InCred Equities - Zydus Lifesciences

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	175,218	196,025	226,034	246,801
Operating EBITDA (Rsm)	38,599	53,843	65,140	71,077
Net Profit (Rsm)	19,649	38,365	43,737	48,296
Core EPS (Rs)	24.0	38.0	43.2	47.7
Core EPS Growth	2.8%	58.2%	13.7%	10.4%
FD Core P/E (x)	39.44	24.93	21.93	19.86
DPS (Rs)	6.0	7.0	7.0	7.0
Dividend Yield	0.63%	0.74%	0.74%	0.74%
EV/EBITDA (x)	25.16	17.95	14.66	13.02
P/FCFE (x)	21.87	17.21	21.71	12.27
Net Gearing	(0.1%)	(2.7%)	(6.9%)	(15.7%)
P/BV (x)	5.48	4.84	4.09	3.48
ROE	14.1%	20.6%	20.2%	18.9%
% 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	226,034	246,801
Gross Profit	112,117	133,743	163,060	176,329
Operating EBITDA	38,599	53,843	65,140	71,077
Depreciation And Amortisation	(7,227)	(7,641)	(8,100)	(8,500)
Operating EBIT	31,372	46,202	57,040	62,577
Financial Income/(Expense)	(1,299)	(812)	(800)	(800)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,866	2,841	2,400	3,000
Profit Before Tax (pre-EI)	31,939	48,231	58,640	64,777
Exceptional Items	(6,042)	(142)
Pre-tax Profit	25,897	48,089	58,640	64,777
Taxation	(5,878)	(9,775)	(14,660)	(16,194)
Exceptional Income - post-tax
Profit After Tax	20,019	38,314	43,980	48,583
Minority Interests	(370)	51	(243)	(287)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,649	38,365	43,737	48,296
Recurring Net Profit	24,320	38,478	43,737	48,296
Fully Diluted Recurring Net Profit	24,320	38,478	43,737	48,296

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	38,599	53,843	65,140	71,077
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,358)	(8,711)	(23,392)	(10,521)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(9,353)	(12,853)	(14,903)	(16,481)
Net Interest (Paid)/Received	(1,299)	(812)	(800)	(800)
Tax Paid	(3,808)	(15,032)	(16,503)	(18,681)
Cashflow From Operations	26,888	32,279	26,845	44,076
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	17,345	34,076
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)	1,600	39,359
Cash Flow From Financing	(39,650)	(21,798)	(5,442)	32,317
Total Cash Generated	(22,677)	1,652	11,903	66,392
Free Cashflow To Equity	43,861	55,729	44,189	78,151
Free Cashflow To Firm	45,160	56,541	44,989	78,951

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	11,924	13,576	25,479	91,871
Total Debtors	44,168	52,202	56,509	49,360
Inventories	34,133	34,419	45,207	56,764
Total Other Current Assets	9,939	14,817	22,603	24,680
Total Current Assets	100,164	115,014	149,797	222,676
Fixed Assets	68,267	69,148	70,548	72,048
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	179,194	180,694
Short-term Debt	11,632	7,686	7,686	7,686
Current Portion of Long-Term Debt
Total Creditors	21,250	21,267	21,534	21,182
Other Current Liabilities	22,425	24,466	23,687	20,005
Total Current Liabilities	55,307	53,419	52,907	48,873
Total Long-term Debt				37,159
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	55,532
Total Provisions
Total Liabilities	60,681	71,792	71,280	104,405
Shareholders Equity	175,158	198,295	234,747	275,714
Minority Interests	21,725	22,721	22,964	23,251
Total Equity	196,883	221,016	257,711	298,965

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	14.8%	11.9%	15.3%	9.2%
Operating EBITDA Growth	15.5%	39.5%	21.0%	9.1%
Operating EBITDA Margin	22.0%	27.5%	28.8%	28.8%
Net Cash Per Share (Rs)	0.29	5.82	17.58	46.46
BVPS (Rs)	173.05	195.90	231.92	272.39
Gross Interest Cover	24.15	56.90	71.30	78.22
Effective Tax Rate	22.7%	20.3%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	80.79	89.72	87.77	78.29
Inventory Days	206.29	200.87	230.76	264.07
Accounts Payables Days	123.29	124.58	124.04	110.62
ROIC (%)	12.2%	15.4%	17.2%	18.0%
ROCE (%)	14.2%	21.1%	23.1%	20.5%
Return On Average Assets	10.1%	14.2%	14.3%	13.4%

(91) 22 4161 1552 praful.bohra@incredresearch.com

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

More Reports

Market Data

Source: Bloomberg