InCred Equities - Ipca Laboratories Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	77,074	89,396	98,574	110,125
Operating EBITDA (Rsm)	12,821	17,261	19,921	23,384
Net Profit (Rsm)	5,474	7,375	10,813	13,409
Core EPS (Rs)	23.3	34.7	42.6	52.9
Core EPS Growth	25.3%	49.1%	22.8%	24.0%
FD Core P/E (x)	58.90	39.51	32.17	25.94
DPS (Rs)	4.0	5.0	5.0	5.0
Dividend Yield	0.29%	0.36%	0.36%	0.36%
EV/EBITDA (x)	28.39	20.97	18.03	14.90
P/FCFE (x)	(431.30)	18.91	23.09	12.06
Net Gearing	6.8%	2.3%	(1.7%)	(12.0%)
P/BV (x)	5.49	5.01	4.44	3.86
ROE	9.7%	13.3%	14.6%	15.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	77,074	89,396	98,574	110,125
Gross Profit	51,317	61,610	68,016	75,435
Operating EBITDA	12,821	17,261	19,921	23,384
Depreciation And Amortisation	(3,572)	(3,978)	(4,500)	(4,850)
Operating EBIT	9,249	13,283	15,421	18,534
Financial Income/(Expense)	(1,383)	(849)	(700)	(550)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,248	928	1,200	1,000
Profit Before Tax (pre-EI)	9,114	13,362	15,921	18,984
Exceptional Items	(687)	(2,051)
Pre-tax Profit	8,427	11,311	15,921	18,984
Taxation	(3,134)	(3,436)	(4,458)	(5,126)
Exceptional Income - post-tax
Profit After Tax	5,292	7,875	11,463	13,859
Minority Interests	181	(500)	(650)	(450)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,474	7,375	10,813	13,409
Recurring Net Profit	5,905	8,803	10,813	13,409
Fully Diluted Recurring Net Profit	5,905	8,803	10,813	13,409

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	12,821	17,261	19,921	23,384
Cash Flow from Invt. & Assoc.
Change In Working Capital	(916)	(1,765)	(4,032)	(886)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,459)	(2,284)	(5,108)	(5,576)
Net Interest (Paid)/Received	(1,383)	(849)	(700)	(550)
Tax Paid	(1,637)	(312)	(5,608)	(6,026)
Cashflow From Operations	9,447	13,213	10,781	16,922
Capex	(4,020)	(7,702)	(6,500)	(5,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(15,680)	(335)
Other Investing Cashflow
Cash Flow From Investing	(10,253)	5,176	4,281	11,922
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(507)	(1,015)	(1,269)	(1,269)
Preferred Dividends
Other Financing Cashflow	1,763	(1,732)	1,497	(3,007)
Cash Flow From Financing	1,256	(2,747)	229	(4,276)
Total Cash Generated	(8,997)	2,430	4,509	7,647
Free Cashflow To Equity	(806)	18,390	15,061	28,845
Free Cashflow To Firm	576	19,239	15,761	29,395

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	8,646	11,076	15,585	23,232
Total Debtors	16,865	18,738	20,701	19,822
Inventories	24,696	25,604	28,586	30,835
Total Other Current Assets	5,182	7,267	6,900	8,259
Total Current Assets	55,389	62,685	71,772	82,149
Fixed Assets	46,631	46,851	48,851	49,001
Total Investments	3,036	2,163	2,163	2,163
Intangible Assets	2,333	2,035	2,035	2,035
Total Other Non-Current Assets	3,624	3,871	3,871	3,871
Total Non-current Assets	55,624	54,920	56,920	57,070
Short-term Debt	8,071	7,585	7,585	7,585
Current Portion of Long-Term Debt
Total Creditors	7,761	8,462	8,554	9,808
Other Current Liabilities	7,725	7,816	8,269	8,859
Total Current Liabilities	23,556	23,862	24,408	26,251
Total Long-term Debt	5,804	5,432	6,429	2,972
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,382	4,428	4,428	4,428
Total Non-current Liabilities	10,186	9,861	10,858	7,400
Total Provisions
Total Liabilities	33,743	33,723	35,265	33,652
Shareholders Equity	63,322	69,485	78,379	90,069
Minority Interests	13,948	14,398	15,048	15,498
Total Equity	77,270	83,883	93,427	105,567

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	23.4%	16.0%	10.3%	11.7%
Operating EBITDA Growth	38.3%	34.6%	15.4%	17.4%
Operating EBITDA Margin	16.6%	19.3%	20.2%	21.2%
Net Cash Per Share (Rs)	(20.61)	(7.65)	6.19	49.96
BVPS (Rs)	249.59	273.88	308.94	355.02
Gross Interest Cover	6.69	15.64	22.03	33.70
Effective Tax Rate	37.2%	30.4%	28.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	63.35	72.68	73.02	67.16
Inventory Days	298.50	330.38	323.64	312.62
Accounts Payables Days	92.19	106.55	101.62	96.60
ROIC (%)	8.3%	11.3%	12.3%	14.6%
ROCE (%)	11.2%	14.1%	15.1%	16.6%
Return On Average Assets	7.1%	9.2%	9.7%	10.7%

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

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Market Data

Source: Bloomberg