InCred Equities - Laurus Labs

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	50,408	55,537	64,935	74,397
Operating EBITDA (Rsm)	7,775	10,550	15,045	18,546
Net Profit (Rsm)	1,623	3,580	6,119	8,579
Core EPS (Rs)	3.0	6.6	11.3	15.9
Core EPS Growth	(79.5%)	120.6%	70.9%	40.2%
FD Core P/E (x)	213.36	96.70	56.58	40.36
DPS (Rs)	2.0	0.8	0.8	2.0
Dividend Yield	0.31%	0.12%	0.12%	0.31%
EV/EBITDA (x)	47.42	35.14	24.79	19.94
P/FCFE (x)	52.83	52.29	34.59	19.89
Net Gearing	57.5%	55.4%	54.0%	41.7%
P/BV (x)	8.42	7.74	6.85	5.89
ROE	4.0%	8.3%	12.8%	15.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	50,408	55,537	64,935	74,397
Gross Profit	26,084	30,757	36,688	42,406
Operating EBITDA	7,775	10,550	15,045	18,546
Depreciation And Amortisation	(3,846)	(4,301)	(4,800)	(5,200)
Operating EBIT	3,929	6,249	10,245	13,346
Financial Income/(Expense)	(1,829)	(2,160)	(2,250)	(2,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	263	751	250	200
Profit Before Tax (pre-EI)	2,364	4,840	8,245	11,546
Exceptional Items
Pre-tax Profit	2,364	4,840	8,245	11,546
Taxation	(682)	(1,299)	(2,226)	(3,117)
Exceptional Income - post-tax
Profit After Tax	1,682	3,541	6,019	8,429
Minority Interests	(59)	39	100	150
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,623	3,580	6,119	8,579
Recurring Net Profit	1,623	3,580	6,119	8,579
Fully Diluted Recurring Net Profit	1,623	3,580	6,119	8,579

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	7,775	10,550	15,045	18,546
Cash Flow from Invt. & Assoc.
Change In Working Capital	(290)	(3,746)	(2,914)	(3,377)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(828)	(787)	(2,126)	(2,967)
Net Interest (Paid)/Received	(1,829)	(2,160)	(2,250)	(2,000)
Tax Paid	738	619	(126)	(1,167)
Cashflow From Operations	6,657	6,017	10,005	12,201
Capex	(6,760)	(5,411)	(10,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(103)	605	5	5,201
Debt Raised/(repaid)
Proceeds From Issue Of Shares	26	102
Shares Repurchased
Dividends Paid	(862)	(431)	(431)	(431)
Preferred Dividends
Other Financing Cashflow	1,871	(250)	(489)	(3,305)
Cash Flow From Financing	1,035	(580)	(920)	(3,736)
Total Cash Generated	932	26	(915)	1,465
Free Cashflow To Equity	6,554	6,622	10,010	17,403
Free Cashflow To Firm	8,383	8,782	12,260	19,403

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,417	1,442	527	1,992
Total Debtors	16,629	20,072	22,078	23,807
Inventories	18,454	19,365	22,078	24,551
Total Other Current Assets	1,850	2,444	2,273	2,604
Total Current Assets	38,350	43,323	46,956	52,954
Fixed Assets	40,475	43,160	48,360	50,160
Total Investments	1,240	2,333	2,333	2,333
Intangible Assets	2,653	2,656	2,656	2,656
Total Other Non-Current Assets	1,152	1,884	1,884	1,884
Total Non-current Assets	45,521	50,033	55,233	57,033
Short-term Debt	17,088	20,475	20,475	20,475
Current Portion of Long-Term Debt
Total Creditors	10,512	9,585	9,855	10,185
Other Current Liabilities	3,522	5,337	6,701	7,528
Total Current Liabilities	31,123	35,397	37,031	38,187
Total Long-term Debt	7,982	6,456	7,967	6,462
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,610	5,478	5,478	5,478
Total Non-current Liabilities	11,592	11,933	13,444	11,939
Total Provisions
Total Liabilities	42,715	47,331	50,476	50,127
Shareholders Equity	41,110	44,726	50,513	58,810
Minority Interests	46	1,300	1,200	1,050
Total Equity	41,156	46,025	51,713	59,860

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	(16.6%)	10.2%	16.9%	14.6%
Operating EBITDA Growth	(51.2%)	35.7%	42.6%	23.3%
Operating EBITDA Margin	15.4%	19.0%	23.2%	24.9%
Net Cash Per Share (Rs)	(43.86)	(47.27)	(51.77)	(46.26)
BVPS (Rs)	76.23	82.94	93.67	109.06
Gross Interest Cover	2.15	2.89	4.55	6.67
Effective Tax Rate	28.8%	26.8%	27.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	117.42	120.60	118.46	112.56
Inventory Days	264.87	278.54	267.76	266.01
Accounts Payables Days	132.19	148.01	125.60	114.32
ROIC (%)	4.4%	6.3%	9.3%	11.4%
ROCE (%)	6.2%	9.0%	13.4%	16.0%
Return On Average Assets	3.8%	5.8%	7.9%	9.4%

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

(91) 02241611540 niharika.agarwal@incredresearch.com

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Market Data

Source: Bloomberg