InCred Equities - Gland Pharma Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	36,246	56,648	62,299	72,507
Operating EBITDA (Rsm)	10,248	13,331	14,395	19,265
Net Profit (Rsm)	7,811	7,725	8,700	13,041
Core EPS (Rs)	50.0	46.9	52.8	79.2
Core EPS Growth	(32.1%)	(6.1%)	12.6%	49.9%
FD Core P/E (x)	35.69	38.01	33.75	22.52
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	24.98	20.89	19.05	13.84
P/FCFE (x)	57.91	50.40	32.39	20.65
Net Gearing	(47.3%)	(17.4%)	(20.3%)	(24.8%)
P/BV (x)	3.69	3.37	3.06	2.69
ROE	10.9%	9.3%	9.5%	12.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	36,246	56,648	62,299	72,507
Gross Profit	19,392	34,917	38,625	46,042
Operating EBITDA	10,248	13,331	14,395	19,265
Depreciation And Amortisation	(1,467)	(3,446)	(3,600)	(3,800)
Operating EBIT	8,780	9,886	10,795	15,465
Financial Income/(Expense)	(74)	(262)	(200)	(200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,405	1,702	2,200	2,600
Profit Before Tax (pre-EI)	11,111	11,326	12,795	17,865
Exceptional Items	(565)
Pre-tax Profit	10,546	11,326	12,795	17,865
Taxation	(2,735)	(3,601)	(4,094)	(4,823)
Exceptional Income - post-tax
Profit After Tax	7,811	7,725	8,700	13,041
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,811	7,725	8,700	13,041
Recurring Net Profit	8,229	7,725	8,700	13,041
Fully Diluted Recurring Net Profit	8,229	7,725	8,700	13,041

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	10,248	13,331	14,395	19,265
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,179)	(532)	(3,517)	(5,331)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,429)	(2,832)	(4,094)	(4,823)
Net Interest (Paid)/Received	(74)	(262)	(200)	(200)
Tax Paid	(4,194)	(4,272)	(6,094)	(7,223)
Cashflow From Operations	3,640	9,968	6,783	9,110
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)	2,283	5,110
Debt Raised/(repaid)
Proceeds From Issue Of Shares	214	5
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	3,573	(15,176)	2,000	2,400
Cash Flow From Financing	3,787	(15,171)	2,000	2,400
Total Cash Generated	5,219	(19,312)	4,283	7,510
Free Cashflow To Equity	5,071	5,827	9,066	14,220
Free Cashflow To Firm	5,146	6,089	9,266	14,420

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	37,707	18,394	22,678	30,188
Total Debtors	8,714	15,587	12,460	14,501
Inventories	19,453	16,552	22,428	26,103
Total Other Current Assets	3,133	5,918	4,984	5,801
Total Current Assets	69,007	56,452	62,549	76,592
Fixed Assets	17,362	38,302	39,202	39,402
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	51,061	51,261
Short-term Debt	6	2,132	2,132	2,132
Current Portion of Long-Term Debt
Total Creditors	5,873	8,627	7,928	8,867
Other Current Liabilities	1,412	3,224	2,220	2,483
Total Current Liabilities	7,291	13,984	12,281	13,483
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	17,671	18,873
Shareholders Equity	79,587	87,238	95,939	108,980
Minority Interests
Total Equity	79,587	87,238	95,939	108,980

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(17.6%)	56.3%	10.0%	16.4%
Operating EBITDA Growth	(32.1%)	30.1%	8.0%	33.8%
Operating EBITDA Margin	28.3%	23.5%	23.1%	26.6%
Net Cash Per Share (Rs)	228.71	92.27	118.27	163.87
BVPS (Rs)	483.22	529.68	582.50	661.69
Gross Interest Cover	118.02	37.73	53.97	77.32
Effective Tax Rate	25.9%	31.8%	32.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	104.23	78.29	82.16	67.86
Inventory Days	339.02	302.38	300.50	334.66
Accounts Payables Days	113.72	121.78	127.62	115.82
ROIC (%)	15.4%	9.7%	10.0%	13.4%
ROCE (%)	11.6%	11.6%	11.4%	14.6%
Return On Average Assets	10.2%	8.1%	8.0%	10.9%

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

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

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Market Data

Source: Bloomberg