InCred Equities - Ajanta Pharma Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	37,426	42,088	46,376	52,216
Operating EBITDA (Rsm)	7,833	11,720	12,907	15,003
Net Profit (Rsm)	5,880	8,163	9,308	11,102
Core EPS (Rs)	45.9	63.7	72.7	86.7
Core EPS Growth	(17.5%)	38.8%	14.0%	19.3%
FD Core P/E (x)	57.03	41.08	36.03	30.21
DPS (Rs)	6.7	51.0	50.0	50.0
Dividend Yield	0.25%	1.95%	1.91%	1.91%
EV/EBITDA (x)	41.69	28.17	25.72	21.96
P/FCFE (x)	23.64	23.43	22.05	19.23
Net Gearing	(25.3%)	(13.8%)	(8.8%)	(14.2%)
P/BV (x)	9.90	9.40	9.42	8.33
ROE	17.7%	23.5%	26.1%	29.3%
% 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	46,376	52,216
Gross Profit	26,922	31,422	35,942	40,467
Operating EBITDA	7,833	11,720	12,907	15,003
Depreciation And Amortisation	(1,308)	(1,354)	(1,400)	(1,450)
Operating EBIT	6,525	10,366	11,507	13,553
Financial Income/(Expense)	(58)	(72)	(210)	(45)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	986	846	950	1,100
Profit Before Tax (pre-EI)	7,453	11,140	12,247	14,608
Exceptional Items
Pre-tax Profit	7,453	11,140	12,247	14,608
Taxation	(1,573)	(2,978)	(2,939)	(3,506)
Exceptional Income - post-tax
Profit After Tax	5,880	8,163	9,308	11,102
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,880	8,163	9,308	11,102
Recurring Net Profit	5,880	8,163	9,308	11,102
Fully Diluted Recurring Net Profit	5,880	8,163	9,308	11,102

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	7,833	11,720	12,907	15,003
Cash Flow from Invt. & Assoc.
Change In Working Capital	575	(998)	(1,613)	(2,027)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(490)	(2,872)	(2,939)	(3,506)
Net Interest (Paid)/Received	(58)	(72)	(210)	(45)
Tax Paid	(1,418)	(3,645)	(3,679)	(4,561)
Cashflow From Operations	7,918	7,851	8,355	9,470
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	6,855	7,970
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)	(2,110)	1,055
Cash Flow From Financing	(5,025)	(8,466)	(8,644)	(5,403)
Total Cash Generated	1,243	(2,006)	(1,789)	2,568
Free Cashflow To Equity	14,186	14,311	15,210	17,440
Free Cashflow To Firm	14,245	14,383	15,420	17,485

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	8,586	4,948	3,158	5,726
Total Debtors	10,569	12,468	13,913	15,665
Inventories	8,156	8,284	10,203	11,487
Total Other Current Assets	1,029	1,609	1,391	1,566
Total Current Assets	28,340	27,309	28,665	34,445
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	4,311	4,799
Other Current Liabilities	7,163	4,306	6,159	6,856
Total Current Liabilities	11,393	8,953	10,485	11,670
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	12,243	13,428
Shareholders Equity	33,880	35,674	35,597	40,241
Minority Interests
Total Equity	33,880	35,674	35,597	40,241

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	12.0%	12.5%	10.2%	12.6%
Operating EBITDA Growth	(15.7%)	49.6%	10.1%	16.2%
Operating EBITDA Margin	20.9%	27.8%	27.8%	28.7%
Net Cash Per Share (Rs)	66.91	38.51	24.54	44.58
BVPS (Rs)	264.48	278.48	277.89	314.14
Gross Interest Cover	111.72	143.78	54.80	301.17
Effective Tax Rate	21.1%	26.7%	24.0%	24.0%
Net Dividend Payout Ratio
Accounts Receivables Days	101.27	99.89	103.82	103.38
Inventory Days	279.15	281.32	323.32	336.93
Accounts Payables Days	130.30	151.60	156.42	141.52
ROIC (%)	18.4%	24.0%	25.3%	28.1%
ROCE (%)	19.6%	29.8%	32.3%	35.7%
Return On Average Assets	13.6%	17.6%	20.1%	21.9%

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

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Market Data

Source: Bloomberg