InCred Equities - Ajanta Pharma Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	42,088	46,481	53,044	58,858
Operating EBITDA (Rsm)	11,720	12,595	14,957	17,582
Net Profit (Rsm)	8,163	9,204	11,032	13,065
Core EPS (Rs)	65.1	73.4	88.0	104.2
Core EPS Growth	38.8%	12.8%	19.9%	18.4%
FD Core P/E (x)	39.49	35.02	29.22	24.67
DPS (Rs)	51.0	55.8	50.0	50.0
Dividend Yield	1.98%	2.17%	1.94%	1.94%
EV/EBITDA (x)	27.06	25.45	21.20	17.76
P/FCFE (x)	22.52	16.13	14.54	14.23
Net Gearing	(13.8%)	(4.6%)	(12.3%)	(20.8%)
P/BV (x)	9.04	8.50	7.68	6.61
ROE	23.5%	25.0%	27.6%	28.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	42,088	46,481	53,044	58,858
Gross Profit	31,422	35,773	41,003	45,733
Operating EBITDA	11,720	12,595	14,957	17,582
Depreciation And Amortisation	(1,354)	(1,441)	(1,480)	(1,515)
Operating EBIT	10,366	11,154	13,477	16,067
Financial Income/(Expense)	(72)	(207)	(150)	(100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	846	945	1,000	1,000
Profit Before Tax (pre-EI)	11,140	11,892	14,327	16,967
Exceptional Items
Pre-tax Profit	11,140	11,892	14,327	16,967
Taxation	(2,978)	(2,688)	(3,295)	(3,903)
Exceptional Income - post-tax
Profit After Tax	8,163	9,204	11,032	13,065
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,163	9,204	11,032	13,065
Recurring Net Profit	8,163	9,204	11,032	13,065
Fully Diluted Recurring Net Profit	8,163	9,204	11,032	13,065

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	11,720	12,595	14,957	17,582
Cash Flow from Invt. & Assoc.
Change In Working Capital	(998)	1,789	923	(1,354)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,872)	(2,812)	(3,295)	(3,903)
Net Interest (Paid)/Received	(72)	(207)	(150)	(100)
Tax Paid	(3,645)	(3,550)	(4,145)	(4,803)
Cashflow From Operations	7,851	11,572	12,585	12,326
Capex	(1,390)	(3,168)	(3,000)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	6,460	8,405	9,585	10,326
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(9)
Shares Repurchased
Dividends Paid	(6,422)	(3,494)	(6,995)	(6,268)
Preferred Dividends
Other Financing Cashflow	(2,036)	(4,438)	850	900
Cash Flow From Financing	(8,466)	(7,932)	(6,145)	(5,368)
Total Cash Generated	(2,006)	473	3,440	4,958
Free Cashflow To Equity	14,311	19,977	22,170	22,652
Free Cashflow To Firm	14,383	20,184	22,320	22,752

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	4,948	1,762	5,203	10,161
Total Debtors	12,468	11,827	13,261	14,126
Inventories	8,284	9,039	10,609	11,183
Total Other Current Assets	1,609	5,802	2,652	3,531
Total Current Assets	27,309	28,430	31,725	39,002
Fixed Assets	17,210	18,918	20,438	20,923
Total Investments	186
Intangible Assets	147	465	465	465
Total Other Non-Current Assets	1,533	2,336	2,336	2,336
Total Non-current Assets	19,075	21,719	23,239	23,724
Short-term Debt	15	26	26	26
Current Portion of Long-Term Debt
Total Creditors	4,632	4,542	4,890	5,584
Other Current Liabilities	4,306	5,393	5,822	6,092
Total Current Liabilities	8,953	9,961	10,738	11,703
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,758	2,286	2,286	2,286
Total Non-current Liabilities	1,758	2,286	2,286	2,286
Total Provisions
Total Liabilities	10,710	12,247	13,024	13,988
Shareholders Equity	35,674	37,903	41,941	48,738
Minority Interests
Total Equity	35,674	37,903	41,941	48,738

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	12.5%	10.4%	14.1%	11.0%
Operating EBITDA Growth	49.6%	7.5%	18.8%	17.5%
Operating EBITDA Margin	27.8%	27.1%	28.2%	29.9%
Net Cash Per Share (Rs)	39.35	13.85	41.30	80.86
BVPS (Rs)	284.59	302.38	334.59	388.81
Gross Interest Cover	143.78	53.81	89.85	160.67
Effective Tax Rate	26.7%	22.6%	23.0%	23.0%
Net Dividend Payout Ratio
Accounts Receivables Days	99.89	95.39	86.32	84.92
Inventory Days	281.32	295.24	297.78	303.00
Accounts Payables Days	151.60	156.36	142.96	145.65
ROIC (%)	24.0%	21.7%	25.8%	29.4%
ROCE (%)	29.8%	30.3%	33.7%	35.4%
Return On Average Assets	17.6%	19.4%	21.2%	22.3%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg