InCred Equities - Zydus Lifesciences

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	196,025	232,415	250,051	248,400
Operating EBITDA (Rsm)	53,843	70,585	66,314	62,029
Net Profit (Rsm)	38,365	45,255	43,857	40,572
Core EPS (Rs)	38.0	46.4	43.3	40.1
Core EPS Growth	58.2%	22.0%	(6.6%)	(7.5%)
FD Core P/E (x)	25.26	20.71	22.16	23.95
DPS (Rs)	7.0	11.0	7.0	7.0
Dividend Yield	0.73%	1.15%	0.73%	0.73%
EV/EBITDA (x)	18.18	13.23	13.69	14.12
P/FCFE (x)	20.03	8.96	11.35	11.35
Net Gearing	(2.7%)	(17.6%)	(24.7%)	(32.0%)
P/BV (x)	4.90	4.06	3.58	3.19
ROE	20.6%	21.4%	17.2%	14.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	196,025	232,415	250,051	248,400
Gross Profit	133,743	169,035	175,432	172,285
Operating EBITDA	53,843	70,585	66,314	62,029
Depreciation And Amortisation	(7,641)	(9,158)	(9,550)	(10,250)
Operating EBIT	46,202	61,427	56,764	51,779
Financial Income/(Expense)	(812)	(1,659)	(1,200)	(1,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,841	2,695	2,800	3,000
Profit Before Tax (pre-EI)	48,231	62,463	58,364	53,779
Exceptional Items	(142)	(2,196)
Pre-tax Profit	48,089	60,267	58,364	53,779
Taxation	(9,775)	(14,119)	(14,007)	(12,907)
Exceptional Income - post-tax
Profit After Tax	38,314	46,148	44,357	40,872
Minority Interests	51	(893)	(500)	(300)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	38,365	45,255	43,857	40,572
Recurring Net Profit	38,478	46,937	43,857	40,572
Fully Diluted Recurring Net Profit	38,478	46,937	43,857	40,572

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	53,843	70,585	66,314	62,029
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,711)	(55,156)	(2,506)	(512)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(12,853)	52,338	(14,507)	(13,207)
Net Interest (Paid)/Received	(812)	(1,659)	(1,200)	(1,000)
Tax Paid	(15,032)	53,498	(16,107)	(15,207)
Cashflow From Operations	32,279	67,767	49,301	48,310
Capex	(8,829)	(16,612)	(13,000)	(11,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(7,201)	(10,398)
Other Investing Cashflow
Cash Flow From Investing	16,249	40,757	36,301	37,310
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(7,250)
Shares Repurchased
Dividends Paid	(6,210)	(3,025)	(11,066)	(7,042)
Preferred Dividends
Other Financing Cashflow	(1,137)	26,771	1,617	2,289
Cash Flow From Financing	(14,597)	23,746	(9,449)	(4,753)
Total Cash Generated	1,652	64,503	26,852	32,557
Free Cashflow To Equity	48,528	108,524	85,602	85,620
Free Cashflow To Firm	49,340	110,183	86,802	86,620

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	13,576	78,079	104,931	137,488
Total Debtors	52,202	40,247	42,509	44,712
Inventories	34,419	39,440	45,009	43,470
Total Other Current Assets	14,817	12,695	15,003	12,420
Total Current Assets	115,014	170,461	207,452	238,090
Fixed Assets	69,148	73,599	77,049	77,799
Total Investments	9,680	15,567	15,567	15,567
Intangible Assets	78,770	84,657	84,657	84,657
Total Other Non-Current Assets	20,196	27,733	27,733	27,733
Total Non-current Assets	177,794	201,556	205,006	205,756
Short-term Debt	7,686	31,695	31,695	31,695
Current Portion of Long-Term Debt
Total Creditors	21,267	23,058	25,804	25,068
Other Current Liabilities	24,466	35,663	40,550	38,855
Total Current Liabilities	53,419	90,416	98,049	95,619
Total Long-term Debt			17	306
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	18,373	18,017	18,017	18,017
Total Non-current Liabilities	18,373	18,017	18,034	18,323
Total Provisions
Total Liabilities	71,792	108,433	116,083	113,941
Shareholders Equity	198,295	239,531	271,822	305,052
Minority Interests	22,721	24,053	24,553	24,853
Total Equity	221,016	263,584	296,375	329,905

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	11.9%	18.6%	7.6%	(0.7%)
Operating EBITDA Growth	39.5%	31.1%	(6.1%)	(6.5%)
Operating EBITDA Margin	27.5%	30.4%	26.5%	25.0%
Net Cash Per Share (Rs)	5.82	45.82	72.34	104.22
BVPS (Rs)	195.90	236.64	268.54	301.37
Gross Interest Cover	56.90	37.03	47.30	51.78
Effective Tax Rate	20.3%	23.4%	24.0%	24.0%
Net Dividend Payout Ratio
Accounts Receivables Days	89.72	72.59	60.40	64.08
Inventory Days	200.87	212.67	206.54	212.14
Accounts Payables Days	124.58	127.63	119.51	121.98
ROIC (%)	15.4%	20.9%	18.8%	17.1%
ROCE (%)	21.1%	23.4%	18.2%	15.0%
Return On Average Assets	14.2%	14.9%	11.5%	9.7%

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

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Market Data

Source: Bloomberg