InCred Equities - Ipca Laboratories Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	62,443	77,074	85,482	97,089
Operating EBITDA (Rsm)	9,268	12,821	16,468	20,737
Net Profit (Rsm)	4,713	5,474	8,142	10,896
Core EPS (Rs)	18.6	23.3	32.1	42.9
Core EPS Growth	(46.7%)	25.3%	37.9%	33.8%
FD Core P/E (x)	84.75	67.64	49.06	36.66
DPS (Rs)	4.0	4.0	5.0	5.0
Dividend Yield	0.25%	0.25%	0.32%	0.32%
EV/EBITDA (x)	42.08	32.41	25.16	19.83
P/FCFE (x)	36.40	(495.36)	38.91	27.81
Net Gearing	(12.2%)	6.8%	4.0%	(0.4%)
P/BV (x)	6.84	6.31	5.71	5.07
ROE	8.3%	9.7%	12.2%	14.7%
% 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	85,482	97,089
Gross Profit	39,378	51,317	58,555	66,991
Operating EBITDA	9,268	12,821	16,468	20,737
Depreciation And Amortisation	(2,616)	(3,572)	(4,000)	(4,500)
Operating EBIT	6,652	9,249	12,468	16,237
Financial Income/(Expense)	(455)	(1,383)	(950)	(800)
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	12,418	16,637
Exceptional Items		(687)
Pre-tax Profit	7,453	8,427	12,418	16,637
Taxation	(2,534)	(3,134)	(3,725)	(4,991)
Exceptional Income - post-tax
Profit After Tax	4,919	5,292	8,692	11,646
Minority Interests	(206)	181	(550)	(750)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,713	5,474	8,142	10,896
Recurring Net Profit	4,713	5,905	8,142	10,896
Fully Diluted Recurring Net Profit	4,713	5,905	8,142	10,896

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	9,268	12,821	16,468	20,737
Cash Flow from Invt. & Assoc.
Change In Working Capital	490	(916)	(4,809)	(5,314)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(1,700)	(2,459)	(4,275)	(5,741)
Net Interest (Paid)/Received	(455)	(1,383)	(950)	(800)
Tax Paid	(2,500)	(1,637)	(4,225)	(6,141)
Cashflow From Operations	8,058	9,447	7,384	9,682
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)	2,884	4,682
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	11,394	(1,413)
Cash Flow From Financing	5,179	1,256	10,379	(2,682)
Total Cash Generated	8,095	(8,997)	13,263	2,000
Free Cashflow To Equity	10,974	(806)	10,267	14,364
Free Cashflow To Firm	11,429	576	11,217	15,164

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	21,798	8,646	21,909	23,910
Total Debtors	9,890	16,865	17,951	20,389
Inventories	17,434	24,696	25,645	29,127
Total Other Current Assets	2,771	5,182	5,984	6,796
Total Current Assets	51,893	55,389	71,489	80,221
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	7,508	8,295
Other Current Liabilities	4,750	7,725	6,006	6,636
Total Current Liabilities	18,058	23,556	21,585	23,003
Total Long-term Debt	6,518	5,804	17,248	15,435
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	21,631	19,818
Total Provisions
Total Liabilities	27,111	33,743	43,215	42,820
Shareholders Equity	58,420	63,322	69,900	78,777
Minority Interests	733	13,948	14,498	15,248
Total Equity	59,153	77,270	84,398	94,025

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	7.1%	23.4%	10.9%	13.6%
Operating EBITDA Growth	(29.2%)	38.3%	28.4%	25.9%
Operating EBITDA Margin	14.8%	16.6%	19.3%	21.4%
Net Cash Per Share (Rs)	28.47	(20.61)	(13.44)	1.59
BVPS (Rs)	230.27	249.59	275.52	310.51
Gross Interest Cover	14.61	6.69	13.12	20.30
Effective Tax Rate	34.0%	37.2%	30.0%	30.0%
Net Dividend Payout Ratio
Accounts Receivables Days	55.52	63.35	74.33	72.07
Inventory Days	284.95	298.50	341.19	332.11
Accounts Payables Days	109.55	92.19	103.48	95.82
ROIC (%)	9.7%	8.3%	10.5%	12.8%
ROCE (%)	9.7%	11.2%	12.4%	14.3%
Return On Average Assets	6.5%	7.1%	7.9%	9.3%

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

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

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Market Data

Source: Bloomberg