InCred Equities - Container Corp of India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	87,904	93,337	110,870	131,250
Operating EBITDA (Rsm)	19,452	20,371	25,608	32,672
Net Profit (Rsm)	12,536	13,439	17,091	22,926
Core EPS (Rs)	20.6	22.1	28.0	37.6
Core EPS Growth	6.8%	7.2%	27.2%	34.1%
FD Core P/E (x)	34.48	32.16	25.30	18.86
DPS (Rs)	11.5		8.4	11.3
Dividend Yield	1.62%		1.19%	1.59%
EV/EBITDA (x)	20.56	18.98	14.70	11.07
P/FCFE (x)	55.94	32.81	27.81	19.83
Net Gearing	(27.4%)	(34.6%)	(39.0%)	(44.4%)
P/BV (x)	3.66	3.29	3.01	2.71
ROE	10.9%	10.8%	12.4%	15.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	87,904	93,337	110,870	131,250
Gross Profit	28,254	29,522	35,780	43,419
Operating EBITDA	19,452	20,371	25,608	32,672
Depreciation And Amortisation	(6,009)	(7,143)	(8,461)	(8,900)
Operating EBIT	13,444	13,228	17,147	23,772
Financial Income/(Expense)	3,129	4,539	5,447	6,536
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	16,573	17,767	22,594	30,309
Exceptional Items
Pre-tax Profit	16,573	17,767	22,594	30,309
Taxation	(4,037)	(4,328)	(5,504)	(7,383)
Exceptional Income - post-tax
Profit After Tax	12,536	13,439	17,091	22,926
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,536	13,439	17,091	22,926
Recurring Net Profit	12,536	13,439	17,091	22,926
Fully Diluted Recurring Net Profit	12,536	13,439	17,091	22,926

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	19,452	20,371	25,608	32,672
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,773)	2,725	129	117
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	3,129	4,539	5,447	6,536
Tax Paid	(4,037)	(4,328)	(5,504)	(7,383)
Cashflow From Operations	16,772	23,307	25,681	31,943
Capex	(10,133)	(10,133)	(10,133)	(10,133)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,090
Cash Flow From Investing	(9,044)	(10,133)	(10,133)	(10,133)
Debt Raised/(repaid)				1
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,007)		(6,153)	(8,253)
Preferred Dividends
Other Financing Cashflow	1,189	1,024
Cash Flow From Financing	(5,818)	1,024	(6,153)	(8,252)
Total Cash Generated	1,910	14,198	9,395	13,558
Free Cashflow To Equity	7,728	13,174	15,548	21,811
Free Cashflow To Firm	8,381	13,174	15,548	21,810

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	32,389	45,563	55,984	70,919
Total Debtors	3,295	3,498	4,155	4,919
Inventories	499	499	499	499
Total Other Current Assets	10,055	11,445	13,595	16,094
Total Current Assets	46,237	61,005	74,234	92,431
Fixed Assets	79,077	82,067	83,739	84,972
Total Investments	13,336	13,336	13,336	13,336
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	92,412	95,402	97,075	98,308
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,653	15,972	18,908	22,288
Other Current Liabilities	1,501	1,501	1,501	1,501
Total Current Liabilities	13,154	17,473	20,410	23,790
Total Long-term Debt				1
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	7,372	7,372	7,372	7,372
Total Non-current Liabilities	7,372	7,372	7,372	7,373
Total Provisions
Total Liabilities	20,526	24,845	27,782	31,163
Shareholders Equity	118,124	131,563	143,527	159,576
Minority Interests
Total Equity	118,124	131,563	143,527	159,576

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	6.6%	6.2%	18.8%	18.4%
Operating EBITDA Growth	5.4%	4.7%	25.7%	27.6%
Operating EBITDA Margin	22.1%	21.8%	23.1%	24.9%
Net Cash Per Share (Rs)	53.16	74.78	91.85	116.32
BVPS (Rs)	193.87	215.92	235.48	261.73
Gross Interest Cover	20.58			475,442.69
Effective Tax Rate	24.4%	24.4%	24.4%	24.4%
Net Dividend Payout Ratio	55.9%		30.0%	30.0%
Accounts Receivables Days	11.26	13.28	12.60	12.62
Inventory Days	2.67	2.86	2.43	2.08
Accounts Payables Days	73.92	79.00	84.77	85.60
ROIC (%)	18.2%	16.6%	21.4%	29.1%
ROCE (%)	14.9%	14.2%	16.4%	20.0%
Return On Average Assets	6.9%	6.0%	7.1%	9.1%

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

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg