InCred Equities - Indoco Remedies Ltd

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue (Rsm)	12,415	16,263	19,072	21,941
Operating EBITDA (Rsm)	2,243	3,220	4,005	4,608
Net Profit (Rsm)	930	1,469	2,260	2,689
Core EPS (Rs)	10.1	15.9	24.5	29.2
Core EPS Growth	285.7%	57.8%	53.9%	19.0%
FD Core P/E (x)	30.14	19.10	12.41	10.43
DPS (Rs)	1.5	2.4	4.9	5.8
Dividend Yield	0.49%	0.79%	1.61%	1.92%
EV/EBITDA (x)	13.39	9.31	7.29	6.11
P/FCFE (x)	(77.62)	139.07	26.48	19.56
Net Gearing	25.9%	21.7%	10.9%	0.9%
P/BV (x)	3.65	3.14	2.61	2.17
ROE	12.8%	17.7%	23.0%	22.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Net Revenues	12,415	16,263	19,072	21,941
Gross Profit	8,874	11,628	13,732	15,798
Operating EBITDA	2,243	3,220	4,005	4,608
Depreciation And Amortisation	(731)	(780)	(828)	(877)
Operating EBIT	1,511	2,440	3,177	3,731
Financial Income/(Expense)	(223)	(216)	(202)	(187)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	31	35	38	42
Profit Before Tax (pre-EI)	1,320	2,259	3,013	3,585
Exceptional Items
Pre-tax Profit	1,320	2,259	3,013	3,585
Taxation	(390)	(791)	(753)	(896)
Exceptional Income - post-tax
Profit After Tax	930	1,469	2,260	2,689
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	930	1,469	2,260	2,689
Recurring Net Profit	930	1,469	2,260	2,689
Fully Diluted Recurring Net Profit	930	1,469	2,260	2,689

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
EBITDA	2,243	3,220	4,005	4,608
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,284)	(1,139)	(1,020)	(1,121)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(223)	(216)	(202)	(187)
Tax Paid	(386)	(791)	(753)	(896)
Cashflow From Operations	351	1,074	2,030	2,403
Capex	(708)	(842)	(844)	(847)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	31	35	38	42
Cash Flow From Investing	(677)	(808)	(806)	(805)
Debt Raised/(repaid)	(35)	(65)	(165)	(165)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(138)	(220)	(452)	(538)
Preferred Dividends
Other Financing Cashflow	264	0	0
Cash Flow From Financing	90	(285)	(617)	(703)
Total Cash Generated	(236)	(19)	607	896
Free Cashflow To Equity	(361)	202	1,059	1,434
Free Cashflow To Firm	(104)	482	1,425	1,786

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Cash And Equivalents	143	125	732	1,627
Total Debtors	2,338	3,063	3,592	4,132
Inventories	2,379	3,116	3,654	4,203
Total Other Current Assets	1,365	1,378	1,581	1,890
Total Current Assets	6,225	7,682	9,558	11,853
Fixed Assets	5,468	5,488	5,460	5,383
Total Investments
Intangible Assets	913	956	1,000	1,047
Total Other Non-Current Assets	544	565	580	596
Total Non-current Assets	6,925	7,009	7,040	7,026
Short-term Debt	1,163	1,198	1,233	1,268
Current Portion of Long-Term Debt
Total Creditors	1,132	1,465	1,692	1,947
Other Current Liabilities	1,774	1,774	1,774	1,774
Total Current Liabilities	4,069	4,437	4,699	4,989
Total Long-term Debt	969	869	669	469
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	144	152	159	167
Total Non-current Liabilities	1,114	1,021	829	637
Total Provisions	278	294	324	356
Total Liabilities	5,461	5,752	5,852	5,982
Shareholders Equity	7,690	8,938	10,746	12,897
Minority Interests
Total Equity	7,690	8,938	10,746	12,897

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue Growth	12.2%	31.0%	17.3%	15.0%
Operating EBITDA Growth	82.0%	43.6%	24.4%	15.0%
Operating EBITDA Margin	18.1%	19.8%	21.0%	21.0%
Net Cash Per Share (Rs)	(21.59)	(21.08)	(12.71)	(1.20)
BVPS (Rs)	83.45	96.99	116.61	139.96
Gross Interest Cover	6.79	11.31	15.76	19.91
Effective Tax Rate	29.5%	35.0%	25.0%	25.0%
Net Dividend Payout Ratio	10.5%	9.7%	15.0%	15.0%
Accounts Receivables Days	65.26	60.61	63.68	64.25
Inventory Days	229.95	216.33	231.35	233.41
Accounts Payables Days	143.70	102.27	107.91	108.11
ROIC (%)	15.0%	21.5%	25.6%	27.6%
ROCE (%)	16.2%	23.4%	26.9%	27.3%
Return On Average Assets	11.9%	17.8%	20.5%	21.3%

(91) 22 4161 1552 praful.bohra@incredresearch.com

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Market Data

Source: Bloomberg