InCred Equities - Zydus Lifesciences

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	175,218	196,025	228,854	244,414
Operating EBITDA (Rsm)	38,599	53,843	70,223	70,427
Net Profit (Rsm)	19,649	38,365	46,917	47,170
Core EPS (Rs)	24.0	38.0	46.4	46.6
Core EPS Growth	2.8%	58.2%	21.9%	0.5%
FD Core P/E (x)	37.09	23.44	19.23	19.12
DPS (Rs)	6.0	7.0	7.0	7.0
Dividend Yield	0.67%	0.79%	0.79%	0.79%
EV/EBITDA (x)	23.68	16.89	12.76	12.25
P/FCFE (x)	20.57	16.19	19.39	10.49
Net Gearing	(0.1%)	(2.7%)	(7.2%)	(17.2%)
P/BV (x)	5.15	4.55	3.79	3.24
ROE	14.1%	20.6%	21.5%	18.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	175,218	196,025	228,854	244,414
Gross Profit	112,117	133,743	165,385	174,652
Operating EBITDA	38,599	53,843	70,223	70,427
Depreciation And Amortisation	(7,227)	(7,641)	(9,100)	(10,000)
Operating EBIT	31,372	46,202	61,123	60,427
Financial Income/(Expense)	(1,299)	(812)	(1,200)	(800)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,866	2,841	2,500	3,000
Profit Before Tax (pre-EI)	31,939	48,231	62,423	62,627
Exceptional Items	(6,042)	(142)
Pre-tax Profit	25,897	48,089	62,423	62,627
Taxation	(5,878)	(9,775)	(15,606)	(15,657)
Exceptional Income - post-tax
Profit After Tax	20,019	38,314	46,817	46,970
Minority Interests	(370)	51	100	200
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,649	38,365	46,917	47,170
Recurring Net Profit	24,320	38,478	46,917	47,170
Fully Diluted Recurring Net Profit	24,320	38,478	46,917	47,170

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	38,599	53,843	70,223	70,427
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,358)	(8,711)	(26,708)	(6,960)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(9,353)	(12,853)	(15,506)	(15,457)
Net Interest (Paid)/Received	(1,299)	(812)	(1,200)	(800)
Tax Paid	(3,808)	(15,032)	(16,806)	(17,657)
Cashflow From Operations	26,888	32,279	28,010	48,010
Capex	(9,915)	(8,829)	(9,500)	(10,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	16,973	23,450	18,510	38,010
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(8,632)	(7,250)
Shares Repurchased
Dividends Paid	(2,671)	(6,210)	(7,042)	(7,042)
Preferred Dividends
Other Financing Cashflow	(28,347)	(8,338)	1,300	39,667
Cash Flow From Financing	(39,650)	(21,798)	(5,742)	32,625
Total Cash Generated	(22,677)	1,652	12,768	70,635
Free Cashflow To Equity	43,861	55,729	46,519	86,021
Free Cashflow To Firm	45,160	56,541	47,719	86,821

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	11,924	13,576	26,344	96,979
Total Debtors	44,168	52,202	57,213	48,883
Inventories	34,133	34,419	45,771	56,215
Total Other Current Assets	9,939	14,817	22,885	24,441
Total Current Assets	100,164	115,014	152,213	226,518
Fixed Assets	68,267	69,148	69,548	69,548
Total Investments	9,273	9,680	9,680	9,680
Intangible Assets	58,949	78,770	78,770	78,770
Total Other Non-Current Assets	20,911	20,196	20,196	20,196
Total Non-current Assets	157,400	177,794	178,194	178,194
Short-term Debt	11,632	7,686	7,686	7,686
Current Portion of Long-Term Debt
Total Creditors	21,250	21,267	20,694	20,657
Other Current Liabilities	22,425	24,466	22,763	19,510
Total Current Liabilities	55,307	53,419	51,143	47,853
Total Long-term Debt				37,467
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,374	18,373	18,373	18,373
Total Non-current Liabilities	5,374	18,373	18,373	55,840
Total Provisions
Total Liabilities	60,681	71,792	69,516	103,693
Shareholders Equity	175,158	198,295	238,270	278,599
Minority Interests	21,725	22,721	22,621	22,421
Total Equity	196,883	221,016	260,891	301,020

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	14.8%	11.9%	16.7%	6.8%
Operating EBITDA Growth	15.5%	39.5%	30.4%	0.3%
Operating EBITDA Margin	22.0%	27.5%	30.7%	28.8%
Net Cash Per Share (Rs)	0.29	5.82	18.43	51.20
BVPS (Rs)	173.05	195.90	235.40	275.24
Gross Interest Cover	24.15	56.90	50.94	75.53
Effective Tax Rate	22.7%	20.3%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	80.79	89.72	87.25	79.22
Inventory Days	206.29	200.87	230.58	266.80
Accounts Payables Days	123.29	124.58	120.66	108.18
ROIC (%)	12.2%	15.4%	18.2%	17.5%
ROCE (%)	14.2%	21.1%	24.6%	19.7%
Return On Average Assets	10.1%	14.2%	15.3%	12.9%

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

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Source: Bloomberg