InCred Equities - Ajanta Pharma Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	37,426	42,088	46,840	52,727
Operating EBITDA (Rsm)	7,833	11,720	13,460	15,828
Net Profit (Rsm)	5,880	8,163	9,854	11,537
Core EPS (Rs)	45.9	63.7	76.9	90.1
Core EPS Growth	(17.5%)	38.8%	20.7%	17.1%
FD Core P/E (x)	63.92	46.04	38.14	32.58
DPS (Rs)	6.7	51.0	50.0	50.0
Dividend Yield	0.23%	1.74%	1.70%	1.70%
EV/EBITDA (x)	46.86	31.63	27.65	23.32
P/FCFE (x)	26.49	26.26	23.99	20.32
Net Gearing	(25.3%)	(13.8%)	(9.8%)	(16.0%)
P/BV (x)	11.09	10.54	10.40	9.12
ROE	17.7%	23.5%	27.4%	29.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	37,426	42,088	46,840	52,727
Gross Profit	26,922	31,422	35,598	40,072
Operating EBITDA	7,833	11,720	13,460	15,828
Depreciation And Amortisation	(1,308)	(1,354)	(1,400)	(1,450)
Operating EBIT	6,525	10,366	12,060	14,378
Financial Income/(Expense)	(58)	(72)	(45)	(45)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	986	846	950	1,050
Profit Before Tax (pre-EI)	7,453	11,140	12,965	15,383
Exceptional Items
Pre-tax Profit	7,453	11,140	12,965	15,383
Taxation	(1,573)	(2,978)	(3,112)	(3,846)
Exceptional Income - post-tax
Profit After Tax	5,880	8,163	9,854	11,537
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,880	8,163	9,854	11,537
Recurring Net Profit	5,880	8,163	9,854	11,537
Fully Diluted Recurring Net Profit	5,880	8,163	9,854	11,537

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	7,833	11,720	13,460	15,828
Cash Flow from Invt. & Assoc.
Change In Working Capital	575	(998)	(1,764)	(1,985)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(490)	(2,872)	(3,112)	(3,846)
Net Interest (Paid)/Received	(58)	(72)	(45)	(45)
Tax Paid	(1,418)	(3,645)	(4,017)	(4,851)
Cashflow From Operations	7,918	7,851	8,584	9,997
Capex	(1,649)	(1,390)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	6,268	6,460	7,084	8,497
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(14)	(9)
Shares Repurchased
Dividends Paid	(897)	(6,422)	(6,534)	(6,458)
Preferred Dividends
Other Financing Cashflow	(4,114)	(2,036)	(1,945)	1,005
Cash Flow From Financing	(5,025)	(8,466)	(8,479)	(5,453)
Total Cash Generated	1,243	(2,006)	(1,395)	3,045
Free Cashflow To Equity	14,186	14,311	15,668	18,495
Free Cashflow To Firm	14,245	14,383	15,713	18,540

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	8,586	4,948	3,553	6,597
Total Debtors	10,569	12,468	14,052	15,818
Inventories	8,156	8,284	10,305	11,600
Total Other Current Assets	1,029	1,609	1,405	1,582
Total Current Assets	28,340	27,309	29,315	35,597
Fixed Assets	16,982	17,210	17,310	17,360
Total Investments	251	186	186	186
Intangible Assets	78	147	147	147
Total Other Non-Current Assets	1,140	1,533	1,533	1,533
Total Non-current Assets	18,450	19,075	19,175	19,225
Short-term Debt	2	15	15	15
Current Portion of Long-Term Debt
Total Creditors	4,228	4,632	4,354	4,870
Other Current Liabilities	7,163	4,306	6,220	6,957
Total Current Liabilities	11,393	8,953	10,589	11,842
Total Long-term Debt	13
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,505	1,758	1,758	1,758
Total Non-current Liabilities	1,518	1,758	1,758	1,758
Total Provisions
Total Liabilities	12,910	10,710	12,347	13,600
Shareholders Equity	33,880	35,674	36,143	41,222
Minority Interests
Total Equity	33,880	35,674	36,143	41,222

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	12.0%	12.5%	11.3%	12.6%
Operating EBITDA Growth	(15.7%)	49.6%	14.8%	17.6%
Operating EBITDA Margin	20.9%	27.8%	28.7%	30.0%
Net Cash Per Share (Rs)	66.91	38.51	27.62	51.39
BVPS (Rs)	264.48	278.48	282.14	321.80
Gross Interest Cover	111.72	143.78	268.00	319.51
Effective Tax Rate	21.1%	26.7%	24.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	101.27	99.89	103.33	103.39
Inventory Days	279.15	281.32	301.77	315.91
Accounts Payables Days	130.30	151.60	145.88	133.02
ROIC (%)	18.4%	24.0%	26.4%	29.7%
ROCE (%)	19.6%	29.8%	33.6%	37.2%
Return On Average Assets	13.6%	17.6%	20.8%	22.4%

(91) 22 4161 1552 praful.bohra@incredresearch.com

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

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Market Data

Source: Bloomberg