debt	6	2,132	2,132	2,132
Current Portion of Long-Term Debt
Total Creditors	5,873	8,627	7,157	7,717
Other Current Liabilities	1,412	3,224	2,004	2,161
Total Current Liabilities	7,291	13,984	11,294	12,010
Total Long-term Debt	33	1,065	1,065	1,065
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	864	4,325	4,325	4,325
Total Non-current Liabilities	897	5,390	5,390	5,390
Total Provisions
Total Liabilities	8,188	19,374	16,684	17,400
Shareholders Equity	79,587	87,238	94,728	104,632
Minority Interests
Total Equity	79,587	87,238	94,728	104,632

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(17.6%)	56.3%	1.0%	10.9%
Operating EBITDA Growth	(32.1%)	30.1%	(3.1%)	19.0%
Operating EBITDA Margin	28.3%	23.5%	22.6%	24.2%
Net Cash Per Share (Rs)	228.71	92.27	125.84	167.35
BVPS (Rs)	483.22	529.68	575.15	635.28
Gross Interest Cover	118.02	37.73	22.79	55.83
Effective Tax Rate	25.9%	31.8%	32.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	104.23	78.29	86.20	69.42
Inventory Days	339.02	302.38	311.80	342.35
Accounts Payables Days	113.72	121.78	132.45	117.20
ROIC (%)	15.4%	9.7%	8.7%	10.3%
ROCE (%)	11.6%	11.6%	9.7%	10.9%
Return On Average Assets	10.2%	8.1%	7.1%	8.6%

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

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Market Data

Source: Bloomberg