InCred Equities - Colgate Palmolive India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	60,402	63,458	68,042	73,155
Operating EBITDA (Rsm)	19,581	20,651	22,232	24,015
Net Profit (Rsm)	14,368	15,452	16,647	17,996
Core EPS (Rs)	52.8	56.8	61.2	66.2
Core EPS Growth	7.0%	7.5%	7.7%	8.1%
FD Core P/E (x)	46.05	42.82	39.75	36.77
DPS (Rs)	50.2	54.0	58.1	62.9
Dividend Yield	2.46%	2.22%	2.39%	2.58%
EV/EBITDA (x)	33.26	31.58	29.31	27.11
P/FCFE (x)	48.25	47.76	40.42	37.18
Net Gearing	(62.1%)	(54.5%)	(54.9%)	(55.8%)
P/BV (x)	39.75	37.99	36.25	34.55
ROE	81.2%	90.7%	93.3%	96.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	60,402	63,458	68,042	73,155
Gross Profit	42,219	44,038	47,287	50,913
Operating EBITDA	19,581	20,651	22,232	24,015
Depreciation And Amortisation	(1,627)	(1,584)	(1,654)	(1,728)
Operating EBIT	17,953	19,066	20,577	22,288
Financial Income/(Expense)	1,281	1,579	1,666	1,761
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	64	67	71	74
Profit Before Tax (pre-EI)	19,298	20,713	22,315	24,123
Exceptional Items
Pre-tax Profit	19,298	20,713	22,315	24,123
Taxation	(4,930)	(5,261)	(5,668)	(6,127)
Exceptional Income - post-tax
Profit After Tax	14,368	15,452	16,647	17,996
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	14,368	15,452	16,647	17,996
Recurring Net Profit	14,368	15,452	16,647	17,996
Fully Diluted Recurring Net Profit	14,368	15,452	16,647	17,996

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	19,581	20,651	22,232	24,015
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,441)	(1,707)	37	36
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,388	1,702	1,799	1,904
Net Interest (Paid)/Received	(43)	(55)	(62)	(68)
Tax Paid	(4,930)	(5,261)	(5,668)	(6,127)
Cashflow From Operations	14,554	15,329	18,338	19,760
Capex	(733)	(1,500)	(2,000)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(733)	(1,500)	(2,000)	(2,000)
Debt Raised/(repaid)	(109)	24	32	33
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(16,262)	(14,679)	(15,814)	(17,096)
Preferred Dividends
Other Financing Cashflow	(280)	(55)	(62)	(68)
Cash Flow From Financing	(16,651)	(14,710)	(15,845)	(17,131)
Total Cash Generated	(2,830)	(881)	494	629
Free Cashflow To Equity	13,712	13,853	16,370	17,793
Free Cashflow To Firm	13,865	13,884	16,400	17,828

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	10,951	10,125	10,681	11,378
Total Debtors	2,263	1,217	1,305	1,403
Inventories	3,773	2,434	2,610	2,806
Total Other Current Assets	4,371	6,085	6,525	7,015
Total Current Assets	21,357	19,862	21,120	22,602
Fixed Assets	8,149	8,064	8,410	8,682
Total Investments
Intangible Assets
Total Other Non-Current Assets	680	680	680	680
Total Non-current Assets	8,828	8,744	9,089	9,362
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	11,618	9,382	10,041	10,770
Total Current Liabilities	11,618	9,382	10,041	10,770
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	608	633	664	698
Total Non-current Liabilities	608	633	664	698
Total Provisions	1,315	1,173	1,255	1,346
Total Liabilities	13,541	11,188	11,960	12,814
Shareholders Equity	16,645	17,417	18,250	19,149
Minority Interests
Total Equity	16,645	17,417	18,250	19,149

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	6.3%	5.1%	7.2%	7.5%
Operating EBITDA Growth	3.0%	5.5%	7.7%	8.0%
Operating EBITDA Margin	32.4%	32.5%	32.7%	32.8%
Net Cash Per Share (Rs)	38.03	34.90	36.83	39.27
BVPS (Rs)	61.19	64.03	67.09	70.40
Gross Interest Cover	415.58	346.66	331.89	327.76
Effective Tax Rate	25.5%	25.4%	25.4%	25.4%
Net Dividend Payout Ratio	113.2%	95.0%	95.0%	95.0%
Accounts Receivables Days	11.89	10.01	6.76	6.76
Inventory Days	67.62	58.33	44.35	44.44
Accounts Payables Days
ROIC (%)	235.7%	209.6%	216.9%	227.1%
ROCE (%)	103.6%	115.8%	119.3%	123.1%
Return On Average Assets	42.1%	47.2%	50.9%	52.2%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg