InCred Equities - Zomato Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	121,140	199,820	281,720	350,121
Operating EBITDA (Rsm)	420	9,283	20,594	32,035
Net Profit (Rsm)	3,510	8,494	20,481	30,082
Core EPS (Rs)	0.4	0.9	2.1	3.1
Core EPS Growth	(136.1%)	142.0%	141.1%	46.9%
FD Core P/E (x)	589.88	243.76	101.09	68.83
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	4,844.17	209.97	93.90	59.52
P/FCFE (x)	252.19	302.59	118.09	78.60
Net Gearing	(17.6%)	(40.7%)	(42.9%)	(47.0%)
P/BV (x)	10.14	6.96	6.51	5.95
ROE	1.8%	3.4%	6.7%	9.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	121,140	199,820	281,720	350,121
Gross Profit	75,730	119,769	174,428	224,116
Operating EBITDA	420	9,283	20,594	32,035
Depreciation And Amortisation	(5,260)	(7,198)	(5,634)	(7,002)
Operating EBIT	(4,840)	2,086	14,960	25,033
Financial Income/(Expense)	(720)	(1,150)	(1,200)	(1,200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	8,470	9,486	13,820	16,675
Profit Before Tax (pre-EI)	2,910	10,421	27,580	40,508
Exceptional Items
Pre-tax Profit	2,910	10,421	27,580	40,508
Taxation	600	(1,927)	(7,099)	(10,426)
Exceptional Income - post-tax
Profit After Tax	3,510	8,494	20,481	30,082
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,510	8,494	20,481	30,082
Recurring Net Profit	3,510	8,494	20,481	30,082
Fully Diluted Recurring Net Profit	3,510	8,494	20,481	30,082

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	420	9,283	20,594	32,035
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,180	(7,364)	(2,763)	(2,069)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	960
Other Operating Cashflow	(510)	(9,486)	(13,820)	(16,675)
Net Interest (Paid)/Received	5,460	8,336	12,620	15,475
Tax Paid	(1,050)	(1,927)	(7,099)	(10,426)
Cashflow From Operations	6,460	(1,157)	9,532	18,341
Capex	2,150	8,000	8,000	8,000
Disposals Of FAs/subsidiaries	(130)
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(5,490)	(6,514)	(2,180)	675
Cash Flow From Investing	(3,470)	1,486	5,820	8,675
Debt Raised/(repaid)	(400)
Proceeds From Issue Of Shares	230	85,000
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(1,900)
Cash Flow From Financing	(2,070)	85,000
Total Cash Generated	920	85,328	15,353	27,015
Free Cashflow To Equity	8,210	6,843	17,532	26,341
Free Cashflow To Firm	3,710	1,478	16,553	28,215

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	43,350	128,678	144,031	171,046
Total Debtors	7,940	11,989	16,903	21,007
Inventories	880	3,327	4,453	5,153
Total Other Current Assets	2,410	2,410	2,410	2,410
Total Current Assets	54,580	146,405	167,796	199,617
Fixed Assets	9,950	10,752	13,118	14,115
Total Investments	103,650	103,650	103,650	103,650
Intangible Assets	54,710	54,710	54,710	54,710
Total Other Non-Current Assets	10,670	10,670	10,670	10,670
Total Non-current Assets	178,980	179,782	182,148	183,145
Short-term Debt	1,610	1,610	1,610	1,610
Current Portion of Long-Term Debt
Total Creditors	8,860	7,993	11,269	14,005
Other Current Liabilities	10,070	10,070	10,070	10,070
Total Current Liabilities	20,540	19,673	22,949	25,685
Total Long-term Debt
Hybrid Debt - Debt Component	5,880	5,880	5,880	5,880
Total Other Non-Current Liabilities	1,910	1,910	1,910	1,910
Total Non-current Liabilities	7,790	7,790	7,790	7,790
Total Provisions	1,170	1,170	1,170	1,170
Total Liabilities	29,500	28,633	31,909	34,645
Shareholders Equity	204,130	297,624	318,105	348,187
Minority Interests	(70)	(70)	(70)	(70)
Total Equity	204,060	297,554	318,035	348,117

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	71.1%	64.9%	41.0%	24.3%
Operating EBITDA Growth	(103.5%)	2,110.3%	121.8%	55.6%
Operating EBITDA Margin	0.3%	4.6%	7.3%	9.1%
Net Cash Per Share (Rs)	3.72	12.56	14.15	16.95
BVPS (Rs)	21.15	30.84	32.96	36.08
Gross Interest Cover	(6.72)	1.81	12.47	20.86
Effective Tax Rate		18.5%	25.7%	25.7%
Net Dividend Payout Ratio
Accounts Receivables Days	18.85	18.20	18.72	19.76
Inventory Days	6.86	9.59	13.23	13.91
Accounts Payables Days	62.93	38.42	32.76	36.61
ROIC (%)	(7.2%)	2.5%	14.7%	23.0%
ROCE (%)	(2.8%)	0.7%	3.5%	5.5%
Return On Average Assets	1.9%	3.4%	6.3%	8.5%

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

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