InCred Equities - Skipper Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	32,820	44,772	51,444	61,346
Operating EBITDA (Rsm)	3,194	4,558	5,162	6,340
Net Profit (Rsm)	817	1,548	2,015	2,617
Core EPS (Rs)	7.8	14.7	19.1	24.9
Core EPS Growth	124.0%	89.6%	30.1%	29.9%
FD Core P/E (x)	68.19	35.97	27.64	21.29
DPS (Rs)	0.1	0.4	0.6	0.7
Dividend Yield	0.02%	0.08%	0.11%	0.14%
EV/EBITDA (x)	18.82	13.41	12.05	10.00
P/FCFE (x)	55.75	(40.94)	33.23	27.87
Net Gearing	49.3%	51.6%	52.6%	51.3%
P/BV (x)	6.20	5.32	4.48	3.72
ROE	9.8%	15.9%	17.6%	19.1%
% 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	44,772	51,444	61,346
Gross Profit	7,761	9,648	12,861	15,336
Operating EBITDA	3,194	4,558	5,162	6,340
Depreciation And Amortisation	(525)	(615)	(679)	(747)
Operating EBIT	2,669	3,942	4,483	5,593
Financial Income/(Expense)	(1,540)	(2,094)	(2,031)	(2,336)
Pretax Income/(Loss) from Assoc.	70	77	84	93
Non-Operating Income/(Expense)	86	145	158	148
Profit Before Tax (pre-EI)	1,285	2,070	2,694	3,498
Exceptional Items
Pre-tax Profit	1,285	2,070	2,694	3,498
Taxation	(468)	(522)	(679)	(882)
Exceptional Income - post-tax
Profit After Tax	817	1,548	2,015	2,617
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	817	1,548	2,015	2,617
Recurring Net Profit	817	1,548	2,015	2,617
Fully Diluted Recurring Net Profit	817	1,548	2,015	2,617

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	3,194	4,558	5,162	6,340
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,005)	(3,665)	(1,969)	(2,517)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	66	145	158	148
Net Interest (Paid)/Received
Tax Paid	(334)	(522)	(679)	(882)
Cashflow From Operations	1,922	516	2,672	3,090
Capex	(1,013)	(1,800)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(857)	(1,232)	(535)	(787)
Cash Flow From Investing	(1,870)	(3,032)	(2,035)	(2,287)
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)	(2,094)	(2,031)	(2,336)
Cash Flow From Financing	(125)	(950)	(1,003)	(1,151)
Total Cash Generated	(73)	(3,465)	(365)	(348)
Free Cashflow To Equity	987	(1,361)	1,676	1,998
Free Cashflow To Firm	52	(2,515)	637	803

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,349	1,520	1,433	1,483
Total Debtors	7,661	8,832	10,571	12,605
Inventories	12,031	20,240	23,255	28,236
Total Other Current Assets	2,184	3,435	3,946	4,706
Total Current Assets	23,226	34,026	39,205	47,030
Fixed Assets	7,654	8,823	9,629	10,369
Total Investments	169	186	204	224
Intangible Assets
Total Other Non-Current Assets	399	379	398	418
Total Non-current Assets	8,221	9,387	10,230	11,011
Short-term Debt	2,764	3,317	3,815	4,387
Current Portion of Long-Term Debt
Total Creditors	12,206	13,125	14,094	16,807
Other Current Liabilities	2,592	7,360	9,161	10,925
Total Current Liabilities	17,563	23,802	27,070	32,119
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	101	116	138
Total Liabilities	22,471	29,325	32,852	38,297
Shareholders Equity	8,976	10,478	12,433	14,971
Minority Interests
Total Equity	8,976	10,478	12,433	14,971

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	65.7%	36.4%	14.9%	19.2%
Operating EBITDA Growth	65.9%	42.7%	13.3%	22.8%
Operating EBITDA Margin	9.7%	10.2%	10.0%	10.3%
Net Cash Per Share (Rs)	42.03	51.38	62.08	72.95
BVPS (Rs)	85.29	99.56	118.14	142.25
Gross Interest Cover	1.73	1.88	2.21	2.39
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	67.23	68.83	68.95
Inventory Days	154.12	167.68	205.73	204.24
Accounts Payables Days	131.72	131.62	128.75	122.57
ROIC (%)	13.2%	13.9%	13.7%	14.6%
ROCE (%)	20.0%	24.5%	23.7%	25.1%
Return On Average Assets	7.3%	8.3%	7.6%	8.1%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

More Reports

Market Data

Source: Bloomberg