InCred Equities - Container Corp of India Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	82,438	89,338	103,120	134,663
Operating EBITDA (Rsm)	18,433	20,255	24,060	32,629
Net Profit (Rsm)	11,715	13,432	16,981	23,774
Core EPS (Rs)	19.2	22.0	27.9	39.0
Core EPS Growth	0.7%	14.6%	26.4%	40.0%
FD Core P/E (x)	40.87	35.64	28.19	20.14
DPS (Rs)	11.0	6.6		11.7
Dividend Yield	1.40%	0.84%		1.49%
EV/EBITDA (x)	24.32	21.61	17.48	12.35
P/FCFE (x)	32.67	33.01	27.74	19.29
Net Gearing	(27.1%)	(33.6%)	(41.9%)	(48.8%)
P/BV (x)	4.26	3.93	3.45	3.08
ROE	10.6%	11.5%	13.0%	16.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	82,438	89,338	103,120	134,663
Gross Profit	26,706	28,986	34,638	45,889
Operating EBITDA	18,433	20,255	24,060	32,629
Depreciation And Amortisation	(5,541)	(5,693)	(6,170)	(6,648)
Operating EBIT	12,892	14,563	17,890	25,981
Financial Income/(Expense)	2,670	3,279	4,666	5,599
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	15,562	17,842	22,556	31,580
Exceptional Items
Pre-tax Profit	15,562	17,842	22,556	31,580
Taxation	(3,847)	(4,410)	(5,575)	(7,806)
Exceptional Income - post-tax
Profit After Tax	11,715	13,432	16,981	23,774
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	11,715	13,432	16,981	23,774
Recurring Net Profit	11,715	13,432	16,981	23,774
Fully Diluted Recurring Net Profit	11,715	13,432	16,981	23,774

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	18,433	20,255	24,060	32,629
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,437)	1,379	109	400
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	2,670	3,279	4,666	5,599
Tax Paid	(3,847)	(4,410)	(5,575)	(7,806)
Cashflow From Operations	14,819	20,503	23,260	30,822
Capex	(96)	(6,000)	(6,000)	(6,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(70)
Cash Flow From Investing	(165)	(6,000)	(6,000)	(6,000)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,043)	(4,835)		(8,559)
Preferred Dividends
Other Financing Cashflow	(5,011)	805	1,024	1,430
Cash Flow From Financing	(13,054)	(4,030)	1,024	(7,129)
Total Cash Generated	1,600	10,473	18,284	17,693
Free Cashflow To Equity	14,654	14,503	17,260	24,822
Free Cashflow To Firm	15,224	15,112	17,260	24,822

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	30,479	40,952	58,211	75,902
Total Debtors	2,131	2,309	2,666	3,481
Inventories	372	372	372	372
Total Other Current Assets	10,361	11,520	13,297	17,365
Total Current Assets	43,343	55,153	74,546	97,120
Fixed Assets	75,038	75,345	75,174	74,527
Total Investments	14,425	14,425	14,425	14,425
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	89,463	89,770	89,600	88,952
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	12,506	15,222	17,464	22,747
Other Current Liabilities	1,437	1,437	1,437	1,437
Total Current Liabilities	13,943	16,659	18,901	24,184
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,413	6,413	6,413	6,413
Total Non-current Liabilities	6,413	6,413	6,413	6,413
Total Provisions
Total Liabilities	20,356	23,072	25,314	30,597
Shareholders Equity	112,450	121,852	138,832	155,475
Minority Interests
Total Equity	112,450	121,852	138,832	155,475

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	6.9%	8.4%	15.4%	30.6%
Operating EBITDA Growth	(1.2%)	9.9%	18.8%	35.6%
Operating EBITDA Margin	22.4%	22.7%	23.3%	24.2%
Net Cash Per Share (Rs)	50.02	67.21	95.54	124.53
BVPS (Rs)	184.56	199.99	227.86	255.09
Gross Interest Cover	22.62	23.91
Effective Tax Rate	24.7%	24.7%	24.7%	24.7%
Net Dividend Payout Ratio	57.2%	30.0%		30.0%
Accounts Receivables Days	8.62	9.07	8.80	8.33
Inventory Days	2.22	2.25	1.98	1.53
Accounts Payables Days	84.02	83.85	87.11	82.67
ROIC (%)	18.4%	19.7%	24.5%	35.8%
ROCE (%)	14.7%	15.7%	17.3%	21.5%
Return On Average Assets	6.9%	7.3%	8.0%	10.4%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg