InCred Equities - Godrej Consumer Products Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	140,961	148,590	158,052	170,191
Operating EBITDA (Rsm)	29,435	32,666	35,072	38,752
Net Profit (Rsm)	(5,606)	22,288	26,174	29,166
Core EPS (Rs)	18.7	21.8	25.6	28.5
Core EPS Growth	9.1%	16.3%	17.4%	11.4%
FD Core P/E (x)	(216.26)	54.39	46.32	41.57
DPS (Rs)	8.8	9.2	10.5	11.2
Dividend Yield	0.42%	0.78%	0.88%	0.94%
EV/EBITDA (x)	40.90	37.05	34.52	31.00
P/FCFE (x)	41.06	49.47	124.27	63.46
Net Gearing	(6.7%)	(1.5%)	(1.0%)	(6.4%)
P/BV (x)	9.62	8.75	7.87	7.06
ROE	14.5%	16.9%	17.9%	17.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	140,961	148,590	158,052	170,191
Gross Profit	77,758	83,166	89,356	97,254
Operating EBITDA	29,435	32,666	35,072	38,752
Depreciation And Amortisation	(2,410)	(3,045)	(3,326)	(3,648)
Operating EBIT	27,025	29,620	31,746	35,104
Financial Income/(Expense)	(274)	748	816	880
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	26,751	30,369	32,562	35,984
Exceptional Items
Pre-tax Profit	26,751	30,369	32,562	35,984
Taxation	(7,588)	(8,081)	(6,388)	(6,818)
Exceptional Income - post-tax	(24,769)
Profit After Tax	(5,606)	22,288	26,174	29,166
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(5,606)	22,288	26,174	29,166
Recurring Net Profit	19,163	22,288	26,174	29,166
Fully Diluted Recurring Net Profit	19,163	22,288	26,174	29,166

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	29,435	32,666	35,072	38,752
Cash Flow from Invt. & Assoc.
Change In Working Capital	(337)	(15,826)	(14,395)	(7,861)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,690	2,468	2,531	2,590
Net Interest (Paid)/Received	(2,964)	(1,720)	(1,715)	(1,710)
Tax Paid	(7,588)	(8,081)	(6,388)	(6,818)
Cashflow From Operations	21,236	9,507	15,105	24,953
Capex	(7,735)	(4,750)	(5,250)	(5,750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(4,905)
Other Investing Cashflow
Cash Flow From Investing	(12,640)	(4,750)	(5,250)	(5,750)
Debt Raised/(repaid)	20,926	19,749	(100)	(100)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,999)	(9,427)	(10,692)	(11,413)
Preferred Dividends
Other Financing Cashflow	(18,962)	(1,691)	244	1,779
Cash Flow From Financing	(7,034)	8,630	(10,548)	(9,734)
Total Cash Generated	1,562	13,388	(693)	9,469
Free Cashflow To Equity	29,523	24,506	9,755	19,103
Free Cashflow To Firm	11,560	6,478	11,570	20,913

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	40,664	54,052	53,359	62,828
Total Debtors	15,354	18,669	25,347	30,397
Inventories	12,709	20,218	24,324	28,205
Total Other Current Assets	7,312	7,476	7,491	7,508
Total Current Assets	76,039	100,415	110,520	128,938
Fixed Assets	54,814	56,519	58,443	60,545
Total Investments
Intangible Assets	50,264	50,264	50,264	50,264
Total Other Non-Current Assets	2,804	4,154	3,909	2,131
Total Non-current Assets	107,882	110,937	112,617	112,940
Short-term Debt	31,864	51,413	51,163	50,913
Current Portion of Long-Term Debt
Total Creditors	16,755
Other Current Liabilities	23,137	18,300	14,703	15,791
Total Current Liabilities	71,756	69,712	65,866	66,704
Total Long-term Debt	358	558	708	858
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	358	558	708	858
Total Provisions	2,576	2,576	2,576	2,576
Total Liabilities	74,690	72,846	69,150	70,138
Shareholders Equity	125,986	138,506	153,987	171,740
Minority Interests
Total Equity	125,986	138,506	153,987	171,740

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.9%	5.4%	6.4%	7.7%
Operating EBITDA Growth	21.1%	11.0%	7.4%	10.5%
Operating EBITDA Margin	20.9%	22.0%	22.2%	22.8%
Net Cash Per Share (Rs)	8.25	2.03	1.45	10.81
BVPS (Rs)	123.18	135.42	150.55	167.91
Gross Interest Cover	9.12	17.22	18.51	20.53
Effective Tax Rate	28.4%	26.6%	19.6%	18.9%
Net Dividend Payout Ratio	26.7%	42.3%	40.9%	39.1%
Accounts Receivables Days	36.00	41.79	50.82	59.78
Inventory Days	81.08	91.85	118.33	131.44
Accounts Payables Days	101.02	46.74
ROIC (%)	26.1%	21.3%	20.5%	21.5%
ROCE (%)	18.4%	17.6%	16.6%	16.9%
Return On Average Assets	10.8%	10.9%	11.7%	12.2%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg