InCred Equities - Ipca Laboratories Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	62,443	77,074	88,545	100,527
Operating EBITDA (Rsm)	9,268	12,821	17,269	20,717
Net Profit (Rsm)	4,713	5,474	8,956	11,358
Core EPS (Rs)	18.6	23.3	35.3	44.8
Core EPS Growth	(46.7%)	25.3%	51.7%	26.8%
FD Core P/E (x)	76.22	60.83	40.11	31.63
DPS (Rs)	4.0	4.0	5.0	5.0
Dividend Yield	0.28%	0.28%	0.35%	0.35%
EV/EBITDA (x)	37.73	29.28	21.70	17.92
P/FCFE (x)	32.74	(445.48)	39.94	23.86
Net Gearing	(12.2%)	6.8%	4.6%	(0.4%)
P/BV (x)	6.15	5.67	5.09	4.50
ROE	8.3%	9.7%	13.4%	15.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	62,443	77,074	88,545	100,527
Gross Profit	39,378	51,317	61,539	69,364
Operating EBITDA	9,268	12,821	17,269	20,717
Depreciation And Amortisation	(2,616)	(3,572)	(4,000)	(4,500)
Operating EBIT	6,652	9,249	13,269	16,217
Financial Income/(Expense)	(455)	(1,383)	(850)	(600)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,256	1,248	900	1,200
Profit Before Tax (pre-EI)	7,453	9,114	13,319	16,817
Exceptional Items		(687)
Pre-tax Profit	7,453	8,427	13,319	16,817
Taxation	(2,534)	(3,134)	(3,663)	(4,709)
Exceptional Income - post-tax
Profit After Tax	4,919	5,292	9,656	12,108
Minority Interests	(206)	181	(700)	(750)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,713	5,474	8,956	11,358
Recurring Net Profit	4,713	5,905	8,956	11,358
Fully Diluted Recurring Net Profit	4,713	5,905	8,956	11,358

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	9,268	12,821	17,269	20,717
Cash Flow from Invt. & Assoc.
Change In Working Capital	490	(916)	(6,159)	(5,229)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(1,700)	(2,459)	(4,363)	(5,459)
Net Interest (Paid)/Received	(455)	(1,383)	(850)	(600)
Tax Paid	(2,500)	(1,637)	(4,413)	(6,059)
Cashflow From Operations	8,058	9,447	6,747	10,029
Capex	(4,583)	(4,020)	(4,500)	(5,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(453)	(15,680)
Other Investing Cashflow	(106)
Cash Flow From Investing	2,916	(10,253)	2,247	5,029
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,015)	(507)	(1,015)	(1,269)
Preferred Dividends
Other Financing Cashflow	6,194	1,763	11,738	(1,138)
Cash Flow From Financing	5,179	1,256	10,724	(2,407)
Total Cash Generated	8,095	(8,997)	12,971	2,622
Free Cashflow To Equity	10,974	(806)	8,994	15,058
Free Cashflow To Firm	11,429	576	9,844	15,658

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	21,798	8,646	21,617	24,240
Total Debtors	9,890	16,865	18,594	21,111
Inventories	17,434	24,696	26,563	30,158
Total Other Current Assets	2,771	5,182	6,198	7,037
Total Current Assets	51,893	55,389	72,973	82,546
Fixed Assets	26,946	46,631	47,131	47,631
Total Investments	3,027	3,036	3,036	3,036
Intangible Assets	1,972	2,333	2,333	2,333
Total Other Non-Current Assets	2,427	3,624	3,624	3,624
Total Non-current Assets	34,372	55,624	56,124	56,624
Short-term Debt	8,058	8,071	8,071	8,071
Current Portion of Long-Term Debt
Total Creditors	5,251	7,761	7,744	8,700
Other Current Liabilities	4,750	7,725	6,195	6,960
Total Current Liabilities	18,058	23,556	22,011	23,732
Total Long-term Debt	6,518	5,804	17,493	15,754
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,535	4,382	4,382	4,382
Total Non-current Liabilities	9,053	10,186	21,875	20,137
Total Provisions
Total Liabilities	27,111	33,743	43,886	43,868
Shareholders Equity	58,420	63,322	70,563	79,903
Minority Interests	733	13,948	14,648	15,398
Total Equity	59,153	77,270	85,211	95,301

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	7.1%	23.4%	14.9%	13.5%
Operating EBITDA Growth	(29.2%)	38.3%	34.7%	20.0%
Operating EBITDA Margin	14.8%	16.6%	19.5%	20.6%
Net Cash Per Share (Rs)	28.47	(20.61)	(15.55)	1.63
BVPS (Rs)	230.27	249.59	278.13	314.95
Gross Interest Cover	14.61	6.69	15.61	27.03
Effective Tax Rate	34.0%	37.2%	27.5%	28.0%
Net Dividend Payout Ratio
Accounts Receivables Days	55.52	63.35	73.09	72.08
Inventory Days	284.95	298.50	346.39	332.17
Accounts Payables Days	109.55	92.19	104.78	96.30
ROIC (%)	9.7%	8.3%	11.0%	12.6%
ROCE (%)	9.7%	11.2%	13.1%	14.1%
Return On Average Assets	6.5%	7.1%	8.6%	9.4%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg