InCred Equities - Gujarat Pipavav Port Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	9,884	9,592	10,691	11,963
Operating EBITDA (Rsm)	5,801	5,719	6,472	7,353
Net Profit (Rsm)	3,538	3,961	4,265	4,674
Core EPS (Rs)	8.2	8.2	8.8	9.7
Core EPS Growth	23.7%	(0.6%)	7.7%	9.6%
FD Core P/E (x)	19.32	17.26	16.03	14.63
DPS (Rs)	7.3	7.0	8.0	9.1
Dividend Yield	5.16%	4.95%	5.64%	6.43%
EV/EBITDA (x)	9.84	9.80	9.57	8.24
P/FCFE (x)	13.97	15.39	(33.27)	8.82
Net Gearing	(49.9%)	(53.5%)	(25.5%)	(31.4%)
P/BV (x)	3.27	3.18	3.12	3.08
ROE	19.1%	18.7%	19.6%	21.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	9,884	9,592	10,691	11,963
Gross Profit	8,446	8,186	9,180	10,336
Operating EBITDA	5,801	5,719	6,472	7,353
Depreciation And Amortisation	(1,156)	(1,191)	(1,356)	(1,522)
Operating EBIT	4,645	4,528	5,115	5,831
Financial Income/(Expense)	694	753	571	401
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	5,338	5,281	5,686	6,231
Exceptional Items	(600)
Pre-tax Profit	4,738	5,281	5,686	6,231
Taxation	(1,200)	(1,320)	(1,422)	(1,558)
Exceptional Income - post-tax
Profit After Tax	3,538	3,961	4,265	4,674
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,538	3,961	4,265	4,674
Recurring Net Profit	3,986	3,961	4,265	4,674
Fully Diluted Recurring Net Profit	3,986	3,961	4,265	4,674

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	5,801	5,719	6,472	7,353
Cash Flow from Invt. & Assoc.
Change In Working Capital	705	(433)	223
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(600)
Other Operating Cashflow
Net Interest (Paid)/Received	694	753	571	401
Tax Paid	(738)	(1,650)	(1,371)
Cashflow From Operations	5,860	4,389	5,895	7,754
Capex	(965)	52	(7,950)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(965)	52	(7,950)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,529)	(3,384)	(3,858)
Preferred Dividends
Other Financing Cashflow	131
Cash Flow From Financing	(3,398)	(3,384)	(3,858)
Total Cash Generated	1,497	1,058	(5,913)	7,754
Free Cashflow To Equity	4,895	4,442	(2,055)	7,754
Free Cashflow To Firm	4,988	4,512	(1,985)	7,824

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	10,446	11,503	5,591	6,965
Total Debtors	577	695	775	867
Inventories	90	80	90	100
Total Other Current Assets	656	863	962	1,077
Total Current Assets	11,768	13,142	7,417	9,009
Fixed Assets	14,386	13,143	19,737	18,964
Total Investments	830	830	830	830
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	15,216	13,973	20,567	19,794
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	3,704	3,588	3,999	4,475
Other Current Liabilities
Total Current Liabilities	3,704	3,588	3,999	4,475
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	2,353	2,023	2,074	2,142
Total Liabilities	6,057	5,612	6,073	6,617
Shareholders Equity	20,927	21,504	21,911	22,187
Minority Interests
Total Equity	20,927	21,504	21,911	22,187

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.8%	(3.0%)	11.4%	11.9%
Operating EBITDA Growth	14.6%	(1.4%)	13.2%	13.6%
Operating EBITDA Margin	58.7%	59.6%	60.5%	61.5%
Net Cash Per Share (Rs)	21.61	23.79	11.56	14.41
BVPS (Rs)	43.29	44.48	45.32	45.89
Gross Interest Cover	49.83	64.69	73.08	83.29
Effective Tax Rate	25.3%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	85.3%	85.4%	90.5%	94.1%
Accounts Receivables Days	26.46	24.20	25.10	25.05
Inventory Days	21.01	22.06	20.52	21.28
Accounts Payables Days	938.32	946.44	916.50	950.55
ROIC (%)	36.0%	37.7%	45.7%	33.2%
ROCE (%)	24.4%	23.7%	25.0%	26.9%
Return On Average Assets	12.9%	11.9%	13.4%	15.0%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg