InCred Equities - Som Distilleries & Breweries Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	8,067	12,879	17,248	20,801
Operating EBITDA (Rsm)	1,021	1,576	2,156	2,600
Net Profit (Rsm)	603	927	1,228	1,535
Core EPS (Rs)	8.4	12.3	15.4	20.3
Core EPS Growth	(674.8%)	46.3%	25.1%	31.9%
FD Core P/E (x)	15.46	10.57	8.45	6.40
DPS (Rs)			1.2	1.5
Dividend Yield		0.93%	1.14%	1.72%
EV/EBITDA (x)	11.38	7.52	5.60	4.53
P/FCFE (x)	(25.61)	(15.07)	76.27	389.09
Net Gearing	61.2%	36.9%	23.8%	22.7%
P/BV (x)	2.55	1.79	1.49	1.04
ROE	18.1%	19.8%	19.2%	19.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	8,067	12,879	17,248	20,801
Gross Profit	3,214	5,010	7,244	8,736
Operating EBITDA	1,021	1,576	2,156	2,600
Depreciation And Amortisation	(170)	(208)	(268)	(294)
Operating EBIT	851	1,369	1,888	2,306
Financial Income/(Expense)	(146)	(147)	(218)	(218)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	704	1,221	1,670	2,088
Exceptional Items
Pre-tax Profit	704	1,221	1,670	2,088
Taxation	(101)	(294)	(443)	(553)
Exceptional Income - post-tax
Profit After Tax	603	927	1,228	1,535
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	603	927	1,228	1,535
Recurring Net Profit	603	927	1,228	1,535
Fully Diluted Recurring Net Profit	603	927	1,228	1,535

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	1,021	1,576	2,156	2,600
Cash Flow from Invt. & Assoc.
Change In Working Capital	(887)	(384)	(859)	(804)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(146)	(147)	(218)	(218)
Tax Paid		(294)	(443)	(553)
Cashflow From Operations	(12)	750	636	1,025
Capex	(994)	(1,400)	(500)	(1,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(994)	(1,400)	(500)	(1,000)
Debt Raised/(repaid)	642
Proceeds From Issue Of Shares	19	17	27
Shares Repurchased
Dividends Paid		(93)	(123)	(153)
Preferred Dividends
Other Financing Cashflow	(160)	(166)	(218)	(218)
Cash Flow From Financing	502	(242)	(314)	(371)
Total Cash Generated	(505)	(891)	(178)	(346)
Free Cashflow To Equity	(364)	(650)	136	25
Free Cashflow To Firm	(847)	(483)	354	243

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	126	356	715	481
Total Debtors	1,421	2,269	3,039	3,665
Inventories	1,353	2,160	2,892	3,488
Total Other Current Assets	994	386	345	416
Total Current Assets	3,895	5,172	6,992	8,050
Fixed Assets	3,911	6,075	6,307	7,013
Total Investments	0
Intangible Assets
Total Other Non-Current Assets	1,313	386	517	624
Total Non-current Assets	5,224	6,461	6,824	7,637
Short-term Debt	825	825	825	825
Current Portion of Long-Term Debt			1	2
Total Creditors	2,340	2,998	3,595	4,080
Other Current Liabilities	481	481	481	481
Total Current Liabilities	3,647	4,304	4,902	5,388
Total Long-term Debt	1,597	1,597	1,597	1,597
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	1,597	1,597	1,597	1,597
Total Provisions	121	127	131	135
Total Liabilities	5,365	6,027	6,630	7,120
Shareholders Equity	3,754	5,605	7,187	8,568
Minority Interests
Total Equity	3,754	5,605	7,187	8,568

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	122.4%	59.7%	33.9%	20.6%
Operating EBITDA Growth	504.8%	54.4%	36.8%	20.6%
Operating EBITDA Margin	12.7%	12.2%	12.5%	12.5%
Net Cash Per Share (Rs)	(31.12)	(26.74)	(20.66)	(28.21)
BVPS (Rs)	50.89	72.55	86.95	124.39
Gross Interest Cover	5.33	8.23	8.66	10.58
Effective Tax Rate	14.4%	24.1%	26.5%	26.5%
Net Dividend Payout Ratio		7.6%	7.3%	7.3%
Accounts Receivables Days	58.36	52.30	56.17	58.83
Inventory Days	82.66	81.46	92.17	96.52
Accounts Payables Days	67.52	66.37	75.09	78.64
ROIC (%)	18.5%	22.2%	24.2%	25.5%
ROCE (%)	15.5%	19.0%	21.1%	22.1%
Return On Average Assets	10.6%	13.2%	14.8%	15.6%

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

More Reports

Market Data

Source: Bloomberg