InCred Equities - Swiggy Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	112,474	148,660	192,184	242,072
Operating EBITDA (Rsm)	(22,080)	(20,101)	(10,334)	4,456
Net Profit (Rsm)	(23,502)	(19,579)	(1,956)	10,821
Core EPS (Rs)	(10.4)	(8.7)	(0.9)	4.8
Core EPS Growth	(44.4%)	(16.3%)	(89.9%)	(653.2%)
FD Core P/E (x)	(41.95)	(50.36)	(504.02)	91.11
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	(44.24)	(47.16)	(91.98)	211.24
P/FCFE (x)	(63.33)	(44.15)	(69.98)	(175.53)
Net Gearing	(11.0%)	(36.1%)	(34.3%)	(39.2%)
P/BV (x)	12.65	9.54	9.73	8.79
ROE	(27.5%)	(21.4%)	(1.9%)	10.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	112,474	148,660	192,184	242,072
Gross Profit	46,310	66,707	100,277	137,856
Operating EBITDA	(22,080)	(20,101)	(10,334)	4,456
Depreciation And Amortisation	(4,206)	(5,389)	(3,844)	(4,841)
Operating EBIT	(26,286)	(25,490)	(14,178)	(385)
Financial Income/(Expense)	(714)	(890)	(922)	(922)
Pretax Income/(Loss) from Assoc.	(66)	(2)
Non-Operating Income/(Expense)	3,870	6,955	12,492	15,735
Profit Before Tax (pre-EI)	(23,196)	(19,427)	(2,608)	14,428
Exceptional Items	(306)	(152)
Pre-tax Profit	(23,502)	(19,579)	(2,608)	14,428
Taxation			652	(3,607)
Exceptional Income - post-tax
Profit After Tax	(23,502)	(19,579)	(1,956)	10,821
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(23,502)	(19,579)	(1,956)	10,821
Recurring Net Profit	(23,196)	(19,427)	(1,956)	10,821
Fully Diluted Recurring Net Profit	(23,196)	(19,427)	(1,956)	10,821

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	(22,080)	(20,101)	(10,334)	4,456
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,988	(74)	(407)	(467)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5,240
Other Operating Cashflow	1,638	(6,219)	(11,570)	(14,813)
Net Interest (Paid)/Received	48	6,065	11,570	14,813
Tax Paid	38		652	(3,607)
Cashflow From Operations	(13,127)	(20,329)	(10,089)	383
Capex	(3,517)	(2,000)	(4,000)	(6,000)
Disposals Of FAs/subsidiaries	77
Acq. Of Subsidiaries/investments	17,401
Other Investing Cashflow	624	6,955	12,492	15,735
Cash Flow From Investing	14,585	4,955	8,492	9,735
Debt Raised/(repaid)	1,076
Proceeds From Issue Of Shares		44,990
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(2,304)	(890)	(922)	(922)
Cash Flow From Financing	(1,228)	44,100	(922)	(922)
Total Cash Generated	229	28,726	(2,519)	9,196
Free Cashflow To Equity	(15,568)	(22,329)	(14,089)	(5,617)
Free Cashflow To Firm	2,171	(14,484)	(675)	11,040

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	17,177	45,903	43,383	52,579
Total Debtors	9,639	12,626	16,323	20,560
Inventories	487	407	527	663
Total Other Current Assets	2,780	2,780	2,780	2,780
Total Current Assets	30,082	61,715	63,012	76,581
Fixed Assets	10,406	7,017	7,174	8,332
Total Investments	52,660	52,660	52,660	52,660
Intangible Assets	10,008	10,008	10,008	10,008
Total Other Non-Current Assets	2,139	2,139	2,139	2,139
Total Non-current Assets	75,213	71,824	71,980	73,139
Short-term Debt	3,012	3,012	3,012	3,012
Current Portion of Long-Term Debt
Total Creditors	8,809	11,643	15,052	18,959
Other Current Liabilities	8,460	8,460	8,460	8,460
Total Current Liabilities	20,281	23,115	26,524	30,431
Total Long-term Debt	960	960	960	960
Hybrid Debt - Debt Component	4,671	4,671	4,671	4,671
Total Other Non-Current Liabilities	290	290	290	290
Total Non-current Liabilities	5,920	5,920	5,920	5,920
Total Provisions	1,178	1,178	1,178	1,178
Total Liabilities	27,380	30,214	33,623	37,530
Shareholders Equity	77,915	103,326	101,370	112,190
Minority Interests
Total Equity	77,915	103,326	101,370	112,190

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	36.1%	32.2%	29.3%	26.0%
Operating EBITDA Growth	(48.4%)	(9.0%)	(48.6%)	(143.1%)
Operating EBITDA Margin	(19.6%)	(13.5%)	(5.4%)	1.8%
Net Cash Per Share (Rs)	3.81	16.65	15.52	19.63
BVPS (Rs)	34.81	46.16	45.29	50.12
Gross Interest Cover	(36.81)	(28.65)	(15.38)	(0.42)
Effective Tax Rate				25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	32.88	27.33	27.49	27.81
Inventory Days	1.64	1.99	1.85	2.08
Accounts Payables Days	48.38	45.54	53.01	59.56
ROIC (%)	(156.7%)	(140.1%)	(71.5%)	(1.9%)
ROCE (%)	(28.7%)	(25.7%)	(9.6%)	(0.3%)
Return On Average Assets	(20.6%)	(15.5%)	(0.9%)	8.1%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 22 4161 1544 vikas.swami@incredresearch.com