InCred Equities - Triveni Engineering and Industries Ltd

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue (Rsm)	42,909	55,388	60,205	66,615
Operating EBITDA (Rsm)	6,344	5,547	6,666	7,250
Net Profit (Rsm)	3,783	17,080	4,175	4,197
Core EPS (Rs)	15.4	17.5	18.1	19.2
Core EPS Growth	29.3%	13.3%	3.6%	5.8%
FD Core P/E (x)	23.37	5.18	20.18	19.08
DPS (Rs)		0.4	1.0	1.0
Dividend Yield		0.10%	0.26%	0.26%
EV/EBITDA (x)	16.35	16.40	14.41	12.01
P/FCFE (x)	5.23		(179.41)	27.97
Net Gearing	80.1%	7.0%	36.8%	19.4%
P/BV (x)	4.62	2.45	2.50	2.22
ROE	21.5%	15.3%	12.2%	12.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Net Revenues	42,909	55,388	60,205	66,615
Gross Profit	14,318	13,932	14,493	15,910
Operating EBITDA	6,344	5,547	6,666	7,250
Depreciation And Amortisation	(807)	(884)	(955)	(1,045)
Operating EBIT	5,537	4,663	5,711	6,205
Financial Income/(Expense)	(323)	(48)	(69)	(533)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	5,213	4,615	5,642	5,672
Exceptional Items	67	14,012
Pre-tax Profit	5,280	18,627	5,642	5,672
Taxation	(1,497)	(1,547)	(1,467)	(1,475)
Exceptional Income - post-tax
Profit After Tax	3,783	17,080	4,175	4,197
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,783	17,080	4,175	4,197
Recurring Net Profit	3,735	4,232	4,175	4,197
Fully Diluted Recurring Net Profit	3,735	4,232	4,175	4,197

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
EBITDA	6,344	5,547	6,666	7,250
Cash Flow from Invt. & Assoc.
Change In Working Capital	3,051	(3,911)	(2,112)	(2,810)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(323)	(48)	(69)	(533)
Tax Paid	(807)	(884)	(955)	(1,045)
Cashflow From Operations	8,264	704	3,530	2,862
Capex	2,911	(1,500)	(4,000)	0
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	2,911		(4,000)	0
Debt Raised/(repaid)	5,739
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(725)	(85)	(209)	(210)
Preferred Dividends
Other Financing Cashflow	59		(7,977)
Cash Flow From Financing	5,073	(85)	(8,186)	(210)
Total Cash Generated	16,248		(8,655)	2,652
Free Cashflow To Equity	16,915		(470)	2,862
Free Cashflow To Firm	11,721		310	3,642

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Cash And Equivalents	279	13,082	3,805	8,606
Total Debtors	2,668	3,035	3,299	3,650
Inventories	20,369	24,279	26,391	29,201
Total Other Current Assets	2,261	3,051	3,316	1,004
Total Current Assets	25,577	43,447	36,810	42,461
Fixed Assets	10,654	13,835	16,880	15,835
Total Investments	1,934	1,134	1,134	1,134
Intangible Assets
Total Other Non-Current Assets	4,810	831	903	999
Total Non-current Assets	17,398	15,800	18,917	17,968
Short-term Debt	12,406	12,406	12,406	12,406
Current Portion of Long-Term Debt
Total Creditors	5,928	5,383	5,851	6,474
Other Current Liabilities	484	166	181	200
Total Current Liabilities	18,817	17,955	18,438	19,080
Total Long-term Debt	3,192	3,192	3,192	3,192
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	3,192	3,192	3,192	3,192
Total Provisions	1,837	1,978	2,032	2,104
Total Liabilities	23,846	23,125	23,661	24,376
Shareholders Equity	19,129	36,123	32,066	36,054
Minority Interests
Total Equity	19,129	36,123	32,066	36,054

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue Growth	(8.2%)	29.1%	8.7%	10.6%
Operating EBITDA Growth	13.7%	(12.6%)	20.2%	8.8%
Operating EBITDA Margin	14.8%	10.0%	11.1%	10.9%
Net Cash Per Share (Rs)	(63.35)	(10.40)	(53.86)	(31.93)
BVPS (Rs)	79.11	149.39	146.46	164.67
Gross Interest Cover	10.15	7.02	7.32	7.96
Effective Tax Rate	28.3%	8.3%	26.0%	26.0%
Net Dividend Payout Ratio		1.9%	3.7%	3.7%
Accounts Receivables Days	20.21	18.79	19.20	19.04
Inventory Days	240.68	196.56	202.30	200.09
Accounts Payables Days	62.24	35.49	37.93	37.52
ROIC (%)	22.6%	13.6%	14.5%	13.9%
ROCE (%)	18.0%	10.5%	11.2%	12.2%
Return On Average Assets	14.0%	9.1%	9.9%	10.7%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com

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Market Data

Source: Bloomberg