InCred Equities - Laurus Labs

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	60,406	50,408	53,310	61,517
Operating EBITDA (Rsm)	15,922	7,775	9,881	13,847
Net Profit (Rsm)	7,901	1,623	2,628	5,244
Core EPS (Rs)	14.7	3.0	4.9	9.7
Core EPS Growth	(4.5%)	(79.5%)	61.9%	99.6%
FD Core P/E (x)	33.34	162.34	100.25	50.23
DPS (Rs)	4.0	2.0	2.0	2.0
Dividend Yield	0.82%	0.41%	0.41%	0.41%
EV/EBITDA (x)	17.73	36.77	28.92	20.76
P/FCFE (x)	26.93	40.19	18.30	24.96
Net Gearing	47.5%	57.5%	55.2%	54.1%
P/BV (x)	6.52	6.41	6.17	5.61
ROE	21.4%	4.0%	6.3%	11.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	60,406	50,408	53,310	61,517
Gross Profit	32,662	26,084	29,640	35,065
Operating EBITDA	15,922	7,775	9,881	13,847
Depreciation And Amortisation	(3,241)	(3,846)	(4,300)	(4,800)
Operating EBIT	12,681	3,929	5,581	9,047
Financial Income/(Expense)	(1,652)	(1,829)	(2,160)	(2,100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	60	263	131	100
Profit Before Tax (pre-EI)	11,089	2,364	3,552	7,047
Exceptional Items
Pre-tax Profit	11,089	2,364	3,552	7,047
Taxation	(3,123)	(682)	(995)	(1,903)
Exceptional Income - post-tax
Profit After Tax	7,966	1,682	2,558	5,144
Minority Interests	(65)	(59)	70	100
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,901	1,623	2,628	5,244
Recurring Net Profit	7,901	1,623	2,628	5,244
Fully Diluted Recurring Net Profit	7,901	1,623	2,628	5,244

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	15,922	7,775	9,881	13,847
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,153)	(290)	2,239	(2,768)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,830)	(828)	(925)	(1,803)
Net Interest (Paid)/Received	(1,652)	(1,829)	(2,160)	(2,100)
Tax Paid	(1,239)	738	1,104	197
Cashflow From Operations	9,939	6,657	11,195	9,276
Capex	(9,875)	(6,760)	(8,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(223)
Other Investing Cashflow
Cash Flow From Investing	(159)	(103)	3,195	1,276
Debt Raised/(repaid)
Proceeds From Issue Of Shares	74	26
Shares Repurchased
Dividends Paid	(1,404)	(862)	(1,080)	(1,083)
Preferred Dividends
Other Financing Cashflow	1,207	1,871	(2,331)	(992)
Cash Flow From Financing	(122)	1,035	(3,411)	(2,075)
Total Cash Generated	(281)	932	(216)	(798)
Free Cashflow To Equity	9,780	6,554	14,391	10,552
Free Cashflow To Firm	11,432	8,383	16,551	12,652

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	485	1,417	1,201	402
Total Debtors	15,804	16,629	15,993	17,225
Inventories	16,848	18,454	18,659	19,686
Total Other Current Assets	1,480	1,850	1,866	2,153
Total Current Assets	34,617	38,350	37,718	39,466
Fixed Assets	37,002	40,475	44,175	47,375
Total Investments	499	1,240	1,240	1,240
Intangible Assets	2,592	2,653	2,653	2,653
Total Other Non-Current Assets	1,894	1,152	1,152	1,152
Total Non-current Assets	41,987	45,521	49,221	52,421
Short-term Debt	12,106	17,088	17,088	17,088
Current Portion of Long-Term Debt
Total Creditors	7,107	10,512	10,122	9,307
Other Current Liabilities	5,111	3,522	5,736	6,329
Total Current Liabilities	24,323	31,123	32,946	32,724
Total Long-term Debt	7,614	7,982	7,680	8,688
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,181	3,610	3,610	3,610
Total Non-current Liabilities	11,795	11,592	11,289	12,297
Total Provisions
Total Liabilities	36,117	42,715	44,235	45,021
Shareholders Equity	40,375	41,110	42,727	46,989
Minority Interests	111	46	(24)	(124)
Total Equity	40,487	41,156	42,704	46,865

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	22.4%	(16.6%)	5.8%	15.4%
Operating EBITDA Growth	11.9%	(51.2%)	27.1%	40.1%
Operating EBITDA Margin	26.4%	15.4%	18.5%	22.5%
Net Cash Per Share (Rs)	(35.71)	(43.91)	(43.75)	(47.10)
BVPS (Rs)	74.95	76.31	79.32	87.23
Gross Interest Cover	7.68	2.15	2.58	4.31
Effective Tax Rate	28.2%	28.8%	28.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	88.66	117.42	111.68	98.55
Inventory Days	226.63	264.87	286.15	264.54
Accounts Payables Days	104.40	132.19	159.10	134.04
ROIC (%)	15.0%	4.4%	6.1%	9.1%
ROCE (%)	22.8%	6.2%	8.3%	12.9%
Return On Average Assets	12.6%	3.8%	4.9%	7.5%

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

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

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Market Data

Source: Bloomberg