InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	1,536,710	1,619,990	1,773,863	1,949,232
Operating EBITDA (Rsm)	364,250	390,583	432,468	475,613
Net Profit (Rsm)	262,320	261,257	298,661	329,741
Core EPS (Rs)	63.0	63.0	72.0	79.5
Core EPS Growth	9.8%	0.0%	14.2%	10.4%
FD Core P/E (x)	28.97	28.96	25.36	22.97
DPS (Rs)	46.0	53.0	61.2	67.5
Dividend Yield	2.52%	2.90%	3.35%	3.70%
EV/EBITDA (x)	20.29	18.82	16.92	15.30
P/FCFE (x)	38.20	31.15	28.70	26.35
Net Gearing	(24.1%)	(23.6%)	(26.6%)	(29.2%)
P/BV (x)	8.58	8.21	7.83	7.44
ROE	32.1%	29.0%	31.6%	33.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	1,536,710	1,619,990	1,773,863	1,949,232
Gross Profit	509,350	542,465	590,696	647,145
Operating EBITDA	364,250	390,583	432,468	475,613
Depreciation And Amortisation	(46,780)	(47,599)	(52,329)	(56,528)
Operating EBIT	317,470	342,984	380,139	419,085
Financial Income/(Expense)	15,980	20,050	22,241	24,629
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	26,440	5,352	7,237	8,479
Profit Before Tax (pre-EI)	359,890	368,386	409,617	452,193
Exceptional Items
Pre-tax Profit	359,890	368,386	409,617	452,193
Taxation	(97,410)	(106,770)	(110,597)	(122,092)
Exceptional Income - post-tax
Profit After Tax	262,480	261,617	299,021	330,101
Minority Interests	(160)	(360)	(360)	(360)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	262,320	261,257	298,661	329,741
Recurring Net Profit	262,320	261,257	298,661	329,741
Fully Diluted Recurring Net Profit	262,320	261,257	298,661	329,741

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	364,250	390,583	432,468	475,613
Cash Flow from Invt. & Assoc.
Change In Working Capital	(50,820)	(16,517)	(35,684)	(43,722)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(160)	(360)	(360)	(360)
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(92,310)	(106,770)	(110,597)	(122,092)
Cashflow From Operations	220,960	266,937	285,828	309,438
Capex	(22,010)	(24,000)	(22,000)	(22,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(28,080)	(13,558)	33,768	37,398
Cash Flow From Investing	(50,090)	(37,558)	11,768	15,398
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(146,920)	(219,516)	(253,862)	(280,280)
Preferred Dividends
Other Financing Cashflow	(28,120)	(4,290)	(4,290)	(4,290)
Cash Flow From Financing	(175,040)	(223,806)	(258,152)	(284,570)
Total Cash Generated	(4,170)	5,573	39,445	40,267
Free Cashflow To Equity	198,950	242,937	263,828	287,438
Free Cashflow To Firm	170,870	229,379	297,596	324,836

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	277,010	282,583	322,028	362,294
Total Debtors	429,610	448,271	485,990	534,036
Inventories
Total Other Current Assets	187,700	187,700	187,700	187,700
Total Current Assets	894,320	918,554	995,718	1,084,031
Fixed Assets	192,150	211,801	181,472	146,944
Total Investments	148,470	148,470	148,470	148,470
Intangible Assets	87,000	87,000	87,000	87,000
Total Other Non-Current Assets	56,200	56,200	56,200	56,200
Total Non-current Assets	483,820	503,471	473,142	438,614
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	39,560	41,704	43,739	48,063
Other Current Liabilities	348,380	348,380	348,380	348,380
Total Current Liabilities	387,940	390,084	392,119	396,443
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	105,590	105,590	105,590	105,590
Total Non-current Liabilities	105,590	105,590	105,590	105,590
Total Provisions
Total Liabilities	493,530	495,674	497,709	502,033
Shareholders Equity	881,160	922,901	967,700	1,017,161
Minority Interests	3,450	3,450	3,450	3,450
Total Equity	884,610	926,351	971,150	1,020,611

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	4.7%	5.4%	9.5%	9.9%
Operating EBITDA Growth	3.7%	7.2%	10.7%	10.0%
Operating EBITDA Margin	23.7%	24.1%	24.4%	24.4%
Net Cash Per Share (Rs)	51.41	52.67	62.18	71.88
BVPS (Rs)	212.67	222.39	233.19	245.10
Gross Interest Cover	67.69	79.95	88.61	97.69
Effective Tax Rate	27.1%	29.0%	27.0%	27.0%
Net Dividend Payout Ratio	72.6%	84.0%	85.0%	85.0%
Accounts Receivables Days	99.37	98.90	96.12	95.50
Inventory Days
Accounts Payables Days	13.89	13.76	13.18	12.87
ROIC (%)	44.4%	43.1%	46.2%	50.5%
ROCE (%)	26.1%	25.1%	27.4%	28.9%
Return On Average Assets	19.0%	17.7%	19.6%	20.9%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 02241611554 smit.gosrani@incredresearch.com

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Market Data

Source: Bloomberg