InCred Equities - Colgate Palmolive India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	56,804	60,805	65,243	70,910
Operating EBITDA (Rsm)	19,008	20,115	21,872	23,849
Net Profit (Rsm)	13,432	14,367	15,875	17,330
Core EPS (Rs)	49.4	52.8	58.4	63.7
Core EPS Growth	26.9%	7.0%	10.5%	9.2%
FD Core P/E (x)	47.89	44.77	40.51	37.11
DPS (Rs)	46.9	50.2	55.4	60.5
Dividend Yield	1.81%	2.12%	2.34%	2.56%
EV/EBITDA (x)	33.15	31.42	28.87	26.45
P/FCFE (x)	38.47	54.91	40.77	37.35
Net Gearing	(69.5%)	(56.8%)	(57.9%)	(58.9%)
P/BV (x)	34.31	33.05	31.75	30.45
ROE	74.8%	75.2%	79.9%	83.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	56,804	60,805	65,243	70,910
Gross Profit	39,575	42,544	45,845	50,040
Operating EBITDA	19,008	20,115	21,872	23,849
Depreciation And Amortisation	(1,715)	(1,754)	(1,724)	(1,809)
Operating EBIT	17,293	18,361	20,148	22,039
Financial Income/(Expense)	680	861	1,093	1,150
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	35	37	39	41
Profit Before Tax (pre-EI)	18,008	19,259	21,280	23,231
Exceptional Items
Pre-tax Profit	18,008	19,259	21,280	23,231
Taxation	(4,577)	(4,892)	(5,405)	(5,901)
Exceptional Income - post-tax
Profit After Tax	13,432	14,367	15,875	17,330
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,432	14,367	15,875	17,330
Recurring Net Profit	13,432	14,367	15,875	17,330
Fully Diluted Recurring Net Profit	13,432	14,367	15,875	17,330

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	19,008	20,115	21,872	23,849
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,544	(2,930)	(353)	41
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	765	938	1,162	1,231
Net Interest (Paid)/Received	(50)	(40)	(30)	(40)
Tax Paid	(4,577)	(4,892)	(5,405)	(5,901)
Cashflow From Operations	17,691	13,191	17,246	19,180
Capex	(1,000)	(1,500)	(1,500)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,000)	(1,500)	(1,500)	(2,000)
Debt Raised/(repaid)	28	22	30	38
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(11,670)	(13,649)	(15,081)	(16,464)
Preferred Dividends
Other Financing Cashflow	(591)	(40)	(30)	(40)
Cash Flow From Financing	(12,233)	(13,667)	(15,082)	(16,465)
Total Cash Generated	4,458	(1,977)	664	715
Free Cashflow To Equity	16,719	11,712	15,776	17,219
Free Cashflow To Firm	16,741	11,731	15,776	17,220

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	13,738	11,801	12,495	13,250
Total Debtors	1,674	1,000	1,251	1,360
Inventories	2,964	2,166	2,502	2,720
Total Other Current Assets	3,898	5,831	6,256	6,800
Total Current Assets	22,274	20,797	22,505	24,130
Fixed Assets	9,043	8,790	8,566	8,756
Total Investments
Intangible Assets
Total Other Non-Current Assets	648	648	648	648
Total Non-current Assets	9,691	9,437	9,213	9,404
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	11,302	8,918	9,506	10,315
Total Current Liabilities	11,302	8,918	9,506	10,315
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	718	739	769	807
Total Non-current Liabilities	718	739	769	807
Total Provisions	1,202	1,115	1,188	1,289
Total Liabilities	13,222	10,772	11,463	12,411
Shareholders Equity	18,744	19,462	20,256	21,122
Minority Interests
Total Equity	18,744	19,462	20,256	21,122

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	8.7%	7.0%	7.3%	8.7%
Operating EBITDA Growth	22.9%	5.8%	8.7%	9.0%
Operating EBITDA Margin	33.5%	33.1%	33.5%	33.6%
Net Cash Per Share (Rs)	47.87	40.67	43.11	45.75
BVPS (Rs)	68.91	71.55	74.47	77.66
Gross Interest Cover	345.86	459.03	671.61	550.98
Effective Tax Rate	25.4%	25.4%	25.4%	25.4%
Net Dividend Payout Ratio	86.9%	95.0%	95.0%	95.0%
Accounts Receivables Days	10.43	8.02	6.30	6.72
Inventory Days	66.93	51.27	43.92	45.67
Accounts Payables Days
ROIC (%)	249.7%	193.0%	207.3%	221.1%
ROCE (%)	95.8%	96.4%	102.5%	107.5%
Return On Average Assets	41.9%	43.4%	47.7%	49.6%

(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