InCred Equities - Skipper Limited

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	32,820	46,245	51,608	61,257
Operating EBITDA (Rsm)	3,194	4,517	5,193	6,355
Net Profit (Rsm)	817	1,493	1,911	2,470
Core EPS (Rs)	7.8	13.2	16.9	21.9
Core EPS Growth	124.0%	70.5%	27.9%	29.3%
FD Core P/E (x)	62.72	36.78	28.75	22.24
DPS (Rs)	0.1	0.1	0.2	0.2
Dividend Yield	0.02%	0.02%	0.03%	0.04%
EV/EBITDA (x)	17.42	13.45	11.89	9.88
P/FCFE (x)	51.27	7.61	22.36	19.25
Net Gearing	49.3%	48.7%	49.3%	48.4%
P/BV (x)	5.71	4.60	3.97	3.38
ROE	9.8%	14.3%	14.8%	16.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	32,820	46,245	51,608	61,257
Gross Profit	7,761	10,329	12,203	14,485
Operating EBITDA	3,194	4,517	5,193	6,355
Depreciation And Amortisation	(525)	(633)	(695)	(785)
Operating EBIT	2,669	3,884	4,498	5,570
Financial Income/(Expense)	(1,540)	(2,127)	(2,178)	(2,505)
Pretax Income/(Loss) from Assoc.	70	35	39	43
Non-Operating Income/(Expense)	86	195	195	195
Profit Before Tax (pre-EI)	1,285	1,986	2,554	3,303
Exceptional Items
Pre-tax Profit	1,285	1,986	2,554	3,303
Taxation	(468)	(493)	(644)	(832)
Exceptional Income - post-tax
Profit After Tax	817	1,493	1,911	2,470
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	817	1,493	1,911	2,470
Recurring Net Profit	817	1,493	1,911	2,470
Fully Diluted Recurring Net Profit	817	1,493	1,911	2,470

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	3,194	4,517	5,193	6,355
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,005)	3,376	(1,095)	(2,565)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	66	220	195	195
Net Interest (Paid)/Received
Tax Paid	(334)	(380)	(644)	(832)
Cashflow From Operations	1,922	7,733	3,650	3,152
Capex	(1,013)	(2,360)	(1,500)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(857)	355	(746)	492
Cash Flow From Investing	(1,870)	(2,005)	(2,246)	(1,508)
Debt Raised/(repaid)	935	1,248	1,052	1,210
Proceeds From Issue Of Shares	498	1,478
Shares Repurchased
Dividends Paid	(10)	(11)	(11)	(11)
Preferred Dividends
Other Financing Cashflow	(1,547)	(2,204)	(2,178)	(2,505)
Cash Flow From Financing	(125)	512	(1,136)	(1,305)
Total Cash Generated	(73)	6,239	268	339
Free Cashflow To Equity	987	6,975	2,456	2,854
Free Cashflow To Firm	52	5,727	1,404	1,644

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,349	1,206	1,250	1,407
Total Debtors	7,661	7,013	10,180	12,587
Inventories	12,031	11,974	14,846	18,461
Total Other Current Assets	2,184	2,695	3,393	4,028
Total Current Assets	23,226	22,887	29,669	36,483
Fixed Assets	7,654	10,344	11,149	11,187
Total Investments	169	204	224	246
Intangible Assets
Total Other Non-Current Assets	399	537	564	592
Total Non-current Assets	8,221	11,084	11,937	12,025
Short-term Debt	2,764	4,697	5,402	6,212
Current Portion of Long-Term Debt
Total Creditors	12,206	12,218	15,553	18,461
Other Current Liabilities	2,592	1,230	2,828	3,357
Total Current Liabilities	17,563	18,145	23,783	28,030
Total Long-term Debt	3,008	2,318	2,665	3,065
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,827	1,483	1,229	1,019
Total Non-current Liabilities	4,835	3,801	3,894	4,084
Total Provisions	74	95	106	126
Total Liabilities	22,471	22,041	27,783	32,240
Shareholders Equity	8,976	11,931	13,823	16,268
Minority Interests
Total Equity	8,976	11,931	13,823	16,268

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	65.7%	40.9%	11.6%	18.7%
Operating EBITDA Growth	65.9%	41.4%	15.0%	22.4%
Operating EBITDA Margin	9.7%	9.8%	10.1%	10.4%
Net Cash Per Share (Rs)	42.03	51.47	60.41	69.74
BVPS (Rs)	85.29	105.72	122.49	144.16
Gross Interest Cover	1.73	1.83	2.07	2.22
Effective Tax Rate	36.4%	24.8%	25.2%	25.2%
Net Dividend Payout Ratio	1.3%	0.7%	1.0%	1.0%
Accounts Receivables Days	62.63	57.91	60.80	67.83
Inventory Days	154.12	121.98	124.22	129.96
Accounts Payables Days	131.72	124.11	128.62	132.72
ROIC (%)	13.2%	15.2%	15.5%	16.6%
ROCE (%)	20.0%	23.1%	22.0%	23.5%
Return On Average Assets	7.3%	9.4%	9.4%	9.6%

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

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Market Data

Source: Bloomberg