InCred Equities - Syrma SGS Technology

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	31,538	43,291	58,750	78,361
Operating EBITDA (Rsm)	1,984	3,296	4,327	5,730
Net Profit (Rsm)	1,257	2,047	2,774	3,780
Core EPS (Rs)	7.1	11.6	15.7	21.4
Core EPS Growth	2.1%	62.8%	35.6%	36.2%
FD Core P/E (x)	65.62	40.30	29.73	21.82
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	44.41	26.49	19.94	14.86
P/FCFE (x)	94.85	151.53	29.92	23.00
Net Gearing	29.7%	22.1%	14.7%	8.1%
P/BV (x)	5.11	4.54	3.94	3.34
ROE	8.0%	11.9%	14.2%	16.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	31,538	43,291	58,750	78,361
Gross Profit	6,469	9,393	12,396	16,456
Operating EBITDA	1,984	3,296	4,327	5,730
Depreciation And Amortisation	(515)	(747)	(770)	(848)
Operating EBIT	1,469	2,548	3,557	4,882
Financial Income/(Expense)	(378)	(575)	(605)	(621)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	587	679	747	778
Profit Before Tax (pre-EI)	1,678	2,652	3,699	5,039
Exceptional Items
Pre-tax Profit	1,678	2,652	3,699	5,039
Taxation	(421)	(606)	(925)	(1,260)
Exceptional Income - post-tax
Profit After Tax	1,257	2,047	2,774	3,780
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,257	2,047	2,774	3,780
Recurring Net Profit	1,257	2,047	2,774	3,780
Fully Diluted Recurring Net Profit	1,257	2,047	2,774	3,780

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,664	2,652	3,699	5,039
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,273)	(909)	(1,545)	(2,515)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	515	747	770	848
Other Operating Cashflow
Net Interest (Paid)/Received	378	575	605	621
Tax Paid	(421)	(606)	(925)	(1,260)
Cashflow From Operations	(1,136)	2,460	2,603	2,733
Capex	(3,249)	(1,800)	(1,000)	(1,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	2,967	549	653	1,702
Cash Flow From Investing	(282)	(1,251)	(347)	702
Debt Raised/(repaid)	2,288	(665)	500	150
Proceeds From Issue Of Shares	0
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(741)	(575)	(605)	(621)
Cash Flow From Financing	1,547	(1,240)	(105)	(471)
Total Cash Generated	128	(31)	2,152	2,965
Free Cashflow To Equity	870	544	2,756	3,585
Free Cashflow To Firm	(1,797)	634	1,652	2,815

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	784	932	2,431	3,694
Total Debtors	9,301	6,355	8,247	11,082
Inventories	10,043	11,276	13,699	17,280
Total Other Current Assets	2,207	1,886	2,571	3,455
Total Current Assets	22,335	20,449	26,948	35,510
Fixed Assets	5,965	7,164	7,394	7,546
Total Investments	64	64	64	64
Intangible Assets	3,450	3,450	3,450	3,450
Total Other Non-Current Assets	4,007	4,007	4,007	4,007
Total Non-current Assets	13,487	14,686	14,916	15,068
Short-term Debt	5,118	4,099	4,599	4,749
Current Portion of Long-Term Debt
Total Creditors	12,232	8,193	10,865	14,620
Other Current Liabilities	1,056	1,799	2,442	3,286
Total Current Liabilities	18,407	14,091	17,905	22,654
Total Long-term Debt	645	1,000	1,000	1,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	722	722	722	722
Total Non-current Liabilities	1,367	1,722	1,722	1,722
Total Provisions	350	703	844	1,029
Total Liabilities	20,124	16,515	20,471	25,405
Shareholders Equity	16,126	18,173	20,947	24,726
Minority Interests	644	644	644	644
Total Equity	16,770	18,817	21,591	25,371

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	54.0%	37.3%	35.7%	33.4%
Operating EBITDA Growth	5.7%	66.1%	31.3%	32.4%
Operating EBITDA Margin	6.3%	7.6%	7.4%	7.3%
Net Cash Per Share (Rs)	(28.17)	(23.57)	(17.92)	(11.62)
BVPS (Rs)	91.22	102.80	118.49	139.87
Gross Interest Cover	3.88	4.43	5.88	7.86
Effective Tax Rate	25.1%	22.8%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	77.16	66.00	45.36	45.02
Inventory Days	115.87	114.77	98.33	91.33
Accounts Payables Days	124.58	109.97	75.03	75.13
ROIC (%)	5.1%	7.9%	10.2%	12.6%
ROCE (%)	7.0%	10.9%	13.8%	16.6%
Return On Average Assets	5.1%	7.0%	8.4%	9.2%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg