InCred Equities - Escorts Kubota Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	106,811	116,747	135,594	127,207
Operating EBITDA (Rsm)	13,203	13,679	16,899	15,238
Net Profit (Rsm)	10,816	12,319	26,897	13,135
Core EPS (Rs)	96.7	103.9	143.0	117.4
Core EPS Growth	59.0%	7.4%	37.7%	(17.9%)
FD Core P/E (x)	33.39	29.32	13.43	27.50
DPS (Rs)	13.0	16.0	40.0	25.0
Dividend Yield	0.40%	0.50%	1.24%	0.77%
EV/EBITDA (x)	26.73	25.98	20.89	23.20
P/FCFE (x)	37.62	(490.61)	52.54	152.17
Net Gearing	(8.8%)	(5.5%)	(6.4%)	(5.6%)
P/BV (x)	3.84	3.45	2.84	2.63
ROE	12.1%	11.7%	13.8%	9.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	106,811	116,747	135,594	127,207
Gross Profit	31,524	35,024	40,814	37,526
Operating EBITDA	13,203	13,679	16,899	15,238
Depreciation And Amortisation	(2,328)	(2,654)	(2,972)	(3,215)
Operating EBIT	10,876	11,025	13,927	12,023
Financial Income/(Expense)	(393)	(350)	(100)	(75)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,926	4,436	4,969	5,565
Profit Before Tax (pre-EI)	14,409	15,112	18,796	17,513
Exceptional Items		910	12,800
Pre-tax Profit	14,409	16,022	31,596	17,513
Taxation	(3,592)	(3,702)	(4,699)	(4,378)
Exceptional Income - post-tax
Profit After Tax	10,816	12,319	26,897	13,135
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,816	12,319	26,897	13,135
Recurring Net Profit	10,816	11,620	16,001	13,135
Fully Diluted Recurring Net Profit	10,816	11,620	16,001	13,135

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	13,203	13,679	16,899	15,238
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,538)	(797)	(1,044)	3,474
(Incr)/Decr in Total Provisions	3,182	255	300	300
Other Non-Cash (Income)/Expense
Other Operating Cashflow		910	12,800
Net Interest (Paid)/Received	3,533	4,086	4,869	5,490
Tax Paid	(3,076)	(3,702)	(4,699)	(4,378)
Cashflow From Operations	13,304	14,432	29,124	20,124
Capex	(5,546)	(5,489)	(6,000)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,790)	(9,679)	(16,250)	(16,250)
Cash Flow From Investing	(7,336)	(15,168)	(22,250)	(17,750)
Debt Raised/(repaid)	3,634
Proceeds From Issue Of Shares	656	0		0
Shares Repurchased
Dividends Paid	(1,454)	(1,790)	(4,475)	(2,797)
Preferred Dividends
Other Financing Cashflow	(642)
Cash Flow From Financing	2,193	(1,790)	(4,475)	(2,797)
Total Cash Generated	8,161	(2,526)	2,399	(423)
Free Cashflow To Equity	9,602	(736)	6,874	2,374
Free Cashflow To Firm	6,361	(386)	6,974	2,449

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	11,915	9,389	11,788	11,364
Total Debtors	14,633	15,033	16,717	12,198
Inventories	16,562	15,993	16,717	16,380
Total Other Current Assets	7,028	7,507	8,057	8,607
Total Current Assets	50,137	47,921	53,278	48,549
Fixed Assets	23,728	26,073	29,102	27,386
Total Investments	50,726	60,226	76,226	92,226
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	74,453	86,299	105,327	119,612
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	16,319	15,353	16,717	15,335
Other Current Liabilities	6,952	7,452	7,952	8,452
Total Current Liabilities	23,272	22,805	24,669	23,787
Total Long-term Debt	3,634	3,634	3,634	3,634
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	3,634	3,634	3,634	3,634
Total Provisions	3,032	3,087	3,187	3,287
Total Liabilities	29,937	29,526	31,490	30,707
Shareholders Equity	94,165	104,694	127,116	137,453
Minority Interests
Total Equity	94,165	104,694	127,116	137,453

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	28.0%	9.3%	16.1%	(6.2%)
Operating EBITDA Growth	69.2%	3.6%	23.5%	(9.8%)
Operating EBITDA Margin	12.4%	11.7%	12.5%	12.0%
Net Cash Per Share (Rs)	74.02	51.44	72.88	69.10
BVPS (Rs)	841.66	935.77	1,136.18	1,228.58
Gross Interest Cover	27.67	31.50	139.27	160.30
Effective Tax Rate	24.9%	23.1%	14.9%	25.0%
Net Dividend Payout Ratio	13.4%	15.7%	31.7%	21.3%
Accounts Receivables Days	45.64	46.37	42.73	41.48
Inventory Days	68.24	72.70	62.98	67.35
Accounts Payables Days	69.44	70.73	61.75	65.22
ROIC (%)	25.4%	21.5%	25.0%	19.6%
ROCE (%)	11.8%	10.6%	11.6%	8.8%
Return On Average Assets	9.7%	9.0%	9.7%	8.1%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg