InCred Equities - Ajanta Pharma Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	42,088	46,481	52,828	58,353
Operating EBITDA (Rsm)	11,720	12,595	14,639	16,985
Net Profit (Rsm)	8,163	9,204	10,787	12,605
Core EPS (Rs)	65.1	73.4	86.1	100.6
Core EPS Growth	38.8%	12.8%	17.2%	16.9%
FD Core P/E (x)	39.61	35.12	29.97	25.65
DPS (Rs)	51.0	55.8	50.0	50.0
Dividend Yield	1.98%	2.16%	1.94%	1.94%
EV/EBITDA (x)	27.15	25.53	21.74	18.46
P/FCFE (x)	22.59	16.18	14.86	14.53
Net Gearing	(13.8%)	(4.6%)	(11.9%)	(20.3%)
P/BV (x)	9.06	8.53	7.75	6.73
ROE	23.5%	25.0%	27.1%	28.1%
% 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	52,828	58,353
Gross Profit	31,422	35,774	40,941	45,340
Operating EBITDA	11,720	12,595	14,639	16,985
Depreciation And Amortisation	(1,354)	(1,441)	(1,480)	(1,515)
Operating EBIT	10,366	11,154	13,159	15,470
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	14,009	16,370
Exceptional Items
Pre-tax Profit	11,140	11,892	14,009	16,370
Taxation	(2,978)	(2,688)	(3,222)	(3,765)
Exceptional Income - post-tax
Profit After Tax	8,163	9,204	10,787	12,605
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	8,163	9,204	10,787	12,605
Recurring Net Profit	8,163	9,204	10,787	12,605
Fully Diluted Recurring Net Profit	8,163	9,204	10,787	12,605

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	11,720	12,595	14,639	16,985
Cash Flow from Invt. & Assoc.
Change In Working Capital	(998)	1,789	960	(1,092)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,872)	(2,812)	(3,222)	(3,765)
Net Interest (Paid)/Received	(72)	(207)	(150)	(100)
Tax Paid	(3,645)	(3,550)	(4,072)	(4,665)
Cashflow From Operations	7,851	11,572	12,377	12,128
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	9,377	10,128
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	3,232	4,760
Free Cashflow To Equity	14,311	19,977	21,754	22,255
Free Cashflow To Firm	14,383	20,184	21,904	22,355

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	4,948	1,762	4,995	9,755
Total Debtors	12,468	11,827	13,207	14,005
Inventories	8,284	9,039	10,566	11,087
Total Other Current Assets	1,609	5,802	2,641	3,501
Total Current Assets	27,309	28,430	31,409	38,348
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	4,858	5,609
Other Current Liabilities	4,306	5,393	5,783	6,119
Total Current Liabilities	8,953	9,961	10,667	11,754
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	12,953	14,040
Shareholders Equity	35,674	37,903	41,695	48,033
Minority Interests
Total Equity	35,674	37,903	41,695	48,033

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	12.5%	10.4%	13.7%	10.5%
Operating EBITDA Growth	49.6%	7.5%	16.2%	16.0%
Operating EBITDA Margin	27.8%	27.1%	27.7%	29.1%
Net Cash Per Share (Rs)	39.35	13.85	39.64	77.62
BVPS (Rs)	284.59	302.38	332.63	383.19
Gross Interest Cover	143.78	53.81	87.73	154.70
Effective Tax Rate	26.7%	22.6%	23.0%	23.0%
Net Dividend Payout Ratio
Accounts Receivables Days	99.89	95.39	86.48	85.10
Inventory Days	281.32	295.24	301.00	303.67
Accounts Payables Days	151.60	156.36	144.32	146.80
ROIC (%)	24.0%	21.7%	25.2%	28.5%
ROCE (%)	29.8%	30.3%	33.0%	34.5%
Return On Average Assets	17.6%	19.4%	20.8%	21.7%

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

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Market Data

Source: Bloomberg