InCred Equities - Skipper Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	32,820	46,248	51,443	61,367
Operating EBITDA (Rsm)	3,194	4,629	5,162	6,342
Net Profit (Rsm)	817	1,630	2,016	2,616
Core EPS (Rs)	7.8	15.5	19.2	24.9
Core EPS Growth	124.0%	99.6%	23.7%	29.8%
FD Core P/E (x)	57.28	28.69	23.20	17.88
DPS (Rs)	0.1	0.5	0.6	0.7
Dividend Yield	0.02%	0.10%	0.13%	0.17%
EV/EBITDA (x)	16.03	11.34	10.31	8.57
P/FCFE (x)	46.82	(27.37)	22.49	23.35
Net Gearing	49.3%	54.0%	51.4%	50.4%
P/BV (x)	5.21	4.43	3.74	3.11
ROE	9.8%	16.7%	17.5%	19.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	32,820	46,248	51,443	61,367
Gross Profit	7,761	9,966	12,861	15,342
Operating EBITDA	3,194	4,629	5,162	6,342
Depreciation And Amortisation	(525)	(636)	(679)	(747)
Operating EBIT	2,669	3,994	4,483	5,595
Financial Income/(Expense)	(1,540)	(2,037)	(2,041)	(2,348)
Pretax Income/(Loss) from Assoc.	70	77	84	93
Non-Operating Income/(Expense)	86	145	169	158
Profit Before Tax (pre-EI)	1,285	2,179	2,695	3,498
Exceptional Items
Pre-tax Profit	1,285	2,179	2,695	3,498
Taxation	(468)	(549)	(679)	(881)
Exceptional Income - post-tax
Profit After Tax	817	1,630	2,016	2,616
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	817	1,630	2,016	2,616
Recurring Net Profit	817	1,630	2,016	2,616
Fully Diluted Recurring Net Profit	817	1,630	2,016	2,616

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	3,194	4,629	5,162	6,342
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,005)	(3,944)	(1,689)	(2,521)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	66	145	169	158
Net Interest (Paid)/Received
Tax Paid	(334)	(549)	(679)	(881)
Cashflow From Operations	1,922	281	2,962	3,097
Capex	(1,013)	(1,800)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(857)	(1,345)	(422)	(789)
Cash Flow From Investing	(1,870)	(3,145)	(1,922)	(2,289)
Debt Raised/(repaid)	935	1,155	1,039	1,195
Proceeds From Issue Of Shares	498
Shares Repurchased
Dividends Paid	(10)	(10)	(10)	(10)
Preferred Dividends
Other Financing Cashflow	(1,547)	(2,037)	(2,041)	(2,348)
Cash Flow From Financing	(125)	(892)	(1,012)	(1,163)
Total Cash Generated	(73)	(3,756)	29	(355)
Free Cashflow To Equity	987	(1,709)	2,080	2,003
Free Cashflow To Firm	52	(2,864)	1,041	808

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,349	1,227	1,533	1,578
Total Debtors	7,661	9,123	10,570	12,610
Inventories	12,031	20,907	23,255	28,246
Total Other Current Assets	2,184	3,548	3,946	4,708
Total Current Assets	23,226	34,804	39,305	47,141
Fixed Assets	7,654	8,802	9,609	10,349
Total Investments	169	186	204	224
Intangible Assets
Total Other Non-Current Assets	399	379	398	418
Total Non-current Assets	8,221	9,367	10,210	10,991
Short-term Debt	2,764	3,317	3,815	4,387
Current Portion of Long-Term Debt
Total Creditors	12,206	13,558	14,094	16,813
Other Current Liabilities	2,592	7,602	9,161	10,928
Total Current Liabilities	17,563	24,477	27,070	32,129
Total Long-term Debt	3,008	3,610	4,151	4,774
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,827	1,813	1,514	1,266
Total Non-current Liabilities	4,835	5,422	5,666	6,040
Total Provisions	74	104	116	138
Total Liabilities	22,471	30,004	32,851	38,307
Shareholders Equity	8,976	10,558	12,513	15,051
Minority Interests
Total Equity	8,976	10,558	12,513	15,051

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	65.7%	40.9%	11.2%	19.3%
Operating EBITDA Growth	65.9%	44.9%	11.5%	22.9%
Operating EBITDA Margin	9.7%	10.0%	10.0%	10.3%
Net Cash Per Share (Rs)	42.03	54.16	61.13	72.06
BVPS (Rs)	85.29	100.32	118.90	143.02
Gross Interest Cover	1.73	1.96	2.20	2.38
Effective Tax Rate	36.4%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	1.3%	3.0%	3.0%	3.0%
Accounts Receivables Days	62.63	66.23	69.86	68.94
Inventory Days	154.12	165.68	208.89	204.21
Accounts Payables Days	131.72	129.59	130.80	122.55
ROIC (%)	13.2%	13.8%	13.7%	14.6%
ROCE (%)	20.0%	24.8%	23.6%	25.0%
Return On Average Assets	7.3%	8.3%	7.6%	8.1%

(91) 22 4161 1565 ishan.verma@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg