InCred Equities - Godrej Consumer Products Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	143,643	157,035	172,515	189,601
Operating EBITDA (Rsm)	30,030	33,913	38,369	43,376
Net Profit (Rsm)	18,523	24,817	29,144	33,392
Core EPS (Rs)	18.7	24.3	28.5	32.6
Core EPS Growth	(0.1%)	29.5%	17.4%	14.6%
FD Core P/E (x)	69.01	51.52	43.87	38.29
DPS (Rs)	6.7	7.2	8.3	9.3
Dividend Yield	2.00%	0.58%	0.67%	0.74%
EV/EBITDA (x)	42.50	37.77	33.32	29.08
P/FCFE (x)	60.27	41.73	133.64	50.71
Net Gearing	(1.8%)	1.9%	0.0%	(9.5%)
P/BV (x)	10.65	9.32	8.10	7.04
ROE	15.6%	19.3%	19.8%	19.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	143,643	157,035	172,515	189,601
Gross Profit	78,282	87,435	97,127	107,910
Operating EBITDA	30,030	33,913	38,369	43,376
Depreciation And Amortisation	(2,340)	(2,527)	(2,778)	(3,047)
Operating EBIT	27,690	31,386	35,591	40,329
Financial Income/(Expense)	(340)	(1,109)	(758)	(593)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	27,350	30,277	34,833	39,735
Exceptional Items
Pre-tax Profit	27,350	30,277	34,833	39,735
Taxation	(8,196)	(5,460)	(5,689)	(6,343)
Exceptional Income - post-tax	(632)
Profit After Tax	18,523	24,817	29,144	33,392
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,523	24,817	29,144	33,392
Recurring Net Profit	19,154	24,817	29,144	33,392
Fully Diluted Recurring Net Profit	19,154	24,817	29,144	33,392

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	30,030	33,913	38,369	43,376
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,315	(17,140)	(16,505)	(5,378)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	3,161	3,277	3,424	3,584
Net Interest (Paid)/Received	(3,501)	(4,386)	(4,182)	(4,178)
Tax Paid	(8,196)	(5,460)	(5,689)	(6,343)
Cashflow From Operations	22,809	10,203	15,417	31,061
Capex	(7,254)	(5,250)	(5,750)	(5,750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(2,168)
Other Investing Cashflow
Cash Flow From Investing	(9,422)	(5,250)	(5,750)	(5,750)
Debt Raised/(repaid)	7,823	25,681	(100)	(100)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(6,848)	(7,382)	(8,534)	(9,515)
Preferred Dividends
Other Financing Cashflow	(15,000)	(2,289)	1,365	1,522
Cash Flow From Financing	(14,025)	16,010	(7,269)	(8,093)
Total Cash Generated	(639)	20,963	2,398	17,219
Free Cashflow To Equity	21,210	30,634	9,567	25,211
Free Cashflow To Firm	16,888	9,339	13,848	29,489

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	42,193	63,157	65,554	82,773
Total Debtors	18,191	21,705	31,104	35,264
Inventories	14,186	23,888	32,401	36,819
Total Other Current Assets	7,923	8,159	8,182	8,206
Total Current Assets	82,494	116,909	137,242	163,062
Fixed Assets	58,538	61,261	64,233	66,936
Total Investments
Intangible Assets	51,454	51,454	51,454	51,454
Total Other Non-Current Assets	(449)	1,499	133	(1,389)
Total Non-current Assets	109,543	114,214	115,821	117,001
Short-term Debt	39,122	64,653	64,403	64,153
Current Portion of Long-Term Debt
Total Creditors	21,421	18,732	19,775	22,125
Other Current Liabilities	29,388	25,699	27,129	30,353
Total Current Liabilities	89,931	109,084	111,307	116,631
Total Long-term Debt	923	1,073	1,223	1,373
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	923	1,073	1,223	1,373
Total Provisions	2,565	2,565	2,565	2,565
Total Liabilities	93,419	112,722	115,095	120,569
Shareholders Equity	120,039	137,133	157,742	181,619
Minority Interests
Total Equity	120,039	137,133	157,742	181,619

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	1.9%	9.3%	9.9%	9.9%
Operating EBITDA Growth	2.0%	12.9%	13.1%	13.1%
Operating EBITDA Margin	20.9%	21.6%	22.2%	22.9%
Net Cash Per Share (Rs)	2.10	(2.51)	(0.07)	16.86
BVPS (Rs)	117.34	134.05	154.20	177.54
Gross Interest Cover	7.91	7.16	8.51	9.65
Effective Tax Rate	30.0%	18.0%	16.3%	16.0%
Net Dividend Payout Ratio	133.5%	29.7%	29.3%	28.5%
Accounts Receivables Days	42.62	46.37	55.87	63.88
Inventory Days	75.10	99.84	136.27	154.64
Accounts Payables Days	106.59	105.29	93.22	93.60
ROIC (%)	28.0%	25.4%	25.3%	27.8%
ROCE (%)	18.3%	18.2%	17.5%	17.9%
Return On Average Assets	10.4%	12.3%	12.4%	12.7%

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

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

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Market Data

Source: Bloomberg